Epstein Secrets

To: "dirty E." <jcszacaliangsautiLuan> Richard Kahn HBRK Associates Inc. 575 Losing= Avenue 4th Floor CC Begin forwarded message: From: 'Ens. Amanda" Subject: BAML Spotlfy Cheat Sheet - UPDATE Date: March 7.2018 at 2:09:53 PM EST To: *ricahn"‹ Reply-To: "Ens, Amanda' <image001.png> Trodtng Co

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

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

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

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

$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

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

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

> 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

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