HONEYCOMB

HONEYCOMB ASSET MANAGEMENT February 1, 2018 Dear Investor, Preliminary estimated month-end performance for a representative investor of Honeycomb Master Fund LP is set forth below with data as of January 31, 2010. Please contact Class "A" ­ Gross Return ­ Net Return Class "Bl" • Gross Return • Net Return with any questions. Month-End 8.70/0 7 . Cm/c, Month-End 8.8% 7.5% Year To Date 8.70/0 7.0% Year To Date 8.8% 7.5% (a) Please note that Honeycomb Master Fund LP includes all or substantially al investthks assets from its feeder funds. Honeycomb Partners LP. Honeycomb Intermediate Fund LP and Honeycomb Offshore Fund Ltd. However. investors are expected to invest at the feeder fund not at the master fund level. The reflected returns assume a representative investor invested in Honeycomb Partners LP (the Tune) in each of (i) the Glass A interests that are subject to a management fee of 2% and incentive allocation of 20% per annum and (ii) the Class B1 interests that are subject to a management fee of 1.5% and an incentive allocation of 15% per annum. 'Net Return' reflects the performance of the Fund net of management fee. Fund expenses and incentive allocation. 'Gross Return' reflects the performance of the Fund net of management fee and Fund expenses. but gross ol incentive allocation. Returns assume the reinvestment of al dividends, interest. income and profits. The management fee and Fund expense figures used for performance calculations are pro -rated for the performance period, and incentive alccation calculations reflect an investment in the Fund since its June 1. 2016 inception date. The reflected returns assume participation by the Gass A and 81 representative investor in the Fund's 'new issue" investments. Indvidua results will vary (potentially considerably) depending on. among other things. investing at the offshore feeder fund rather than the Fund level. new issue eligibility, the timing of contributionsaubscriptions and withdrawals/redemptions. different fee arrangements and any accumulated loss carry-forwards. This performance information is estimated and Honeycomb Asset Management LP (the "Investment Manager) makes no representations as to the accuracy or completeness thereof. and such information should not be relied upon for investment related or other purposes. The performance information is based on unaudited information as ol the date hereof and is subject to change as actual performance for the relevant period is finalized. The information contained herein is confidential and circulation or disclosure of al or any part of such information is prolibited. This information is provided for informational purposes only and neither constitutes an offer to sel nor a solicitation to invest in any fund managed by the Investment Manager or its athletes. My such offering or solicitation will be made only by means of a confidential memorandum containing important information about the terms of any potential lwestment in the relevant fund including risk factors. conflicts of interest. liquidity constraints. WA other material aspects about such funds. Past performance is not indicative of future results. The information contained hereth is not an advertisement. nor is it intended for public use or distribution. 645 Madsen Avenue. le Neer. New Yeah. NY 10322 Confidential - Not ler Ciabla3011 EFTA00803476