HONEYCOMB ASSET MANAGEMENT October 18, 2018 Dear Rich, Below please find Honeycomb's 3Q 2018, Year To Date, and Inception To Date Fund performance. Performance — Gross and Net' 3Q 2018 Year To Date Inception To Date (July'16-Septi 8) Honeycomb Class A (gross) 4.4% 16.1% 52.6% Honeycomb Class A (net) 3.6% 12.9% 41.1% Honeycomb Class B (gross) 4.5% 16.6% 54.1% Honeycomb Class B (net) 3.7% 13.2% 42.2% Internal capital anchored our June 2016 soft launch which also eicluded select friends and family capital. The Funds June 2016 net performance was -3.4% and -3.3% for classes A and B. respectively. Past performance is not indicabve or a guarantee of future results. 3Q 2018 Performance Review July's positive contributions to performance came from both the long and short side after taking advantage of dispersion in the markets. Names across streaming music, growth intemet, software and digital media led our long performance. Our shorts in secularly declining media and advertising names generated alpha while the overall short book held almost flat. August was a positive month led by various long positions across software and US internet-related subscriber businesses. These gains were negatively impacted by long positions in online and digital gaming. Single name shorts in beer and a luxury jewelry retailer generated positive performance but were more than offset by our index hedges. September also delivered positive returns led by absolute performance from our short book and to a lesser extent our longs. Long positions across entertainment, software, video gaming, digital media and hospitality contributed to positive performance but were negatively offset by our long exposure to US cable. Our shorts in e-signature, social media, and beer companies drove performance for the month. We took profits in these short names as our risk/reward became less favorable. Our largest performance detractor in 3Q was our concentrated long position in