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On Wednesday, March 25, 2015, Devon Archer <darcher@rosemontcapital.com>
wrote:

> Call you at 7:15 Jimmy.
>
> Devon D. Archer
> 646 436 3745
>
> On Mar 25, 2015, at 12:38 AM, James Bulger <jbulger@thorntonai.com
> <javascript:_e(%7B%7D,'cvml','jbulger@thorntonai.com');>> wrote:
>
> Hunter
>
> I included Devon on this email
>
> I just got this email from Xin. (See below) I noticed you are not copied
> on her email
>
> We (the US partners) need to clearly understand what BHR intends to do
> with Aleris .....what role is BHR playing without our fund even
> being raised? BHR's role is not clear to me so I need Jonathan to clearly
> define what exactly he is intending to do with Aleris. I am also curious to
> see if he joins the Aleris call tomorrow. In light of the fact
> that yesterday he was to busy to join the call we requested. I have a
> feeling we got the swerve yesterday but I will give him the benefit of the
> doubt, for the last time.
>
> Hunter i hope you can join the Aleris call in the morning tomorrow.
> Looking at the information request listed in this email Xin sent I see the
> same trend continuing. We (the US partners/owners) are sent off to find out
> all this information from Aleris while at the same time we have no
> understanding of what the hell BHR is intending to do with Alerris.. We
> need to get a better grip on Managements intentions and then we should
> collectively decide whether or not this damn deal is even wise to persue.
> OakTree owns Aleris they are sharp guys and they are not going to be push
> overs. Whatever plans our Management has in place better be clearly
> understood by us. Aleris is a well known and highly regarded US based firm.
> The way Management left us in the dark and ignored repeated requests by us
> for information relating to the other US based Hanson and Dickson deals was
> foolish on their part.
> How can they not understand the importance of having the US partners
> helping on US deals? They lost the Dickson deal and we get informed of that
> on an unrelated call as a toss off comment!
>
> Let's be wise about how we proceed here, we need to tighten this thing
> up, I don't want to micro manage Jonathn but clearly we need a
> communication channel opened. Our hard won reputations are on the line we
> own shares of this outfit and we sit on the Board, when this crew operates
> in the US we need to know. We need to know because we can likely help win
> the deals and if Jonathan does not understand that then we have a
> big problem. It must be banged home to Jonathan that we be included on
> these US based deals all the way through the process Why we were kept in
> the dark on Hanson/ Dickson is beyond me.
>
> Anyway that's my two cents I have to get some rest talk in the morning
> Devon please call me at 7:00am so we can sync up. 617.872.5772
>
> Thanks
> Jimmy
>
> ---------- Forwarded message ----------
> From: *王昕* <xin.wang@bhrpe.com>
> Date: Tuesday, March 24, 2015
> Subject: Aleris Conference Call - March 25, 2015 @ 20:00 (BJ) / 08:00 (NY)
> To: James Bulger <jbulger@thorntonai.com>, Devon Archer <devon@rstp.com>
> Cc: "杨鹏(Paul Yang)" <paul.yang@bhrpe.com>, "Jonathan.li" <
> jonathan.li@bhrpe.com>, Xiang Bo <xiangbo@bhrpe.com>
>
>
> We can use the same dial-in for the *March 25, 2015 @ 20:00 (BJ) / 08:00
> (NY)* internal Aleris call.
>
>
>
> China: 400 681 0200 (EN) / 400 681 0210 (CN)
>
> HK: 800968112 (Toll free) / +852-58080466
>
> U.S.: 8776792988 (Toll free) / +12025596536
>
>
>
> Participant PIN: 65693231
>
>
>
> The purpose of the call is to better understand the proposed transaction
> and Aleris’s businesses, below is a list of proposed discussion points:
>
>
>
> 1. Introduce BHR and its interest in Aleris (our SP’s identity
> should be kept confidential as requested)
>
> 2. Understand Aleris shareholders’ interest in selling remaining
> businesses
>
> 3. Understand Aleris management’s position on / support for the
> sale
>
> 4. Aleris management to provide an overview of its current
> businesses and an introduction of its business plan for the next three to
> five years
>
> 5. Understand Aleris’s two recent divestures
>
> 6. Discuss next steps, e.g., NDA, information memorandum
> including 2014 financials in order to formulate preliminary valuation range
>
>
>
> All thoughts / input are welcome.
>
>
>
>
>
> *发件人:* 王昕 [mailto:xin.wang@bhrpe.com]
> *发送时间:* Monday, March 23, 2015 9:51 AM
> *收件人:* 'James Bulger'; 'Devon Archer'
> *抄送:* '"杨鹏(Paul Yang)"'; 'Michael Leonard'; '<michael.c.l.lin@gmail.com>';
> 'Jonathan.li'; '<hbiden@rosemontseneca.com>'; 'Xiang Bo'; '
> yu.xia@bhrpe.com'
> *主题:* SOE Fund Conference Call - March 23, 2015 @ 21:30 (BJ) / 09:30 (NY)
>
>
>
> Please use the following access numbers for the conference call scheduled
> for *March 23, 2015 @ 21:30 (BJ) / 09:30 (NY)*:
>
>
>
> China: 400 681 0200 (EN) / 400 681 0210 (CN)
>
> HK: 800968112 (Toll free) / +852-58080466
>
> U.S.: 8776792988 (Toll free) / +12025596536
>
>
>
> Participant PIN: 65693231
>
>
>
> For your convenience, attached is the latest draft of the pitchbook.
>
>
>
> Xin
>
>
>
>
>
>
>
> *发件人:* jbulger123@gmail.com [mailto:jbulger123@gmail.com] *代表 *James
> Bulger
> *发送时间:* Saturday, March 21, 2015 9:05 PM
> *收件人:* Devon Archer
> *抄送:* Xin; "杨鹏(Paul Yang)"; Michael Leonard; <michael.c.l.lin@gmail.com>;
> Jonathan.li; <hbiden@rosemontseneca.com>; Xiang Bo
> *主题:* Re: Substantial progress on Aleris and next step
>
>
>
> Monday morning 9:30am New York time works for me as well
>
> Thanks
>
> Jimmy
>
> On Saturday, March 21, 2015, Devon Archer <devon@rstp.com> wrote:
>
> And what I mean by yes is that Monday morning works even better.
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 20, 2015, at 10:23 PM, Xin <xin.wang@bhrpe.com> wrote:
>
> That works. Can also do your Monday morning 930 (my Monday night).
>
> Sent from my iPhone
>
>
> On 2015年3月20日, at 19:39, Devon Archer <devon@rstp.com> wrote:
>
> Xin,
>
> We're shooting for Wednesday your morning or evening. I will be back with
> details.
>
>
>
> Additionally, I would like to schedule a quick call your Monday morning if
> possible to discuss our follow up from Burnham / BHR SOE Reform Fund Feeder
> Fund meeting yesterday in New York with Burnham and team. We need to
> define next steps there. Please advise if 9:30am the 23rd (Beijing time)
> would work.
>
>
>
> Very Best,
>
> D
>
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 20, 2015, at 5:25 AM, 王昕 <xin.wang@bhrpe.com> wrote:
>
> Devon – subject to your availability, shall we try to schedule a kickoff
> call with Aleris management for next week? Next Wednesday or Thursday
> perhaps? Jonathan is in HK until Tuesday night. Thanks much.
>
>
>
> Xin
>
>
>
> *发件人**:* Devon Archer [mailto:devon@rstp.com]
> *发送时间**:* Thursday, March 12, 2015 4:27 PM
> *收件人**:* 杨鹏(Paul Yang)
> *抄送**:* <jbulger@thorntonai.com>; Michael Leonard; <
> michael.c.l.lin@gmail.com>; Jonathan.li; <darcher@rosemontseneca.com>; <
> hbiden@rosemontseneca.com>; 王昕; Xiang Bo
> *主题**:* Re: 答复: Substantial progress on Aleris and next step
>
>
>
> Thanks. I will let you know.
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 12, 2015, at 10:16 AM, 杨鹏(Paul Yang) <paul.yang@bhrpe.com> wrote:
>
> Dear Devon,
>
>
>
> Jonathan, Xin, Bo and me shall be free late next week Wednesday till
> Friday for the call. May we first propose Wednesday 9am Beijing time ?
>
>
>
> Best Regards,
>
> Paul
>
>
>
> *发件人**:* Devon Archer [mailto:devon@rstp.com]
> *发送时间**:* 2015年3月12日 12:55
> *收件人**:* 杨鹏(Paul Yang)
> *抄送**:* <jbulger@thorntonai.com>; Michael Leonard; <
> michael.c.l.lin@gmail.com>; Jonathan.li; <darcher@rosemontseneca.com>; <
> hbiden@rosemontseneca.com>; 王昕; Xiang Bo
> *主题**:* Re: Substantial progress on Aleris and next step
>
>
>
> Paul,
>
> We can arrange a conference call next week. Oaktree prefers we interact
> directly with company management, with the CFO as the point person. Please
> provide some convenient options timing wise for the call and who will
> participate from our side.
>
> Thanks.
>
> Devon
>
>
> Devon D. Archer
>
> 646 436 3745
>
>
> On Mar 12, 2015, at 6:45 AM, 杨鹏(Paul Yang) <paul.yang@bhrpe.com> wrote:
>
> Dear James,
>
>
>
> As presented in last Board meeting, we have been following up with various
> potential strategic partners for the Aleris project. With the help of our
> stakeholder Bank of China, we are in talks with China Zhongwang, and had a
> very successful 2nd meeting with them today. Zhongwang (
> http://www.zhongwang.com/en/index.php) is the largest Aluminum extrusion
> producer in Asia and is very committed to transition the company into a
> high-end Aluminum rolling producer in the future. Zhongwang is very
> familiar with Aleris, and shows great interest in acquiring Aleris for the
> strong strategic fit.
>
>
>
> As next step, Zhongwang would like to understand better how Aleris plans
> to sell, maybe we can have a conference meeting together with Oaktree?
> Zhongwang specifically pointed out that, at this stage they prefer its name
> not to be disclosed to Oaktree, and prefer BHR to be in direct negotiation
> with Oaktree/Aleris.
>
>
>
> Best,
>
> Paul
>
>
>
>
> _____________________________________________________________________________________________________
>
> *Paul Yang *
>
> *BHR PARTNERS*
> Unit 3101, 31/F, Tower 2, China Central Place
> 79 Jianguo Road, Chaoyang District
> Beijing 100025 ▪ China
>
> Tel. +86 10 5969 5858(818) ▪ Mobile +86 137 1820 6418
> paul.yang@bhrpe.com
>
> _____________________________________________________________________________________________________
>
>
>
>
>
> --
> James J. Bulger
> Chairman
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office tel: 617.248.9440
>
>
>
> --
> James J. Bulger
> Chairman
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office tel: 617.248.9440
>
>

--
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.944