HONEYCOMB ASSET MANAGEMENT April 30, 2018 Dear Investor, Preliminary estimated month-end performance for a representative investor of Honeycomb Ventures I LP is set forth below with data as of April 30, 2018w. Please contact Gross Return Net Return with any questions. Inception To Date 96.7% 8

HONEYCOMB ASSET MANAGEMENT May 18, 2018 Re: Distribution from Honeycomb Ventures I LP (the "Fund") Dear Limited Partner. Today, Honeycomb initiated the distribution of the Fund's shares in Spotify Technology S.A. ("Spotify-). T

Honeycomb Ventures I LP Subscription Documents General Partner: Honeycomb Advisors, LLC 645 Madison Avenue 16'h Floor New York, NY 10022 DOC ID - 26358443.8 EFT

HONEYCOMB ASSET MANAGEMENT April 30, 2018 Dear Investor: We are contacting you regarding your investment in Honeycomb Ventures I LP (the "Fund"), which invested in Spotify Technology S.A. ("Sootily"). As you know, under the Limited Partnership Agreement of the Fund (the "LP

HONEYCOMB ASSET MANAGEMENT May 22, 2018 Re: In-Kind Distribution from Honeycomb Ventures I LP (the "Fund") Dear Southern Trust Company, Honeycomb Asset Management LP (the "Honeycomb-) is making a distribution of Spotify Technology S.A.

HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 tel fax ce Begin forwarded message: From: Dominique Ahumada Subject: Honeycomb Ventures I: Update and Election Form Date: April 30, 2018 at 8:40:34 PM EDT To: " ' < Dear Rich, We are pleased to share that the Spotify direct listing

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 listi

ase advise thank you Richard Kahn HBRK Associates Inc. tel fa cel EFTA00819195 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 b

r.pdf Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York. NY 10022 tel fa ce Begin forwarded message: From: Subject: Honeycomb Ventures I LP: Information from Morgan Stanley Fund Services, as Administrator Date: A ril 2, 2018 at 4:11:31 PM EDT To: At the instruction of Honeycomb A

Honeycomb Ventures I LP Subscription Documents General Partner: Honeycomb Advisors LLC DOC ID - 26358443.8 EFTA00604465 INVESTMENT PROCEDURES Prospective invest

k you On Jul 10, 2017, at 1:17 PM, Vick Sandhu Bank: JPMorgan Chase Bank, N.A. Address: 270 Park Avenue, New York, NY 10017 ABA #: Account Name: Honeycomb Ventures I LP Account Number: Reference: Southern Trust Company</=> Thanks Rich. -Vick Vick Sandhu ote: 2 EFTA_R1_01363655 EFTA02366569 COO, GC & C

etitive, =ith a tight deadline, and what we believe is a great IRR. We will be accepting indications for this single name =o-investment opportunity (Honeycomb Ventures IV LP) until this Friday, =une 29th. Funding will follow by July 9th. Please let me know if you'd like to speak tomorrow and =eceive our informatio

From: jeffrey E. <[email protected]> Sent: Thursday, July 6, 2017 5:12 PM To: Richard Kahn Subject: Re: Honeycomb Ventures I LP - Richard Kahn Yes On Thu, Jul 6, 2017 at 7:08 PM Richard Kahn < wrote: david fiszel called and s=id you wanted to invest Slmm in spotify vi