Epstein Secrets

From: Richard Kahn < Sent: Wednesday, March 7, 2018 9:30 PM To: jeffrey E. Subject: Fwd: BAML Spotify Cheat Sheet - UPDATE Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fax ce

is =inimal. Due to royalty agreements, marginal costs for Spotify =row with user growth limiting operating leverage from network effect =similar to Lyft/Uber/Airbnb) Competition — =pple Music — Record labels Index Implications In =rder to be included in the S&P 500, a company must have been =rading for at leas

From: jeffrey E. <[email protected]> Sent: Wednesday, March 7, 2018 11:27 PM To: David Fiszel Subject: Fwd: BAML Sootily Cheat Sheet - UPDATE what does this

is minimal. Due to royalty agreements, marginal costs fo= Spotify grow with user growth limiting operating leverage from network ef=ect (similar to Lyft/Uber/Airbnb) * =span style="font-size:10.5pt">Competition — Apple Music — Record labels Index Implications In order to be included in the S&P 5=0, a compa

n't involved. Analyst day will be March 15 and I think it will be a lovefest. Morgan, GS and Allen&Co are the advisors. On Mar 7, 2018, at 6:27 PM, jeffrey E. <[email protected] <mailto:[email protected]> wrote: what does this mean to us Forwarded message From: Richard Kahn < <mailto Date: Wed,

is minimal. Due to royalty agreements, marginal costs for Spotify grow with user growth limiting operating leverage from network effect (similar to Lyft/Uber/Airbnb) * Competition — Apple Music — Record labels 2 EFTA_R1_01647200 EFTA02513877 Index Implications In order to be included in the S&P 500, a com