Hudson Bay International

Fund Ltd.

Fund Investment Objectives

Hudson Bay Capital Management LP is a manger of alternative investment opportunities in the global markets targeting absolute returns by employing a diverse set of catalyst-driven strategies that are intended to be uncorrelated to each other and to the major indices. Founded in December 2005, Hudson Bay is the successor firm to Gerber Asset Management LLC, a proprietary trading firm that has a five-year audited track record. Located in New York City with Sander Gerber as Chief Investment Officer, the firm has 26 employees including 12 investment professionals who seek to exploit market inefficiencies whilst maintaining a focus on risk management and capital preservation. *Prior to August 1, 2010, Hudson Bay Fund LP and Hudson Bay Overseas Fund Ltd. operated under a side-by-side structure. As of August 1, 2010, (a) Hudson Bay Fund LP and Hudson Bay International Fund Ltd. became "feeder funds" in Hudson Bay Master Fund Ltd. in a master feeder structure, at which time the investors in Hudson Bay Overseas Fund Ltd. became investors in the offshore feeder, Hudson Bay International Fund Ltd.; and (b) Hudson bay Overseas Fund Ltd. restructured as the Master Fund. As a consequence, Hudson Bay International Fund Ltd. is the successor-in-interest to Hudson Bay Overseas Fund Ltd. so that all performance figures attributed to Hudson Bay International Fund Ltd. prior to August 1, 2010 should be deemed to be attributed to Hudson Bay Overseas Fund Ltd. Further details on this restructuring are available upon request.