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selling shareholders & inability to source a locate Historical Private Share =rading 2017: $37.50 to $125 1/1/18 to 2/22/18: $90 to =132.50 (excl Tencent transaction) Some confusion on share =rices as secondary market =rices are currently -55000/share. Everything in =rospectus reflects a 40-to-one sh
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
y to source a locate=/span> Historical Private Share Trading</riv> aspan>2017: $37.50 to $125 • * =/span>1/1/18 to 2/22=18: $90 to $132.50 (excl Tencent transaction) Some confusion on s=are prices as secondary market prices are currently -$5000=share. 4=pan>Everything in prospectus reflects a 40-to-
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
g shareholders & inability to source a locate Historical Private Share Trading • 2017: $37.50 to $125 • 1/1/18 to 2/22/18: $90 to $132.50 (excl Tencent transaction) Some confusion on share prices as secondary market prices are currently —55000/share. Everything in prospectus reflects a 40-to-one sh
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
Entities connected to both Tencent and Lyft/Uber/Airbnb

Jeffrey Epstein
PERSON
Richard Kahn
PERSONAmanda
PERSONVivendi
ORGANIZATION
Stockholm
LOCATIONJohn Egan
PERSONDavid Fiszel
PERSONGlobal Markets
ORGANIZATIONPierce, Fenner & Smith
ORGANIZATIONBull/Bear Views
ORGANIZATIONthe Floor Specialist
ORGANIZATIONTencent Music Entertainment & Tencent
ORGANIZATIONBAML Research
ORGANIZATIONMartin Lorentzon
PERSONFinancials - Fl
ORGANIZATIONSpotify & Apple Music
ORGANIZATIONAlli, Alkesh & Mike
ORGANIZATION