EFTA02535780.pdf

From: Lesley Groff Sent: Saturday, January 20, 2018 3:01 AM To: Jefffrey Epstein Subject: Fwd: Livermore/Entertainment One update Begin forwarded message: From: =/b Subject: =/b>Fw: =ivermore/Entertainment One update Date: =/b>lanuary 19, 2018 at 9:17:36 PM =ST To: =/b>Lesley Groff Can you =lease pass to Jeffrey... DIN = = === Sent from m BlackEter 10 smart hone&=bs •on the Verizon Wireless 4G LTE network.=/div> = = = From: =/b Sent: Friday, anuary , • 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. EFTA_R1_01681481 EFTA02535780  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. c=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 2 EFTA_R1_01681482 EFTA02535781  <=cliv> 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 3 EFTA_R1_01681483 EFTA02535782  Mobile • CONFIDENTIALITY =OTICE: This communication may contain privileged and/or confidential information. It is intended solely for the use =f the person or entity in which it is addressed. If you =re not the intended recipient, you are strictly =rohibited from disclosing, copying, distributing or using any of this information. If you received this communication =n error, please contact the sender immediately and =estroy the material in its entirety, whether electronic =r hard copy. This communication is for informational =urposes only. This is not intended as nor is it an offer, or solicitation of any offer to buy or sell any security, Irnvestment or other product. = 4 EFTA_R1_01681484 EFTA02535783