HONEYCOMB

HONEYCOMB ASSET MANAGEMENT July 2, 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 June 30, 201840. Please contact Class "A" • Gross Return • Net Return Class "B1" • Gross Return • Net Return with any questions. Month-End 1.7% 1.4°A, Month-End 1.7O/O 1.5°4 Year To Date 11.3% 9.0% Year To Date 11.5% 9.8% (a) Please note that Honeycomb Master Fund LP includes all or substantially all nvestble assets from its feeder hinds. Honeycomb Partners LP. Honeycomb Intermediate Fund LP and Honeycomb Offshore Fund Ltd. However. nvestors 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 'Fund') in each of (i) the Class A interests that are subject to a management fee of 2% and incentive allocation of 20% per annum and (ii) the Class 81 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 alocation. Returns assume the reinvestment of al dividends, interest, income and profits. The management fee arid Fund expense figures used for performance calculations are pro-rated for the performance period, and incentive alocation calculations reflect an investment in the Fund since its June 1. 2016 inception date. The reflected returns assume participation by the Class A and 81 representative investor in the Fund's 'new issue' investments and no participation in the Fund's side pocket nvestrnerts. IndMdual results will vary (potentially considerably) depending on. among other things. investing at the offshore feeder fund rather than the Fund level. new issue eligibility. participation in side pocket investments. the tiring of contributions/subscriptions and withdrawals:redemptions. different fee arrangements and any accumulated loss tarty-forwards. This performance information is estimated and Honeycomb Asset Management LP (the "Investment Manager') makes no representations as to the aocuacy or completeness thereof. and such information should not be relied upon for investment related or other purposes. The performance information is based en unaudited information as of the date hereof and is suttea to change as actual performance for the relevant period is finafaed. The information contained herein is confidential and circulation or disclosure of all or any part of such information is prohibited. This information is provided for informational purposes only and nether constitutes an offer to sell nor a solicitation to invest in any fund managed by the Investment Manager or its affiliates. Any such offering or solicitation will be made only by means of a confidential memorandum containing important information about the terms of any potential investment in the relevant fund. including risk factors. conflicts of interest. liquidity constraints. and other material aspects about such funds. Past performance is not indicative of fume results. The information contained herthn is not an advertisement. nor is it Mended for public use or distribution. 645 Mactson Avenue. 16" Floor. New York. NY 10322 Conlidonbal - Not for Cistrbubon EFTA00803478