Table 19: Pandora estimate summary Chart 13: Listening hours and active users trends are essentially flat. 1Q17 2Q17 2017 2018 12% Revenue BofAML est. $319 $397 $1,629 $2,036 10% Growth ¥/Y% 18% 25% ' Street $318 $390 $1,621 $2,050 8% BofAML vs. Street Above Above Above Below 6% EBITDA BofAML est. -$73 $1 -$17 $25 4% : Street -$73 -$16 -$38 $79 7 BofAML vs. Street In-line Above Above Below 2% EPS 0% GOFAL est. ree aa Tone oe vo, {1018 2015 3015 4018 1016 Q16 4Q16 1017E2Q17E3Q17E4Q17E -SO. -S0. -S0. -SO: -2% BofAML vs. Street Below Above Above Below : Source: BofA Merrill Lynch Global Research estimates, Bloomberg tt eee | istening Hours Y/Y Growth === Active Listners Y/Y Growth Source: BofA Merrill Lynch Global Research estimates, company report waflipa. 2 Internet/e-Commerce | 06 April2017 31 HOUSE_OVERSIGHT_014917