Dear Student, 

Glad to inform you that free exit means if you get a seat in round one then it is not compulsory for you to report at the college or to take admission there. You can still join the second round. And as you haven't secured a seat in the first round there's nothing like free exit for you as it means not accepting the college, if you are talking about leaving or not attending first or second counselling session it's solely on your personal will. 

Hope this might help you.