Licensing Disclosure

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Are you an accredited investor? An accredited investor is defined as:

• Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1 million (excluding equity in that person’s principal residence).

• Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

• Any trust, with total assets in excess of $5 million, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a “sophisticated” person who is “sophisticated”.

• Any entity in which all the equity owners are accredited investors.

• Any corporation, limited liability company or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5 million.

• See Rule 501 for the full definition of “accredited investor”.

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