Epstein Secrets

her business from, any company mentioned =n the material. This material may not be distributed outside the United =tates; and is intended solely for Global Markets institutional clients. =he material is provided for informational purposes only and any =istribution or copying of the material is prohibited. Alli

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

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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

her business from, any company mentioned in the material. This material may not be distributed outside the United States; and is intended solely for Global Markets institutional clients. The material is provided for informational purposes only and any distribution or copying of the material is prohibited. Alli

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