"P"

We crossed a milestone at Pandora today: this morning we began trading as a public company on the New York Stock Exchange (NYSE) under the symbol "P."

It's a very proud moment for all of us, and we've all paused for a moment to take it all in. A number of us were on Wall Street to witness the opening day, and we've celebrated the moment with our teams all across the country. It's really something to see people actually start to buy stock in your company. Pretty cool!

Most importantly though, this represents an encouraging sign about our hopes for building an enduring and impactful company. "Going public" is really a means to an end. It allows us to do even more of what we've been doing and to bring even more resources to bear on our mission of enabling people to enjoy music they know and discover music they love... and to help musicians find their audiences and build careers. Music is continuing to go through a major transformation - and no more so than in radio as it shifts from a broadcast world to unicast, personalized radio. We have a rare opportunity in front of us to influence the way people connect with music and to create a healthy music industry - one that is more inclusive of working artists and more expansive in the listening audience it serves. It's an ambitious goal, but we think it's an important one, and an achievable one.

We have many, many people to thank for our progress so far: investors who gave us the resources to get started; great advertisers and forward-thinking agencies who have recognized Pandora's potential and embraced our platform in these early days; an amazing group of business partners - from car companies to consumer electronics to smartphone manufacturers for building so many great devices to deliver Pandora anytime/anywhere (and to the amazing networks that make that possible); labels and artists who continue to send us fantastic records everyday across hundreds of genres; and of course to our listeners who have been the lifeblood of Pandora, spreading the word about our service to friends and providing a nonstop stream of invaluable feedback. Not a day goes by that we aren't grateful for every part of this ecosystem, of which we are now a part.

So we look forward with great anticipation, ambition and a healthy dose of humility to the years ahead. It's a wonderfully exciting time and we're very thankful to have this opportunity.

Now, back to work!

Tim (Founder)

Charli Baltimore Denise Richards Jennifer Sky Samantha Mathis Samantha Morton