EFTA01384600

HUBUSt 33 Alpha Group Capital A HUDSON BAY CAPITAL General Disclosures Appendix Before making any investment decision. prospective investors shotid thoroughly and carefully review the applicable Fund's Confidential Private Placement Memorandum with their financial. legal and tax advisors to determine whether an investment is suitable for them. An investment in a Fund is not sutable for all investors. No representation is made that any Fund will or is likely to achieve its objectives or avoid incurring substantial losses. 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 illustrative purposes only, and have material inherent limitations when used in comparison to the returns of actively managed investment products such as the Funds, because they may have volatility. credit and other material characteristics 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, but Hudson Bay makes no representations or guarantees with regard to the accuracy of such data. The Funds will be speculative investments and weft involve a high degree of risk. An investor could lose all or a substantial portion of the investment. Investors must have the financial ability, sophistication, experience and willingness to bear the risks of an investment in the Funds. The performance of the Funds can be expected to be volatile. An investment in a Fund will be illiquid. and there will be significant restnctions on transferring interests in a Fund. There is no secondary market for investments in a Fund, and none is expected to develop. The Funds may not be able to deliver important tax information to U.S. taxable investors on a timely basis. The Funds are not required to provide transparency regarding their underlying investments to investors. Each Fund will be subject to substantial expenses irrespective of its performance. If these expenses are not offset by investment and trading gains, the value of an investment in such Fund will decline. All Find terms described herein are subject to change without notice subject to applicable law. The terms are not intended to be complete or final and are qualified in their entirety by reference to the applicable Confidential Private Placement Memorandum (copies of which will be furnished to any qualified prospective investors upon request and must be received and reviewed by all investors prior to investing). In the event that the description or terms described herein are inconsistent with or contrary to the descriptions in or terms of the Confidential Private Placement Memorandum. the Confidential Private Placement Memorandum shall control. No regulatory authority has passed upon or endorsed this presentation or the merits of an investment in the Funds. Certain information contained in this presentation constitutes "forward-looking statements:which can be identified by the use of forward-looking terminology such as 'may", 'Will". 'should". -expect, 'anticipate. `project. -estimate. Intend'. 'continu.'target`, "believe'. the negative thereof, other variations thereon or comparable terminology. Cue to various nsks and isicertainties, actual events or results or actual performance of the Funds may differ materially from those reflected or contemplated in such forward-looking statements. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084927 CONFIDENTIAL SDNY_GM_00231111 EFTA01384600