PARTICIPATION TERMS AND CONDITIONS, CERTIFICATION AND DISCLAIMER (TOGETHER, THE “WAIVER”).

Thank you for your interest in the Roundtable Forum and its operator, the Roundtable Forum, LLC. (together, the “Forum”). The following information relates to you or any entity or organization that you represent or on whose behalf you are participating in the Forum (hereinafter, “you” or “your”). Please take a moment to read the following information. If you determine that anything contained herein is incorrect in any way, you should let us know immediately.

By participating and attending the Forum, your intention is and will continue to be to independently meet various investment managers (the “Managers”) and learn more about investment strategies and the hedge funds and/or private equity funds (the “Funds”) they manage. The Managers have agreed to compensate the Forum a fixed fee of $12,000 for the Forum’s advisory services. The Forum and the Managers are not affiliated.

All information presented in connection with the Forum has been provided by Manager Participants (“Information”), and has not been verified for accuracy or completeness by the Forum. Information presented in connection with the Forum may not be suitable for any or all institutions. Past performance is not necessarily indicative of future results. Under all applicable laws, including, but not limited to, the U.S. Employee Retirement Income Security Act of 1974, as amended, or the U.S. Internal Revenue Code of 1986, none of the Information presented in connection with the Forum shall constitute, or be construed as constituting or be deemed to constitute “investment advice”, and the Forum is not acting as fiduciary for any purpose. Information presented in connection with the Forum shall not form the primary basis of any investment decision. It is the user’s responsibility to independently confirm the Information presented in connection with the Forum and to obtain any other information deemed relevant to any investment decision. The Forum makes no representations (and to the extent permitted by law, all implied warranties and representations are hereby excluded) and the Forum takes no responsibility for the Information presented in connection with the Forum.

The Information is provided for informational purposes only and does not constitute, and shall not be construed as constituting or be deemed to constitute an invitation to treat in respect of, an offer or a solicitation of an offer to buy or sell any securities or constitute advice to buy or sell any security. In the United States, the Information is intended solely for institutions that are “accredited investors” (as defined by the U.S. Securities Act of 1933) and “qualified purchasers” (as defined in U.S. Investment Company Act of 1940). In the United Kingdom, the Information is intended solely for persons that are “investment professionals” for the purposes of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “CIS Order”) or a “high net worth company or unincorporated association” for the purposes of Article 22 of the CIS Order. In other jurisdictions, the Information is intended solely for institutions qualifying under equivalent standards under the laws of the jurisdictions of their residence.

The Funds and securities that may be discussed in the Information have not been registered or qualified with, nor approved or disapproved by, the U.S. Securities and Exchange Commission, nor has any regulatory authority passed upon the accuracy or adequacy of the Information that has been or will be provided in connection with the Forum.

An investment in a hedge fund or private equity fund is speculative and involves a high degree of risk, which each investor must carefully consider. Returns generated from an investment in these Funds may not adequately compensate investors for the business and financial risks assumed. An investor in these Funds could lose all or a substantial amount of his or her investment. While these Funds are subject to market risks common to other types of investments, including market volatility, these Funds may employ certain trading techniques, such as the use of leveraging and other speculative investment practices that may increase the risk of investment loss. Other risks associated with investments in these Funds include, but are not limited to, the fact that the Funds:

• Can be highly illiquid;
• Are not required to provide periodic pricing or valuation information to investors;
• May involve complex tax structures and delays in distributing important tax information;
• Are not subject to the same regulatory requirements as mutual funds;
• Often charge higher fees and the high fees may offset the fund’s trading profits;
• May have a limited operating history;
• Can have performance that is volatile;
• May have a fund manager who has total trading authority over the fund and the use of a single adviser applying generally similar trading programs could mean a lack of diversification, and consequentially, higher risk;
• May not have a secondary market for an investor’s interest in the fund and none may be expected to develop;
• May have restrictions on transferring interests in the fund; and
• May affect a substantial portion of its trades on foreign exchanges.

By your acceptance and use of the Information and/or your continued participation in the Forum you acknowledge that you have read and received the Forum’s Participation Terms and Conditions Agreement, and the fee arrangement between the Managers and the Forum. Furthermore you: (i) accept and agree to the foregoing; (ii) represent that you are qualified to receive the Information presented in connection with the Forum; (iii) agree not to copy or circulate these or any portion of the Information presented in connection with the Forum without the express written consent of the Forum; and (iv) agree to discharge the Forum from all responsibility and to hold the Forum harmless from and against all claims directly or indirectly arising out of or in connection with the Information presented in connection with the Forum (or any other activities in connection therewith).

* The terms “investment advice” and “fiduciary” shall be interpreted broadly, but in any event, shall at least have the meaning given to such terms in the United States (” U.S. “) Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, or the U.S. Internal Revenue Code of 1986 (the “Code”), as amended, as applicable.

BY CHECKING THE BOX BELOW YOU ARE STATING THAT YOU UNDERSTAND – CERTIFY AND AGREE TO ALL OF THE ABOVE.