Epstein Secrets

1 filing now pubicly available 2017 Revs: $58 & Positive FCF $133M - 36x trailing revs certainly possible, implying 5258+ valuation lin our SOTP for Vivendi we have musk at as sales or €24bn) Ordinary Shares Outstanding: 176,976,280 reported as of 2/22/18 Valuation: At high end of recent trading, Implie

rsonnel of Mame Lynch end is subject to the terms available at the folibwkig fink This material was prepared bytash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, Incorporated PAO. The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merrill

A_R1_01645222 EFTA02512458 2017 Revs: $5B & =ositive FCF $133M — 5-6x trailing revs certainly possible, =mplying $25B+ valuation (In our SOTP for Vivendi we have music at 4x sales or €24bn) Ordinary Shares Outstanding: 176,976,280 reported as of =/22/18 Valuation: At high =nd of recent trading, implie

p.bankofamerica.com/business/smb/landing/emaildisclai=er/americas/global-markets This material was prepared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =er

_18> now publicly available 2017 Revs: $58 & Positive FCF $133M — 5-6x trailing revs certainly possible, implying $258+ valuation (In our SOTP for Vivendi we have music at 4x sales or E24bn) Ordinary Shares Outstanding: 176,976,280 reported as of 2/22/18 Valuation: At high end of recent trading, implie

.bankofamerica.com/business/smb/landing/emaildisclaimer/americas/global-markets> This material was prepared by Cash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("ML"). The material is not a publication of BofA Merrill Lynch Global Research, and it has not been reviewed or approved by BofA Mer