From: Freddie Richardson < IMMa> To: Freddie Richardson •t: IMMa> CC: Peter Bremberg Ari Glass •alMa> Subject: Boothbay - Lyft Upsize Update Date: Tue, 26 Mar 2019 17:46:36 +0000 Dear Investors, As we approach the expected listing date for Lyft, we wanted to provide a brief update. Due to the high demand that the IPO has attracted, our manager is currently being "guided down" meaningfully from their original allocation expectation. At this point, it seems unlikely that the allocation Boothbay receives will be nearly as large as we originally hoped for and therefore wanted to give you this update. Once we receive our total allocation, we will communicate your "Upsize amount" Friday morning, but at this point we are not optimistic that the amount Boothbay receives will meaningfully exceed the Fund's target allocation, if at all. We appreciate your quick responses to our outreach last Monday and hope to have similar opportunities in the future when we can share with you. Kind regards, Freddie Frederick Richardson Boothbay Fund Management 810 Seventh Avenue, 6th Floor New York, NY 10019 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 email 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. EFTA01034985