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Table 19: Pandora estimate summary Chart 13: Listening hours and active users trends are essentially flat. 1017 2017 2017 2018 12% Revenue BofAML est. $319 $397 $1,629 $2,036 10% Growth Y/Y% 18% 25% Street $318 $390 $1,621 $2,050 8% BofAML vs. Street Above Above Above Below 8% EBITDA BofAML est. -$73 $1 -$17 $25 4% Street -$73 -$16 -$38 $79 BofAML vs. Street In-line Above Above Below 2% EPS 0% cram est. es aaa aa tae oq, {1018 2015 3015 4015 1016 Q16 4Q16 1017E2017E 3Q17E4Q17E BofAML vs. Street Below Above Above Below AY Source: BofA Merrill Lynch Global Research estimates, Bloomberg “Rh ee | istening Hours Y/Y Growth === Active Listners Y/Y Growth Source: BofA Merrill Lynch Global Research estimates, company report Bankof America Merrill Lynch Internet/e-Commerce | 06 April2017 31 HOUSE_OVERSIGHT_014917