NANCIAL CONDUCT AUTHORITY (-FCA") TO THE EXTENT REQUIRED UNDER THE AIFM DIRECTIVE AND ITS IMPLEMENTING LEGISLATION AND AS OF THE INITIAL CLOSING OF THE MASTER FUND EXPECTS TO BE AUTHORIZED AND REGULATED IN THE UNITED KINGDOM BY THE FCA THEREUNDER. THE MASTER FUND MANAGER WILL BE THE MASTER FUND'S AIFM UNDER TH

ED FROM TIME TO TIME, (THE "MASTER FUND OFFERING MEMORANDUM") IS ATTACHED AS APPENDIX A TO THIS MEMORANDUM AND THE LIMITED PARTNERSHIP AGREEMENT OF THE MASTER FUND (AS IT MAY BE REVISED, FINALIZED AND/OR AMENDED, THE 'MASTER FUND PARTNERSHIP AGREEMENT') IS ATTACHED AS APPENDIX B TO THIS MEMORANDUM. THIS MEMOR

R FUND IS CORRECT AS OF ANY DATE SUBSEQUENT TO THE DATE INDICATED IN THE MASTER FUND OFFERING MEMORANDUM. LIMITED PARTNERS WILL NOT BE INVESTORS IN THE MASTER FUND AND WILL HAVE NO DIRECT VOTING RIGHTS OR DIRECT INTEREST IN, AND WILL HAVE NO STANDING OR RECOURSE AGAINST, THE MASTER FUND, LEONARDO SECONDARY OPP