EFTA01047468.pdf

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Honeycomb Partners LP: April 2017 Performance Estimate Date: Mon, 01 May 2017 22:29:58 +0000 Attachments: Honeycomb_Month_End_Flash_Estimate_20170428.pdf not sure if you are on distribution list david doing very well so far this year.. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York. NY 10022 tel fax cell Begin forwarded message: From: Subject: Honeycomb Partners LP: April 2017 Performance Estimate Date: May 1, 2017 at 6:23:47 PM EDT To: CONFIDENTIAL Dear Investor, Preliminary estimated month-end performance for a representative investor of Honeycomb Master Fund LP (the "Fund") (*) is set forth below. Class "A": Month-End Year To Date Gross Return 4.9% 17.0% Net Return 4.0% 13.6% Class "Bl": Month-End Year To Date Gross Return 4.9% 17.2% Net Return 4.2% 14.6% Please contact or with any questions. EFTA01047468 (a) Please note that Honeycomb Master Fund LP (the "Fund") 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 Fund level. The reflected returns assume a representative investor invested in 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 annum 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 of incentive allocation. Returns assume the reinvestment of all dividends, interest, income and profits. The management fee and Fund expense figures used for performance calculations are pro-rated for the performance period, and incentive allocation calculations reflect an investment in the Fund since its June 1, 2016 inception date. The reflected returns assume participation by the Class A and B1 representative investor in the Fund's "new issue" investments. Individual results will vary (potentially considerably) depending on, among other things, investing at the feeder fund rather than the Fund level, new issue eligibility, the timing of contributions/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 unaudited 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 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 affiliates. 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 future results. The information contained herein is not an advertisement, nor is it intended for public use or distribution. At the instruction of Fund's Manager, Morgan Stanley Fund Services (MSFS), as fund administrator, is delivering this message to you by email. The information in the attached report is provided to you by the Manager. This information is subject to change as actual performance for the relevant period is finalized. MSFS has not verified or approved the calculations contained on the attached reports, disclaims any responsibility for the information presented. Soon after month-end, MSFS will reconcile the assets and liabilities with the Fund's custodians and Manager, and send investors and their delegates a report that reflects the unaudited, month-end performance and capital account balance, after such reconciliation. The information attached is for informational purposes only. The information contained in this message is privileged and confidential to the Fund, Manager and the intended recipient, and protected from disclosure. Any unauthorized use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. This message is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. Morgan Stanley Fund Services is acting solely in the capacity of the Fund's administrator and not as broker, custodian, advisor or fiduciary and does not independently review the Manager's communications with the Fund's investors. EFTA01047469