Epstein Secrets

llen&Co arc the advisors. On Mar 7, 2018, at 6:27 PM, jeffrey E. <jcsvacationqgmail.com> wrote: what does this mean to us Forwarded mesae From: Richard Kahn Date: Wed, Mar 7, 2018 at 4:29 PM Subject: Fwd: BAML Spotify Cheat Sheet - UPDATE To: "jeffrey E." <jurvocationftmarlsom> Richard Kahn HBRK Assoc

this mean to us Forwarded mesae From: Richard Kahn Date: Wed, Mar 7, 2018 at 4:29 PM Subject: Fwd:

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

From: Richard Kahn Sent: Monday, March 5, 2018 6:01 PM To: Jeffrey E. Subject: Fwd: BAML Spotify Cheat Sheet Richard Kahn HBRK Associates Inc. 575 =exington Av

From: Richard Kahn Sent: Monday, March 5, 2018 6:01 PM To: Jeffr

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

From: Richard Kahn < Sent: Wednesday, March 7, 2018 9:30 PM To:

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. 57

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

sday, March 7, 2018 11:27 PM To: David Fiszel Subject: Fwd: BAML Sootily Cheat Sheet - UPDATE what does this mean to us [email protected]> Richard Kahn HBRK Associates Inc. <https://maps.google=com/?q=575+Lexington+Avenue+4th+Floor+New+York,+NY+10022&entry=gma=l&source=g> Avenue 4th Floor <https:

this mean to us [email protected]> Richard Kahn HBRK Associates Inc. <https://maps.google=com/?

_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

r 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, Mar 7, 2018 at 4:29 PM Subject: Fwd: BAML Spotify Cheat Sheet - UPDATE To: "jeffrey E." <[email protected] <mailto:jeeva

is mean to us Forwarded message From: Richard Kahn < <mailto Date: Wed, Mar 7, 2018 at 4:29 PM Su

_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