Research Affiliates® Investment Information/Pre-Qualifying Form

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Investment strategy and performance data relating to our products are made available to qualified investors. To receive information on our products, please take a few minutes to fill out the qualifying questionnaire below in order to confirm qualified investor status. If you would like to receive a paper copy of the questionnaire please download the form. Should you require further assistance, contact us either via e-mail info@rallc.com or by phone at +1 (626) 584-2100.

1. Investor Information
2. Authorized Persons
3. Payment Information
4. Tax Information
5. Source of Funds

6. Investor Eligibility
7. Investor Certification
8. Benefit Plan Investor
9. ERISA Status
10. Definitions

1. Investor Information

a. Investor Contact Information
The Investor is furnishing the following information and making the following representations and warranties to induce the General Partner and the Fund to accept the Investor's subscription:

Name *
Mailing Address *
City *
State/Province *
Zip/Postal Code*
Country*
Telephone *
Facsimile
E-mail *
Year of organization (entities) *
Date of Birth (individuals) *

b. Documents Investor Needs to Provide

Please fax the following documents to +1 (626) 584-4832. Identifying documentation is required before a user name and password can be issued.

Individuals:	Fax or email a copy of photo identification with residential address. If unavailable, please contact the General Partner.
Entities:	Fax or email a copy of filed organizational documents, or, if none, other organizational documents. For example, a limited partnership should provide a copy of its certificate of formation as filed with the state.

c. How will the investor hold interest in the Fund?

Investor will hold the interest in the Fund: *
as principal	as agent, as nominee, on behalf of another.

d. Alternative Address (Complete only if residence or principal place of business is different from the mailing address provided in a):

Address
City
State/Province
Zip/Postal Code
Country

e. Duplicate Correspondence Address (Complete if there in address to which duplicate correspondence should be sent):

Address
City
State/Province
Zip/Postal Code
Country
Attention
Main Business (entities):
Profession and Employer (individuals):

f. Is Investor a Senior Political Figure? *
Is the Investor a senior political figure, or any immediate family member or close associate of a senior political figure? A senior political figure is a senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not), a senior official of a political party or a senior executive of a government-owned corporation, and any entity formed by or for the benefit of any of the foregoing.

Yes

2. Authorized Persons
Persons Authorized to Give Contribution, Withdrawal and Other Instructions with Respect to the FUND (If such person's authority is limited, please so note):

a. Person #1:
Residence/Principal Place of Business (if different from the mailing address indicated above)

Mailing Address
City
State/Province
Zip/Postal Code
Country
Telephone
Facsimile
E-mail
Relationship to Investor

Please fax the following documents to +1 (626) 584-4832. Identifying documentation is required before a user name and password can be issued.

Individuals:	Attach a copy of photo identification with residential address. If unavailable, please contact the General Partner.
Entities:	Attach a copy of filed organizational documents, or, if none, other organizational documents. For example, a limited partnership should provide a copy of its certificate of formation as filed with the state.

b. Person #2:

Name
Title
Address
City
State/Province
Zip/Postal Code
Country

Residence/Principal Place of Business (if different from the mailing address indicated above)

Address
City
State/Province
Zip/Postal Code
Country
Telephone
Facsimile
E-mail
Relationship to Investor

Please fax the following documents to +1 (626) 584-4832. Identifying documentation is required before a user name and password can be issued.

Individuals:	Fax or email a copy of photo identification with residential address. If unavailable, please contact the General Partner.
Entities:	Fax or email a copy of filed organizational documents, or, if none, other organizational documents. For example, a limited partnership should provide a copy of its certificate of formation as filed with the state.

Please contact the General Partner if this amount exceeds 10% of your liquid net worth.

3. Payment Information
Please identify the bank or other financial institution from which the Investor's funds will be wired/ drawn:

Name of Financial Institution *
Address *
City *
State/Province *
Zip/Postal Code *
Country *
Account Number *
Account Name *
Account Representative *
Telephone *

4. Tax Information

Place of incorporation and tax domicile (for entities only)
Social Security Number (for individuals only)
Taxpayer Identification Number ("TIN") (for entities only)
Investor's taxable year-end *

5. Source of Funds

Please indicate the source of funds to be invested *

6. Investor Eligibility
Subscriptions will be accepted only from persons who are eligible to invest as described in the Private Placement Memorandum. These are the minimum standards for an investment in the Fund, and Investors meeting these standards should carefully consider whether the Fund is an appropriate investment in their individual circumstances. An investment in the Fund should only be made by investors who have (alone or together with any adviser or consultant of the Investor) reviewed carefully and understand fully the discussion of the Fund and its risks in the Memorandum and who are able to withstand the loss of their entire amount invested. The Investor agrees, represents and warrants to the Fund and the General Partner as follows (at least one answer must be checked in each category (a or b) in order to invest):

a. Investor is an Accredited Investor
The Investor represents and warrants that the Investor qualifies as an "accredited investor" within the meaning of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"). The Investor is eligible to invest in the Fund as an accredited investor if the Investor is able to affirmatively check one of the boxes below (please check each box that accurately describes the Investor):

(1)		The Investor is a director, executive officer, or manager of the Fund or is a director or executive officer or manager of the General Partner.
(2)		The Investor is a personal (non-business) trust other than an employee benefit trust (i) with total assets in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in the Fund, and (iii) the person responsible for directing the investment of assets of the trust in the Fund has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of an investment in the Fund.
(3)		The Investor is an entity with total assets in excess of $5,000,000 which was not formed for the specific purpose of investing in the Fund and which is one of the following: a corporation; or a partnership; or a limited liability company; or a Massachusetts or similar business trust; or an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code")
(4)		The Investor is licensed, or subject to supervision, by U.S. federal or state examining authorities as a bank, (as defined in section 3(a)(2) of the Securities Act), a savings and loan association, (or other institution as described in Section 3(a)(5)(A) of the Securities Act) or an insurance company (as defined in Section 2(13) of the Securities Act), or is an account for which a bank or savings and loan association is subscribing in a fiduciary capacity.
(5)		The Investor is registered with the U.S. Securities and Exchange Commission as a broker or dealer under the Securities Exchange Act of 1934, as amended (the Exchange Act), or is an investment company registered under the Investment Company Act of 1940, as amended (the Investment Company Act); or has elected to be treated or qualifies as a business development company (within the meaning of Section 2(a)(48) of the Investment Company Act).
(6)		The Investor is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.
(7)		The Investor is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the Advisers Act).
(8)		The Investor is an employee benefit plan (other than a participant-directed plan), established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, with total assets in excess of $5,000,000 or an employee benefit plan in which the investment decisions are made by a plan fiduciary as defined under the Employment Retirement Income Security Act of 1974, which is either a bank, savings and loan association, insurance company or a registered investment adviser. Participant-directed plans should contact the General Partner.
(9)		The Investor is an entity in which all of the equity owners are persons described above. If this item is checked, please contact the General Partner. Additional requirements may apply.

b. Confirmation of Status as a Qualified Purchaser and Qualified Eligible Person

(1)		A natural person (including any person who will hold a joint, community property, or other similar shared ownership interest in the Fund with that person's qualified purchaser spouse) who owns at least $5,000,000 in Investments;
(2)		A company that owns at least $5,000,000 in Investments and that is owned directly or indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons (Family Company);
(3)		A trust that is not covered by clause (2) above, and that was not formed for the specific purpose of investing in the Fund, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (1) (2), or (4);
(4)		A person (including a company), acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in Investments;
(5)		Qualified Institutional Buyer as defined in Rule 144A under the Securities Act (as that term is modified by the limitations imposed thereon by Rule 2a51-1(g)(1) under the Investment Company Act);
(6)		A company, regardless of the amount of its Investments, each of the beneficial owners of the securities of which is a person described in (1), (2), (3), (4), or (5). (If this item is checked, please contact the General Partner. Additional requirements may apply).

7. Investor Certification
The Investor certifies, under penalties of perjury, that:

all information set forth by the Investor in this Questionnaire is true and correct;
the Investor's taxable year-end as represented herein is true and correct; and
the Investor: (1) (is) or (2) (is not) a citizen or resident of the United States or, if not an individual, otherwise a U.S. person for U.S. federal income tax purposes (check either item (1) or (2)). (See Appendix A for the definition of a U.S. person for U.S. federal income tax purposes.) If the Investor checked item (2), the Investor has properly executed and furnished an appropriate IRS Form W-8 certifying as to the Investor's non-U.S. tax status.
the Investor: (1) (is) or (2) (is not) tax-exempt under U.S. Internal Revenue Code Section 501(a) (check either (1) or (2)).
the Investor agrees to furnish to the Fund such additional tax-related documentation as the General Partner may from time to time request and to notify the General Partner immediately of any change in the information provided pursuant to this Section 3.12.

8. Benefit Plan Investor *
a. Is Investor acquiring the Interests on behalf of or for the benefit of a Benefit Plan Investor as defined in Appendix A?

Yes

9. ERISA Status *
a. If Investor acquiring Interests on behalf of a Benefit Plan Investor, is the Investor an ERISA Investor, as defined in Appendix A?

Yes

b. Governmental Plan Status *
If the Investor is acquiring Interests on behalf of a Benefit Plan Investor, is the Benefit Plan Investor a governmental plan as defined in section 3(32) of ERISA which is not subject to Title I of ERISA or Section 4975 of the Code but which is subject to law comparable to ERISA and which imposes restrictions that are substantively similar to those under ERISA and Code Section 4975?

Yes

c. Insurance Company General Account

If the Investor is investing the assets of an insurance company general account, please indicate what percentage of the insurance company general account's assets invested in the Fund are assets of benefit plan investors within the meaning of the Department of labor ERISA plan asset regulations. %.

Definitions
This Appendix A is included for your convenience.

Benefit Plan Investor: The term "Benefit Plan Investor" is used in this agreement as defined in US Department of Labor ("DOL") Regulation § 2510.3-101(f)(2), and includes (i) any employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), whether or not such plan is subject to Title I of ERISA (which includes both US and non-US plans, plans of governmental entities as well as private employers, church plans and certain assets held in connection with nonqualified deferred compensation plans); (ii) any plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") (which includes a trust described in Section 401(a) of the Code which forms a part of a plan which trust or plan is exempt from tax under Code Section 501(a), a plan described in Code Section 403(a), an individual retirement account described in Code Sections 408(a) or 408A or an individual retirement annuity described in Code Section 408(b), a medical savings account described in Code Section 220(d) and an education savings account described in Code Section 530); and (iii) any entity whose underlying assets include plan assets by reason of a plan's investment in the entity (generally because 25 percent or more of a class of interests in the entity is owned by plans). Benefit Plan Investors also include that portion of any insurance company's general account assets that are considered "plan assets" and (except if the entity is an investment company registered under the Investment Company Act) the assets of any insurance company separate account or bank common or collective trust in which plans invest.
ERISA Investor: The term ERISA Investor means a Benefit Plan Investor subject to Title I of ERISA or to Code Section 4975. The term ERISA Investor includes, but is not limited to, plans intended to qualify under Code Section 401(a) (such as pension, profit sharing, money purchase, Keogh, and so-called "401(k)" plans), individual retirement accounts and annuities ("IRAs") (including SEP and SIMPLE IRAs), Code Section 403(a) plans, and welfare benefit plans, as well as any entity, whose underlying assets include ERISA plan assets generally because 25% or more of a class of equity interests in the entity is owned by Benefit Plan Investors which include such plans. ERISA Investors also include that portion of an insurance company’'s general account that are considered plan assets and (except to the extent the entity is an investment company registered under the Investment Company Act) the assets of an insurance company separate account, or a bank common or collective trust or group trust in which ERISA plans invest.
Investments: For the purposes of determining "qualified purchaser" status, the term "Investments" means all of the following:

Securities (as defined by Section 2(a)(1) of the Securities Act), other than securities of an issuer that controls, is controlled by, or is under common control with, the Fund, unless the issuer of such securities is any of the following:
1. An investment company, a company that would be an investment company under the Investment Company Act but for the exclusions provided by Sections 3(c)(1) through 3(c)(9) of the Investment Company Act or the exemptions provided by Rules 3a-6 or 3a-7 thereunder, or a commodity pool;
2. A company that files reports pursuant to Section 13 or Section 15(d) of the Exchange Act or that has a class of securities that are listed on a designated offshore securities market as that term is defined by Regulation S under the Securities Act; or
3. A company with shareholders' equity of not less than $50 million (determined in accordance with generally accepted accounting principles) as reflected on the company's most recent financial statements, provided that such financial statements present the information as of a date within 16 months preceding the date on which the Investor acquires Shares of the Fund.
Real estate held for Investment Purposes, as described below.
Commodity Interests held for Investment Purposes, as described below. Commodity Interests means commodity futures contracts, options on commodity futures contracts, and options on physical commodities traded on or subject to the rules of:
1. Any contract market designated for trading such transactions under the Commodity Exchange Act (CEA) and the rules thereunder; or
2. Any board of trade or exchange outside the United States, as contemplated in Part 30 of the rules under the CEA.
Physical Commodities held for Investment Purposes, as described below. Physical Commodity means any physical commodity with respect to which a Commodity Interest is traded on a market specified in (iii)(A) or (B) immediately above.
To the extent not securities, Financial Contracts entered into for Investment Purposes, as described below. Financial Contracts means any arrangement that:
1. Takes the form of an individually negotiated contract, agreement, or option to buy, sell, lend, swap, or repurchase, or other similar individually negotiated transaction commonly entered into by participants in the financial markets;
2. Is in respect of securities, commodities, currencies, interest or other rates, other measures of value, or any other financial or economic interest similar in purpose or function to any of the foregoing; and
3. Is entered into in response to a request from a counter party for a quotation, or is otherwise entered into and structured to accommodate the objectives of the counter party to such arrangement.
If the Fund is a company that would be an investment company but for one of the exclusions provided by Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act, or a commodity pool, any amounts payable to the Fund pursuant to a firm agreement or similar binding commitment pursuant to which a person has agreed to acquire an interest in, or make capital contributions to, the Fund upon demand of the Fund; and
Cash and cash equivalents (including foreign currencies) held for Investment Purposes, as described below, including:
1. Bank deposits, certificates of deposit, bankers acceptances and similar bank instruments held for Investment Purposes; and
2. The net cash surrender value of an insurance policy.

Investment Purposes: For purposes of the definition of "Investment" the following applies. Real estate is not considered to be held for Investment Purposes by an Investor if it is used by the Investor or a Related Person, as defined below, for personal purposes or as a place of business, or in connection with the conduct of the trade or business of the Investor or a Related Person, provided that real estate owned by an Investor that is engaged primarily in the business of investing, trading or developing real estate in connection with such business may be deemed to be held for Investment Purposes. Residential real estate is not deemed to be used for personal purposes if deductions with respect to such real estate are not disallowed by Section 280A of the Code. A Commodity Interest or Physical Commodity owned, or a financial contract entered into, by an Investor that is engaged primarily in the business of investing, reinvesting, or trading in Commodity Interests, Physical Commodities or financial contracts in connection with such business may be deemed to be held for Investment Purposes. The term "Related Person" generally means a person who is related to the Investor as a sibling, spouse or former spouse, or is a direct lineal descendant or ancestor by birth or adoption of the Investor, or is a spouse of such descendant or ancestor, provided that, in the case of a Family Company, a Related Person includes any owner of the Family Company and any person who is a Related Person of such owner.

Valuation: For purposes of determining whether an Investor is a qualified purchaser, the aggregate amount of Investments owned and invested on a discretionary basis by the Investor shall be the Investments' fair market value on the most recent practicable date or their cost, provided that: in the case of Commodity Interests, the amount of Investments shall be the value of the initial margin or option premium deposited in connection with such Commodity Interests; and, in each case, certain deductions (described below) from the amount of Investments owned by the Fund must be made. In determining whether any person is a qualified purchaser there is deducted from the amount of such person's Investments the amount of any outstanding indebtedness incurred to acquire or for the purpose of acquiring the Investments owned by such person. Additionally, in determining whether a Family Company is a qualified purchaser, there will be deducted from the value of such Family Company’'s Investments any outstanding indebtedness incurred by an owner of the Family Company to acquire such Investments.

Joint Investments: In determining whether a natural person is a qualified purchaser, there may be included in the amount of such person’'s Investments any Investments held jointly with such person’'s spouse, or Investments in which such person shares with such person’'s spouse a community property or similar shared ownership interest. In determining whether spouses who are making a joint investment in the Fund are qualified purchasers, there may be included in the amount of each spouse’'s Investments any Investments owned by the other spouse (whether or not such Investments are held jointly). In each case, the amount of any such Investments will be reduced by any deductions specified above (under "Valuation") with respect to each spouse.

Investments by Subsidiaries: For purposes of determining the amount of Investments owned by a company under paragraph (c) of the "Qualified Purchaser" question in the Investor Qualifications section above, there may be included Investments owned by majority-owned subsidiaries of the company and Investments owned by a company ("Parent Company") of which the company is a majority-owned subsidiary, or by a majority-owned subsidiary of the company and other majority-owned subsidiaries of the Parent Company.

Certain Retirement Plans and Trusts: In determining whether a natural person is a qualified purchaser, there may be included in the amount of such person’'s Investments any Investments held in an individual retirement account or similar account the Investments of which are directed by and held for the benefit of such person.

3(c)(1) / 3(c)(7) Investors and Investors Primarily Engaged in Trading Securities. The Subscription Agreement requests certain information and requires certain statements with respect to companies relying upon 3(c)(1) or 3(c)(7) of the Investment Company Act. These include unregistered entities primarily engaged, or holding themselves out as primarily engaged, in investing, holding or trading securities. Such entities include private funds, like hedge funds and private equity or venture capital funds, as well as offshore funds. The funds may be either "qualified purchaser" funds or rely upon the "100 person rule."
Consent to be Treated as a Qualified Purchaser. Section 2(a)(51)(C) of the Investment Company Act provides that any company relying on Section 3(c)(1) or Section 3(c)(7) must have the consent of certain beneficial owners of its outstanding securities (other than short-term paper) in order to be treated as a "qualified purchaser." The owners who must consent are those who acquired those securities on or before April 30, 1996 ("pre-amendment beneficial owners"). In addition, any pre-amendment beneficial owners of, directly or indirectly, any pre-amendment beneficial owner of the Fund that is itself a 3(c)(1) or 3(c)(7) Company must also consent. Beneficial owners for this purpose are determined in accordance with the Section 3(c)(1)(A), as modified by Rule 2a51-2. For certain family companies and trusts, unanimous consent of the trustees, director or general partners suffices.
U.S. Person for Tax Purposes. For U.S. federal income tax purposes, the term "U.S. person" includes a U.S. citizen or resident alien of the United States (as defined for United States federal income tax purposes); any entity treated as a partnership or corporation for U.S. tax purposes that is created or organized in, or under the laws of, the United States or any state thereof; any other partnership that is treated as a U.S. Person under U.S. Treasury Department regulations; any estate, the income of which is subject to U.S. income taxation regardless of source; and any trust over whose administration a court within the United States has primary supervision and all substantial decisions of which are under the control of one or more U.S. fiduciaries. Persons who have lost their U.S. citizenship and who live outside the United States may nonetheless, in some circumstances, be treated as U.S. Person.

An investor may be a U.S. person for federal income tax purposes but not a "U.S. Person," for purposes of investor qualification for the Fund. For example, an individual who is a U.S. citizen residing outside of the United States is not a "U.S. Person" but is a U.S. person for federal income tax purposes.

This material and any views expressed herein are provided for informational purposes only. Nothing contained herein shall be construed as an endorsement or inducement to invest in any investable product. Before investing in any product you must meet the investment criteria, read, and thoroughly examine the offering documents for such product.

Any performance or return information provided on this website is based on information that has been provided to Research Affiliates ("RA") and may not have been independently reviewed or audited by RA or its affiliates. Therefore, neither RA nor any of its affiliates or employees make any representation or warranty as to the accuracy or completeness of any information set forth on this website.

All RA hedge fund products are not available in all jurisdictions. Certain investments may not be suitable for all investors. Certain funds and services available to U.S. investors have not been registered with the U.S. Securities and Exchange Commission. As a result, such investments are available only to investors qualified by applicable securities laws to invest and who have been pre-qualified by RA. Any information contained in the Members Only Section of this website referring to investment products offered by RA is only available to view by users who have a user name and password. A user name and password can be obtained by registering to use the Members Only Section.

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS SUBSTANTIAL RISK OF LOSS WHEN INVESTING IN ALTERNATIVE INVESTMENTS. THESE INVESTMENTS MAY NOT BE SUITABLE TO ALL INVESTORS.

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