he Strategy. No Formal Diversification Policies Hudson Bay Capital expects that the Corporate Value Fund will participate in a number of different Corporate Event Investments (although it is impossible to predict the timing or the number of such Investments). Other than the limitation that the Corporate Value Fund will n

ccounts may from time to time cause Hudson Bay Capital to be restricted (due to the receipt of MNPI or other reasons) from participating in certain Corporate Event Investments. Any such restriction would also apply to the Corporate Value Fund and could be particularly adverse to the prospects of the Corporate Value Fund d

is not as well settled (or not as favorable to the Corporate Value Fund) as it is in Delaware. The duration of the Corporate Value Fund's different Corporate Event Investments is expected to be both variable and unpredictable. Hudson Bay Capital anticipates that 64 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDN