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    Summary of 2005 Public Offering Reforms (from Sec. Act. Rel 8591)

    Could it be anofferas

    defined in

    Section 2(a)

    (3)?

    IS it aprospectus as

    defined in

    section 2(a)

    (10)?

    Is it a prohibitedprefiling offer for

    purposes of Section

    5(c)

    IS it a prohbitedprospectus for

    purposes of

    Section5(b)(1)

    Regularly Released

    Factual Business

    Information

    Yes No Rule Defiens it as not

    an offer for Section

    5(c) purposes

    Section 5(b)(1)relates

    only to propsectuses -

    it s not applicable

    Regularly Released

    Fowrad Looking

    Information

    Yes No Rule Defiens it as not

    an offer for Section

    5(c) purposes

    Section 5(b)(1)relates

    only to propsectuses -

    it s not applicable

    Communications mademore than 30 days

    before filing of

    regsitration statement

    Yes Possibly,based on

    facts and

    circumstance

    s

    Rule defines it as notan offer for section

    5(c) purposes

    Section 5(B)(1) doesnot apply in the pre-

    filing period - it is not

    applicable

    WIKSI - Oral offers made

    within 30 days of fil ing

    of registration

    statement

    Yes No Is exempted from

    prohibition of section

    5(c)

    Section 5(b)(1) does

    not apply in the pre-

    filing period - it is not

    applicable

    WKSI -Written offers

    made within 30 days of

    ifl ing of registrationstatment

    Yes Yes. It also is

    a free-writing

    prosepctus

    IS exempted form

    probhition of Section

    5(c)

    Section 5(b)(1) does

    not apply in the pre-

    filing period - it is notapplicalbe

    WKSI - Free writing

    prosepctus used before

    filing of resgtraiton

    statement

    Yes Yes Is exempted from

    prhibition of Section

    5(c)

    Section 5(b)(1) does

    not apply in the

    prefiling period - it is

    not applicalbe

    Idneitfying statements

    in accordance with Rule

    134

    Yes No Section 5(c) is not

    appiable ,as rule 134

    relates only to the

    period after the fil ing

    of a regsitration

    satment

    5(b)(1) relates only to

    prospectuses - it is not

    applciable

    All Elibgible Issuers-

    free writing

    prospectuses used after

    fil ing of registraiton

    satment

    Eys Yes Section 5(C)( is not

    applicalbe, as it does

    not apply in the post-

    filing period

    Seciton 5(b)(1) will be

    satisfied, as the free

    writing prosepctus will

    be a permitted

    Section 10(b)

    proepsctus

    SEC Act. Release 8591- 2005 ReformsSunday, April 01, 2012

    12:36 PM

    Tables Page 1

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    144

    Affil iate or Person Selling on Behalf

    of an Affi liate

    Non-Affilaite (and Has not Been an Affi laite

    Durign the Prior Three Months)

    Durign 6 month holding period - no

    resales under 144 permitted

    Durign 6 month holding period - no resales

    under 144 permitted

    Restricted

    Securities of

    Reporting

    Issuers Current public informaiotn

    Volume limitaitons

    Manner of sale requiremtns

    for equity securities and

    Filing of form 144

    After 6 month holding period: may

    resel l in accordance with all rule 144

    requirements including:

    After 6 month holding period but before one

    year: unlimited pbulic resales under 144 excet

    that the current public infomraiton

    requimrent still applies

    After one-year holding period: unlimited

    public resales under rulee 144; need not

    comply with any other 144 requiremtnsRestricted

    Securities of

    Non-Reporting

    Issuers

    Current public informaiotn

    Volume limitaitons

    Manner of sale requiremtns

    for equity securities and

    Filing of form 144

    During one-year holding period - no

    resales under rule 144 permitted

    After one-year holding period - may

    resel l in accorance with all rule 144

    requriemtns including:

    During one-year holding period - no resales

    under Rule 144 Permitted.

    After one-year holding period- ulimtied public

    resales under rule 144; need not comply with

    any other 144 requriemtns

    Unrestricted

    securities of a

    reporting issuer

    Resales of unrestricted securities

    allowed but must comply with all

    144 requirements

    Not applicable- no restrictions on non-

    affiliates sel ling unrestricted shares

    Un restricted

    shares of non-

    reporting issuer

    Resales of unrestricted securities

    allowed but must comply with all

    144 requirements

    Not applicable- no restrictions on non-

    affiliates sel ling unrestricted shares

    Rule 144Monday, April 23, 2012

    12:38 PM

    Tables Page 2