<table><tr><th>From:</th><th>Lesley Groff</th></tr><tr><td>Sent:
To:</td><td>Saturday, January 20, 2018 3:01 AM
Jefffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: Livermore/Entertainment One update</td></tr></table>

Begin forwarded message:

From: =/b>████████████████████████

Subject: =/b>Fw: =ivermore/Entertainment One update

Date: =/b>January 19, 2018 at 9:17:36 PM =ST

To: =/b>Lesley Groff ████████████████████>

=
Can you =lease pass to Jeffrey...

DLN
= =

===

<u>Sent from my BlackBerry 10 smartphone&=bsp;on the Verizon Wireless 4G</u> LTE network.-/div> = = = From: =/b> Sent: Friday, January 19, 2018 9:52 AM To: edith Subject: Livermore/Entertainment One =pdate

To =artners:

Our =nnual letter will be out in the coming weeks. In the meantime, wanted =o mention we have exited our stake in Entertainment =ne(ETO). From both fund and managed accounts. We still like the =tory(and love Peppa), but the equity is now "fairly valued" at =20pence.

This =s double the value from our initial investment(160pence) back in =anuary of 2016. When Livermore took an activist stake and called out =he company in a letter to its Board. =/span>

This =s also a reflection of the specific path we take as investors. And =hough we will not always get things timed just right, or witness big =eturns year over year, in the end, we will find value. And over time =rove value investing still =orks.

Below=is an old clip our team found. Just after =rexit.

We =till see opportunity in Europe. More than in the US. Though the recent =trength of the pound is beginning to show a more balanced viewpoint =owards the =K.

Wish =ou all well in =018,

David

Market Report: =ntertainment One surges as activist investor Livermore says Peppa Pig =wner 'seems to be listening' to its =deas.

<=iv class="section articleBodyText" style="">

Peppa =ig owner Entertainment =ne enjoyed its best day in almost four months after US =ctivist investor Livermore said the London-listed company "seems =o be listening" to its ideas, which include board changes and a =ale of its entire =usiness.

In an investor letter, the US =edge fund said it was "searching through the rubble" in =he London market for value opportunities following the Brexit vote, =imilar to its media investment in Entertainment One. It added: "T=e company seems to be listening to our ideas and so we will continue to =onitor the =ituation."

However, Neil Campling, of =orthern Trust Capital Markets cautioned that the investor letter refers =o "information from May of this year rather than incremental =nformation". He added: "As such we would caution on =ttributing too much emphasis to the =emarks."

Use regions/landmarks to skip =head to chart.

Entertainment One shares jump 10pc as activist investor says =eppa Pig owner is "listening" to its ideas. Data source: =loomberg

## Chart=graphic

Price per share =GBP)Entertainment One shares =ump 10pc as activistinvestor says Peppa Pig owner is "listening" to its =deasData source: =loombergLast =riceOct =15Jan =16Apr =16Ju1 =16100150200250300350HighchartsFriday, Nov 27, 2015. Last Price: 217.5

## Chart=graphic (cont.)

<=div>

Livermore revealed a stake in =he TV and film content and distribution company in January and since =hen the fund has said it could push for a share buyback if =ntertainment One does not act on its demands to improve its cash flow =nd slow down its pace of deal-making and has also called for directors =ith more industry and financial expertise to be added to the board. In =n interview with Reuters at the start of the year, Livermore managing director David Neuhauser also said it =ould push Entertainment One into a sale of the entire business if it =oesn't see a reversal in strategy in the next 12 =onths.

=/span>

In recent months, takeover =hatter in the City suggested broadcaster IN was circling the =oronto-based company. Traders in the City said the share price =urge could also be indicative of a of market dynamics at play at the =oment, which is "typical for a quiet August". =evertheless, the investor letter caused the FTSE 250 stock to jump =9.6p, or 9.9pc, to 217.5p - its biggest daily rise since April =4.

=/div>

David L Neuhauser
Managing =irector
Livermore Partners
5 Revere =rive
One Northbrook Place
Suite 200
Northbrook, Illinois 60062 USA

>=hone

## Chart=graphic (cont.)

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