HONEYCOMB

HONEYCOMB ASSET MANAGEMENT December 3. 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 November 30, 2018w. Please contact Class "A" S. Gross Return 2.6% 10.7% S. Net Return 2.'10/0 8.6% with any questions. Month-End Year To Date Class "B1" Month-End Year To Date S. Gross Return 2.6% 11.2*/6 S. Net Return 2.3% 9.6% (a) Please note Mal Honeycomb Master Fund LP includes all or substantially all lwestible assets from its feeder funds. Honeycomb Partners LP. Honeycomb Intermediate Fund LP and Honeycomb Offshore Fund Ltd. However. iwestors are expected to invest at the feeder lurid 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 anew, 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 alocation. Returns assume the reinvestment of all dwidends, interest. income and profits. The management fee and 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 ri the Fund's 'new issue' investments and no participation in the Fund's side pocket nvestrnerts. Individual results will vary (potentially considerably) depending on. among other things. investing at the offshore feeder fund rather than the Fund level. new issue digitally. participation in side pocket investments. the timing of contributions/subscriptions and withdrawals :redemptions, different fee arrangements and any accumulated loss cany-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 of the date hereof and is sut4ea to change as actual performance for the relevant period is finalized. The information contained herein is confidential and circulation or disdosure of al or any part of such information is prohibited. This information is provided for informational purposes only and neither constitutes an offer to sell nor a solicitation to invest in any fund managed by the Investment Manager or its athletes. 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 fukre results. The information contained herein is not an advertisement. nor is it intencled for public use or distribution. 645 Madsen Avenue. 16" Flex. Nee York. NY 10022 Confidential - Nei lee Cistrixibon EFTA00803481