the leveraging arrangement. Note that the leverage limitation provisions of die AIFM Directne do not apply to the Fund because the Fund is a "non- El' Ale' and the Investment Manager is a "non-Ell AIFM" for purposes of the AIFM Directive. V. of the date of this document there have been no changes to I

the leveraging arrangement. Note that the leverage limitation provisions of die AIFM Directne do not apply to the Fund because the Fund is a "non- El' Ale' and the Investment Manager is a "non-Ell AIFM" for purposes of the AIFM Directive. V. of the date of this document there have been no changes to I