ion of an offer to purchase an interest in any Fund managed by Hudson Bay. Offers and sales of interests in the Funds will be made only pursuant to the Confidential Private Placement Memoranda, complete documentation for the relevant Fund and in accordance with the applicable securities laws, and this presentation is qualified in its entir

n Bay International Fund Ltd. See the 'General Disclosures' in the attached appendix for more detail. This summary should be read in coNunction with the Confidential Private Placement Memoranda and all notes therein. This is not an otter to sell or a solicitation !or offer to ttry an interest e1 the Fund. Any offer will be made only pursua