From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: Honeycomb Ventures I: Update and Election Form Date: Tue, 01 May 2018 01:34:53 +0000 this should have our amounts not a gross return it shoudl say how much profit realized and unrealised WE HAVE On Mon, Apr 30, 2018 at 9:07 PM Richard Kahn < > wrote: attached is 1,000,000 spotify investment returns from July 2017 thru April 30 2018 they did not state date of realization event however are giving us the option of cash or stock distribution please advise thank you Richard Kahn HBRK Associates Inc. tel fa cel Begin forwarded message: From: Dominique Ahumada Subject: Honeycomb Ventures I: Update and Election Form Date: A ril 30, 2018 at 8:40:34 PM EDT To: ' " < Dear Rich, • We are pleased to share that the Spotify direct listing has been completed. Publicly listed shares commenced trading on the New York Stock Exchange April 3rd under the ticker symbol SPOT. Below please find your Inception to Date (July 2017) estimated performance as of April 30, 2018. Going forward, please expect to receive formal quarterly statements from our administrator, Morgan Stanley Fund Services, beginning with the June 30, 2018 period. • Gross Return • Net Return Inception To Date 96.7% 87.1% EFTA00819185 While we have yet to determine the timing of the Spotify distribution, we are taking certain operational steps now to prepare for a potential realization event. Honeycomb Ventures investors have the ability to select the form of their distribution proceeds between cash or freely tradable securities. Please complete the attached "In-Kind Election Form" should you elect to receive shares in-kind. If you do not complete the form, we will distribute proceeds to you in cash. Over the course of our team's investing career, we have learned to be entrepreneurial and create our own opportunities. Spotify was a perfect example of this entrepreneurial spirit. We believe we have developed the framework, network and skill set to continue to identify winning crossover opportunities (i.e. late stage private-to- public investments). You should know and expect that the bar is very high before we call on you for capital. We hope to contact you again soon for our next idea. Thank you for the support and partnership. Please let us know if you have any questions. Best, The Honeycomb Team Dominique Ahumada Head of Capital Partnerships & Talent Honeycomb Asset Management LP MS Madison Avenue, 16th Floor New York, NY 10022 C: This e-mail and any file(s) transmitted with it may contain confidential and/or privileged information. Nothing contained in this e- mail and/or any file(s) transmitted with it constitutes a solicitation or an offer to buy or sell any securities. Use or disclosure of this e-mail or any such files by anyone other than a designated addressee is unauthorized. If you are not an intended recipient (or have received this email in error), please notify the sender immediately and delete this e-mail without making a copy. If this e- mail is misdirected, Honeycomb Asset Management, L.P. and its affiliates do not waive confidentiality or any privilege. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and EFTA00819186 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00819187