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

is =inimal. Due to royalty agreements, marginal costs for Spotify =row with user growth limiting operating leverage from network effect =similar to Lyft/Uber/Airbnb) Competition — =pple Music — Record labels Index Implications In =rder to be included in the S&P 500, a company must have been =rading for at leas

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

is minimal. Due to royalty agreements, marginal costs fo= Spotify grow with user growth limiting operating leverage from network ef=ect (similar to Lyft/Uber/Airbnb) * =span style="font-size:10.5pt">Competition — Apple Music — Record labels Index Implications In order to be included in the S&P 5=0, a compa

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

is minimal. Due to royalty agreements, marginal costs for Spotify grow with user growth limiting operating leverage from network effect (similar to Lyft/Uber/Airbnb) * Competition — Apple Music — Record labels 2 EFTA_R1_01647200 EFTA02513877 Index Implications In order to be included in the S&P 500, a com