Medallion Signature Guarantees

Transfer agents and issuers of securities, pursuant to the Uniform Commercial Code, may require a guarantee of the validity of the signature of the person transferring the securities in order to prevent a fraudulent transfer. The Securities and Exchange Commission has designated institutions that may issue such guarantees, and the Securities Transfer Association has developed the Medallion Signature program for those institutions to follow in guaranteeing signatures.

Securities Law> Exemptions From Registration> Exempted Transactions

(The Private Offering Exemption From SEC Registration Requirements)

Formation of a Partnership

A partnership is created when members of the partnership intentionally join together to carry on a business that is not incorporated. Members, or partners, may be individuals, trusts, estates, corporations, or other partnerships.

Independent Director Requirements for Companies on the New York Stock Exchange

Independent directors must make up the majority of the board of directors of any company listed on the New York Stock Exchange, according to NYSE Rule 303A.01. The board of directors of each company on the Exchange is responsible for determining that each of the listed company's independent directors meets criteria for independence.

Business Law

Companies Listed on the New York Stock Exchange)