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cahn"‹ Reply-To: "Ens, Amanda' <image001.png> Trodtng Commentat plot o padoct of Mint Reseoten and shoridnot atived as o re(eotch report) Sootily: Stockholm-based music streaming service Timeline • March 15: Analyst Day (confirmed — livestream) official ustingfirading Date likely given • Week of Marc
I 411,1 414 Olga h44•4,44441N4 I Other tidbits • No deal roadshow, No underwriters • No fixed M of securities for sale • No lock-ups except Tencent Music Entertainment & Tencent (holding for at least 3 yrs from 12/15/17), who own - 7.5% • Majority Ownership by Founders - Daniel Elk controls 37.3% of shares and Martin Lorenu
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
an style="font-size:10.5pt;font-family:Symbol">• No deal roadshow, No underwriters • No fixed # of securities for sale<=> * No lork-ups except Tencent Music Entertainment & Tencent (holding for at lea=t 3 yrs from 12/15/17), who own -7.5% * <=pan style="font-size:10.5pt">Majority Ownership by Founders - Daniel Elk=controls 37
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
63434/d494294dfl.htmtfrom494294_18> Other tidbits • No deal roadshow, No underwriters • No fixed q of securities for sale • No lock-ups except Tencent Music Entertainment & Tencent (holding for at least 3 yrs from 12/15/17), who own —7.5% • Majority Ownership by Founders - Daniel Elk controls 37.3% of shares and Martin Lorent
Entities connected to both Stockholm and Tencent Music Entertainment & Tencent

Jeffrey Epstein
PERSON
Richard Kahn
PERSON
Woody Allen
PERSONAmanda
PERSON
Tencent
ORGANIZATIONthe Floor Specialist
ORGANIZATIONDavid Fiszel
PERSONGlobal Markets
ORGANIZATIONVivendi
ORGANIZATIONBull/Bear Views
ORGANIZATIONPierce, Fenner & Smith
ORGANIZATIONJohn Egan
PERSONAllen&Co
PERSONLyft/Uber/Airbnb
ORGANIZATIONBAML Research
ORGANIZATIONFinancials - Fl
ORGANIZATIONAlli, Alkesh & Mike
ORGANIZATION
Global Research
ORGANIZATION