eby to participate directly or indirectly in the Feeder Funds' investment in the Master Fund. Deutsche Bank Trust Company Americas, an affiliate of the Master Fund Manager will be the investment manager of the Onshore Feeder Fund (the "Investment Manager"). None of the Master Fund General Partner, the Second Master Fu

obtain borrowings. The Master Fund is expected to borrow funds including pursuant to a credit facility or other loans. Such borrowings may require the Master Fund Manager, on behalf of the Master Fund General Partner, to pledge all or a portion of the property of the Master Fund and/or the commitments to the Master F

eated as a bank holding company for purposes of the BHC Act. As a consequence, Deutsche Bank and each of its subsidiaries and affiliates (including the Master Fund Manager and Investment Manager) are "banking entities" for purposes of the Volcker Rule and, therefore, subject to its requirements. In addition, it is ant

The Onshore Feeder Fund will invest solely in the Master Fund and the Offshore Feeder Fund will invest solely in the Onshore Feeder Fund. Although the Master Fund Manager follows diversification guidelines with respect to the Master Fund's investments, a significant portion of the Master Fund's aggregate commitments

ct to a broad array of U.S. and German banking laws and regulations. As a result of both Deutsche Bank's investment in the Master Fund, if any, and the Master Fund Manager and the Investment Manager being affiliates of Deutsche Bank, the Master Fund, Feeder Funds, the Master Fund Manager and Investment Manager also ar

loans. The Master Fund may also borrow funds including pursuant to a credit facility or other loans from a third party. Such borrowings may require the Master Fund Manager, on behalf of the Master Fund General Partner, to pledge all or a portion of the property of the Master Fund and/or the commitments to the Master F