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Only qualified* investors may license the MSCI Investable Hedge Fund Indices, including banks, broker dealers, insurance companies and asset managers for the creation of index based financial products such as index funds, insurance products, warrants, structured products and OTC derivatives. A license is required from MSCI Barra to use any MSCI Investable Hedge Fund Indices or launch any product linked to, or based on, the MSCI Investable Hedge Fund Indices. For further information on licensing the MSCI Investable Hedge Fund Indices, please contact MSCI Barra Global Client Service.

*Among other requirements, subscribers must be "accredited investors" as defined in the United States Securities Act of 1933.