Epstein Secrets

e of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. Neale From: Richard Kahn [rnailto Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty funny Neale

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. Neale From: ' [m o: Sent: Friday, August 25, 2017 11:5 To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next EFTA_R1_00959927 EFTA02222323 P

. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as y

.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. EFTA00673555 Neale From: Richard Kahn fmailto: Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty funny Neale

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

e of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. Neale EFTA00680501 From: Richard Kahn [mato Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

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4. We invested =18 million for a 42% stake in the business, implying an enterprise value o= $42.9 million. S. We =eceived a bona fide offer from OpenGate Capital which would have resulted =n $18 million in proceeds for us (and in fact a $17 million distribution t= Faith and Joel), and while they were, as you

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

= We invested $18=million for a 42% stake in the business, implying an enterprise value of $4=.9 million. 5. = We received a b=na fide offer from OpenGate Capital which would have resulted in $18 millio= in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

e of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. Neale From: Richard Kahn lnailto: Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty funny Neale

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

e of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. Neale From: Richard Kahn finailto: Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty funny Neal

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

e of 0.58x ($6.7 x 0.58 = $3.9 enterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow morning. Neale From: Richard Kahn lnailto. Sent: Friday, August 25, 2017 11:51 AM To: Neale Attenborough Cc: Chris Lawler Subject: Re: Next Pretty funny Neale

4. We invested $18 million for a 42% stake in the business, implying an enterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have resulted in $18 million in proceeds for us (and in fact a $17 million distribution to Faith and Joel), and while they were, as you

le of 0.58x ($6.7 x 0.58 = $3.9 =nterprise value), a level that is far too low for us to accept. I look forward to our discussion tomorrow =orning. Neale 4 EFTA_R1_01392226 EFTA02379142 From: Richard Kahn imailto Sent: Friday, August 25, 2017 =1:51 AM To: Neale Attenborough Cc: Chris Lawler Su

4. We invested $18 million for a 42% stake in the business, implying an =nterprise value of $42.9 million. 5. We received a bona fide offer from OpenGate Capital which would have =esulted in $18 million in proceeds for us (and in fact a $17 million =istribution to Faith and Joel), and while they were, as you