Welcome to HedgeFund.net's online service (the "Service") owned by Channel Capital Group Inc. ("CCG"). As part of our service, HedgeFund.net provides you with data, news, information, statistics, search features, data indices, e-mail service, message boards, and other computer services ("Material") that HedgeFund.net may decide to offer, subject to the terms of this Agreement. Upon notice published through the Service, HedgeFund.net may modify this Agreement at any time. You agree and continue to agree to use HedgeFund.net Services in a manner consistent with all applicable laws and regulations and in accordance with the terms and conditions set out in the policies and guidelines outlined below.

Hedgefund.net reserves the right to terminate, at any time, any subscriber's account with Hedgefund.net (as well as access to the latter's website), without giving notice or a reason for such termination to the subscriber.

Rules for Online Conduct for HedgeFund.net Message Boards, Fund Listings and Email Services: You agree that you will not post any of the following material in Service message boards, emails, or other forums, including, but not limited to, fund listings ("postings"):

Statements or postings which violate the above terms will be deleted from postings upon discovery. Depending on the nature of the violation, HedgeFund.net at its sole discretion may terminate Registered User's access.

30 Day Waiting Period:
Registered Users are prohibited from investing in a private investment fund listed on the website for a period of 30 days from the time a Registered User first receives full access to the website, unless the Registered User has a pre-existing relationship with the private investment fund.

Non-Transferability of Access Membership:
HedgeFund.net grants to Registered User a personal, non-exclusive, non-assignable and non-transferable license to use the HedgeFund.net Service. Unauthorized copying of any Alternative Investment Material or duplication of any Alternative Investment Material in any manner, including any re-distribution of HedgeFund.net's "Printable Snapshot," including Alternative Investment Material or its underlying software that has been modified, merged or included with the Alternative Investment Material associated therewith is expressly forbidden. Registered User acknowledges that Registered User may not sublicense, transfer, sell or assign this license. Any attempt to sublicense, transfer, sell or assign the license is void.

Removal of Fund Information:
A private investment fund's listing and information may be removed from the website at any time at the sole discretion of CCG. CCG owes no duty or obligation to Registered Users or private investment funds to inform Registered Users or private investment funds when a private investment fund's listing and information is removed from the website. CCG also owes no duty or obligation to Registered Users or private investment funds to explain why a private investment fund's listing and information has been removed from the website. It is the policy of CCG to not (a) inform Registered Users or other private investment funds when a private investment fund's listing and information is removed from the website or (b) provide an explanation to Registered Users or other private investment funds as to why a private investment fund's listing and information has been removed from the website.

Copyrighted Materials:
Only public domain software or graphics files or files where the owner has given express permission for online distribution may be posted to message boards or emails on the Service. The posting of any other type of file and the posting of links to any other type of file is strictly forbidden. The following types of files are examples of strictly forbidden postings:

Unauthorized copies of copyrighted photographs, drawings, graphics, text or other writings, computer programs or other software, recordings or designs; files containing advertisements or solicitations aimed at persuading other members to use certain goods, services or products, or invest in certain alternative investment funds without the express written permission of Hedgefund.net; material of a sexually explicit nature, including photographs and text.

Copyrighted material, including without limitation text, photographs, sound, video and music, may not be placed on the Service without the express permission of the author or owner of the copyright on the material. Registered User acknowledges that only the owner or someone authorized by the owner to post the material may do so. The downloading of copyrighted material is allowed by Registered Users only for Registered Users' own use. Registered Users may not copy, reproduce, retransmit, distribute, publish, commercially exploit or otherwise transfer any copyrighted material. The burden of determining that any information, software or any other content on the Service is not protected by copyright rests with the Registered User. Registered User acknowledges that Hedgefund.net and/or third-party content providers remain the owners of the posted materials, and that Registered User does not acquire any of those ownership rights by downloading copyrighted materials.

E-Mail via HedgeFund.net:
Email is a part of Hedgefund.net's service designed for communication between Registered Users (investors and managers). Hedgefund.net reserves the right to take action against any Registered User who is defaming, harassing or otherwise offending another Registered User through e-mail, if it comes to Hedgefund.net's attention that this type of abuse is occurring, as is more fully set forth above in "Rules for Online Conduct."

Limitation Of Liability And Warranty
Specifically, Channel Capital Group Inc., its subsidiaries and affiliates and each of such parties' officers, directors, shareholders, members, employees, affiliates, suppliers (collectively the "HedgeFund.net Parties") DISCLAIM ANY AND ALL WARRANTIES, INCLUDING WITHOUT LIMITATION: 1) ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY OR CONTENT OF INFORMATION, PRODUCTS OR SERVICES; AND 2) ANY WARRANTIES OF TITLE OR WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

THIS DISCLAIMER OF LIABILITY APPLIES TO ANY DAMAGES OR INJURY CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT OR DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF, OR USE OF RECORD, WHETHER FOR BREACH OF CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION. REGISTERED USER SPECIFICALLY ACKNOWLEDGES THAT HEDGEFUND.NET PARTIES ARE NOT LIABLE FOR THE DEFAMATORY, OFFENSIVE OR ILLEGAL CONDUCT OF OTHER REGISTERED USERS OR THIRD-PARTIES AND THAT THE RISK OF INJURY FROM THE FOREGOING RESTS ENTIRELY WITH REGISTERED USER.

NEITHER HEDGEFUND.NET PARTIES NOR ANY OF ITS CONTENT PROVIDERS SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF USE OF THE SERVICE OR INABILITY TO GAIN ACCESS TO OR USE THE SERVICE OR OUT OF ANY BREACH OF ANY WARRANTY. REGISTERED USER HEREBY ACKNOWLEDGES THAT THE PROVISIONS OF THIS SECTION SHALL APPLY TO ALL CONTENT ON THE SERVICE.

Trademarks:
Hedgefund.net, the Hedgefund.net logo, "The Interactive Hedge Fund Database," and HFN Indices, are trademarks of CCG and. All other trademarks appearing on the Service are trademarks of their respective owners.

Notice:
Hedgefund.net may give notice to Registered Users by means of a general notice on the Service, electronic mail to Registered User's e-mail address on record with Hedgefund.net, or by written communication sent by first class mail to a Registered User's address on record with Hedgefund.net. You may give notice to Hedgefund.net (such notice shall be deemed given when received by Hedgefund.net at any time by any of the following):

1. electronic mail to webmaster@hedgefund.net;
2. letter telecopied to Hedgefund.net at the following fax number: 212.644.8102;
3. letter delivered by first class postage prepaid mail or courier to Hedgefund.net at the following address:

Channel Capital Group Inc.
420 Lexington Avenue Suite 2510
New York, NY 10170

Indemnification:
Registered User agrees to indemnify the HedgeFund.net Parties against and hold them harmless from any and all loss, claims, damages, liabilities and expenses, including reasonable attorney's fees and court costs, related to Registered User's violation of this Terms of Use, including, but not limited to, the Rules For Online Conduct or any information, software or other content placed on the Service by Registered User.

If a Registered User is a representative of a private investment fund and uses the Service to post information on such fund then such private investment fund, its general partners, managing members, investment managers and sponsors ("Fund Parties'), jointly and severally agree to indemnify the HedgeFund.net Parties against and hold them harmless from any and all loss, claims, damages, liabilities and expenses, including reasonable attorney's fees and court costs, related to (i) a violation of the provisions of this Terms of Use by the Fund Parties, including, but not limited to, the Rules for Online Conduct or (ii) any information posted on the Service by the Fund Parties or on behalf of the Fund Parties.

Choice Of Law:
This Agreement shall be construed and controlled by the laws of the State of New York. Further, any dispute arising from the terms of this agreement or a breach of this Agreement will be governed by the laws of the State of New York. Registered User agrees to personal jurisdiction by the state and federal courts sitting in the State of New York.

Merger Clause:
This Agreement constitutes the entire agreement between the parties with respect to the subject matter contained herein and supersedes all previous and contemporaneous agreements, proposals and communications, written or oral between CCG representatives and Registered User. CCG may amend or modify this Agreement or impose new conditions at any time upon notice from Hedgefund.net to Registered User as published through the Service. Any use of the Service by Registered User after such notice shall be deemed to constitute acceptance by Registered User of such amendments, modifications or new conditions.

HedgeFund.Net Notice:
HedgeFund.Net text, statistical graphs, data, photos, graphics, audio and/or video materials, or any other Alternative Investment Material shall not directly or indirectly be published, rewritten for broadcast or publication or redistributed in any medium EXCEPT Registered User may, for Registered User's sole use and information but for no other purpose and not for publication or redistribution, access and use Hedgefund.net's "Printable Snapshot" feature. Neither these materials nor any portion thereof may be stored in a computer except for personal and non-commercial use. Registered User does not hold Hedgefund.net parties liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damage arising from any of the foregoing.