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-.- Net Return 4.2% 4.2% (a) Please note that Honeycomb Master Fund LP includes all or substantially al investible assets from its feeder funds. Honeycomb Partners LP. Honeycomb Intermediate Fund LP and Honeycomb Offshore Fund LW. However. investors are expected to invest at the feeder fund not at the master fund

tions and withdrawalsfrelempbons. different fee arrangements and any accumulated loss carry-forwards. This performance information is estrnated and Honeycomb Asset Management LP (the Investment Manager) makes no representations as to the accimacy or completeness thereof. and such information should not be relied upon for inv

> Net Return -3.3%*: 6.0% (a) Please note that Honeycomb Master Fund LP includes all or substantially al 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 master fun

ptions and withdrawalsfredempbons. different fee arrangements and any accumulated loss carry-forwards. This performance information is esbmated and Honeycomb Asset Management LP (the "Investment Manager') makes no representations as to the accimacy or completeness thereof. and such .,formation should not be relied upon for i

b Master Fund LP (the "Master Fund"). Honeycomb Intermediate Fund LP (the "Intermediate Fund"), Honeycomb Offshore Fund Ltd. (the "Offshore Fund"). Honeycomb Partners LP. (the "U.S. Partnership", and collectively, the "Funds") and (ii) any of their transactions. and all materials of any kind (including opinions or ot

may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient without the prior written consent of Honeycomb Asset Management LP (the "Investment Manager"). Notwithstanding anything to the contrary herein, each recipient of this document may disclose to any and all persons. w

22.3% 17.9% Year To Date jai Please note that Honeycomb Master Fund LP 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 master fund

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 perform

.2% 17.2% 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.

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 perform

00 Attachments: Honeycomb_Month_End_Estimate_20180430.pdf Richard Kahn HBRK Associates Inc. tel fa ce Begin forwarded message: From: Subject: Honeycomb Partners LP: April 2018 Performance Estimate Date: April 30, 2018 at 6:38:12 PM EDT To: CONFIDENTIAL Dear Investor, Estimated performance for a representati

tions 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

7/2„?/ 16 c *i N‘ \ \Sc • +0.50% +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.

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, Pre