EFTA00602289.pdf

KING STREET® CONFIDENTIAL BY E-MAIL: December 7, 2015 Dear Investor. The estimated unaudited returns of King Street Capital, L.P. as of November 30, 2015 are as follows: Gross Returns Net Returns2 Estimated MTD: Estimated YTD: 0.34% 034% -1.54% -1.54% Historical Yearly Net Returnsts 19954 21.24% 2005 10.41% 1996 19.99% 2006 17.37% 1997 17.03% 2007 17.32% 1998 7.17% 2008 2.54% 1999 17.50% 2009 20.15% 2000 14.74% 2010 5.71% 2001 16.52% 2011 0.20% 2002 5.15% 2012 9.43% 2003 24.66% 2013 11.52% 2004 10.49% 2014 645% Please call if you have any questions or require any additional information. Sincerely, lay Ryan Member and Chief Financial Officer King Street Capital Management GP, L.L.C. 'Gross returns are net of management fees and partnership expenses. but do not reflect deduction of any accrued performance reallocation. 'Net returns are a composite calculation based upon the aggregate returns for new issue eligible investors. blended with a pro rata allocation of all Special Investments held by the Partnership. excluding any Excess Allocation of Special Investments to 2.X Limited Partners (Special Investimms were implemented in 2000. Net returns represent the returns to investors after deduction of management fees. accrued performance reallocation and partnership expenses. include the reinvestment of all dividends and income. and are presented to reflect the compounding effect of the accrued performance reallocation that IN not crystallized until yearend. Returns for 2001 and thereafter reflect the change in nunagement fee on new capital from 1.0% to 1.5%. Capital contributed prior to the management fee change woukl have an estimated net return of -LOS% for 2015 year.thdate. 6.88% for 2014. 11.96% for 2013. 9.86% for 2012.0.59% for 2011. 6.13% for 2010. 20.63% for 2109. 2.95% for 2001k 17.87.E for 2007. 17.84%63r 20116. 011.82% for 1305 and 10.93% for 2104. I The Partnership commenced operations in April 1995. An individual investor's results may dilTer from reported performance as a result of the timing and amount of capital tramactions. the extent of participation in new issues and Special Investments. and the applicable management fee (and such variance may be materialI. The performance results for the Parlsienhip have not been compiled. reviewed or audited by an independent accountant. Past performance should not be construed as an indicator of future result.. This is neither an rifler to subscribe nor a solicitation to invest in the Partnership..Sny such offer or solicitation will only be made to qualified investors In means of an authorized offering &aliment and only in those jurisdictions where permitted by lass. The informati ,,,, cont., i rad herein is confidential. nonpublic and proprietary. Any duplication. reproduction. redistribution or disclosure without the express written consent td Kim Street Capital Management. L.P. ("King S ,, eet") is strictly prohibited. The information contained herein may only be used to evaluate your existing or prospective investment in the King Street funds. Copyright 2015. King Street Capital Management. LP. King Streeter King Std and King Street Capita/Rare registered trademarks. or trademark.. of King Street Capital NI anagement L.P. or its affiliated entities. that are protected in the United Slates. Canada. the United Kingdom. the European Union. Singapore. Japan and elsewhere throughout the world. King Street Capital Management, L.P. 65 East 55th Street • 30th Floor • New York, New York 10022 Tel: EFTA00602289