finally resolved in court. While an Appraisal Proceeding award or settlement will often incorporate some interest rate adjustment, the outcomes of Appraisal Proceedings are unpredictable both as to amount and to timing, and the amount received by the Corporate Fund may not offset the present value and other costs i

HUBUS133 Alpha Group Capital Inherent Uncertainty of Appraisal Proceedings The outcome of Appraisal Proceedings is fundamental to the Strategy, and these are outcomes that are inherently uncertain. Hudson Bay Capital could have successfully identified a Corpo

the MI Fair Value). Such right of the Acquiror to make a Prepayment Option Amount payment may or may not be available to Acquirors with respect to Appraisal Proceedings not brought in Delaware. The Corporate Value Fund will only use leverage when it acquires an Investment with the consent of the Institutional Inve

licts could affect the prices and availability of securities in which the Corporate Value Fund invests as well as its access to and the progress of Appraisal Proceedings. Conflicts of interest arise when Hudson Bay Capital makes decisions on behalf of the Corporate Value Fund with respect to matters where the intere

Corporate Value Fund is not restricted as to the jurisdiction in which it may bring an Appraisal Proceeding, and may make substantial investments in Appraisal Proceedings in jurisdictions (including non-U.S. jurisdictions) in which the applicable Law is not as well settled (or not as favorable to the Corporate Value

publicity than many other alternative investment strategies. There are typically material and ongoing litigation/adversary proceedings involved in Appraisal Proceedings, and a number of critics have argued that the Strategy is not consistent with the purpose of the laws relating to Appraisal Proceedings — i.e., pre