EFTA02346181

From: David Fiszel Sent: Monday, August 28, 2017 9:45 PM To: Jeffrey Epstein Subject: Spotify 2q Jeffrey, Spotify reported a terrific second quarter numbers where gross margins expanded, subscriber growth was exceptional etc. I've located a fund that has a right of first refusal on a small amount of capacity likely to be in the $4m range at an attractive price (we won't know exact allocation until ROFR is complete). This amount isn't big enough for us to do another Spotify investment vehicle and our fund has no current capacity for this investment so I was going to do $2m personally and pay 1/15 <x-apple-data-detectors://0> in fees. I just wanted to offer you the rest of my allocation at my cost, no additional fee to honeycomb. You have been a great partner and we hope to expand our relationship with you over time. It is possible we get cutback but I still think this is a +40% IRR investment. Best, David 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. 1 EFTA_R1_01316997 EFTA02346181