B BOOTH BAY FUND MANAGEMENT, LLC April 26, 2016 Boothbay Absolute Return Strategies, LP (the "Fund") 2016 Q1 net return was an estimated (1.37%)2 versus +0.77% for the S&P 500, (2.59%) for the HFRX Global Hedge Fund Index, and (0.58%) for the HFRX Absolute Return Index. Net Returns (%) Boothbay S&P 500 HFRX Index Absolute Return Index HFRX Index Global Hedge Fund Q12016 -1.37% 0.77% -0.58% -1.87% March -1.20% 6.60% -0.29% 1.24% February 0.36% -0.41% -0.35% -0.32% January -0.53% -5.07% 0.05% -2.76% Since opening the Fund to external investors on July 1, 2014, Boothbay has returned 10.26%2, versus 5.08% for the S&P 500 during the same period. Performance and Conunentary QI of 2016 was our Fund's most challenging quarter yet. As we had warned in the Q4 letter, our streak of 14 consecutive positive months was certain to end at some point. The streak ended in January, which portended an even more difficult March. In the general markets, it was a very unusual quarter. The S&P 500 Index was relatively flat through March, despite having experienced a steep sell-off and recovery. Despite this modestly positive market performance, hedge fund returns were very poor. An industry note from Morgan Stanley said that Q1 2016 was the worst quarter for stock picking alpha in at least 7 years. Returns were especially bad for relative value multi-manager multi-strategy firms, the category Boothbay falls in. Overall, the quarter was our worst, and brought about some questions and challenges to the wider multi-strategy category, while at the same time offering affirmation for what we do differently at Boothbay. What happened? In our view, several items collided to force one of the hedge fund industry's largest-ever deleveraging events. The alternative investment world has changed materially. Leverage is more appropriate for relative value multi-manager multi-strategy firms, as they are, among other things, market-neutral and diversified.