Epstein Secrets

to programmatic ads. [cid: [email protected]) Zynga (Buy): complementary deal and margin uplift ahead The key push v pull argument on Zynga has been on how the company will get to a stated aim of a 20% adjusted EBITDA margin. The company is executing on the progress of the same and this

From: Neil Campling < Subject: Global TMT Weekly - Amazon, Logitech, Swisscom, Nintendo, Apple, Dialog, Ubisoft, Dish, ams, Zynga, Facebook, Salesforce.com Sent: Saturday, June 2, 2018 7:24:22 AM imaqe001.ipq image002.ipg imaae003.ioq imacie004.ipq imaqe005.pnq imaqe006.

t user growth is slowing, U.S. adults are spending more time online thanks to mobile, clocking 5.9 hours per day in 2017 versus 5.6 hours in 2016. Mobile ads: People are shifting their time to mobile faster than ad dollars are following, creating a $7 billion mobile ad opportunity, though platforms ar

g Retreat. Board: Retargeter. Reid Hoffman - Chairman and founder, Linkedln. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. Jacob Hsu — CEO, Symbio. Daisuke Iwase — cofounder and COO, Lifenet Insurance (top life insurance company in Japan). Christian Johanson - Secreta

Advisor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. Chamath Palihapitiya — CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors. E

Retreat. Board: Retargeter. *Reid Hoffman*- Chairman and founder, LinkedIn. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. *Jacob Hsu*- CEO, Symbio. *Daisuke Iwase*- cofounder and COO, Lifenet Insurance (top life insurance company in Japan). 'Christian Johansson*- Se

visor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. *Chamath **Palihapitiya*- CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors.

etreat. Board: Retargeter. *Reid Hoffman*— Chairman and founder, Linkedln. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. *Jacob Hsu*— CEO, Symbio. *Daisuke 1wase*— cofounder and COO, Lifenet Insurance (top life insurance company in Japan). *Christian Johansson*— Sec

visor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. *Chamath **Palibapitiya*— CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors.

etreat. Board: Retargeter. *Reid Hoffman*— Chairman and founder, Linkedln. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. *Jacob Hsu*— CEO, Symbio. *Daisuke Iwase*— cofounder and COO, Lifenet Insurance (top life insurance company in Japan). *Christian Johansson*— Sec

isor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. *Chamath **Palihapitiya*— CEO, Social+Capital. finr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors.

Retreat. Board: Retargeter. *Reid Hoffman'— Chairman and founder, Linkedln. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. *Jacob Hsu.— CEO, Symbio. 'Daisuke Iwase'— cofounder and COO, Lifenet Insurance (top life insurance company in Japan). *Christian Johansson'— Sec

dvisor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. 'Chamath "Palihapitiya'— CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors.

Retreat. Board: Retargeter. *Reid Hoffman'— Chairman and founder, Linkedln. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. *Jacob Hsu.— CEO, Symbio. 'Daisuke Iwase'— cofounder and COO, Lifenet Insurance (top life insurance company in Japan). *Christian Johansson'— Sec

dvisor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. 'Chamath "Palihapitiya'— CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors.

g Retreat. Board: Retargeter. Reid Hoffman — Chairman and founder, LinkedIn. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. Jacob Hsu - CEO, Symbio. Daisuke Iwase — cofounder and COO, Lifenet Insurance (top life insurance company in Japan). Christian Johansson -— Secret

y Advisor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. Chamath Palihapitiya — CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors. El

operating in developed countries. Bankof America 2 Internet/e-Commerce | 06 April2017 49 Merrill Lynch HOUSE_OVERSIGHT_014935 --- PAGE BREAK --- Zynga (Underperform, $2.70) Stock view: Live events can improve franchises, but still need new titles Zynga launched Dawn of Titans end of 4Q, and althou

hise value (we estimate Poker/Slots generates over $250mn+ in revenue annually}. Our $2.70 PO is based on 11x 2018E EBITDA (which is a premium to the Mobile gaming peer group due to margin expansion potential}, plus $1.41/share in cash and assets (building). Bankof America Merrill Lynch Internet/e-Comme

etreat. Board: Retargeter. *Reid Hoffman*ig% Chairman and founder, LinkedIn. Partner, Greylock. Boards: DoSomething, Kiva, Endeavor Global, Mozilla. Zynga. *Jacob Hsu*ig% CEO, Symbio. *Daisuke Iwase*1i¢% cofounder and coo, Lifenet Insurance (top life insurance company in Japan). HOUSE_OVERSIGHT_01757

isor for Iraq and Afghanistan, President George W. Bush. Mbr, Trilateral Commission. *Chamath **Palihapitiya*iz% CEO, Social+Capital. fmr VP Growth, Mobile, and International at Facebook. Fmr GM of AIM at AOL. Boards: SecondMarket, FixYa, Lemon, Integrated Plasmonics. Co-Owner, Golden State Warriors. *E