EFTA01036724.pdf

From: David Fiszel To: jeffrey E. <[email protected]> Subject: Re: Spotify 2q Date: Mon, 28 Aug 2017 22:55:52 +0000 I think inside of 12 months but I wouldn't sell it yet. I think it's 3x in 2 years. On Aug 28, 2017, at 6:44 PM, jeffrey E. <[email protected]> wrote: time frame for exit? On Mon, Aug 28, 2017 at 5:44 PM, David Fiszel < > wrote: 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 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. 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 jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01036724 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. EFTA01036725