ticipants. Structural Risks Single Investor The Corporate Value Fund has been organized for the single Institutional Investor (as well as certain Hudson Bay Insiders) and not for multiple third-party investors. As a result, Hudson Bay Capital may be incentivized to make certain determinations differently than it

herwise would. For example, Hudson Bay Capital may be incentivized to declare a default in respect of non-payment of a capital call because certain Hudson Bay Insiders may benefit significantly from such default and the exercise of the related forfeiture provisions. Dtearential Access to Information Hudson Bay Ca