Hudson Bay Capital Management LP (“Hudson Bay Capital”)1, a Delaware limited partnership, is an alternative asset management firm founded in 2005 by Sander Gerber. Mr. Gerber is Hudson Bay Capital’s principal owner and the managing member of Hudson Bay Capital’s general partner. Hudson Bay Capital provides investment management services on a discretionary basis to privately offered investment vehicles (each a “Fund” and collectively, the “Funds”). In addition to the Funds, Hudson Bay Capital acts as a sub-advisor to SALI Fund Management, LLC with respect to the Hudson Bay Insurance Dedicated Fund Series of the SALI Multi-Series Fund V, L.P. (the “Hudson Bay IDF”). The only investors eligible to invest in the Hudson Bay IDF are segregated accounts (“Separate Accounts”) of insurance companies that meet certain regulatory requirements (“Insurance Company Investors”) and insurance dedicated funds whose sole investors are Insurance Company Investors (collectively, “Eligible Investors”). The Separate Accounts fund certain variable life and variable annuity contracts issued by the Eligible Investors to insurance policy owners. The Hudson Bay IDF invests a substantial portion of its assets in the Funds. In the future, Hudson Bay Capital may provide the same or similar services to separately managed accounts (such accounts, together with the Funds and the Hudson Bay IDF, referred to herein as the “Clients”). Hudson Bay Capital’s main office is located in Greenwich, Connecticut. The office of Hudson Bay Capital’s affiliate, Hudson Bay Capital UK LLP (“HBC UK”), is located in London, United Kingdom. HBC UK’s advisory personnel have been seconded to Mirabella Financial Services LLP (“Mirabella”), which serves as a sub-manager to Hudson Bay Capital with respect to certain Funds. Mirabella is authorized and regulated by the Financial Conduct Authority. The office of Hudson Bay Capital’s affiliate, Hudson Bay Capital Management (DIFC) Ltd. (“HBC Dubai”), is located in Dubai, United Arab Emirates. HBC Dubai is licensed by the Dubai Financial Services Authority to operate as an authorized firm in Dubai and operates as a sub-adviser to Hudson Bay Capital with respect to certain Funds. Hudson Bay Capital also has office locations in Florida, Boston and New York. The Funds managed by Hudson Bay Capital are generally structured in a “master-feeder” format whereby feeder fund investable capital is invested directly or indirectly into investment vehicles through which Hudson Bay Capital pursues its investment strategies. Hudson Bay Capital advises Funds pursuing a variety of investment objectives and employing different strategies including, credit, fundamental equities, convertibles, event and mergers, volatility and special opportunities. As more specifically described in Item 8—Methods of Analysis, Investment Strategies and Risk of Loss, the master-feeders managed by Hudson Bay Capital are: (i) the multi-strategy Funds (“Multi-Strat Funds”), which target traditional and non-traditional sources of alpha by employing a diverse set of absolute return strategies that are intended to be uncorrelated to each other and to the major 1 References herein to Hudson Bay Capital, include Hudson Bay Capital’s affiliates, where appropriate. indices; (ii) the capital structure strategy Funds (“Capital Structure Funds”), which focus on convertible and other equity-linked and related investments, as well as other debt, and (iii) the special opportunities funds (“Special Opportunities Funds”), which focus on assets that Hudson Bay Capital determines are not appropriate in their entirety for its other Funds because of timing, including investment horizon, expected liquidity, direction (i.e. because they are unhedged) or other considerations and/or overflow investments from its other funds.2 As sub-advisor, Hudson Bay Capital intends to manage the Hudson Bay IDF in a manner such that it has substantially the same exposure as the Multi- Strat Funds. All discussions of the Funds in this Brochure, including but not limited to their investments, the investment strategies used in managing the Funds, the fees and other costs associated with an investment in the Funds, and the conflicts of interest faced by Hudson Bay Capital in connection with the management of the Funds, are qualified in their entirety by reference to each Fund’s respective confidential private placement memorandum and governing documents (referred to collectively as the “Operative Documents”). Availability of Customized Services for Individual Clients Side Letters The Funds and, in certain cases, Hudson Bay Capital, have discretion to waive or modify the application of, or grant special or more favorable rights with respect to, the terms or provisions applicable to investment in the Funds to the extent permitted by applicable law. Such terms may relate to certain withdrawal rights, fees and expenses, portfolio level information rights or different participation in profits and losses of certain securities or other matters (“Favorable Terms”). To effect such waivers or modifications or the grant of any special or more Favorable Terms, the Funds may create additional classes, sub- classes, tranches or series of interests for certain investors or Hudson Bay Capital may establish additional feeder funds that provide for these differing rights, without providing notice to, or receiving consent from, the investors. Certain of such waivers, modifications or grants of special or more Favorable Terms may also be, and have been, effected by the Funds and/or Hudson Bay Capital through side letters. In addition, certain investors have Favorable Terms that Hudson Bay Capital deems necessary for them in order to accommodate their investment in the Funds. For example, the Hudson Bay IDF is subject to certain regulatory requirements that require liquidity upon the occurrence of specific events (e.g., to meet a death claim relating to an insurance 2 Hudson Bay Capital also manages two additional Funds that are no longer accepting new investors: (i) a Fund focused on investments in publicly traded securities such as units, common stock, warrants and occasionally rights, issued by special purpose acquisition companies, as well as SPAC sponsor equity instruments (“SPAC Funds”); and (ii) HBC Real Estate Fund LLC (the “REIT”), which expects to originate or acquire commercial mortgage loans and residential motgage loans, as well as invest in other real estate- related assets. The SPAC Funds are currently in the process of being wound down. The REIT is a subsidiary of the Multi-Strat Funds, but also has certain outside investors who hold preferred shares.

policy exposed to the Hudson Bay IDF) in order to meet its obligations to pay underlying policyholders. Although certain investors may invest with different material terms, the Funds and Hudson Bay Capital will only offer such terms if they believe other investors will not be materially disadvantaged. The Funds or Hudson Bay Capital, as applicable, may create additional classes, sub-classes, tranches or series of interests and enter into side letters without notice to, or consent of, other investors. Certain side letters may enable certain investors to receive reports and have access to information regarding the Funds’ portfolio that might only be available to other investors upon direct request from such investor. Accordingly, certain investors may be privy to certain information regarding the Funds that may not be available to other investors and such investors may make investment decisions with respect to their investment in the Funds based on such information, including requesting redemptions or withdrawals. Waiver/Modification of Fees/Performance Allocations Hudson Bay Capital reserves the right to reduce, waive or calculate differently the management fee, performance allocation and/or carried interest with respect to any investor (and has done so on occasion), including, without limitation, investors that are: (i) present or former employees or principals of Hudson Bay Capital (“Hudson Bay Insiders”); (ii) a member of the immediate family of any Hudson Bay Insider; (iii) any fund or account managed by Hudson Bay Capital for the principal use of any of the foregoing persons described in clauses (i) or (ii); or (iv) a trust or other entity established for the benefit of any Hudson Bay Insider or any member of the immediate family of any Hudson Bay Insider (any of the foregoing, a “Hudson Bay Party” and collectively, the “Hudson Bay Parties”). Currently, Hudson Bay Parties invested directly in the Funds are not charged a management fee and are not subject to a performance allocation or are subject to a reduced performance allocation. In the Multi-Strat Fund, by means of individually-negotiated arrangements, certain investors pay a reduced management fee in exchange for what Hudson Bay Capital deems a substantial investment and reduced liquidity. In the Special Opportunities Fund, certain first close investors pay a reduced management fee and by means of individually-negotiated arrangements, certain investors pay a reduced management fee in exchange for what Hudson Bay Capital deems a substantial investment. Individual Investor Investment Restrictions Certain Multi-Strat Fund investors (“SRI Investors”) that are subject to a “socially responsible” mandate or other investment mandates which preclude them from participating in profits or losses attributable to certain securities and other investments (“Restricted Investments”) of companies (“Restricted Companies”) have entered into side letter agreements whereby Hudson Bay Capital uses reasonable efforts to allocate profits and losses attributable to such Restricted Companies away from the SRI Investors’ interests or shares (the “SRI Shares”) and to other investors (“non-SRI Investors”) who are not SRI Investors (the “Restricted Investment Reallocation”). In cases where a single investment thesis or idea is manifested through a group of positions, including related hedges, one of which is an investment in a Restricted Company, as a general matter, Hudson Bay Capital will treat the entire group of investments as a Restricted Investment even if certain of the positions in the group are not securities or other instruments of Restricted Companies. In certain cases, where this general rule results in outcomes Hudson Bay Capital deems suboptimal, alternate rules may be applied. Because Restricted Investments may include hedges (internal and otherwise) in Hudson Bay Capital’s discretion, the Restricted Investments Reallocation may result in a different allocation of profits and losses to the SRI Investors and the non-SRI Investors than would have occurred had there been no hedges (internal or otherwise). Hudson Bay Capital retains complete discretion in determining the methodology used to determine the Restricted Investments Reallocation. Although SRI Investors will not participate in the profits and losses attributable to a Restricted Investment, they will bear a pro rata portion of expenses incurred by the Funds in connection with any such Restricted Investment. In addition, certain Special Opportunities Fund investors (“Excused Investors”) that are subject to a “socially responsible” mandate or other investment mandates which preclude them from participating in profits or losses attributable to Restricted Investments have entered into side letter agreements whereby Hudson Bay Capital excludes them from such Restricted Investments. SRI Investors and Excused investors will have different investment returns than an investor that participates fully in a Fund’s investments. Shares and/or interests of the Multi-Strat Fund and interests of the Special Opportunities Fund may be adversely (or positively) affected by Hudson Bay Capital’s compliance with the specific investment criteria applicable to the SRI Shares and Excused Investors to the extent such investment criteria cause the other shares and/or interests to have different exposures and weightings than would otherwise be applicable to the Multi-Strat Funds’ portfolio in the absence of the SRI Shares and Excused Investors. In addition, Special Opportunities Fund investors can be excluded from participating in certain investments if Hudson Bay Capital determines in its discretion that there is a substantial risk that such investor’s participation in the applicable investment would: (i) result in the Fund losing its limited liability status, (ii) result in a violation of any law or regulation that would have a material adverse effect on the portfolio asset that is the subject of such investment, a Fund, Hudson Bay Capital, any Fund investor or any of their respective affiliates, (iii) subject any of the foregoing to any material filing, regulatory or other requirements or investigation to which it would not otherwise be subject or materially increase the burden of complying with such filing or other requirement beyond what it would otherwise have been, or (iv) result in an increase in the risk or difficulty to the Fund of consummating such investment. Wrap Fee Programs Hudson Bay Capital does not participate in a wrap fee program. Assets Under Management As of December 31, 2023, Hudson Bay Capital managed Funds with a collective net asset value of approximately $20 billion, all on a discretionary basis.