Epstein Secrets

$13.1 Million. 3. The past three comparable transactions for =ompanies in this market average an enterprise value at —10x multiple of =BITDA a. Wilhelmina: 7x (average meaningful trading =ultiple since 2010) b. Creative Artists Agency: 10x (TPG =cquisition, 2014) c. IMG: 13x (WME acquisition, =013)

le of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a =evel that is far too low for us to accept. I look forward to our =iscussion tomorrow morning. Neale From: Richard Kahn (rnailtc <mailtc Sent: Friday, August 25, 2017 =1:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty fu

llion. 3.<=span> 4) The past three comparable transactions for c=mpanies in this market average an enterprise value at -10x multiple of EBI=DA a. Wilhelmina: 7x (av=rage meaningful trading multiple since 2010) b.<=pan style="font-size:7pt;color:rgb(31,73,125)"> 40 Creative Artists Agency: 10x (TPG acqui

6.7 x 0.58 = $3.9 enterprise value), a le=el that is far too low for us to accept. <=iv> <=iv> I look forward to our discussion tomorro= morning. Neale From: Richard Kahn [=span style="color:purple">mailto. <ra , = <=r>Sent:*Friday, August 25, 2017 11:51 AM To: Neale Attenborough=br>Cc:4>Chris

$13.1 Million. 3. The past three comparable transactions for =ompanies in this market average an enterprise value at —10x multiple of =BITDA a. Wilhelmina: 7x (average meaningful trading =ultiple since 2010) b. Creative Artists Agency: 10x (TPG =cquisition, 2014) c. IMG: 13x (WME acquisition, =013)

le of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a =evel that is far too low for us to accept. I look forward to our =iscussion tomorrow morning. Neale From: Richard Kahn (mailto <mailto > I Sent: Friday, August 25, 2017 =1:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Prett

$13.1 Million. 3. The past three comparable transactions for =ompanies in this market average an enterprise value at - 10x multiple of =BITDA a. Wilhelmina: 7x (average meaningful trading =ultiple since 2010) b. Creative Artists Agency: 10x (TPG =cquisition, 2014) c. IMG: 13x (WME acquisition, 2013)

le of 0.58x ($6.7 x 0.58 = =3.9 enterprise value), a level that is far too low for us to =ccept. I look forward to our =iscussion tomorrow morning. Neale From: Richard Kahn (mailto Sent: Friday, August 25, 2017 =1:51 AM To: Neale Attenborough Cc: Chris Lawler 4 EFTA_R1_01854328 EFTA02632680 Su

llion. 3. = The past three c=mparable transactions for companies in this market average an enterprise va=ue at - 10x multiple of EBITDA a. =nbsp; Wilhelmina: 7x (=verage meaningful trading multiple since 2010) b. =nbsp; Creative Artist= Agency: 10x (TPG acquisition, 2014) c. =nbsp; IMG: 13x (WME a=quisi

e of O.58x ($6.7 x 0.58 = $3.9 enterprise value), a lev=l that is far too low for us to accept. I look forward to our discu=sion tomorrow morning. Neale From: Richard Kah= [mailto Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next <make Pretty funny

illion. 3. = The past three c=mparable transactions for companies in this market average an enterprise va=ue at —10x multiple of EBITDA a. =nbsp; Wilhelmina: 7x (=verage meaningful trading multiple since 2010) b. =nbsp; Creative Artist= Agency: 10x (TPG acquisition, 2014) c. =nbsp; IMG: 13x (WME a=quisi

e of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a lev=l that is far too low for us to accept. I look forward to our discu=sion tomorrow morning. Neale From: Richard Kah= [mailto Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next <mailtc > Pretty fu