Acknowledgements

I (we) acknowledge receipt of the final Prospectus of the fund and further acknowledge that:

(i) the Prospectus is printed in English and that I (we) have read and understand the Prospectus;

(ii) I am (we are) entering into an investment in the fund relying solely on the terms and conditions of the offering as set forth in the Prospectus and in this Subscription Agreement; and

(iii) I (we) agree to abide by the terms and conditions of the Prospectus, as may be amended from time to time.

• I (we) acknowledge the following: the fund is an illiquid investment and is suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment; the fund will ordinarily declare and pay dividends from its net investment income. However, the amount of distributions that the fund may pay, if any, is uncertain.
• I (we) or an adviser or consultant I (we) relied upon in reaching a decision to subscribe have such knowledge and experience in financial, tax and business matters as to enable me (us) or such adviser or consultant to evaluate the merits and risks of an investment in the fund and to make an informed investment decision with respect thereto.
• (I am (we are) not relying upon the fund’s investment advisers for guidance with respect to tax or other legal considerations.)
• I am (we are) permitted by applicable law and regulation to make an investment in the fund, and I (we) have satisfied any special suitability or other applicable requirements of my (our) state or country of residence and/or the state or country of residence in which the subscription occurs.
• I (we) acknowledge that neither the fund nor its advisers have solicited my (our) investment in the fund.
• I (we) understand and acknowledge that an investment in the fund may subject me (us) to US taxation (the amount of any tax liability will depend on a number of factors), and I (we) should obtain my (our) own advice as to whether I (we) will be liable for any US tax as a result of an investment in the fund.
• I (we) acknowledge that the fund reserves the right, in its absolute discretion, to reject this and any other subscription, in whole or in part.
• If signing on behalf of a legal entity, I (we) certify: I am an (we are) authorized representative(s) of the entity, and I (we) understand that [Transfer Agent] will use this document for the purpose of verifying the identity of the beneficial owners and control person as required by federal law.
• I (we) certify under penalties of perjury that:
  1. The number shown on this application is my (our) correct Taxpayer Identification Number, and
  2. I am (we are) not subject to backup withholding because:
     1. I am (we are) exempt from backup withholding, or
     2. I (we) have not been notified by the Internal Revenue Service (IRS) that I am (we are) subject to backup withholding as a result of a failure to report all interest or dividends, or
     3. the IRS has notified me that I am (we are) no longer subject to backup withholding,
  3. Unless otherwise discussed in advance with and approved in the sole discretion of [Transfer Agent], I am a (we are) US citizen(s) or other US person(s), and
  4. The FATCA code(s) entered on this form (if any, see below) indicating that I am (we are) exempt from FATCA reporting is correct.