EFTA01384587

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 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 entirety by reference to such documentation, including the Risk Factors and Potential Conflicts of Interest disclosure set forth therein. This presentation is strictly confidential and intended exclusively for the use of the person to whom it was delivered by Hudson Bay. This presentation may not be reproduced or redistributed in whole or in part. Hudson Bay disclaims any obligation to update this document to reflect subsequent developments. All information provided herein is current as March 31, 2018, unless otherwise indicated. Hudson Bay reserves the right to change any terms of the offering of the Funds at any time subject to applicable law. Past performance is not a guarantee of future performance and the information contained herein is not a guarantee of Hudson Bay's performance. Any projection, forecast or return on investment illustrations delivered by or on behalf of Hudson Bay is for illustrative purposes only and actual results may vary materially from anticipated returns. An investment in the Funds may not be suitable for all investors and prospective investors should consult their own professional advisors as to the suitability, legal, tax and economic consequences of an investment in the Funds. There can be no assurance that the Funds' investment objectives will be achieved. Investors could lose some or all of their investment. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0084893 SDNY_GM_00231077 EFTA01384587