P - April 2012 Results Dear Limited Partner, Please find Western Standard's April 2012 letter attached. Your individual NAV (Net Asset Value) from HedgeCount, LLC will be sent to you within 7 business days. Regards, Eric D. Andersen Western Standard, LLC 1507 Berkeley St, Suite 7 Santa Monica, CA 9040

nt buyout so we expect a quick deal close. Operational Highlights The partnership publishes this letter before the month-end return is finalized by HedgeCount, LLC. Therefore, the estimated return is likely to differ slightly from the final return due to timing of interest, dividends, short rebates, expen

appreciate the insight that he provided. Operational Highlights The partnership publishes this letter before the month-end return is finalized by HedgeCount, LLC. Therefore, the estimated return is likely to differ slightly from the final return due to timing of interest, dividends, short rebates, expen