KING STREET

KING STREET CONFIDENTIAL BY E-MAIL; February 6, 2015 Dear Investor: The estimated unaudited returns of King Street Capital, L.P. as of January 31, 2015 are as follows: Estimated MTD: Estimated YTD: Gross Returns' -0.28% -0.28% Net Returns' Distorts:al Yearly Net Returns" -0.28% -0.28% 19954 21.24% 2005 10.41% 1996 19.99% 2006 17.37% 1997 17.03% 2007 17.32% 1998 7.17% 2008 2.54% 1999 17.50% 2009 20.15% 2000 14.74% 2010 5.71% 2001 16.52% 2011 0.20% 2002 5.15% 2012 9.43% 2003 24.66% 2013 11.52% 2004 10.49% 2014 6.45% Please call if you have any questions or require any additional information. Sincerely, Jay Ryan Member and Chief Financial Officer Gross returns we net of nos-sync& fees and partnership chsinuq but do not reflect deduction of at accrued pafothsaxe reallocation 2 Nei returns ore a twrcuscu aka/awn tined °ow the aggregate roams for new 'nue eligible ler:COCO. Wended with a pro rata allocation of all *col laoestments Ivig by the Partnership, est hiding any Excess Allocation of Special 'mummies to :X Limited Partners (Special Investments wen inskinereed in 2000) Net returns represent the returns to Meson aver deduction of nunsycneat fen, accrued performance mallocation and partnership expenses. include the reinvestment of all cin-iderals and mane. and are presented lo reflect the compounding effect of the accrued Kamm= reallocation that is not crystallized until year-end Returns for 2001 and acreages mac& the change in menagement fee on new capital from 1.0% to 1.5%, Clonal ocoiritistal pnor to the marcacincel he chins %mkt have an cstminted net rearm iif .0.24I: for 2015 you'iludalc. 6 r1% fee 201e. 11 96% Mr 2013,9 g6(: for 202,0,59% for NI I, 6.13% for 2010.20.63% for 2009.2.95% for 2008. 17 89% for :007. Ina% foe 2006, 1082% for :005 and 10.93% for 2034. 'The Panatiship commenced opera ions in goal 1995. An indlilduot lovesior's resells may differ from reported performanceesa mull of the timing sad amain of capital Iniamelloat the saline of porkipation is new Issues and Special '.vestments, and Mr opplituble management fee (sad such variance my be material). performance results for i he Partnership have not bees complied, rairksved or audited by us lodependent accountant Pali performance should not be comlnied Si es indicator of future ranks This Is neither an offer to subscribe nor a solicitation to invest in the ParinershIp. Aay such offer or solicitation will only be made to qaaillkd investors by means ern authorized offeringdocument and only in Mow jurisdictions w here permitted by kw. The Infoemotion contained herein is confidential, nonpublic and proprietary. Any duplication, reproduction, redistribution or disclosure without Ike express written commit of Kin Street Capital Management. L.P. r King Street') Is strictly prohibited. The laformetion contained herein nay only be used to (saltine your existing or prospective investment In the king Street Arndt Copyright 2015. King Street Capital Management, LP. King Street*, King Sett and King Street Copies* are registered trademarks, or trademarks, of King Street Capitol blanagemmt, L.P. or is affiliated entitles, that are protected In Me United Stoles. Canada. the Caned Kingdom, the European Upton. Singapore—lapin and elsewhere throughout the world. King Street Capital Management, L.P. 65 East 55th Street • 30th Floor • New York, New York 10022 Tel: (212)812-3130 • Fax: (212) 796-1720 • [email protected] EFTA01183413