EFTA02620015

From: Paul Barrett < Sent: Monday, October 22, 2018 3:58 PM To: Cc: Richard Kahn Subject: RE: Tencent Music pre-IPO shares Sponsor negotiated revised terms: $8.87 per share or $27.6b1n (14% reduction). I met with the head of syndicate for MS — they feel $28-$30b1n will be the price range for the IPO. Expecting late November timeframe. Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) From: J <jeevacation@gmail.com> Sent: Thursday, October 11, 2018 8:06 PM To: Paul Barrett Subject: Re: Tencent Music pre-IPO shares Structure 1 EFTA_R1_01825547 EFTA02620015 On Thu, Oct 11, 2018 at 7:30 PM Paul Barrett wrote: Jeffrey Any interest in buying Tencent Music pre-IPO shares? The IPO is now scheduled for mid-November. You could always short shares if we get a big IPO pop and then wait to receive delivery of the shares post lock-up and collapse the short position. 1. Valuation of $10.38 per share or $32.3b1n 2. 6 month lock up 3. 3% placement fee and 10% performance fee 4. IPO expected around Nov 15th October 5. They filed to sell $1Bln at the IPO Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) <mailto please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have 2 EFTA_R1_01825548 EFTA02620016 received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 3 EFTA_R1_01825549 EFTA02620017