/Global 0.27% HUDSON BAY INTERNATIONAL FUND LTD 31 May 06 O $1'425M 237.12 30 Apr (0.73%) 0.27% 7.9% 11.37% 4.31% 11.52% 5.05% (3.92%) Hudson Bay Capital Management LP Mar 14 14 Nov 07 - Dec 07 Statistical Arbitrage Ytd Avg. 2014 1.58% 1. Max Drawdown: Peak to trough. Past performance is not a reliable indica

HUBUS133 Alpha Group Capital Item 4. Advisory Business Hudson Bay Capital Management LP ("Hudson Bay Capitarl), a Delaware limited partnership, is an alternative asset management firm founded in 2005 by Sander Gerber. Mr. Gerber is Hud

H.BUS133 A, Group Capital ij HUDSON BAY CAPITAL Hudson Bay Multi-Strategy Funds Hudson Bay Capital Management LP CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6. CONFIDENTIAL DB-SDNY-0064892 SDNY_GM_00231076 EFTA01384586

HUBUS I33 Alpha Group Capital /, HUDSON BAY CAPITAL Disclaimers This presentation contains general information on Hudson Bay Capital Management LP ("Hudson Bay") and its multi-strategy funds (the "Funds"). This presentation is not an offer to sell nor a solicitation of an offer to purchase an

fidential and/or privileged information. Any unauthorized copying, disclosure or distribution of the material n this document is strictly forbidden. Hudson Bay Capital Management LP (along with its affiliates. 'Hudson Bay) disclaims any obligation to update this document to reflect subsequent developments or changes This brochur

be completed in its entirety and signed *' This Letter of Authorization pertains to the fund indicated below (each, a "Fund'), which is managed by Hudson Bay Capital Management LP (the "Manager") and has been made available to you through Deutsche Bank Wealth Management u ("Deutsche Bank"): (Please check the applicable box ne

rber is the managing member of the General Partner. Mr. Gerber also controls the Management Company as the managing member of its general partner. Hudson Bay Capital Management LP, a Delaware limited partnership (the "Management Company"), provides certain administrative and managerial services to the Partnership, subject to

rber is the managing member of the General Partner. Mr. Gerber also controls the Management Company as the managing member of its general partner. Hudson Bay Capital Management LP, a Delaware limited partnership (the "Management Company"), provides certain administrative and managerial services to the Partnership, subject to