EMAIL DETAILS

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
<javascript:_e(%7B%7D,'cvml','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
<javascript:_e(%7B%7D,'cvml','jbulger@thorntonai.com');>>, Devon Archer <
devon@rstp.com <javascript:_e(%7B%7D,'cvml','devon@rstp.com');>>
Cc: "杨鹏(Paul Yang)" <paul.yang@bhrpe.com
<javascript:_e(%7B%7D,'cvml','paul.yang@bhrpe.com');>>, "Jonathan.li" <
jonathan.li@bhrpe.com
<javascript:_e(%7B%7D,'cvml','jonathan.li@bhrpe.com');>>, Xiang Bo <
xiangbo@bhrpe.com <javascript:_e(%7B%7D,'cvml','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: 617.248.944