%, the preferred returns -32.4% (held to matur=ty) • • $575mm notional, $725mm market value outs=anding (good liquidity) (This is not a product of BAML Research) Disclaimer: This material was prepared by Sector Specialist Sales personnel =f Merrill Lynch and is subject to the terms available at the followi

arch=7, 2018 at 2:09:53 PM EST To: "rkahn" mailto:a &g=; Reply-To: </r=pan>"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 </=

heet - UPDATE Date: March 7, 2018 at 2:09:53 PM EST To: "rkatirr i 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 — Livest