From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Estimate of Boothbay Absolute Return Strategies LP PNL for May 2016 Date: Fri, 03 Jun 2016 20:58:54 +0000 was tough on their initial presentation of schedule below is tweaked version which i believe reads clearer footnotes: a) 2015 investments of 36,861,000 represents 12/31/2015 ending balance -> our total investment in boothbay was 50,000,000 which is now worth 52,429,909 b) initial presentation showed ytd S&P index only return of 2.59% and not S&P Total Return of 3.57% which includes dividends -> i questioned presentation and they said that was industry standard -> i also questioned why they are not showing the HFR Global Hedge Fund Index they speak of in their quarterly newsletters c) at a certain time we should test their withdrawal process Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fa) ce Begin forwarded message: From: Daniel Bloom Subject: FW: Estimate of Boothbay Absolute Return Strategies LP PNL for May 2016 Date: June 3, 2016 at 3:50:02 PM EDT To: ' " < I will call you now to discuss Investment Date Beginning Estimated BBARS S&P 500 BBARS S&P 500 Balance 05/31/16 05/31/16 Total YTD Total YTD Balance Estimated MTD Estimated Return Return Return Return EFTA00626919 2015 Investments $36,861,000 37,210,395 1.78% 1.80% 0.93% 3.57% 03/01/2016 $10,000,000 10,111,451 1.75% 1.80% 1.09% 9.12% 04/01/2016 $5,000,000 5 108 062 1.66% 1.80% 2.14% 2.19% Total $51,861,922 $52,429,909 1.76% 1.80% 1.10% 4.51% The information contained in this e-mail and any attachments may be legally privileged, proprietary and/or confidential. If you are not an intended recipient, you are hereby notified that any use, copying, disclosure or distribution of all or any portion of this e-mail and any attachments is strictly prohibited. If you received this e- mail in error, please notify the sender, permanently delete the e-mail and any attachments, and destroy all hard copies immediately. This communication should not be regarded as an offer, solicitation or recommendation to sell or purchase any security or other financial product. Boothbay and its related entities reserve the right to monitor and/or save all e-mail communications through their networks. EFTA00626920