Subject: Fwd: ??: ??: ??: Updated Aleris Conference Call discussion points
From: "Devon Archer" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Wed, 1 Apr 2015 09:41:24 -0400

FYI

Sorry I missed you yesterday.  Let's catch up / sync up today.  Best to Beau.

Devon D. Archer
646 436 3745

Begin forwarded message:

> From: Michael Leonard <[email-masked]>
> Date: April 1, 2015 at 9:29:57 AM EDT
> To: Devon Archer <[email-masked]>
> Cc: 王昕 <[email-masked]>, 杨鹏(Paul Yang) <[email-masked]>, James Bulger <[email-masked]>, "Jonathan.li" <[email-masked]>, Xiang Bo <[email-masked]>
> Subject: Re: 答复: 答复: 答复: Updated Aleris Conference Call discussion points
> Xin,
> 
> That was a great call. Just one item, attached is the presentation that Eric was referring to on the call. It can be accessed here. 
> 
> Thanks,
> Mike
> 
>> On Wed, Apr 1, 2015 at 9:28 AM, Devon Archer <[email-masked]> wrote:
>> Thanks Xin.  Will do.
>> 
>> Devon D. Archer
>> 646 436 3745
>> 
>> > On Apr 1, 2015, at 9:25 AM, 王昕 <[email-masked]> wrote:
>> >
>> > Devon and Jimmy - thanks for setting up the call.  We don't seem to have the slides referenced by Eric, do you mind sending that across please.  We will also need to trouble you to follow up with Eric on the other deliverables (clean financial statements, projections and whatever other material they can circulate).  On receipt of the additional information, we will run the financial analysis and come up with a preliminary valuation range.
>> >
>> > Have a good day gentlemen.
>> >
>> > Xin
>> >
>> > Xin Wang 王昕
>> > Managing Director
>> > Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd.
>> > 渤海华美（上海）股权投资基金管理有限公司
>> > Tel: +86 (10) 5969 5858 ext 816
>> > Cel: +86 139 1162 0708
>> > [email-masked]
>> >
>> > -----邮件原件-----
>> > 发件人: Devon Archer [mailto:[email-masked]]
>> > 发送时间: Wednesday, April 1, 2015 8:20 PM
>> > 收件人: 王昕
>> > 抄送: 杨鹏(Paul Yang) ; James Bulger; Jonathan.li; Xiang Bo
>> > 主题: Re: 答复: 答复: Updated Aleris Conference Call discussion points
>> >
>> > I have had several calls and a meeting with the Aleris and Oaktree. There's no need for introductions of BHR.  Please just introduce yourselves.
>> >
>> > Devon D. Archer
>> > 646 436 3745
>> >
>> >> On Apr 1, 2015, at 8:14 AM, 王昕 <[email-masked]> wrote:
>> >>
>> >> Devon and Jimmy, Jonathan is tied up at another meeting, do you guys want to take the lead in introducing BHR and we will follow with our questions for the Aleris folks?  I'm flexible.
>> >>
>> >>
>> >>
>> >> -----邮件原件-----
>> >> 发件人: Devon Archer [mailto:[email-masked]]
>> >> 发送时间: Wednesday, April 1, 2015 7:58 PM
>> >> 收件人: 王昕
>> >> 抄送: 杨鹏(Paul Yang) ; James Bulger; Jonathan.li; Xiang Bo
>> >> 主题: Re: 答复: Updated Aleris Conference Call discussion points
>> >>
>> >> I didn't receive.  I just forwarded to Aleris.  Speak to you at 8:30am EST.
>> >>
>> >> Devon D. Archer
>> >> 646 436 3745
>> >>
>> >>> On Apr 1, 2015, at 7:52 AM, 王昕 <[email-masked]> wrote:
>> >>>
>> >>> Is there something wrong with the server?  This is the 3rd time I’m sending
>> >>> it.
>> >>>
>> >>>
>> >>>
>> >>> 发件人: Devon Archer [mailto:[email-masked]]
>> >>> 发送时间: Wednesday, April 1, 2015 7:33 PM
>> >>> 收件人: 杨鹏(Paul Yang) ; 王昕
>> >>> 抄送: James Bulger; Jonathan.li; 王昕; Xiang Bo
>> >>> 主题: Re: Updated Aleris Conference Call discussion points
>> >>>
>> >>>
>> >>>
>> >>> I still have not received a dial in to provide Aleris for today's call.
>> >>> Are we still on?
>> >>>
>> >>> Devon D. Archer
>> >>>
>> >>> 646 436 3745
>> >>>
>> >>>
>> >>> On Apr 1, 2015, at 12:40 AM, 杨鹏(Paul Yang) <[email-masked]
>> >>> <mailto:[email-masked]> > wrote:
>> >>>
>> >>> Dear all:
>> >>>
>> >>>
>> >>>
>> >>> Below please find an updated list of discussion points for the Aleris call:
>> >>>
>> >>>
>> >>>
>> >>> 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 versus IPO
>> >>>
>> >>> 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 current operation footprint
>> >>>
>> >>> 6.         Discuss next steps, e.g., NDA and detailed question list in
>> >>> order to formulate preliminary valuation range
>> >>>
>> >>>
>> >>>
>> >>> Best,
>> >>>
>> >>> Paul
>> >>>
>> >>>
>> >>>
>> >>>
>> >>>
>> >>> 发件人: 王昕 [mailto:[email-masked]]
>> >>> 发送时间: 2015年3月25日 11:29
>> >>> 收件人: 'James Bulger'; 'Devon Archer'
>> >>> 抄送: '"杨鹏(Paul Yang)"'; 'Jonathan.li'; 'Xiang Bo'
>> >>> 主题: Aleris Conference Call - March 25, 2015 @ 20:00 (BJ) / 08:00 (NY)
>> >>>
>> >>>
>> >>>
>> >>> 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:[email-masked]]
>> >>> 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'; '<[email-masked]
>> >>> <mailto:[email-masked]> >'; 'Jonathan.li';
>> >>> '<[email-masked] <mailto:[email-masked]> >';
>> >>> 'Xiang Bo'; [email-masked] <mailto:[email-masked]> '
>> >>> 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: [email-masked] <mailto:[email-masked]>
>> >>> [mailto:[email-masked]] 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; <[email-masked]
>> >>> <mailto:[email-masked]> >; Jonathan.li;
>> >>> <[email-masked] <mailto:[email-masked]> >;
>> >>> 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 <[email-masked]
>> >>> <mailto:[email-masked]> > 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 <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> > 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 <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> > 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 <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> > 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:[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> ]
>> >>> 发送时间: Thursday, March 12, 2015 4:27 PM
>> >>> 收件人: 杨鹏(Paul Yang)
>> >>> 抄送: <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >; Michael
>> >>> Leonard; <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >;
>> >>> Jonathan.li; <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >;
>> >>> <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >; 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) <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> > 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:[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> ]
>> >>> 发送时间: 2015年3月12日 12:55
>> >>> 收件人: 杨鹏(Paul Yang)
>> >>> 抄送: <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >; Michael
>> >>> Leonard; <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >;
>> >>> Jonathan.li; <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >;
>> >>> <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> >; 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) <[email-masked]
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');> > 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
>> >>> <javascript:_e(%7B%7D,'cvml',[email-masked]');>
>> >>> [email-masked]
>> >>> _____________________________________________________________________
>> >>> _
>> >>> _____
>> >>> __________________________
>> >>>
>> >>>
>> >>>
>> >>>
>> >>>
>> >>> --
>> >>> James J. Bulger
>> >>> Chairman
>> >>> Thornton Group LLC
>> >>> 14 Beacon Street, Suite 804A
>> >>> Boston, MA 02108
>> >>> Office tel: 617.248.9440
>> >>>
>> >>> <winmail.dat>
>> >
>> >
>> >
> 
> 
> 
> -- 
> Michael R. Leonard
> Vice President, Operations Department
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office: 617-248-9440
> Mobile: 781-454-922