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drawal at Custodian). This potential delay will more than =ikely affect the initial Locate Liquidity for a few days. Happy to coordinate calls with John Egan, BAML's =hort Analytics Specialist Expected Trading Dynamics Our understanding is that on the =orning of trading, the Floor Specialist will act lik
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
drawal at Custodian)= This potential delay will more than likely affect the initial Locate Liqu=dity for a few days. Happy to coordinate calls with John Egan, BAML=E2 s Short Analytics Specialist Expe=ted Trading Dynamics 2 EFTA_R1_01645737 EFTA02512786 * Our understanding is that on the morning of
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
drawal at Custodian). This potential delay will more than likely affect the initial Locate Liquidity for a few days. Happy to coordinate calls with John Egan, BAML's Short Analytics Specialist Expected Trading Dynamics • Our understanding is that on the morning of trading, the Floor Specialist will act
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 John Egan and Lyft/Uber/Airbnb

Richard Kahn
PERSONAmanda
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Jeffrey Epstein
PERSON
Stockholm
LOCATIONVivendi
ORGANIZATIONGlobal Markets
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ORGANIZATIONMartin Lorentzon
PERSONFinancials - Fl
ORGANIZATIONSpotify & Apple Music
ORGANIZATIONAlli, Alkesh & Mike
ORGANIZATIONDavid Fiszel
PERSONPierce, Fenner & Smith
ORGANIZATIONBull/Bear Views
ORGANIZATIONthe Floor Specialist
ORGANIZATIONTencent Music Entertainment & Tencent
ORGANIZATIONBAML Research
ORGANIZATION