From: Paul Barrett

From: Paul Barrett To: J <[email protected]> CC: Richard Kahn Subject: RE: Tencent Music pre-IPO shares Date: Fri, 02 Nov 2018 20:12:29 +0000 Attachments: Windkanter_Ventures_I,LP_-_Summary_of Terms.pdf Inline-Images: image003.jpg; image004.jpg Jeffrey Here are the terms for the Tencent Music fund — doesn't say anything about restrictions. Still waiting for the Fund dots. I confirmed with the sponsor (who confirmed with his lawyers) that there are no hedging/shorting restrictions applicable to L.Ps. As I mentioned, I did this for many of my JPM clients with Twitter post the IPO. Happy to connect Darren with the sponsor. I believe the deadline for soft indications is this weekend as there is still a chance the IPO happens late November. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street 11th Floor. New York, NY 10019 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 From: J <[email protected]> Sent: Thursday, October 11, 2018 8:06 PM EFTA01017828 To: Paul Barrett < Subject: Re: Tencent Music pre-IPO shares Structure 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 $18In at the IPO Paul Paul Barrett Alpha Group Capital LLC 147 W 57th Street 11th Floor, New York, NY 10019 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 received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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 EFTA01017829 JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01017830