From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: MFN Date: Tue, 31 May 2016 18:04:14 +0000 ok On Tue, May 31, 2016 at 2:01 PM, Richard Kahn > wrote: please advise if below is acceptable in email or do you want more formal document in addition should i fund today or wait thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cel Begin forwarded message: From: David Fiszel Subject: MFN Date: May 31, 2016 at 1:57:15 PM EDT To: Richard Kahn CapitalPartnerships Rich, >, Vick Sandhu Just wanted to follow-up on our conversation this weekend regarding the liquidity/fee structure for Southern Trust's investment in the Fund. As a large and valued investor, I wanted to provide you with an "MFN" clause regarding this structure. I can confirm that NO outside investor in Honeycomb Partners LP /Honeycomb Offshore Fund Ltd. at the same aggregate subscription level as Southern Trust has more favorable fee terms with the same liquidity as Southern Trust. Going forward, we will NOT offer more favorable fee terms with the same liquidity as Southern Trust to any such outside investor, without also offering the same package of terms to Southern Trust. For example, Southern Trust is at 2/20 with quarterly liquidity for a $20m subscription. We won't offer any outside investor with a $20m subscription better fee terms for the same liquidity without offering that same deal to Southern Trust. Our goal is to be straightforward and transparent with you and we hope this email helps further that goal. The entire Honeycomb team looks forward to working hard for you for years to come. Please let me know if you have any other questions or concerns. EFTA00826494 Best, David This e-mail and any file(s) transmitted with it may contain confidential and/or privileged information. Nothing contained in this e- mail and/or any file(s) transmitted with it constitutes a solicitation or an offer to buy or sell any securities. Use or disclosure of this e-mail or any such files by anyone other than a designated addressee is unauthorized. If you are not an intended recipient (or have received this email in error), please notify the sender immediately and delete this e-mail without making a copy. If this e- mail is misdirected, Honeycomb Asset Management, L.P. and its affiliates do not waive confidentiality or any privilege. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00826495