From: ' To:I > Subject: Fw: Livermore/Entertainment One update Date: Sat, 20 Jan 2018 02:17:36 +0000 Inline-Images: bottom.letterhead; bottom(I ).letterhead; bottom(2).letterhead; bottom(3).letterhead; bottom(4).letterhead; bottom(5).letterhead; bottom(6).letterhead; bottom(7).letterhead; bottom(8).letterhead; bottom(9).letterhead; bottom(10).letterhead Can you please pass to Jeffrey... DLN Sent from my BlackBerry 10 smartphone on the Verizon Wireless 4G LTE network. From: Sent: Friday, January 19, 2018 9:52 AM To: edith Subject: Livermore/Entertainment One update To Partners: Our annual letter will be out in the coming weeks. In the meantime, wanted to mention we have exited our stake in Entertainment One(ETO). From both fund and managed accounts. We still like the story(and love Peppa), but the equity is now "fairly valued" at 320pence. This is double the value from our initial investment(160pence) back in January of 2016. When Livermore took an activist stake and called out the company in a letter to its Board. This is also a reflection of the specific path we take as investors. And though we will not always get things timed just right, or witness big returns year over year, in the end, we will find value. And over time prove value investing still works. Below is an old clip our team found. Just after Brexit. We still see opportunity in Europe. More than in the US. Though the recent strength of the pound is beginning to show a more balanced viewpoint towards the UK. Wish you all well in 2018, David Market Report: Entertainment One surges as activist investor Livermore says Peppa Pig owner 'seems to be listening' to its ideas. EFTA00467991