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Gents

Mike Leonard was in Beijing last week. J asked him to spend a few days at
the BHR offices so Mike could get a grasp on the progress of the Fund.
Mikes notes are in the attachment below. Essentially the fundraising
efforts with Guoxin and BOC are continuing a pace with J feeling very
optimistic and the size of the investment growing much larger however a few
deals must line up now as well.

At some point we should go meet Gouxin and BOC to hear straight from the
horses mouth what is the likelihood and timing of an investment. Perhaps
us meeting with Gouxin and BOC would be helpful to J getting the investment
but either way we need a clear understanding of their intentions. These two
meetings could be arranged when we go meet HZ on the other matter.

The Capital call date was June 20th. Thornton has not yet sent a wire over
to BHR

I will join the weekly BHR conference call tonight

It would be helpful to me if we could have a quick call let me know if 3:30
today works for you lads and I will get a call in number around


Thanks
Jimmy

---------- Forwarded message ----------
From: *Michael Leonard* <mleonard@thorntonai.com>
Date: Wednesday, June 25, 2014
Subject: China Trip Briefing
To: Jim Bulger <jbulger@thorntonai.com>


Jim,

I wrote a general briefing regarding my visit to the Bohai offices in
Beijing last week. The write-up includes the latest in connection with
Guoxin and the fundraising progress. Please let me know what you think.

Best,
Mike

--
Michael R. Leonard
Vice President, Operations Department
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office: 617-248-9440
Mobile: 781-454-9227


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