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 "LPA"), Honeycomb Asset Management LP ("Honeycomb") may distribute shares in cash or in-kind. All terms used but not defined herein shall have the meanings assigned to them in the LPA. In order to plan for an eventual distribution of the Spotify investment, we are offering each Limited Partner the opportunity to elect to receive freely tradable shares of Spotify in lieu of an all cash distribution. To make such an election, please return the attached In-Kind Election Form in accordance with the instructions therein by end of business Tuesday May 1, 2018. If the Fund does not receive the completed and executed In-Kind Election Form in accordance with these instructions, Honeycomb may deem you not to have made any election and distribute proceeds to you in cash. Please note that the Fund is not obligated to distribute shares or proceeds at any particular time, and any such decision will be made in the sole discretion of the General Partner. For the avoidance of doubt, even if you elect to have the shares of Spotify distributed to you in kind such distributions may include cash (e.g., to account for stub or de minimis lots or operational, legal or tax issues). In addition, the shares of Spotify distributed to you in kind shall be net of the Carried Interest and may be reduced to account for expenses and liabilities (whether actual or contingent). For those that elect to receive shares in-kind, Carried Interest will be based on the closing price of such securities as of the date immediately preceding the date of distribution (i.e., the date on which Honeycomb notifies you that it has initiated the distribution process). Should you have any questions, please contact Honeycomb's Head