From: Richard Kahn

Sent: Saturday, May 13, 2017 12:45 AM
To: Jeffrey Epstein
Subject: Fwd: Frontier

Richard Kahn
HBRK Associates Inc.
575 =exington Avenue, 4th Floor
New =ork, NY 10022
tel ███████████████
fax ███████████████
cel ███████████████

Begin forwarded message:

From: =/b>Paul Barrett █████████████████████████

Subject: =/b>Re: =rontier

Date: =/b>May 12, 2017 at 8:09:25 AM =DT

To: =/b>Richard Kahn <richardkahn12@gmail.com>

Jeffrey said he is still working on some =tructural issues. Ball is in his court. Have you heard anything from =our side?

Sent from =y iPhone

On May 11, 2017, at 5:52 =M, Richard Kah
wrote:

yes 96.625

Richard Kahn
HBRK =ssociates Inc.
575 Lexington Avenue, 4th =loor
New York NY 10022
tel
fax
cel l

<u>On Ma 11,</u> 2017, at 5:42 PM, Paul Barrett =It
<mailto rote:

Did you get =illed?

Sent from my iPhone

On May 11, 2017, at 2:47 PM, Richard Kahn

wrote:

thank you
i got bid of =6.5 and will attempt to sell there
please confirm =k level
thanks

Richard =ahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
<u>New York NY 10022</u>
tel
fax
cel

On May 11, 2017, at 2:17 PM, Paul Barrett

> wrote:

## Guys

I am no longer comfortable with the frontier position. Price =ction after the dividend cut was disappointing and the new secured bond =hat they will likely issue will not help us. We are now down a total =.1% on the position and I think the bond can drop another 5-10 points. =e have revised our EBITDA estimates and they don't look great. =herefore I recommend that we sell at 96.00 or better.

Sent from my =Phone