Spotify Technology S.a. (SPOT)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Baillie Gifford & Co	23,657,094	$4,445,404,534	3.66%
2.	Morgan Stanley	8,478,503	$1,593,196,014	0.14%
3.	Blackrock Inc.	4,982,872	$936,331,478	0.02%
4.	Massachusetts Financial Services Co	3,694,193	$694,175,806	0.22%
5.	Technology Crossover Management Viii, Ltd.	2,618,272	$491,999,492	44.11%