regular 20% rate. Hudson Bay International Fund Ltd is the successor in interest to Hudson Bay Overseas Fund Ltd so that a€l performance figures of the Hudson Bay Overseas Fund Ltd. prior to attributed to Hudson Bay International Fund Ltd. See the 'General Disclosures' in the attached appendix for more detail ooncerring the 2010

ure performance. Hudson Bay Internaeonal Fund Ltd Is the successor in interest to Hudson Bay Overseas Fired Lid. so that all pertormaite figur es of the Hudson Bay Overseas Fund Ltd. I.. i -_r ta.Aricus-I I. 2010 have Inn attributed to Hudson Bay International Fund Ltd. See the 'General Disclosures' in the attached appendix for m