HONEYCOMB ASSET MANAGEMENT July 19. 2017 Dear Honeycomb Partners: Below please find Honeycomb's O2 2017. Year To Date (YTD), and Inception To Date (ITD) Fund performance since our July 2016 institutional launch. 2017 Performance -Gross and Nee O2 2017 Year To Date Inception To Date (Last Twelve Months) Honeycomb Class A (gross) 3.3% 15.3% 20.0% Honeycomb Class A (net) 2.7% 12.2% 15.9% Honeycomb Class B (gross) 3.3% 15.5% 20.5% Honeycomb Class B (net) 2.7% 12.4% 16.3% Internal capital anchored our June 2016 soft launch which also included select Mends and family capital. The Funds June 2016 net performance was -3.4% and -3.3% for classes A and B. respectively. Inception To Date net performance is e12.7% and 4 13.1% for classes A arid B. respectively. ilcluding the June 2016 soft launch. Past performance is not indicative or a guarantee of future results. O2 2017 Performance and Portfolio Discussion In the second quarter, we took the opportunity to be tactical around our fundamental investing process. In early May, we rotated the portfolio into value and media stocks. We reduced exposure to FANG as near-term price targets were achieved following a dramatic increase in the first four months of the year. However. our long media and broadcasting exposures negatively impacted our performance in May. From a lower gross position, we were able to take advantage of the June 9-12th NASDAQ sell-off and re-initiate these growth-oriented positions at what we believed were attractive risk-rewards at prices 5% to 10% lower. We finished June up slightly for the month and overall we had a good quarter. Gross Long and Short Security Selection Contribution - O2 2017' 10% -10% 7.3% Long -3.6% Shorl 3.7% Total 'The security attrbutian above differs from the 2017 performance table as it does not take into account management fee. ilcentive allocation. forwards or Fund expenses. Past performance is not indicative or a guarantee of future result