Use of www.caia.org (the "Website") is subject to the following Terms of Use (this "Agreement"). The Website is owned by the Chartered Alternative Investment Analyst Association® (referred to as " CAIA Association®," "us," or "we"). By browsing the Website or registering on the Website, you signify your agreement to the terms of this Agreement. If you do not agree to the terms of this Agreement you must not use the Website or register on the Website. We reserve the right to change the terms of this Agreement, in which event we will post the changes on this page and/or otherwise provide you with notice. Your use of the Website after such changes are posted will mean that you accept such changes. If you have registered on the Website and you do not agree with such changes, your sole remedy is to cancel your registration to the Website and discontinue all use of the Website. If you are entitled to a refund pursuant to Section 3, you must notify us pursuant to Section 3.

1. Ownership; Use.

All text, graphics, images and other materials appearing on the Website ("Content") are either owned by us, or provided through an arrangement with third parties. CAIA Association and any such third parties retain all proprietary rights in the Content, and the Content is protected by US and international copyright laws. You may view, download and print the Content for your personal, non-commercial home use, provided you retain all copyright and other proprietary notices contained in the original Content on any copy. The Content may not be used in any manner not expressly authorized by CAIA Association under this Agreement.

In no event may you sell, transfer, assign, license, sublicense, or modify the Content or reproduce, display, perform, make a derivative version of, distribute, or otherwise use the Content in any way for any public or commercial purpose. Deep linking, framing, and the use or posting of the Content on any other website or in a network computer environment for any purpose are expressly prohibited. Trademarks, service marks, and logos, including but not limited to CAIA®, CAIA Association®, Chartered Alternative Investment Analyst®, and Chartered Alternative Investment Analyst Association® (the "Marks") used and displayed on the Website are our registered and/or unregistered Marks, and nothing on the Website should be construed as granting any license or right to use any Marks without our prior express written permission specifically for each use. Other product and company names mentioned herein may be trademarks of their respective owners.

2. Links.

The Website may contain links to external websites. These links are provided solely for your convenience and do not constitute any endorsement of the external sites. We are not responsible for the availability or content of any external sites. If you decide to access linked external sites, you do so at your own risk. You should direct any concerns regarding any external link to its website administrator or web-master. We reserve the right to approve or reject any links to the Website.

3. Registration.

1. Your Information.

In consideration of your use of the Website and the Content, you agree to provide us with true, accurate, current and complete information about yourself at the time of registration. You further agree to maintain and promptly update this information to keep it true, accurate, current and complete. If you fail to provide or update information so that it is true, accurate, current and complete, or if we have reasonable grounds to suspect that such information is false, inaccurate, not current, or incomplete, we shall have the right to suspend or terminate your registration and refuse any and all current or future access and/or use.

User name and Password. As part of the registration process, you must select a user name and password. You may not (a) select or use a user name or email address of another person with the intention of impersonating such person or (b) use a member name or email address of anyone else. You may not select a user name that violates anyone's rights or one that, in our sole discretion, is offensive, improper or inappropriate. If you do, we can modify or delete it.

You are responsible for the confidentiality and use of your user name and password. You are fully and completely responsible for any and all activities that occur under your user name or password. You agree to immediately notify us of any loss, theft, or unauthorized use of your user name and/or password. We cannot and will not be liable for any loss or damage arising from your failure to comply with this Section. You may not use or allow others to use, your registration, user name, or password for the Website, directly or indirectly, to: (a) attempt to or actually disrupt, impair or interfere with, alter or modify the Website or any Content; (b) act in a way that affects or reflects negatively on us, the Website, or any other party; (c) transmit or communicate any advertising, promotion or solicitation; or (d) collect or attempt to collect any information of others, including passwords, accounts or other information.

2. Program Enrollment/Exam Registration Fees and Refunds.

Current CAIA Program Enrollment and Exam Registration fees are listed on the Fee Information table. Payment of your Program Enrollment and Exam Registration fees is due at the time of registration. The Program Enrollment fee is non-refundable. The CAIA Association will grant refunds of Exam Registration and Exam Retake fees, but only if you cancel your registration within 30 days of your date of purchase. To cancel your registration and apply for a refund of your Exam Registration fee, please either write to us at CAIA Association, 100 University Drive, Amherst, Massachusetts 01002, (Attn: Refund Department) or email us. Exam registrations cannot be transferred to other individuals. You are responsible for all use, activities and charges associated with or arising from your registration and use of the Website and the services provided on the Website, including any unauthorized charges or use under your registration, user name and/or password. If you pay us by credit card or other payment instrument or by allowing us to withdraw funds from an account designated by you ("your account") and we do not obtain full payment, you agree to pay all amounts due upon demand. Each time you use the Website you reaffirm your authorization for us to charge or withdraw funds from your account. You will be liable for attorneys' and collection fees if we have to collect any unpaid amounts you owe us.

There may be other fees and obligations, including without limitation annual membership dues, continuing education requirements, and compliance with CAIA Association's professional standards or code of ethics, once you become a member of CAIA Association. We reserve the right, at any time and from time to time, to change our other registration fees and billing methods. We will notify you of these changes in advance, and if any of these changes are not acceptable, you may terminate your registration pursuant to Section 8. Any changes will become effective 30 days after posting the changed fee schedule on this Website. For a list of the current fees, please see the Fee Information table.

3. Additional Services for Registered Users.

If you have registered to the Website pursuant to Section 3c, you will be entitled to become a candidate for the CAIA Association Charter Program. Registration also allows you to sign up for Level I and Level II Charter Program examinations which will be proctored by a testing provider which administers the examinations. Registration and payment of the appropriate fees will also allow you access to the Candidate Services section of the website. This section includes direct links to purchase the curriculum readings from independent online book vendors, as well as contact information for other candidates interested in forming study groups.

4. Membership Dues.

For a list of the current membership dues, please see the Fee Information table. You must be a CAIA member in good standing to use the CAIA designation. As a CAIA member in good standing, you must fulfill all of the following requirements:

• Pass the Level I and Level II exams.
• Hold a U.S. bachelor's degree or the equivalent, and have more than one year of full-time professional experience within the regulatory, banking, financial, or related fields, or alternatively have at least four years of full-time professional experience within the regulatory, banking, financial, or related fields.
• Submit payment for a one-year or two-year CAIA Association membership.
• Agree on an annual or biennial basis to abide by the Member Agreement.
• Membership dues are non-refundable.

5. Privacy Policy.

We respect your privacy. For more information concerning what information we collect and what we do with such information, please see our Privacy Policy (which terms and conditions are incorporated into this Agreement by reference). Like other websites, we may obtain and release any information if we believe, correctly or not, that such release is necessary to comply with law, to enforce this Agreement, or to safeguard our property or rights. Please note that our policy is to not knowingly collect or use information from children, meaning those under thirteen years of age. External sites have their own policies regarding privacy. You access such external sites at your sole risk.

6. Disclaimer of Warranties and Limitations on Liability.

Use of the Website is at your sole risk. Except for any warranties that may be expressly provided by any third party vendor, the Website, its content, and all items offered for sale are provided on an "as is" and "as available" basis without warranties of any kind. CAIA Association® does not make, and hereby disclaims, any representation, agreement or warranty whatsoever, express or implied, including but limited to any warranties of merchantability, fitness for a particular purpose, title, noninfringement of third parties' rights or any warranty that the Website or content will (i) meet your requirements; (ii) be uninterrupted, timely, secure, or error-free; (iii) provide results that will be effective, accurate, or reliable; (iv) be free from any errors or any defects, or that such errors or defects will be corrected.

You understand and acknowledge that (i) CAIA Association® does not control, endorse, or accept responsibility for any content, products, or services offered by third parties through the Website, including, without limitation, third party vendors and third parties accessible through links on the site; (ii) CAIA Association® makes no representation or warranties whatsoever about any such third parties, their content, products, or services; (iii) any dealings you may have with such third parties are at your own risk; and (iv) CAIA Association® shall not be liable or responsible for any content, products, or services offered by third parties.

Liability under this agreement from any and all causes, including, but not limited to, program malfunction or operational negligence, shall be limited to general money damages in an amount not to exceed the total program fees paid by you. Such limitation shall be the full extent of our liability in the aggregate regardless of the form in which any legal or equitable action may be brought against a company party (including negligence), and the foregoing shall constitute the sole remedy for any and all claims. In no event shall we be responsible for lost profits or special, indirect, incidental, punitive or consequential damages to any person, even if we know or have been advised of the possibility of such damages.

Some jurisdictions do not allow the exclusion of implied warranties or limitation of incidental or consequential damages, so not all of this section 6 may apply to you. CAIA Association®'s liability in such jurisdictions shall be limited to the maximum extent permitted by law.

7. Indemnification.

You agree to defend, indemnify, and hold us harmless, from and against any claims, actions or demands, including, without limitation, reasonable legal and accounting fees, arising or resulting from your breach of this Agreement, your access to, use or misuse of the Content or Website, or access to, use or misuse of the Content or Website by any other person using your username and/or password. We shall provide notice to you of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding. We reserve the right to assume the exclusive defense and control of any matter which is subject to indemnification under this Section 7. In such case, you agree to cooperate with any reasonable requests assisting our defense of such matter.

8. Termination of this Agreement.

By Us. We reserve the right, in our sole discretion, to change, restrict, suspend, or terminate this Agreement and your access to all or any part of the Website or the Content, at any time and for any reason without prior notice or liability. If you have paid a registration fee and we decide, in our sole discretion, to terminate this Agreement and restrict your access to the Website, we will refund your registration fee. In addition, we reserve the right to change, suspend, or discontinue all or any part of the Website or the Content at any time without prior notice or liability.

By You. You may terminate this Agreement and your registration at any time by notifying us at Cancellation, 100 University Drive, Amherst, Massachusetts 01002. Your Program Enrollment Fee is non-refundable. Membership dues and discounted academic registrations are also non-refundable. The CAIA Association® will grant a refund of your Exam Registration or Exam Retake fee, but only if you meet BOTH of the following requirements: (1) you cancel your registration within 30 days of your date of purchase and (2) you did not register using a discounted academic registration.

Survival. If this Agreement is terminated, Sections 1, 6, 7, 8, and 9 shall survive the termination of this Agreement.

9. Miscellaneous.

If any provision of this Agreement is found to be invalid by any court, the invalidity of such provision shall not affect the validity of the remaining provisions of this Agreement. No waiver shall be effective against us unless we make it in writing, and no such waiver shall be construed as a waiver in any other or subsequent instance. Headings are for convenience only and have no legal import. This Agreement will be governed by the laws of the Commonwealth of Massachusetts applicable to contracts entered into and performed exclusively in Massachusetts. Any court of competent jurisdiction sitting within Suffolk County, Massachusetts will have exclusive jurisdiction and venue for any dispute arising out of or relating to the Website or this Agreement, and you hereby waive any argument that any such court does not have jurisdiction over you or such dispute or that venue is not appropriate or convenient.

CAIA®, CAIA Association®, Chartered Alternative Investment Analyst^SM, and Chartered Alternative Investment Analyst Association® are the exclusive service marks of the CAIA Association