side-by-side structure. As of August 1, 2010. (a) Hudson Bay Fund LP CHEF") and Hudson Bay International Fund Ltd ("REIF") became 'feeder furds" in Hudson Bay Master Fund Ltd. (the "Master Fund' and together with HBF and HBIF, the "Funds') in a master feeder structure. at which time the investors in Hudson Bay Overseas Fun

nt set forth below. The Investor understands that the Partnership carries out its investment objective by investing all of its investable assets in Hudson Bay Master Fund Ltd. (the "Master Fund"), a Cayman Islands exempted company incorporated in June 2005, and HB Fund LLC, a limited liability company formed under the law