EFTA01384589

HUBUS133 Alpha Group Capital HUDSON BAY CAPITAL Flagship Fund Overview* Hudson Bay Has Delivered Absolute Returns through Various Market Conditions Low Correlation to the Equity Markets $3.400 Hudson Bay Fund LP —S&P 500 Os of Mar. 2018) Correlation to the S&P 500: 63.000 0.01 for Hudson Bay Fund LP $2$00 Sharpe 0.03 for Hudson Bay International Fund Ltd $2.200 Rad*: Generated Positive Returns in Periods of $ig= 1.17 Extreme Market Turmoil $1.403 2008 61.000 Executive Summary +11.01% for Hudson Bay Fund LP +10 14% for Hudson Bay International Fund Ltd 3Q of 2011 .0.27% for Hudson Bay Fund LP +0.16% for Hudson Bay International Fund Ltd $2,600 1O of 2016 92,200 +0.92% Hudson Bay Fund LP $1.900 +0.61% Hudson Bay International Fund Ltd $1.600 Persistent Profitability j 1, Since inception of the Hudson Bay Funds: si.sao 10.91% for Hudson Bay Fund LP s-so 8.65% for Hudson Bay International Fund Ltd MOO . • • . • • .frao-06.lon-07 itto-f)8Jagi.1-VaigE-10 Rin- t 1 it' n. E 2 Jan.13 J.m.14 ,Ean-15 am-16 Jan `:7 Jorr16 Annualized Rate of Return: .10.91% —HBIF —S&P 500 8400 am.% Jun 09 Jun-11) 4'1,01 don.12 Jun-13 Jun.14 Jun•15 Jun.16 And 7 Annualized Rate of Return: +8.65% (as Masan 2018) See 'General Discloswee in the Appendix for additional important information. 'Returns and Portfolio Characteristics are net of applicable expenses and fees (including incentive allocations) for an investor that has been an investor since Fund inception who is eligible to receive ' from "new issues" under FINFtA reguiations. and who rs not otherwise landed in being allocated gains and losses from any of the Funds investments. Partular investors' returns will vary from the returns of the Funds due to the timing of subscriptions. withdrawals and redemptions, application of any modified fees on account of "adjusted high water marks." the investors eligibility to - from 'new issues" arclIor the investors ineligibility to be allocated profits and losses from certain of the Fund's investments. Beginning with February 2015 and continuing through mid...luty an investor since inception lava reflected the modified performance compensation rate of 10%, rather than the 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 restructuring. as well as a rest in 2016. Financial indicators and benchmarks such as the S&P 500 Index are unmanaged• do not reflect any management fees, assume. reinvestment of income, are for ill material inherent limitations when used in comparison to the returns of actively managed investment products such as the Funds. because they may have volatility. that are fundamentally different than those of the Funds. In addition, the data used in the benchmarks are obtained from sources considered to be reliable. guarantees with regard to the accuracy of such data Past performance is not necessarily indicative of future returns. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00231081 DB-SDNY-0084897 EFTA01384589