PAULSON CAPITAL CORP

CUSIP: 703797100 Class: COM

Hudson Bay Capital Management LP's Holding History (CIK: 0001393825)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014
Shares 143,886 Value ($000) $122 Avg Close — Range —
Q4 2013
Shares 143,886 Value ($000) $47 Avg Close — Range —
Q3 2013
Shares 143,886 Value ($000) $47 Avg Close — Range —