Epstein Secrets

t. Morgan, CS and Allen&Co are the advisors. On Mar 7, 2018, at 6:27 PM, jeffrey E. [email protected]> wrote: what does this mean to us From: Richard Kahn Date: Wed, Max 7, 2018 at 4:29 PM Subject: Fwd: BAML Spotify Cheat Sheet - UPDATE To: "dirty E." <jcszacaliangsautiLuan> Richard Kahn HBRK Assoc

wrote: what does this mean to us From: Richard Kahn Date: Wed, Max 7, 2018 at 4:29 PM Subject: Fwd:

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

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:

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

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

$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

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

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

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

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