t Music =ntertainment & Tencent (holding for at least 3 yrs), who own =7.5% Majority Ownership by Founders - =aniel Elk controls 37.3% of shares and Martin Lorentzon controls 43.1% =f shares • There is language about =eneficiary shares that may be issued to founders on top of shares, but =ould be dilutive and

nment & Tencent (holding for at least 3 yrs from 12/15/17), =ho own - 7.5% Majority Ownership by Founders - =aniel Elk controls 37.3% of shares and Martin Lorentzon controls 43.1% =f the vote. Both founders control 21% of the ordinary shares =utstanding There is language about =eneficiary shares that may be iss

ent & Tencent (holding for at least 3 yrs from 12/15/17), who own —7.5% • Majority Ownership by Founders - Daniel Elk controls 37.3% of shares and Martin Lorentzon controls 43.1% of the vote. Both founders control 21% of the ordinary shares outstanding • There is language about beneficiary shares that may be