One of the things that makes this bike so clean looking is that the fender is so tight to the rear tire. Unfortunately (and I'm guessing here) that means one of two things. Either it's unrideable because at the slightest bump the tire would seriously rub the fender, or the "shocks" have been converted to struts and there's no rear suspension. (this could be one solution for a guy who lives in a place where it's illegal to modify the frame.)
Some guys mount the fender to the swingarm, to get that tight look. I don't think that's the case here, especially with that LePera seat like it is.
I have this other pic in my archives, but it's pretty small too.