EFTA01384595

HUBUS133 Alpha Group Capital HUDSON BAY CAPITAL Monthly Returns* Hudson Bay Fund LP - Net Monthly Performance Fund Performance 2018 Jan 0.88% Feb 1.01% Mar 0.23% Apr May Jun July Aug Sep Oct Nov Dec NET YTD ROR 2.13% 2017" 1.33% 0.29% 0.02% 1.17% -0 42% 0.05% 1.38% 0.18% 1.04% 1.15% 2.47% 0.27% 9.26% 2016" 0.67% -0.36% 0.61% 0.19% 0.49% 0.24% 0.38% 0.44% 0.49% -0.10% 0.28% 1.21% 4.64% 2015" -0.64% 1.44% 0.99% -0.20% -0.32% -0.57% -0.49% 0.35% -0.50% -0.74% -1.06% 0.10% -1.65% 2014 0.26% 1.65% -1.04% -1.10% 0.12% 1.30% 0.23% -0.12% -0.09% -3.04% 0.15% -0.80% -2.55% 2013 -0.53% 0.26% 0.69% 0.90% 1.77% 1.28% -0.14% 0.25% -0.13% 0.06% 1.77% 2.15% 8.61% 2012 0.66% 1.18% 1.09% 1 72% 0.74% 1.40% 0.74% 1 05% 0.73% 0.17% 0.12% 0.62% 10.69% 2011 1.44% 0.72% 0.59% 0.49% 0.58% -0.28% -0.08% -0.04% 0.39% 0.50% 0.18% -0.02% 4.54% 2010 0.44% 0.46% 2.97% 1.47% -1.31% -0.62% 1.25% 2.33% 033% 1.02% 0.13% 0.28% 9.03% 2009 8.10% 1.21% -0.87% -0.18% 5.56% 2.90% 2.60% 3.08% 2.94% 1.77% 1.01% 3.03% 35.61% 2008 1.00% 1.83% 0.58% -0.62% 2.09% 1.34% 0.16% 0.61% 0.19% 0.94% 2 34% 0.08% 11.01% 2007 1.02% 0.85% 2.59% -0.96% 0.94% 0.64% 0.21% 1.69% -0.09% 1.37% 0.95% 3.53% 5.71% 2006 4.22% 2.92% 4.06% 4 97% 1.32% 1.23% 2.00% 13.10% 1.33% 1.79% 0.79% 1.05% 45.68% 'Returns and Portfolio Characteristics are net of applicable: expenses and fees finClirfing incentrie all ;ations) for an investor that has been an investor since Fund inception who is eligible to receive inft —me issues- from "new issue under FINRA regulations and who is not otherwise limited in being allocated gains and losses from any of the Fund's investments. Particular investors returns will vary from the ccimaosde returns of the Fund due to the timing of subscriptions. withdrawals and redemptions application or any modified fees on accotrit of adjusted 'high water marks' and due to the investor'seligital410 receive income from 'new issues- andtor the investors ineligibility to be allocated profits and losses from certain of the Fords investments. "Returns for an investor since inception for the per*d February 2015 through rnid-Ji.dy 2017 reiect the adjusted high watermark incentive rate of 10%, rather than the unmodified 2004. rob. Past petforinance is not necessarily indicative of future 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 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 pursuant to the relevant Confidential Private Placement Men-ioranchrn CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084916 CONFIDENTIAL SDNY_GM_00231100 EFTA01384595