<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:
To:</td><td>Tuesday, August 1, 2017 5:20 PM
jeffrey E.</td></tr><tr><td>Subject:</td><td>Fwd: Honeycomb Partners LP: July 2017 Performance Estimate</td></tr></table>

Richard Kahn
HBRK Associates Inc.
██████████████████████
New York, NY 10022
tel ██████████
fax 212-320-0381
cell ██████████

Begin forwarded message:

From: =/b>David Fiszel <

Subject: =/b>Re: Honeycomb =artners LP: July 2017 Performance Estimate

Date: =/b>August 1, 2017 at 1:02:33 PM =DT

To: =/b>Richard Kahn <

Tell him we had a family office for $25m flake on us for =ept 1 so we have capacity for him

On Aug 1, 2017, at 12:55 PM, Richard Kahn < wrote:

another great month - well done!! just spoke with boss and he was very happy for =ou.. very kind as he seemed happier for you that you were =oing well as opposed to him making money..

Richard Kahn
HBRK Associates Inc.
New York, NY 10022
tel:

Begin forwarded message:

From: fs-investor-services@msfundservices.com

Subject: Honeycomb =artners LP: July 2017 Performance Estimate

Date: August 1, 2017 at 12:42:02 PM =DT

To: richardkahn12@gmail.com

## CONFIDENTIAL

## Dear Investor,

Preliminary estimated month-end performance for a representative investor of =oneycomb Master Fund LP (the "Fund") (a) is set forth below with performance data as of July 31, =017.

<table><tr><th>Class =A" =</th><th>Month-End</th><th>Year</th><th>To Date</th></tr><tr><td>Gross Return</td><td>6.1%</td><td>&amp;nb=p;</td><td>22.3%</td></tr><tr><td>Net Return</td><td>5.0%</td><td>&amp;nb=p;</td><td>17.9%</td></tr><tr><td>Class "81"</td><td>&amp;nb=p; Month-End</td><td></td><td>&lt;/=&gt;year To Date</td></tr><tr><td>Gross Return</td><td>6.2%</td><td>&amp;nb=p;</td><td>22.7%</td></tr><tr><td>Net Return</td><td>5.3%</td><td>&amp;nb=p;</td><td>19.3%</td></tr></table>

## Dear Investor, (cont.)

Please contact dominiquea@honeycombam.com <mailto:dominiquea@honeycombam.com> =r investors@honeycombam.com <mailto:investors@honeycombam.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 level. The reflected returns assume a =epresentative investor invested in Honeycomb Partners LP (the "Fund") in each of (i) the Class A interests that are subject =o a management fee of 2% and incentive allocation of 20% per annum and =ii) the Class B1 interests that are subject to a management fee of 1.5% =nd an incentive allocation of 15% per annum. "Net Return" reflects the performance of the Fund net of management =ee, Fund expenses and incentive allocation. "Gross Return" reflects the =erformance of the Fund net of management fee and Fund expenses, but =ross of incentive allocation. Returns assume the reinvestment of all dividends, interest, income and profits. The =anagement fee and Fund expense figures used for performance =alculations are pro-rated for the performance period, and incentive =llocation calculations reflect an investment in the Fund since its June 1, 2016 inception date. The reflected returns assume =articipation by the Class A and B1 representative investor in the =und's "new issue" investments. Individual results will vary =potentially considerably) depending on, among other things, investing at the offshore feeder fund rather than the Fund level, new =ssue eligibility, the timing of contributions/subscriptions and =ithdrawals/redemptions, different fee arrangements and any accumulated =oss carry-forwards. This performance information is estimated and Honeycomb Asset Management LP (the "Investment =anager") makes no representations as to the accuracy or completeness =hereof, and such information should not be relied upon for investment =elated or other purposes. The performance information is based on unaudited information as of the date hereof and is subject =o change as actual performance for the relevant period is finalized.

The information contained =erein is confidential and circulation or disclosure of all or any part =f such information is prohibited. This information is provided for informational purposes =nly and neither constitutes an offer to sell nor a solicitation to =nvest in any fund managed by the Investment Manager or its affiliates. =ny such offering or solicitation will be made only by means of a confidential memorandum containing important information =bout the terms of any potential investment in the relevant fund, =ncluding risk factors, conflicts of interest, liquidity constraints, =nd other material aspects about such funds. Past performance is not indicative of future results. The information =ontained herein is not an advertisement, nor is it intended for public =se or distribution.

At the instruction of Fund's =anager, Morgan Stanley Fund Services (MSFS), as fund administrator, is delivering this message to you by email. The =nformation in the attached report is provided to you by the Manager. =his information is subject to change as actual performance for the =elevant period is finalized. MSFS has not verified or approved the calculations contained on the attached reports, =isclaims any responsibility for the information presented. Soon after =onth-end, MSFS will reconcile the assets and liabilities with the =und's custodians and Manager, and send investors and their delegates a report that reflects the unaudited, month-end =erformance and capital account balance, after such reconciliation. The =nformation attached is for informational purposes only.

The information contained in =his message is privileged and confidential to the Fund, Manager and the intended recipient, and =rotected from disclosure. Any unauthorized use, distribution, =odification, copying, forwarding or disclosure by any person is =trictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and =eleting it from your computer. This message is not an offer (or =olicitation of an offer) to buy/sell the securities/instruments =entioned. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell =ny security or other financial product or instrument.

## Dear Investor, (cont.)

Morgan =tanley Fund Services is acting solely in the capacity of the Fund's =dministrator and not as broker, custodian, advisor or fiduciary and does not independently review the Manager's =ommunications with the Fund's investors.

<Honeycomb Month End Flash =estimate_20170731.pdf>

This e-mail and any filets) transmitted =ith it may contain confidential and/or privileged information. Nothing =ontained in this e-mail and/or any file(s) transmitted with it constitutes a solicitation or an offer to buy or sell any securities. =se or disclosure of this e-mail or any such files by anyone other than = designated addressee is unauthorized. If you are not an intended =ecipient (or have received this email in error), please notify the sender immediately and delete this e-mail without =aking a copy. If this e-mail is misdirected, Honeycomb Asset =anagement, L.P. and its affiliates do not waive confidentiality or any =rivilege.

=