vities, custody, brokerage, clearing, financing and credit agreements, regulatory investigations and/or proceedings attributable or relating to the Multi-Strat Funds or any Trading Vehicle, and regulatory reporting and compliance costs attributable or relating to the Multi-Strat Funds, such as filing fees a

cessarily indicative of their future results. Leverage Risk The use of leverage is integral to many of the Multi-Strat Funds' strategies, and the Multi-Strat Funds depend on the availability of credit in order to finance its portfolio. The Multi-Strat Funds borrow funds from brokers, banks and other lende

t Fund to recognize profits on open positions or to close out open positions against which the market is moving and could also adversely affect the Multi-Strat Funds' ability to rebalance their portfolios. Illiquidity can also disconnect market values from the historical pricing indicators used in Hudson B

in any co-investment and related transactions on comparable terms to the extent practicable and share in corresponding investment related expenses. Multi-Strat investors should note, however, that this may not be practicable in all circumstances and that the Multi-Strat Funds may participate in such invest

l will not bear any liability if a price, reasonably believed by it to be an accurate valuation of a particular direct or indirect investment of the Multi-Strat Funds, is subsequently found to be inaccurate. Hudson Bay Capital must depend on the valuations furnished to it by its Third-Party Ventures. In th

services — unlike in the case of any "soft dollar" services obtained by Hudson Bay Capital — would generally constitute incremental expenses to the Multi-Strat Funds. Such "soft dollar" services may also fall outside of the "safe harbor" provisions of Section 28(e). Each Multi-Strat investor, as a conditio

main consistent with the pertinent offering documents and will generally review each Client's performance on an ongoing basis. Reports to Clients Multi-Strat, Capital Structure, Corporate Value and MLP Fund investors receive unaudited performance information at least quarterly and audited financial statem