EFTA00611637.pdf

HONEYCOMB ASSET MANAGEMENT Honeycomb Asset Management LP 645 Madison Avenue, 16th Floor New York, NY 10022 Tel: 646483.1128 Email: [email protected] CONFIDENTIAL Dear Investor, Preliminary estimated performance for a representative investor of Honeycomb Master Fund LP (the "Fund") (a is set forth below. ‘i-Cc\ \ ' Month-Endtb(a; As of 7/2„?/16 Net Return c *i N‘ \ \Sc • Class "A" +0.50% Class "B I +0.54% (a) Please note that the Fund includes all or substantially all investiblc 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 for the entirety of the performance period in each of (i) the Class A interests that arc subject to a management fee of 2% and incentive allocation of 20% and (ii) the Class B I interests that are subject to a management fee of 13% and an incentive allocation of 15%. "Net Return" reflects the performance of the Fund net of management fee. Fund expenses and incentive allocation. The management fee and Fund expense figures used for performance calculations are pro-rated for the performance period. The reflected returns assume participation by the Class A and Class 111 representative investors in the Fund's "new issue" investments. Individual results will vary (potentially considerably) depending an. 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 management fee and incentive allocation arrangements. and any accumulated loss carry-forwards. This perfomiance 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 pan 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. EFTA00611637