Epstein Secrets

4 of Merrill Lynch and is subject to the terms available of the following link. This material was prepared by Cash Equity Trading of Mernll Lynch, Pierce, Fenner & Smith. Incorporated ("MO). The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merril

dustry model: Record LabelsCND .New - Distribute thru spotify & Apple Music to Consumers- key question is how does Sootily pin control over supply? Bull/Bear Views • Bull o sootily becomes the Henna of music by becoming a record label owning exclusive content - not the case today and likely cash intensive EF

rsonnel of Mame Lynch end is subject to the terms available at the folibwkig fink This material was prepared bytash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, Incorporated PAO. The material is not a publication of BolA Merrill Lynch Global Research, and it has not been reviewed or approved by BolA Merrill

Labels own New Music & Back Catalog— Distribute thru Sootily & Apple Musk to Consumers — key question is how does Sootily gain control over supply? Bull/Bear Views • Bull o Sootily becomes the Netffix of music by becoming a record label owning exclusive content— not the case today and likely cash Intensive o

p.bankofamerica.com/business/smb/landing/emaildisclai=er/americas/global-markets This material was prepared by =ash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, =ncorporated ("ML"). The material is not a publication of BofA Merrill =ynch Global Research, and it has not been reviewed or approved by BofA =er

own New Music =amp; Back Catalog — Distribute thru Spotify & Apple Music =o Consumers — key question is how does Spotify gain control =ver supply? Bull/Bear Views • Bull o Spotify becomes the Netflix of =usic by becoming a record label owning exclusive content — not =he case today and likely cash intensive

.bankofamerica.com/business/smb/landing/emaildisclaimer/americas/global-markets> This material was prepared by Cash Equity Trading of Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("ML"). The material is not a publication of BofA Merrill Lynch Global Research, and it has not been reviewed or approved by BofA Mer

abels own New Music & Back Catalog — Distribute thru Spotify & Apple Music to Consumers — key question is how does Spotify gain control over supply? Bull/Bear Views * Bull o Spotify becomes the Netflix of music by becoming a record label owning exclusive content — not the case today and likely cash intensive