f the need to satisfy the Preferred Return. It is also possible that, in the context of an Appraisal Proceeding that is not resolved in the favor of the Corporate Value Fund, certain amounts relating to an Appraisal Proceeding that had previously been distributed to limited partners by the Corporate Value Fund may be re

such Corporate Events is intense. The Corporate Value Fund has a limited two-year commitment period. Depending on unpredictable market conditions, the Corporate Value Fund may be able to only make a strictly limited number of Investments. This limited time period, combined with the restriction that the Corporate Value

gement services to Other Accounts, which may have investment objectives, strategies and positions that are similar to or may conflict with those of the Corporate Value Fund, or may compete with or have interests adverse to the Corporate Value Fund. For example, the Multi-Strat Fund implements the Strategy as one of its

ives and the instruments underlying such derivatives may diverge unexpectedly, resulting in losses. Short Sales Risk Hudson Bay Capital will cause the Corporate Value Fund to engage in short selling. A short sale is effected by selling a security that the Corporate Value Fund does not own, or selling a security which