From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Spotify update Date: Tue, 06 Feb 2018 15:10:25 +0000 Attachments: Exhibit_An Honeycomb_Spotify_Case_Studyn Kahn.pdf as a reference you bought $1,000,000 of spotify last august at 3,100 per share Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell Begin forwarded message: From: David Fiszel Subject: Spotify update Date: February 6, 2018 at 4:37:40 AM EST To: Jeffrey Epstein <jeevacation@gmail.com> Cc: Richard Kahn < There was a b.s. article yday in the WSJ about appl doing better than Spotify and along side the 10% pullback in the mkt creates an oppty, I'm looking to buy more at the same price as Tencent's pre IPO purchase of $5,000 or $20B EV. The company will do $6B of revs and $7.7B next year in our ests. Best new growth company out there and we are able to buy stock through an employee tender organized by the company for Honeycomb. They think only 80% will tender but do you want any allocation? I will be buying $75m for us and offering Co-investment for some of our LPs so wanted to give you a look. Again, I can't guarantee you will get what you want but just wanted to make sure I asked. Spotify now owns 10% of Tencent Music the Spotify of China and has $1B plus in cash and is free cash flow positive. 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. EFTA00894645 EFTA00894646