Monthly Fund Performance(1) Contact InformationEVA Capital Master Fund, LP

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD EVA Capital Management2016 0.63% 0.63% 551 Madison Ave - Suite 1201

New York, NY 10022Fund OverviewEVA Capital Master Fund, LP Philip Gaucher

Head of Business Dev. & Investor Relationsphilip.gaucher@evacap.com212-776-4566

Fund Performance (as of July 2016)(1) EVA Capital Master Fund, LP MTD YTD ITD Gross 0.94% 0.94% 0.94%Class B Net 0.63% 0.63% 0.63%

Fund Statistics (as of July 2016)(2)

EVA Capital Master Fund, LPFirm AUM

The EVA Capital Stock Selection & Portfolio Allocation Processes Fund AUMEVA Capital Master Fund, LP Gross Long

Gross ShortTotal GrossNetBeta (S&P)

Fund Information EVA Capital Master Fund, LPAdministratorAuditorsLegal Schulte Roth & ZabelPrime Brokers Goldman Sachs

Wells FargoFounder's Class A Shares (Open)Minimum InvestmentFeesLockup / Penalty LiquidityClass B Shares (Open)Minimum InvestmentFeesLockup / Penalty LiquidityClass C Shares (Open)Minimum InvestmentFeesLockup / Penalty LiquidityFounder's Class D Shares (Open)Minimum InvestmentFeesLockup / Penalty Liquidity

Current Market Cap Exposure (as of July 2016)EVA Capital Master Fund, LP

Long Short Gross NetLarge Cap. (>$10B) 42% -34% 75% 8%Mid Cap. ($2B-$10B) 42% -42% 84% 0%Small Cap. (<$2B) 39% -24% 63% 14%

Current Liquidity (as of July 2016)EVA Capital Master Fund, LPLongs Shorts< 2 Days < 2 Days2-5 Days 2-5 Days5-10 Days 5-10 Days

PLEASE SEE PAGE 3 FOR DISCLAIMER, FOOTNOTES AND DATA DESCRIPTIONS CONFIDENTIAL

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The EVA Capital Master Fund, LP was designed to generate idiosyncratic alpha through a portfolio that seeks to have no beta exposure, no sector exposure, low single stock concentrations, and low volatility.

To create this strategy we utilize a proprietary accounting methodology which seeks to systematically remove distortions associated with GAAP accounting, and allows us to view companies through a lens which we believe is completely differentiated from traditional asset management. As a result, we have historically seen low correlations with those and other investment management products.

Recently we were excited to welcome Jim Chanos of Kynikos to our advisory board, and have been busy building a highly experienced team with a senior staff who collectively have over 50 years of experience with firms including SAC Capital, AQR, Saba Capital, Weiss Multi-Strategy Advisors, Hoplite, and Rohatyn.

When it comes to portfolio construction, The EVA Capital Master Fund, LP portfolio seeks to be industry group neutral (we invest in 24 different industry groups), with the total portfolio consisting of 300-400 longs and 300-400 shorts. This diversification seeks to eliminate both industry biases and the volatility associated with large single stock positions. Our historical simulations have shown this methodology to generate a 16-year average investment hit rate of 59% on an average of approximately 2400 investments per year.

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100.00% 100.00%% %

Deloitte LLP

$23MM$10MM122%-101%223%21%0.03

SS&C

Monthly / 30 Days Notice

Jul-16

$5,000,000 1.0% / 10%1 Year / 5%

Quarterly / 45 Days Notice

$1,000,000

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None

1.5% / 15%1 Year / 3%

Quarterly / 45 Days Notice

$250,000

$5,000,000

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Expensive Cheap

By utilizing our unique accounting data in our proprietary multi-factor investment model, The EVA Capital Master Fund, LP is able to force-rank companies relative to their peers based on our view of how well they create or destroy shareholder value (Intrinsic Value) as well as our view of how expensive or inexpensive they are (Market Value). To illustrate the power of this analysis we created a scatter-plot of the monthly forward returns (annualized) for the past 16 years for all companies in our investible universe based each company's relative intrinsic value and market value rankings (This represents almost 600,000 data-points). The average forward return pattern that this creates illustrates how we think about investing: We want to own above average companies at discounted prices (upper right), and we want to be short below average companies at expensive valuations (bottom left).

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Average Annualized Forward Returns (Over Universe Avg.) in U.S. All Cap(3)

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Market Valuation

… GENERATES ALPHA THROUGH A NON‐CONSENSUS, DIFFERENTIATED VIEW FROM THE STREET

• Our differentiated economic profit‐based accountingmodel identifies those companies that are truly creatingor destroying shareholder value.  This view is oftendramatically different than when looking at companiesusing GAAP.

• AMZN for example has seen GAAP earnings decline overthe past 7 years while its EVA continues to increase.  Webelieve that EVA is a better indicator than many GAAPmetrics for determining whether or not businesses createor destroy shareholder value, and that that over timetranslates into equity price performance.

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Source: EVA Capital Management LP and Bloomberg.  Active hit rate is the percentage of longs (or shorts) which outperform (or underperform) the Russell 3000 average in the same corresponding time period.

...WITH A HISTORICAL SIMULATION THAT SHOWS A HIGH INVESTMENT HIT RATE,  LOW VARIABILITY IN RETURNS...(4)

• EVA’s proprietary stock selection and portfoliomanagement model has historically generateda high hit rate.

• This, in part, helps to decrease the variability ofreturns.

• Percentage of rolling periods which had positivecumulative returns:

Days Weeks Months Years 3‐Years 5‐Years

56% 62% 75% 99% 100% 100%

CREATE MORE ACCURATE DATATRANSFORM GAAP DATA INTO ECONOMIC PROFIT DATA

CALCULATE INTRINSIC & MARKET VALUE SCORES PROPRIETARY FACTORS IMPUTE INTRINSIC & MARKET VALUES

STOCK RANKING

RANK COMPANIES BASED ON THEIR EVA CAP SCORE

PORTFOLIO CONSTRUCTIONPROPRIETARY SYSTEMATIC SELECTION PROCESS

EVA CAPITAL MANAGEMENT’S SYSTEMATIC STOCK SELECTION AND PORFOLIO CONSTRUCTION METHODOLOGY….

… AND LITTLE TO NO CORELLATION TO EQUITY MARKETS, OTHER ASSET CLASSES, AND OTHER HEDGE FUND PRODUCTS (4).

• EVA Capital Management’s Flagship Fundtypically contains 300‐400 long positions and300‐400 short positions.  This paradigmreduces single stock risk.

• EVA’s Flagship Fund seeks to achieve sector‐neutrality in 24 identified industry/sectorgroups to reduces industry risk.

NOTE: U.S. all cap universe is the union of the Russell 3000 and S&P 1500 ex‐REITS.  The performance information presented represents back‐tested performance based on simulated portfolio results from 1998‐2016.  Back‐tested performance is hypothetical and does not reflect trading in actual accounts. Back‐tested performance is provided for information purposes only to indicate historical performance had the model portfolio been available over the relevant time period. Past performance is not necessarily indicative of or a guarantee of future results. See footnote 4.

EVA Capital Management LP believes that the purest expressions of profitability, risk, and valuation attributes are visible through the lens of economic profit (EVA) analysis ‐ a proprietary accounting methodology that produces a more accurate data set by 

systematically eliminating the many distortions of GAAP reporting standards.

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With Russell 3000 Total Returns With 10‐Year U.S. Govt Yield Changes With Front‐Month Oil Price %Changes

CONFIDENTIAL

DISCLAIMER: This document is confidential and is intended solely for the information of the person to which it has been delivered by EVA Capital Management, LP (the "Investment Manager"). It is not to be reproduced or transmitted, in whole or in part, by any means, to third parties without the written, prior consent of the Investment Manager. Notwithstanding the foregoing, each recipient of this document (and each of the employees, representatives or other agents of such recipient) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) the Fund (as defined below) and (ii) any of its transactions, and all materials of any kind (including, without limitation, opinions or other tax analyses) that are provided to such recipient relating to such tax treatment and tax structure.

The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about EVA Capital Onshore Fund LP (the "Fund"), including important disclosures relating to conflicts of interest and risk factors associated with an investment in the Fund, and is subject to change without notice. This document is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, interests in the Fund. No offer or solicitation may be made prior to the delivery of a definitive private placement offering memorandum (the "Memorandum"). In the event of any conflict between information contained herein and information contained in the Memorandum, the information in the Memorandum will control and supersede the information contained herein. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should make an independent investigation of the investment described herein, including consulting your tax, legal, accounting or other advisors about the matters discussed herein.

The interests in the Fund are suitable investments only for sophisticated investors (i) who do not require immediate liquidity for their investments, (ii) for whom an investment in the Fund does not constitute a complete investment program and (iii) who fully understand, are willing to assume and who have the financial resources necessary to withstand, the risks involved in the Fund's specialized investment program and to bear the potential loss of their entire investment in the Fund.

Investments in the Fund are speculative and involve a high degree of risk. The Fund may utilize leverage, which can make performance volatile. There is no secondary market for interests in the Fund and none is expected to develop. There are also restrictions on transferring interests and withdrawing interests from the Fund.

Unless otherwise indicated, the information contained in this document is current as of the date first indicated above. Such information is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. Additionally, there is no obligation to update, modify or amend this document or to otherwise notify a reader in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

No guarantee or representation is made that the Fund's investment program, including, without limitation, the Fund's investment objectives, diversification strategies, or risk monitoring goals, will be successful, and investment results may vary substantially over time. Investment losses may occur from time to time. Nothing herein is intended to imply that the Fund's investment methodology may be considered "conservative", "safe", "risk free" or "risk averse". PAST PERFORMANCE IS NOT INDICATIVE NOR A GUARANTEE OF FUTURE RESULTS. NO ASSURANCE CAN BE MADE THAT PROFITS WILL BE ACHIEVED OR THAT SUBSTANTIAL LOSSES WILL NOT BE INCURRED.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein remain in the Fund's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent the Fund's entire portfolio and in the aggregate may represent only a small percentage of the Fund's portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

FOOTNOTES: (1) Performance is presented for a day one investor who did not make any subsequent additions or withdrawal of capital in the Fund and is net of fund expenses, a 1.5% management fee and 15% incentive allocation (fees and allocations vary among Fund classes). All performance information is unaudited and subject to change. Individual investor performance will vary because of, among other things, the timing of such investment. (2) Firm AUM includes approximately $13MM invested on behalf of internal partners via a leverage arrangement from an outside counterparty in addition to the Fund NAV. (3) Average annualized monthly forward total returns of stocks in each bin., 1998-2015. U.S. all cap universe is the union of the Russell 3000 and S&P 1500 ex-REITS. (4) Hypothetical performance (e.g., "back-tested") are used in this document. Hypothetical results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Prospective investors should consider the weaknesses inherent in this performance presentation. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

DATA DESCRIPTIONS: The EVA Capital Stock Ranking Model is the Investment Manager’s multi-factor stock ranking model which uses proprietary data from EVA Dimensions as well as a variety of other data sources. All exposure data is defined as Notional Market Value as a percentage of Fund NAV. Sector Performance data is gross of fees. Sector and Industry Group information is sourced from Standard and Poor’s GICS data at the Sector (2-digit) and Industry Group (4-digit) level. Current Liquidity reflects ability to liquidate positions with normal market impact. Winners and Losers show the gross trading gain or loss in basis points (percentage of NAV).