BOOTHBAY'S OBJECTIVE Boothbay Management is seeking to raise a combination of an "accelerator share class" and/or "founders share class" of $100m in order to optimally run its planned hybrid fund product offering. The intended vehicle will be a combination of a multi manager, multi strategy managed account platform currently being built out, along with the First Loss platform that Boothbay currently runs. Boothbay has a combination of a differentiated investment philosophy, business plan and a visionary founder who is uniquely qualified to execute this plan. It also has a robust infrastructure, built out over two plus years, which includes proprietary systems and talented personnel. With access to sufficient capital, Boothbay can utilize its skills to capitalize on a market opportunity created by the maturation of the hedge fund industry. In addition to the explicit and implicit millions of dollars of pre-launch build that will be contributed by the management to the new vehicle, the founder intends to invest no less than $20m of his own family's capital to the platform BOMBAY'S INVESTMENT STRATEGY: AVOID CORRELATION, ISOLATE PORTFOLIO ALPHA, CREATE STRUCTURAL ALPHA Boothbay has two distinct but complimentary investment strategies. One is colloquially known as a "First Loss Model", the other known as "Milleniumesque". We will first discuss the "Milleniumesque part", and then follow with the First Loss Model. Boothbay's primary implementation of the "Milleniumesque" part of its investment philosophy operates much as the house does in a casino. A casino relies on a small edge that — processed through the law of large numbers and avoiding correlation among bets and concentration risk— leads to consistent profits. Boothbay applies this philosophy to investments in portfolio managers. It allocates to a diverse group of portfolio managers with positive expectancy, low cross correlations and low concentration. This leads to a portfolio whose risk /rewar