EFTA00803484.pdf

HONEYCOMB ASSET MANAGEMENT Honeycomb Asset Management LP 645 Madison Avenue, 16th Floor New York, NY 10022 Tel: 646-883-1128 Email: CONFIDENTIAL Dear Investor, Preliminary estimated month-end performance for a representative investor of Honeycomb Master Fund LP (the "Fund")(a) is set forth below with performance data as of April 28, 2017. Class "A" Month-End Year To Date r Gross Return: 4.9% 17.0% Net Return: 4.0% 13.6% Class "Bi" Month-End Year To Date • Gross Return: 4.9% 17.2% • Net Return: 4.2% 14.6% (a) Please note that Honeycomb Master Fund LP (the "Funds} includes a cc substantlaIN 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 Fund level. The reflected returns assume a representablee investor invested in the Fund in each of (*the ClassA interests that are subject to a management fee of 2%and incentive allocation of 20% per annum and ij the Class B1 interests that are subject to a management fee of L5% 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 of ircentive allocation. Returns assume the reinvestment of all dividends, interest, income and profits. The management fee and Fund expense figures used for performance calculations ate pro-rated for the performance period, and incentive allocation calculations reflect an investment e the Fund since its lune 1, 2016 inception date. The reflected returns assume participation by the ClassA and BS representative investor in the Fund's "new issue" investments. In6vidual results will vary (potentially considerably( depending on, among other things, investing at the feeder fund rather than the Fund level, new issue eligibilty, the timingof conveutions/subscriptions and withdrawals/redemptions, different fee arrangements and any accumulated loss carry-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 unau6ted information as of the date hereof and is subject to change as actual performance for the relevant period is finalized. 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 eformatenal purposes only and neither constitutes an offer to sell nor a solicitation to invest in any fund managed by the Investment Manager or its affiliates. My 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 indicativeof future results. The information contained herein is not an advertisement, nor is it intended for public use or distribution. EFTA00803484