From: Richard Kahn

From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Boothbay Fund Management, LLC I Part 2A and 2B of Form ADV I Southern Financial, LLC Date: Tue, 11 Apr 2017 19:44:32 +0000 Attachments: Boothbay_ADV_Part_2B.pdf; Boothbay_ADV_Part_2A.pdf i quickly reviewed and noticed 2 items in 2nd PDF named ADV part 2A: page 4 says Boothbay manages 867,600,000 of assets yet partners capital approx 240mm with first loss money not sure if that accounts for leverage at 3x?? page 17 says Ari is owns and manages Level 3 Capital Management LLC should i inquire with their CFO Daniel on these items or do you prefer to discuss with Ari please advise thank you Richard Kahn HBRK Associates Inc. Begin forwarded message: From: " Subject: Boothbay Fund Management, LLC I Part 2A and 2B of Form ADV I Southern Financial, LLC Date: April 10, 2017 at 6:41:38 PM EDT To: <[email protected]>, scl Dear Investor, Please find the following annual updates related to Boothbay Fund Management, LLC's investment advisory business attached: Part 2A and 2B of Form ADV Please contact me if you have questions. Thank you, Sam Crispin* I Senior Account Manager • Fund Accounting Dept. EFTA01049757 Disclosure. This message is intended for the addressee only and may contain confidential or privileged information. If the reader of this message is not the intended recipient. or an employee or agent responsible for delivering this message to the intended recipient. you are hereby notified that any dissemination. distribution. copying. or other use of this message or its attachments is strictly prohibited. If you have received this message in error. please notify the sender immediately by replying to this message and please delete it from your computer. NAV Group reserves the right to monitor all e-mail communications through its network. Internet communications may not be secure or error-free and may contain viruses. They may be subject to possible data corruption. accidental or on purpose. This e-mail is not and should not be construed as an offer or the solicitation of an offer to purchase or subscribe or sell or redeem any investments. EFTA01049758