Letter from non registered entity advising for institutional accounts (i.e.hedge funds)

1. Dear Company Name:
We, ______________, hereby represent the following:
1. We are an investment for a number of clients for whom we will be placing orders
through you (the. Advisory Clientsquot;).
2. Further, we acknowledge and represent that we have entered into agreements with
our Advisory Clients giving us full discretionary power to purchase, sell or otherwise
invest in securities and other financial instruments, to direct the use of average price
billing, and to enter delivery instructions on their behalf. Additionally, we have the
authority, on behalf of the Advisory Clients, to execute any and all documents,
agreements or acknowledgments necessary or incidental to engage in all transactions
describe above. We agree that prior to entering orders in products including, but not
limited to, options, commodities futures, private placements, or conducting transactions
on margin, we will enter into such agreements or provide you with such additional
documentation as may be required by law, regulations or your firm policy.
3. We have examined relevant trust instruments, investment policies of public entities,
corporate authorization and other authorizing documentation and are stratified that the
person(s) who signed our contract were themselves properly authorized by the legal
entity, which they represent. Moreover, based upon our review of these documents and
other relevant information regarding our Advisory Clients, we have satisfied ourselves
that the orders we placed through you are suitable for such Advisory Clients. We agree
to indemnify you and hold you harmless in the event that such Advisory Clients should
make claims against you that your execution of any order on the basis of our instructions
was without authority or not suitable for such Advisory Clients.
4. You may rely on our assurance that we are familiar with and will comply Rule 2790
(Restrictions on the Purchase and Sale of IPOs of Equity Securities) which generally
prohibits a member from selling a quot;new issuequot; to any account in which a quot;restricted
personquot; has a beneficial interest.
5. We have in our files written documentation as to the identity of all of our investors
(including the beneficial owner of investors who are non-natural persons) in our domestic
hedge fund vehicles. As for the investors in our off-shore vehicles, our agents or
administrators have represented to us that they have undertaken various procedures in
order to identify our investors in such off-shore vehicles. The offshore documents are
housed in their respective foreign domiciles. If at any time you are called upon to supply
this information to any regulatory, governmental or other competent authority, we will
allow such authority to examine such documentation and we will provide such evidence
to you to the extent that we have custody over such documentation.
Very truly yours,
_____________ Signature
_____________ Printed Name
_____________ Title
_____________ Date