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7.7. Risk Management

The Manager shall use a risk-management process that enables monitoring and measuring at any time the value of the portfolio positions and their contribution to the overall risk profile of the Investment Compartments.

The risk-management process is performed by the Manager with a frequency and methodology appropriate to the risk profile of each Investment Compartment. The risk management process shall include the calculation of the global exposure of each Investment Compartment. Such calculation will be performed using advanced risk measurement methodologies as may be appropriate and which shall be applied in accordance with the most recent applicable guidelines of the European Securities and Markets Authority (“ESMA”). The Manager shall ensure that the method selected to measure the global exposure is appropriate, taking into account the investment strategy, the types and complexities of the financial derivative instruments used and the proportion of the Investment Compartment’s portfolio which comprises financial derivative instruments.