Epstein Secrets

tmarlsom> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 1001/ tel fax ccl Begin forwarded message: From: "Ens. Amanda" •t in Subject: BAML Spotlfy Cheat Sheet - UPDATE Date: March 7.2018 at 2:09:53 PM EST To: "rkahn' Reply-To: "Ens. Amanda <imageooLpng> ;mom Co

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

reet, 11 <x-apple-data- detectors://0/1> th Floor, New York, NY 10019 <x-a le-data-detectors://0/1> (o) (c) Begin forwarded message: From: "Ens, Amanda" Date: March 5, 2018 at 12:42:49 =M EST EFTA_R1_01644095 EFTA02511651 To: "Paul Barrett" Subject: BAML Spotify =heat Sheet Reply-To: "Ens, Ama

Financials - Fl =iling now =ublicly available 2017 =evs: $5B & Positive FCF =133M — 5.6x trailing revs certainly possible, implying $25B+ =aluation (Vivendi — not clean comp sells at 2.2x current yr =evs). Ordinary Shares Outstanding: Working on syncing our =hares outstanding number with what is reporte

TE Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: From: =/b>"Ens, Amanda" < Subject: =/b>BAML Spotify =heat Sheet - UPDATE Date: =/b>March 7, 2018 at 2:09:53 PM =ST To: = Reply-To: =/b>"Ens, Amanda" < Trading =ommenta

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

com» Subject= BAML Sootily Cheat Sheet - UPDATE </=iv> Date: March=7, 2018 at 2:09:53 PM EST To: "rkahn" mailto:a &g=; Reply-To: </r=pan>"Ens, Amanda" < <mailto > =u> Trading Commentary (Not a product of BAML Research and=should not viewed as a research report) <=span> S=otify: Stockholm-based

_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

> 10022 <https://maps.google.comfiq=57S+Lexington+Avenue+4th+Floor+New+York,+NY+100228zentry=gmail&sourcerg> Begin forwarded message: From: "Ens, Amanda" <[email protected] <mailto:amanda.ens@bamIcom» EFTA_R1_01647199 EFTA02513876 Subject: BAML Spotify Cheat Sheet - UPDATE Date: March 7, 2018 a

_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