Epstein Secrets

M =ST To: = Reply-To: =/b>"Ens, Amanda" < Trading =ommentary (Not a product of BAML Research and should not viewed as a =esearch report) Spotify: Stockholm-based music streaming =ervice Timeline March 15: =nalyst Day (confirmed — Livestream) - Official Listing/Trading =ate likely given Week of March 1

A_R1_01645222 EFTA02512458 2017 Revs: $5B & =ositive FCF $133M — 5-6x trailing revs certainly possible, =mplying $25B+ valuation (In our SOTP for Vivendi we have music at 4x sales or €24bn) Ordinary Shares Outstanding: 176,976,280 reported as of =/22/18 Valuation: At high =nd of recent trading, implie

an>"Ens, Amanda" < <mailto > =u> Trading Commentary (Not a product of BAML Research and=should not viewed as a research report) <=span> S=otify: Stockholm-based music streaming service EFTA_R1_01645736 EFTA02512785 Timeline </=pan>March 15: Analyst Day (conf=rmed — Livestream) - Offi=ial Listing/Tr

_18> now publicly ava=lable 2017 Revs: $=B & Positive FCF $133M — 5-6x trailing revs certainly possible= implying $25B+ valuation (In our SOTP for Vivendi we ha=e music at 4x sales or €24bn) Ordinary Shares Outstanding:=/b> 176,976,280 reported as of 2/22/18 Valuation: At high end of rece=t trading, im

Reply-To: "Ens, Amanda" < <image001.png> Trading Commentary (Not a product of BAML Research and should not viewed as a research report) Spotify: Stockholm-based music streaming service Timeline • March 15: Analyst Day (confirmed — Livestream) - Official Listing/Trading Date likely given • Week of M

_18> now publicly available 2017 Revs: $58 & Positive FCF $133M — 5-6x trailing revs certainly possible, implying $258+ valuation (In our SOTP for Vivendi we have music at 4x sales or E24bn) Ordinary Shares Outstanding: 176,976,280 reported as of 2/22/18 Valuation: At high end of recent trading, implie