derations. If Hudson Bay Capital decides, based on the factors set forth above, to execute over-the- counter transactions on an agency basis through Electronic Communications Networks ("ECNs"), it will also consider the following factors when choosing to use one ECN over another: the ease of use; the flexibility of the ECN compar

apital If the Management Company decides, based on the factors set forth above, to execute over- the-counter transactions on an agency basis through Electronic Communications Networks ("ECNs"), it will also consider the following factors when choosing to use one ECN over another: the ease of use; the flexibility of the ECN compar