Epstein Secrets

dustry model: Record LabelsCND .New - Distribute thru spotify & Apple Music to Consumers- key question is how does Sootily pin control over supply? Bull/Bear Views • Bull o sootily becomes the Henna of music by becoming a record label owning exclusive content - not the case today and likely cash intensive EF

rdinate calls with John Egon, 8.4IVIL's Short Analytic Specialist Expected Trading Dynamics • Our understanding is that on the morning of trading, the Floor Specialist will act like a stabilizing agent normallywould (with banks advising) to help match supply and demand • The opening is likely to be very delayed as

Labels own New Music & Back Catalog— Distribute thru Sootily & Apple Musk to Consumers — key question is how does Sootily gain control over supply? Bull/Bear Views • Bull o Sootily becomes the Netffix of music by becoming a record label owning exclusive content— not the case today and likely cash Intensive o

coordinate calls with John Epan, BMOCs Short ArlOiyikS Specialist Expected Trading Dynamics • Our understanding is that on the morning of trading, the Floor Specialist will act Gke a stabilizing agent normally would (with banks advising) to help match supply and demand • The opening is likely to be very delayed as

$125 • 1/1/18 to 2/22/18: $90 to $132.50 =excl Tencent transaction) o At high end of recent trading, =mplies mkt cap $268+ (very rough estimate). Bull/Bear Views • Bull Argument for =tock to go $30B+. The model is not =etflix, it's like EBay or GrubHub. Company isn't =bout owning content — they're just taki

owing at 2%/month vs Apple at 36M subscribers, growing at =%/month. Expected Trading Dynamics Our understanding is that on the =orning of trading, the Floor Specialist will act like a stabilizing =gent (with MS advising) normally would to help match supply and =emand. The opening is likely to be very =elayed as we

own New Music =amp; Back Catalog — Distribute thru Spotify & Apple Music =o Consumers — key question is how does Spotify gain control =ver supply? Bull/Bear Views • Bull o Spotify becomes the Netflix of =usic by becoming a record label owning exclusive content — not =he case today and likely cash intensive

o coordinate calls with John Egan, BAML's =hort Analytics Specialist Expected Trading Dynamics Our understanding is that on the =orning of trading, the Floor Specialist will act like a stabilizing =gent normally would (with banks advising) to help match supply and =emand • • The opening is likely to be very =elay

abels own New Music & Back Catalog — Distribute thru Spotify & Apple Music to Consumers — key question is how does Spotify gain control over supply? Bull/Bear Views * Bull o Spotify becomes the Netflix of music by becoming a record label owning exclusive content — not the case today and likely cash intensive

oordinate calls with John Egan, BAML's Short Analytics Specialist Expected Trading Dynamics • Our understanding is that on the morning of trading, the Floor Specialist will act like a stabilizing agent normally would (with banks advising) to help match supply and demand • The opening is likely to be very delayed