lieves is likely to be determined in an "Appraisal Proceeding." An Appraisal Proceeding is litigation contesting that the consideration paid by the Acquiror in a Corporate Event for the Target's securities is below Fair Value. Hudson Bay Capital may cause the Corporate Value Fund to invest in any Corpora

porate Value Fund to settle, as Acquirors typically are only interested in settling with all dissenting shareholders. Acquisition Premiums When an Acquiror merges with or purchases a Target, the Acquiror typically offers a substantial premium over the market value of the Target's equity at the time the

ailability of Corporate Event Investments As Corporate Events are generally transacted at a price agreed at arm's length between the Target and the Acquiror, the number of such Corporate Events in which Hudson Bay Capital identifies a material disparity between the Transaction Price and Fair Value may b

ween several months to several years (depending, to some extent, on whether the Appraisal Proceeding is resolved in court or by settlement with the Acquiror). Hudson Bay Capital may from time to time negotiate to settle an Appraisal Proceeding before it is finally adjudicated. In certain circumstances,

Corporate Value Fund in the market or (ii) Hudson Bay Capital's analysis indicates that the Transaction Price agreed to between the Target and the Acquiror, is below the Fair Value that Hudson Bay Capital believes is likely to be determined in an Appraisal Proceeding. The Corporate Value Fund will gene

anced discussions to acquire Dole Food Co. (DOLE), and had secured appropriate financing. iFigure I: Select food M&A transactions Announce Date Acquiror Target EV/EBITDA (exSynerees) EV/EMTDA (A/Synergies) 4/18/17 Post Moldings• Weldable 11.7x 10.0x 4/25/17 Tyson Foods Advance Pierre Food