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

NII'w1MM.g dNlViolin a. 1, 31 I k Other tidbits • No deal roadshow, No underwriters • No fixed a of securities for sale • No lock-ups except Tencent Music Entertainment & Tencent (holding for at least 3 yrs from 12/15/17), who own -7.5% • MajorityOwnership by Founders- Daniel Elk controls 37.3% of shares and Martin Lorentzen

_18> now publicly ava=lable 2017 Revs: $=B & Positive FCF $133M — 5-6x trailing revs certainly possible= implying $25B+ valuation (In our SOTP for Vivendi we ha=e music at 4x sales or €24bn) Ordinary Shares Outstanding:=/b> 176,976,280 reported as of 2/22/18 Valuation: At high end of rece=t trading, im

an style="font-size:10.5pt;font-family:Symbol">• No deal roadshow, No underwriters • No fixed # of securities for sale<=> * No lork-ups except Tencent Music Entertainment & Tencent (holding for at lea=t 3 yrs from 12/15/17), who own -7.5% * <=pan style="font-size:10.5pt">Majority Ownership by Founders - Daniel Elk=controls 37

_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

63434/d494294dfl.htmtfrom494294_18> Other tidbits • No deal roadshow, No underwriters • No fixed q of securities for sale • No lock-ups except Tencent Music Entertainment & Tencent (holding for at least 3 yrs from 12/15/17), who own —7.5% • Majority Ownership by Founders - Daniel Elk controls 37.3% of shares and Martin Lorent