5280 3/31/2016 Southern Financial LLC Boothbay Absolute Strategies Fund LLP $5,000,000 DB-SDNY-0005281 5/31/2016 Southern Trust Company, Inc. Honeycomb Partners LP $20,000,000 DB-SDNY-0005457 6/23/2016 Southern Trust Company, Inc. Valar Globaal Fund III LP $250,000 DB-SDNY-0005526 8/18/2016 Southern Tru

80 3/31/2016 Southern Financial LLC Boothbay Absolute Strategies Fund LLP $5,000,000 DB-SDNY- 0005281 5/31/2016 Southern Trust Company, Inc. Honeycomb Partners LP $20,000,000 DB-SDN 7 000545Y- 6/23/2016 Southern Trust Company, Inc. Valar Globaal Fund III LP $250,000 DB-SDNY- 0005526 8/18/2016 Southern T

5280 3/31/2016 Southern Financial LLC Boothbay Absolute Strategies Fund LLP $5,000,000 DB-SDNY-0005281 5/31/2016 Southern Trust Company, Inc. Honeycomb Partners LP $20,000,000 DB-SDNY-0005457 6/23/2016 Southern Trust Company, Inc. Valar Globaal Fund III LP $250,000 DB-SDNY-0005526 8/18/2016 Southern Tru

05280 3/31/2016 Southern Financial LLC Boothbay Absolute Strategies Fund LLP .000,000 DB-SDNY- 0005281 /31/2016 Southern Trust Company, Inc. Honeycomb Partners LP $20,000,000 DB-S5D4N57Y- 000 6/23/2016 Southern Trust Company, Inc. Valar Globaal Fund III LP $250,000 DB-SD 000552 NY- 6 8/18/2016 Southe

-.- 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

> 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

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

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

.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.

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

Seems like he burned off the rust... Sent from my iPhone Begin forwarded message: From: Date: September 1, 2016 at 5:49:30 PM EDT To: Subject: Honeycomb Partners LP: August 2016 Performance Estimate Dear Investor, At the request of Honeycomb Master Fund LP enclosed please find the month-end performance estimate

. 575 Lexington Avenue, 4th Floor New York NY 10022 Tel Ce Begin forwarded message: From: Date: Au ust 1, 2016 at 6:33:17 PM EDT To: Subject: Honeycomb Partners LP: Month-End Estimate Dear Investor, At the request of Honeycomb Master Fund LP enclosed please find the month-end performance estimate as of Friday.

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.

pient address 1: Recipient address 2: Recipient address 3: Additional information for recipient: NORTHERN TRUST INTL BKG. CORP. JERSEY CITY NJ Honeycomb Partners LP Harbourside Financial CentePlaza 10 Jersey City NJ 07311-3988 Reference: Southern Trust Company, Inc. First Intermediary Information Bank ID typ

oothbay Absolute Strategies Fund LP 5 $28,250,000 Southern Financial LLC Boothbay Multi Strategy Fund LP I 510,000,000 Southern Financial LLC Honeycomb Partners LP 71'1°i 6 $63,000,000 s Southern Trust Company Inc. Honeycomb Ventures IV LP I $10,000,000 The 2017 Caterpillar Trust Valar Global Fund II LP

m.com> =ith any questions. (a) Please note that =oneycomb Master Fund LP includes all or substantially all invertible =ssets from its feeder funds, Honeycomb Partners LP, Honeycomb Intermediate Fund LP and Honeycomb =ffshore Fund Ltd. However, investors are expected to invest at the =eeder fund not at the master fund