Accredited Investor Status

  1. An individual whose net worth (excluding the value of the primary residence of such natural person), or joint net worth with spouse, exceeds $1,000,000 as of the date of this Agreement. (Net worth means the excess of total assets at fair market value over total liabilities.)
  2. An individual whose gross income exceeded $200,000 in each of the two most recent calendar years, or whose joint gross income with the individual's spouse exceeded $300,000 in each of the two most recent calendar years and, in either case, the individual has reasonable expectation of his single or joint gross income, respectively, reaching the same level in the current year.
  3. A partnership, corporation, limited liability company or business trust that either (a) is 100% owned by individuals who are accredited investors under (1) or (2) above, or (b) was not formed for the specific purpose of investing in the Fund and whose total assets exceed $5,000,000.
  4. An employee benefit plan: (a) whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered investment adviser; (b) whose total assets exceed $5,000,000 as of the date of this Agreement; or (c) if a self-directed plan, whose investment decisions are made solely by persons who are accredited investors.
  5. A U.S. bank, U.S. savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.
  6. A broker-dealer registered pursuant to §15 of the Securities Exchange Act of 1934 (the "Exchange Act").
  7. An organization described in §501(c)(3) of the Internal Revenue Code with total assets exceeding $5,000,000 and not formed for the specific purpose of investing in the Fund.
  8. Any trust with total assets exceeding $5,000,000, not formed for the specific purpose of investing in the Fund, and whose purchase is directed by a person with such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.
  9. A plan established and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess of $5,000,000.
  10. An insurance company as defined in §2(13) of the Securities Act, or a registered investment company.