HONEYCOMB ASSET MANAGEMENT January 15, 2019 Dear Rich, Below please find Honeycomb's 4O 2018, Full Year 2018, and Inception To Date Fund performance. Performance — Gross and Netl 4O 2018 Full Year 2018 Inception To Date (July'16-Dec'18) Honeycomb Class A (gross) -8.3% 6.5% 39.9% Honeycomb Class A (net) -6.8% 5.2% 31.4% Honeycomb Class B (gross) -8.2% 7.0% 41.5% Honeycomb Class B (net) -6.7% 5.6% 32.6% Internal capital anchored our June 2016 soft launch which also ricluded select friends and family capital. The Fund's June 2016 net performance was -3.4% and -3.3% for classes A and B. respectively. Past performance is not ridicative or a guarantee of future results. 4Q 2018 Performance Review Exposures for 4O averaged approximately 144% gross and 54% net, which compares to 184% gross and 65% net for 3Q. For comparison, gross and net exposures since inception have averaged approximately 191% and 57%, respectively. At Honeycomb, we often talk about being flexible in our mindset and open to utilizing the different playbooks accumulated over time through bull and bear markets. For example, in 2008 as the markets became more volatile, I reduced exposure to protect positive performance and manage risk. Ten years later, we took elements of that 2008 playbook and proactively reduced both gross and net exposures as the 500 dropped almost 15% in 4Q. Drawdowns will inevitably occur. We seek to mitigate their impact so our partners can benefit from compounding returns. While preservation of capital was an important objective in the fourth quarter, we remain a fundamentally-based manager always on the hunt for new investment opportunities. Our overall net long exposure did result in 4O losses, but our risk management-based mindset preserved overall positive performance for the fund in 2018, in a year that was challenging across most asset classes. Based on our research, we disagreed with the market seeming to price in deteriorating busine