HONEYCOMB ASSET MANAGEMENT July 2, 2018 Dear Investor, Preliminary estimated month-end performance for a representative investor of Honeycomb Master Fund LP is set forth below with data as of June 30, 201840. Please contact Class "A" • Gross Return • Net Return Class "B1" • Gross Return • Net Return with any questions. Month-End 1.7% 1.4°A, Month-End 1.7O/O 1.5°4 Year To Date 11.3% 9.0% Year To Date 11.5% 9.8% (a) Please note that Honeycomb Master Fund LP includes all or substantially all nvestble assets from its feeder hinds. Honeycomb Partners LP. Honeycomb Intermediate Fund LP and Honeycomb Offshore Fund Ltd. However. nvestors are expected to invest at the feeder fund not at the master fund level. The reflected returns assume a representative investor invested in Honeycomb Partners LP (the 'Fund') in each of (i) the Class A interests that are subject to a management fee of 2% and incentive allocation of 20% per annum and (ii) the Class 81 interests that are subject to a management fee of 1.5% and an incentive allocation of 15% per annum. 'Net Return' reflects the performance of the Fund net of management fee. Fund expenses and incentive allocation. 'Gross Return' reflects the performance of the Fund net of management fee and Fund expenses, but gross ol incentive alocation. Returns assume the reinvestment of al dividends, interest, income and profits. The management fee arid Fund expense figures used for performance calculations are pro-rated for the performance period, and incentive alocation calculations reflect an investment in the Fund since its June 1. 2016 inception date. The reflected returns assume participation by the Class A and 81 representative investor in the Fund's 'new issue' investments and no participation in the Fund's side pocket nvestrnerts. IndMdual results will vary (potentially considerably) depending on. among other things. investing at the offshore feeder fund rather than the Fund level. new issue el