DS9 Document EFTA00803491

I ik/ C r VO4IP•Ves 'WPM 40 Ati\W _dile - ' 41 1.•- • veZek\ bk. Nitmkra„i NV-2i\ "e7ixICA. 4.•• Ns\vs,wrortrtleV•46.0.7.:fra,Afingi . v ir Nett\ vivezoL Nuts- -054 -44e- fr74;77APAW_ erir-47411$ P tit " -as !ale its, --amili ytpp --,;:aterett,S("ftSts. ' 011:1,las p NTittn 44\\ Pr.-data:Mt\ February 28, 2O19 /jet o ►r nit EFTA00803491 Important Legal Considerations his document is conficential. is intended only for the person to whom it has been provided and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient without the prior written consent of Honeycomb Asset Management LP (the "Investment Manager"). Notwithstanding anything to the contrary herein, each recipient of this document may disclose to any and all persons. without limitation of any kind. the tax treatment and tax structure of: (i) Honeycomb Master Fund LP (the "Master Fund"). Honeycomb Intermediate Fund LP (the "Intermediate Fund"), Honeycomb Offshore Fund Ltd. (the "Offshore Fund"). Honeycomb Partners LP. (the "U.S. Partnership", and collectively, the "Funds") and (ii) any of their transactions. and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure, it being understood that "tax treatment" and "tax structure" do not include the name or identifying information of a Fund or a transaction. Please note that Honeycomb Master Fund LP includes all or substantially all investible 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 provided herein assume a representative investor invested in the U.S. Partnership in each of (i) the Class A interests that are subject to a management fee of 2% and incentive allocation of 2O% per annum and (ii) the Class B interests that are subject to a management fee of 1.5% and an incentive allocation of 2O% per annum. "Net Return" reflects the performance of the U.S. Partnership net of management fee. U.S. Partnership expenses and incentive allocation. "Gross Return" reflects the performance of the U.S. Partnership net of management fee and U.S. Partnership expenses. but gross of incentive allocation. The management fee and U.S. Partnership expense figures used for performance calculations are pro- rated for the performance period. and incentive allocation calculations reflect an investment in the U.S. Partnership since its July 1, 2O16 institutional launch date. The reflected returns assume participation by the Class A and B representative investor in the U.S. Partnership's "new issue" investments and the reinvestment of dividends and other earnings. Individual results will vary (potentially considerably) depending on. among other things, investing at the feeder fund rather than the U.S. Partnership level, new issue eligibility, the timing of subscriptions and redemptions, different fee arrangements and any accumulated loss carry-forwards. This performance information is estimated and the Investment Manager makes no representations as to the accuracy or completeness thereof, and such information should not be relied upon as the basis of an investment. The performance information provided herein is based on unaudited information as of the date hereof and is subject to change as actual performance for the relevant period is finalized. The distribution of the information contained herein may be restricted in certain jurisdictions: accordingly. it is the responsibility of any prospective investor to satisfy itself as to compliance with relevant laws and regulations. The recipient and its professional advisors. by accepting delivery of this document. agree to keep confidential all matters herein and to return this document promptly upon the request of the Investment Manager. The information contained herein is preliminary and is provided for discussion purposes only. This information is only a summary of key information; it is not complete and does not contain certain material information about the Funds. including important conflicts of interest and risk factor disclosures associated with an investment in the Funds. The information contained herein is as of the date hereof and is subject to change without notice. This document has been supplied for discussion purposes only. and therefore no representation or warranty is made, whether expressed or implied. by the Funds or the Investment Manager or any of their partners. employees, members. or agents as to the accuracy or completeness of the information provided herein. The information contained herein should not be relied upon in making any investment decisions. This document may be amended at any t. There is no express or implied obligation to update you of any changes to the information set forth herein. HONEYCOMB ASSET MANAGEMENT LP Confidential This document is not intended to be. nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, interests or shares in the Funds. No offer or solicitation may be made prior to the delivery of a definitive offering memorandum (the "Memorandum") which will contain additional information about the Funds, including disclosures relating to risk factors and conflicts of interest. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and is qualified in its entirety by the Memorandum. In the event of any discrepancies between the information contained herein and the Memorandum. the Memorandum will control. The information herein is not intended to provide, and should not be relied upon for. accounting, legal or tax advice or investment recommendations. Each recipient of this document should make an independent investigation as to all matters concerning an investment in the Funds or otherwise described herein. including consulting with its own tax. legal, accounting or other advisors about such matters. In making an investment decision, investors must rely upon their own examination of the Funds and I the terms of the offering. including the merits and risks involved. An investment in the Funds may not be suitable for all investors. An investment in the Funds will be suitable only for certain financially sophisticated investors who meet certain eligibility requirements, have no need for immediate liquidity in their investment, and can bear the risk of an investment in the Funds for an extended period of time. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives or target returns described herein will be achieved. Investment losses may occur. and investors could lose some or all of their investment. No guarantee or representation is made that the Funds' investment program. including, without limitation. its investment objectives, diversification strategies. or risk monitoring goals. will be successful. and investment results may vary substantially over time. Nothing herein is intended to imply that the Funds' investment methodology may be considered "conservative". "safe". "risk free" or "risk averse". Economic. market and other conditions could also cause the Funds to alter their investment objectives, guidelines and restrictions. Certain information contained in this document constitutes "forward-looking statements", which can be identified by the use of forward-looking terminology such as "may", "will", "should". "expect". -anticipate". "target", "project". "estimate". "intend". "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Funds may differ materially from those reflected or contemplated in such forward-looking statements. The estimates. investment strategies. and views expressed in this document are based upon past or current market conditions and/or data and information provided by unaffiliated third parties (which has not been independently verified) and is subject to change without notice. In addition. many of the responses herein are subjective and/or reflect the Investment Manager's best estimates or forecasts on future events. Such statements should not be understood to be predictions or guarantees of any particular outcome. Past performance and target returns are not indicative nor a guarantee of future returns. Any returns are presented net of all fees and expenses and include the reinvestment of all dividends. interest. income and profits. Honeycomb Offshore Fund Ltd. has not been approved for distribution in or from Switzerland by the Swiss Financial Market Supervisory Authority. As a result. the Offshore Fund's shares may only be offered or distributed to qualified investors within the meaning of Swiss law. The Representative of the Offshore Fund in Switzerland is Bastions Partners Office SA with registered office at Route de Chene 61A.12O8 Geneva, Switzerland. The Paying Agent in Switzerland is Banque Heritage SA. with registered office at Route de Chene 61.12O8 Geneva. Switzerland. The place of performance and jurisdiction for shares of the Offshore Fund distributed in or from Switzerland are at the registered office of the Representative. 2 EFTA00803492 Confidential We Invest in the Future and Short the Past EFTA00803493 Honeycomb: Our Origin Story • The honeycomb is one of nature's best examples of a scalable and repeatable process driven by a common purpose - this serves as the inspiration to our business. • Strong culture founded upon creativity, intellectual honesty, goodwill and compliance. • We look for secular growth opportunities as the foundation of our portfolio. • A symbiotic relationship between our team and our capital partners is critical to our success. HONEYCOMB ASSET MANAGEMENT LP Confidential 4 EFTA00803494 Honeycomb: Growth, Creativity and Scalability Honeycomb seeks innovation, new total addressable markets, transformational stories led by exceptional leaders, growing markets and businesses in transition. We seek to generate alpha through a flexible long/short strategy that invests in opportunities that are driving and disrupting the future, while shorting opportunities that are not keeping pace with innovation. • HONEYCOMB ASSET MANAGEMENT LA o yco sterpie • ,engfrie abSolut in econorni labc4 and rn ring y. b is e of that i erfec ng eri - Charles Darwin Is. EFTA00803495 Confidential Executive Summary Strategy • Long/short equity fund targeting mid-teens returns • Focus on growth investments balanced with value positions with attractive risk/reward • Optional private co-investment opportunities Philosophy • Invest in the future, short the past • Creative idea generation with flexible mindset • Scalable and repeatable research process • Concentrated, high-conviction ideas • Tactical risk management • Fundamental price target discipline Aligned Interests • David Fiszel is the second-largest investor in the Fund • Firm assets $7OO+mm 'Target returns are provided as general guidance only and there can be no guarantee that such returns will be achieved or that an investment in the fund will be profitable. (1) HONEYCOMB ASSET MANAGEMENT LP Leadership • Led by David Fiszel, former Senior Portfolio Manager at Point72 — one of the longest- tenured PMs with one of the largest, most successful public/private portfolios. • Partner at Omega • 2O+ years experience Risk Management • Stay disciplined: seek to cut losses and let winners run • When the fact pattern changes, stay intellectually honest • Dynamic gross exposure used as an offensive and defensive tool Established Capital Partnership • July 2O16 institutional launch with high quality and diverse partners • Honeycomb's capital partners span the globe and include sovereign wealth funds and endowments 6 EFTA00803496 Stable core, with commitment to constant learning Skills honed during both bull and bear markets. Honeycomb seeks to attract the best and brightest. HONEYCOMB ASSET MANAGEMENT LP Mental flexibility, intellectual honesty Develop a key thesis and look out for changes. We look beyond our sector focus for inspiration. We are constantly challenging ourselves and our theses. Holistic approach to public market investments We think far beyond the next earnings cycle. Our goal is to achieve a holistic view and seek alpha over the near, medium and long term. 7 EFTA00803497 Confidential David J. Fiszel: Career Overview SAC Capital Rhombus SAC/Point72 Asset Management Omega Advisors Advisors Capital Portfolio Manager Added exposure to Honeycomb Partner, Financial Analyst Portfolio Manager Founder, CIO Public Investments Venture Capital Founder, CIO (1996-2000) (2000-2004) (2004-2007) (2008-2015) (2011-2015) (July 2016 launch) I I I 1 I 2000 1 2001 I 2002 I 2003 I 2004 I 2005 I 2006 I 2007 I 2008 I 2009 I 2010 I 2011 I 2012 I 2013 I 2014 I 2015 I 2016 I 2017 I 2018 • Youngest Partner • Managed $150mm • Head of Media & Telecom Gross Market Value portfolio • $200mm AUM • No down years • Institutional Investor's 20 Rising Stars of Hedge Funds of 2007 • Rejoined SAC to run $400mm portfolio, which he grew to $1.6B • Private investments, including in Palantir, Facebook and Twitter ' Past performance is not indicative of future results. The portfolios of the Honeycomb funds differ from the portfolios of vehicles previously managed by Mr. Fiszel, including, without limitation, with respect to the use of leverage and the scope of permitted investment activity. HONEYCOMB ASSET MANAGEMENT LP 8 EFTA00803498 Confidential A Hive of Ideation, Thought Leadership Collaborative, results-oriented organizational structure David J. Fiszel Investment Team Founder & Chief Investment Officer Business Team S S S Joyce Jen Josh Resnick Vick Sandhu Dominique Ahumada Investment Head of Chief Operating Head of Capital Partner & Trading & Risk Officer, General Partnerships & Talent Head of Research Management Counsel & Chief S Andrew Ruben Allan Yang Nan Li Investment Investment China Analyst Analyst Research Associate HONEYCOMB ASSET MANAGEMENT LP Compliance Officer S Ken Chan Chief Financial Officer • Dana Shakked Controller • Dana Procope Office Manager & Executive Assistant 9 EFTA00803499 Confidential Investment Framework Employ our established and repeatable fundamental process in an effort to generate alpha Identify the key fulcrum points that impact future value Leverage private company research to inform public market decision making Calculate the risk/reward investment profile • Use precision analysis underpinned by fundamental approach Flexible investment "playbooks" • Experience across different market environments Maintain active and disciplined risk management at portfolio and position-level ' This is a high-level overview of a complex process. In actual trading and investment decision-making, steps may be reordered, substituted, modified or omitted. There can be no guarantee that Honeycomb's investment framework will be successful. HONEYCOMB ASSET MANAGEMENT LP 10 EFTA00803500 Confidential Portfolio Construction Guidelines Number Of Positions Longs: generally 25 to 35 Shorts: generally 25 to 35 Utilize customized basket, equity option and ETF hedges when appropriate Concentration Targets Top 1O long positions: typically 6O% to 8O% of capital Top 1O short positions: typically 3O% to 5O% of capital Representative Gross Expected range of 15O% to 275% Exposure Representative Net Flexible, and generally, 3O% to 6O% in normalized market environments Exposure Market Cap Portfolio will be primarily mid, large and mega cap stocks Geographic Focus Sector Focus Global TMT and Consumer with a portion of the portfolio focusing on generalist positions The general guidelines above are based on current portfolio projections and are subject to change without notice. These guidelines are not firm limits and are presented for informational purposes only and should not be relied upon. Honeycomb's funds are not subject to formal concentration or exposure limits. HONEYCOMB ASSET MANAGEMENT LP 11 EFTA00803501 Confidential Investment Process Scalable, repeatable, organic and collaborative • Ongoing mining of sector coverage and new companies • Analyze opportunistic events (earnings, mergers, spin-offs, restructurings, etc.) Research and Due Diligence • Proactively review theses • Identify potential catalytic events • Seek to hedge unwanted risks (market, industry, currency, factor, etc.) and monitor correlation metrics 2 Idea Generation \./ • Assess business and industry fundamentals using data- driven and qualitative tactics • 300+ interconnected models provide depth of analysis with room for bespoke inputs Ongoing Analysis of Portfolio Construction 4 Structured Interaction • Gain real-time perspective of target potential risk/reward • Seek to rotate capital into the highest and best use at all times • Engage in active dialogue • Daily portfolio review: current positions, sizing, new ideas • Weekly = meetings: discuss emerging themes and high- level trends Toolkit: Real-time Dashboard of Investable Universe ' This is a high-level overview of a complex process. In actual trading and investment decision-making, steps may be reordered, substituted, modified or omitted. There can be no guarantee that Honeycomb's investment process will be successful. I."---..--- HONEYCOMB ASSET MANAGEMENT LP 12 EFTA00803502 Price Target and Risk/Reward Discipline When do we initiate a position? • Risk/reward target should be better than 2:1 • Attractive price target/expected return • High conviction level • Key investment criteria are met • Detailed diligence checklist is complete Why would we change position sizing? • New information changes our view • Price target or risk/reward changes • Better risk/reward in other names (better use of capital) • Portfolio re-balancing/risk management • Conviction level changes ' This is a high-level overview of a complex process. In actual trading and investment decision-making, steps may be substituted, modified or omitted. There can be no guarantee that Honeycomb's investment process will be successful. "------.''' HONEYCOMB ASSET MANAGEMENT LP EFTA00803503 Confidential Risk Management Core to Honeycomb Focused on booking = on both winners and losers Position Risk/Reward Portfolio Level Review Nimble Gross Exposure Tactical Risk Management • Reassess long/short ideas • Portfolio level 5% • During drawdowns • Opportunistically trade at 1O% peak to trough drawdown generally use gross exposure around core positions • Reevaluate trading/ triggers mandatory management as a based on fundamental opportunistic situations portfolio review tool to lessen risk by price targets to seek at material catalyst • No single sub sector cutting long and alpha generation during expected to represent short exposures market dislocations and more than 5O% of portfolio (measured at cost) • Use daily profit and loss as a tool for monitoring volatility non-fundamental volatility • Seek to play offense and use dry powder opportunistically ' The risk management techniques above are general guidelines and may not be used in all instances or be effective. HONEYCOMB ASSET MANAGEMENT LP 14 EFTA00803504 Confidential Historical Performance of Long/Short Book Class A - 2/20 (%) (as of February 28. 2019) Gross Jan 4.9 Feb 5.8 Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 10.9% ITD 55.2% 2019 Net 3.9 4.6 8.7% 42.9% Gross 8.7 (4.0) (1.8) 4.3 2.4 1.7 1.5 1.5 1.3 (7.0) 2.6 (3.9) 6.5% 2018 Net 7.0 (3.3) (1.4) 3.4 2.0 1.4 1.2 1.2 1.1 (5.8) 2.1 (3.1) 5.2% Gross 10.1 (1.7) 3.2 4.8 (1.7) 0.2 6.0 1.6 (1.2) 5.5 (4.0) 1.6 26.2% 2017 Net 8.1 (1.4) 2.6 4.0 (1.4) 0.2 4.9 1.3 (1.0) 4.6 (3.4) 1.3 21.0% Gross 0.5 6.2 3.3 (0.5) (5.1) 0.0 4.1% 2016 Net 4.9 2.6 (0.4) (4.2) 0.0 3.3% Class B - 1.5/20 (%) (as of February 28. 2019) Jan Gross 4.9 Feb 5.8 Mar Apr .SL •C6' Dec YTD 11.0% ITD 57.1% May Jun Jul Aug Sep Oct Nov 2019 Net 4.0 4.7 8.8% 44.3% Gross 8.8 (4.0) (1.7) 4.3 2.5 1.7 1.6 1.5 1.3 (7.0) 2.6 (3.8) 7.0% 2018 Net 7.0 (3.2) (1.4) 3.5 2.0 1.4 1.3 1.3 1.1 (5.8) 2.1 (3.1) 5.6% Gross 10.1 (1.7) 3.2 4.9 (1.7) 0.2 6.1 1.6 (1.1) 5.5 (4.0) 1.6 26.7% 2017 Net 8.1 (1.4) 2.6 4.0 (1.4) 0.2 5.0 1.4 (1.0) 4.6 (3.3) 1.3 21.4% Gross 0.5 6.2 3.3 (0.4) (5.1) 0.1 4.3% 2016 Net 0.4 5.0 2.7 (0.3) (4.1) 0.1 3.5% 'Estimated performance results are as of Honeycomb Master Fund LP's July 1, 2016 institutional launch date. Internal capital anchored our June 2016 soft launch which also included select friends and family capital. For a representative Class A investor in the Fund since June 2016. net performance for June 2016 was -3.4%. Please see "Important Legal Considerations" on page 2 hereof for additional information regarding the above returns. HONEYCOMB AGGET MANAGEMENT LP 15 EFTA00803505 Summary of Fund Terms and Service Providers Class A Class B 2.0% Management fee 20% Incentive allocation Soft-lock: 12 months (4% early withdrawal fee) Liquidity: Quarterly liquidity with 60 days' notice Privates Optional Prime Brokers Legal Counsel Admin and Auditor 1.5% Management fee 20% Incentive allocation Soft-lock: 12 months (4% early withdrawal fee) Liquidity: Quarterly liquidity with 60 days' notice Gate: 25% Investor-Level Gate Opt-in/out side-pocket (max 10% of investment) Goldman Sachs Morgan Stanley Schulte Roth & Zabel LLP Administrator: Morgan Stanley Fund Services Auditor: PwC LLP HONEYCOMB ASSET MANAGEMENT LP EFTA00803506 Confidential For those who elect to participate in the side pocket, here is our private portfolio: Evolving Beyond Our Public Portfolio Private Investments Timeline Start-ups are staying private for longer. We allow investors to access private strategies, including late-stage "crossover" opportunities before companies go public. O David's Private Investing History • 2O1O: Started private company research and VC network at SAC • 2O11: First late-stage, pre-IPO private investment was Facebook • Later invested in Twitter and Palantir, among others O Private Investments Target Returns • Target IRR: 25% minimum including for late-stage private companies • The investment date for private investments set forth above is the date of the initial investment only. HONEYCOMB First realization achieved in May 2018: 75% net return z‘if Late-stage Crossover Opportunity Criteria • Generally $1OOmm in revenue • High growth rate • Visibility to public company within 36 months • Consumer or B2B secular growth trends Q2 2018 AT u FINNANcIAL 03 2018 MM TENCENT MUSIC ENTERTAINMENT Combined Research 11 Across Public and Private • Our team of analysts research both public and private companies. These research insights benefit our portfolios Target IRRs are provided as general guidelines only and there can be no guarantee that such IRRs will be achieved. ASSET MANAGEMENT LP 17 EFTA00803507 Conf.e., Team Biographies EFTA00803508 Confidential Investment Team Biographies David Fiszel Founder & Chief Investment Officer Joyce Jen Investment Partner & Head of Research HONEYCOMB ASSET MANAGEMENT LP David is the Founder and Chief Investment Officer of Honeycomb Asset Management LP, a New York- based investment management firm focusing on public equities and select private investments. Prior to establishing Honeycomb, David was a Portfolio Manager at Point72 Asset Management and its predecessor and affiliate entities for a combined 12 years. David was the Founding Partner of Rhombus Capital Management, a long/short equity hedge fund, and began his career as a financial analyst at Omega Advisors. David graduated from the University of Texas at Austin with a BBA in Finance and from Stuyvesant High School in New York City. David serves on the advisory board of the NYU Langone Orthopedic Hospital. He and his wife, Sarah, are both from New York City, where they reside with their four children. Prior to joining Honeycomb in January 2O16, Joyce Jen was a Senior Investment Analyst at Engle Capital Management overseeing the fund's investments in the Consumer sector. From 2O12-2O15 Joyce was a Managing Director at Tiger Consumer Management (TCM) where she was responsible for coverage of companies in the Technology, Media, & Telecommunications and Consumer sectors as a Sector Head. In this senior role, she also worked closely with TCM's data analysts to develop monitoring capabilities for companies in the firm's investment universe. Prior to joining Tiger Consumer, Joyce was a Principal at Matrix Capital Management, where she led the firm's investments in the Global Consumer sector, as well as Asia/Emerging Markets. Joyce began her career as a private equity investor. She was an Associate at Hellman & Friedman where she worked on transactions in the Consumer and Internet/ Software verticals. Prior to that, she was an Analyst in the Private Equity Group at Goldman, Sachs & Co. Joyce earned an MBA from Harvard Business School and an AB in Economics, graduating magna cum laude with High Honors, from Harvard College. 19 EFTA00803509 Confidential Investment Team Biographies Josh Resnick Head of Trading & Risk Management Andrew Ruben Investment Analyst Prior to joining Honeycomb in October 2015, Josh Resnick was a Trader at EverPoint Asset Management, a family office and division of Point72 Asset Management based in New York City. He joined EverPoint in 2008 where he traded multiple asset classes across several portfolios covering the Technology, Media, Telecommunications, Consumer Products and Financial Technology sectors. Prior to joining Point72, Josh was a Partner and Head Trader at Rhombus Capital Management, a long/short hedge fund focused on Technology, Media and Telecommunications. Josh started his career at S.A.C. Capital in 2001 as an Execution Trader on the Global Media and Telecom team. Josh graduated from the University of Wisconsin with a BBA in Finance, Investments and Banking. Josh resides in Manhattan with his wife and two daughters. Prior to joining Honeycomb in 2018, Andrew Ruben was an Investment Analyst at Hutchin Hill Capital, a multi-strategy hedge fund, where he focused on the Consumer sector. From 2014-2017 Andrew worked in Morgan Stanley's Equity Research division, serving as a Vice President on the Institutional Investor-ranked Food Retail team. From 2012-2014 Andrew was an Associate at LSV Advisors, an investment firm focused on illiquid and distressed assets. Andrew began his career as an Analyst in Deutsche Bank's equity proprietary trading division. Andrew graduated magna cum laude from the University of Pennsylvania in 2009, earning a Bachelor of Science in Economics from The Wharton School and a Bachelor of Science in Engineering from Penn's School of Engineering and Applied Science. HONEYCOMB ASSET MANAGEMENT LP 20 EFTA00803510 Confidential Investment Team Biographies Allan Yang Investment Analyst Nan Li China Research Associate Prior to joining Honeycomb in 2018, Allan Yang was an Investment Analyst at Quentec Asset Management, a technology-focused long/short equity hedge fund, which he joined in 2016. Prior to his role at Quentec, Allan served as an Investment Associate at Lexington Partners, an investment manager focused on secondary private equity and co-investment funds, from 2012-2014 before pursuing his MBA. Allan began his career as an Investment Banking Analyst in San Francisco at GCA Savvian Advisors in 2010. Allan earned an MBA from The Wharton School, University of Pennsylvania in 2016 from where he also graduated magna cum laude with a Bachelor of Science in Economics in 2010. Prior to joining Honeycomb in 2017, Nan was a graduate student at Cornell University studying Economic and Financial Policy. In her second year at Cornell, Nan completed a 6-month externship at BHR Capital, a long/short equity hedge fund, where she supported equity research in the Technology, Media & Telecommunications verticals. Prior to that, Nan worked at China Securities in the Investment Banking Division as a research Intern. Nan earned an MPA from Cornell University in 2017, and a B.S. in Economics from Jilin University in 2014. Nan was born and raised in China before she came to the United States in 2015. HONEYCOMB ASSET MANAGEMENT LP 21 EFTA00803511 Confidential Business Team Biographies Vick Sandhu Chief Operating Officer, General Counsel & Chief Compliance Officer Ken Chan Chief Financial Officer Prior to joining Honeycomb in February 2016, Vick Sandhu was General Counsel & Chief Compliance Officer for P. Schoenfeld Asset Management 11. (PSAM), an event-driven investment firm. At PSAM, Vick was responsible for all legal and compliance matters, and advised the other members of the senior management team on strategic issues. Prior to joining PSAM in 2013, Vick was Associate General Counsel for over 7 years at Silver Point Capital, M., an investment firm focused on credit and credit-related investments. Vick began his career at Cleary Gottlieb Steen & Hamilton LLP in 2001. Vick received a B.A. from Yale University graduating magna cum laude and a M. from NYU Law School. He resides in Greenwich, CT with his wife and three children. Prior to joining Honeycomb in September 2018, Ken Chan served as the Chief Financial Officer of Blockhouse Capital Management LP, a multi-strategy hedge fund that invested across the capital structure, from 2016-2018. Prior to Blockhouse, from 2014-2016, Ken was the Chief Financial Officer at Seven Harbour Global LP, a global long/short TMT and Consumer focused hedge fund. From 2008-2014, Ken was the Controller at Owl Creek Asset Management LP, an event driven hedge fund. Prior to Owl Creek, Ken was the Assistant Controller at Octavian Advisors LP, a distressed credit hedge fund. Ken began his career at PricewaterhouseCoopers LLP where he provided audit services to alternative asset, banking and capital markets clients. Ken received a B.S. in Accounting from Binghamton University graduating magna cum laude in 2002 and is a Certified Public Accountant in New York. He was born and raised in New York City and currently resides in Long Island with his wife and two children. HONEYCOMB ASSET MANAGEMENT LP 22 EFTA00803512 Confidential Business Team Biographies Dominique Ahumada Head of Capital Partnerships & Talent Dana Shakked Controller Prior to joining Honeycomb in January 2016, Dominique Ahumada was the Director of Investor Relations at Coatue Management, a global investment firm focused on investments in TMT, from 2012- 2015. Prior to Coatue, Dominique was an Investor Relations Principal at TPG-Axon, a global long/short investment firm, where she worked from 2008-2012. Dominique began her career at Citigroup where she held various positions as an Analyst and Associate in capital markets and loan syndication from 2004-2008. Dominique was raised in Pasadena, CA and graduated from Duke University in 2004 where she competed on the Varsity Division I Swim Team. Dominique resides in lower Manhattan with her husband and two children. Prior to joining Honeycomb in May 2018, Dana spent five years at King Street Capital Management, LP, a global long/short credit and event-driven hedge fund. At King Street, she was responsible for building out accounting and reporting functions for the foreign entities group in addition to maintaining the books for two of the firm's investment funds. Dana began her career at PricewaterhouseCoopers LLP as an associate in the Alternative Investments sector. Dana received a B.S. in Business and Economics from Lehigh University in 2011 and is a Certified Public Accountant in New York. She was born and raised in central New Jersey and currently resides in Jersey City. HONEYCOMB ASSET MANAGEMENT LP 23 EFTA00803513 Office Location Thank You Honeycomb Asset Management LP 645 Madison Avenue, 16TH Floor New York, NY 10022 Contact Dominique Ahumada Head of Capital Partnerships & Talent (646) 883-1128 HONEYCOMB ASSET MANAGEMENT LP EFTA00803514