EMAIL DETAILS

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<P style="MARGIN: 0px"><SPAN style="FONT-SIZE: 16px">Dear Hunter, Devon and Jimmy,</SPAN></P>
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<P style="MARGIN: 0px"><SPAN style="FONT-SIZE: 16px">We are please to inform you that BHR has made considerable progress of late. Our execution team is currently focusing our efforts on the Sinopec deal, where potential investors have already signed MOUs with the BHR Fund. The potential investors are currently undertaking their internal review processes. </SPAN></P>
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<P style="MARGIN: 0px"><SPAN style="FONT-SIZE: 16px">Bohai Capital will be holding their board meeting on Monday, 29 September 2014. We hope to arrange BHR’s third Board Meeting before Bohai Capital’s board meeting so that we can discuss the following: the general operation of BHR, the future strategic direction of BHR, the first closing of the BHR Fund, and our proposal to Bank of China, Bohai Capital’s majority shareholder, to become a cornerstone LP for the BHR Fund and to have this issue sorted in time for it to be submitted to Bohai Capital’s board meeting. </SPAN></P>
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<P style="MARGIN: 0px"><SPAN style="FONT-SIZE: 16px">We would like to arrange the third Board Meeting of BHR to be held at the BHR office in Beijing over two days on 25-26 September 2014. Can you please confirm your availability on both dates? Once we have confirmation we can then issue an official Board Meeting notice to all board members. We look forward hearing from you soon and seeing you in Beijing at the end of this month.</SPAN></P>
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<P style="MARGIN: 0px"><SPAN style="FONT-SIZE: 16px">Regards,</SPAN></P>
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<P style="MARGIN: 0px"><SPAN style="FONT-SIZE: 16px">Jonathan</SPAN></P>
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