EFTA01078975.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 Net Returns2 Estimated MTD: 0.34% 0.34% Estimated YTD: -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 6.45% Please call if you have any questions or require any additional information. Sincerely, Jay Ryan Member and Chief Financial Officer King Street Capital Management GP, L.L.C. 'Gross returns are net of management lees and partnershipexpenses. but do not reflect deduction of any accrued performance reallocation. Net returns are acommode calculation based iron the aggregate returns for new issue eligible investors, blended with a pro rare allocation of all Special Investments held by the Partnership. excluding any Excess Allocation of Special Investments to 2.K Limited Partners (Special Investriams were implemented in 2006). 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 perfumrance reallocation that is not crystallized until yearend. Returns for 2004 and thereafter reflect the change in management fee on new capital from 1.0% to 13%. Capital contributed prior to the management fee change would have an estimated net return of LOX for 2015 year.thdate. 6.88% for 2014. 11.96% for 2013. 9.86% for 21/12.0.59% for 2011. 6.131E for 2010. 20.63% for 2109.2.95% for 2108. 17.89% for 107. 2 17.84% for 20116. 10.82% for 3305 and 10.93% for 2004. The Partnership commenced operations in April 1995. An individual imestor's results may differ from reported performance as a result of the timing and amount of capital transactions. the extent of participation in new issues and Special Investments. and the applicable management fee (and such variance may be material(. The performance results for the Partnership have not been compiled. reviewed or audited by an independent accountant. Past performance should not be construed as an indicator of future results. This is neither an offer to subscribe nor a solicitation to invest in the Partnership..Sny such offer or solicitation will only be made to qualified investors by means of an authorized offering document and only in those jurisdictions where permitted to law. The inforsoati,,,, contained herein is confidential. nonpublic and proprietary. Any duplication. reproduction. redistribution or disclosure wilMmt the express written consent td Kinµ Street Capital Management. L.P. ("King S,, ee, ") is strictly prohibited. The information contained herein may only be used to evaluate your exitinµ or prospective investment in the King Street funds. Copyright 2015. King Street Capital Management. LP. King Street"). King Sta) and King Street Capita/E. are registered trademarks. or trademarks. of King Street Capital NIan:Amman]. L.P. or its affiliated entities. that are protected in the United Slates. Canada. the United Kingdom. the European Union. Singapore. Japan and thewherr throughout the world. EFTA01078975