Brochures

Exemption/ Registration Provision	Maximum Offering Amount -- Filing Fee	Limit on Number of Investors Footnote (1)	Timing of Filing	Filing Form Required	Limitations	Disclosure Requirements (2)	Statute Footnote (3) -- Rule Footnote (4)
Pre- organization Subscription	N.A. -- N.A. (except $10 per item fee on filed advertising)	N.A.	N.A.	N.A.	No commissions -- Offers only -- No sales -- No advertising unless permitted by Division	None specified	551.23(9) -- 7.01(4)(b)
Solicitations of Interest (Testing the Waters)	N.A. -- None	N.A.	Filing rec'd by Division prior to 1st solicitation	Form SOI (Solicitation of Interest Form)	Offers only -- No sales -- Footnote(5)	Form SOI (Solicitation of Interest Form)	551.23(18) -- 2.027 9.01(1)(c)
25 Security Holders	None -- None	25 Total Investors after Offering Footnote(7)	N.A.	N.A.	Footnote(6) -- Must have WI principal office	None specified	551.23(10) -- 2.02(5)
Offers to 25 Persons	None -- See "Limitations"	Offers to 25 Persons in a 12-month period Footnote (8)	See "Limitations"	Footnote(9) -- See "Limitations"	Footnote (5) -- Footnote (6) -- Notice req'd when triggered by 2.02(5)(d)1.	None specified	551.23(11) -- 2.02(5)
Sales to Existing Security Holders	None -- $200	Existing security holders	Filing rec'd by Division 10 days prior to offers	Footnote (9)	Stand-by commissions only	None specified	551.23(12) --
Sales to Existing Security Holders +10 Others	None -- $200	Existing Holders + 10 other WI residents	Filing rec'd by Division 10 days prior to offers	Footnote (9)	Stand-by commissions only	None specified	551.23(18) -- 2.02(9)(c)
Reg D Rule 505	$5,000,000 -- $200	35 total non accredited investors	Filing rec'd by Division prior to 1st offer in WI	Form D	Footnote (5) -- Footnote (6) -- No general solicitation	Federal requirement, Reg D Rule 502	551.23(19) --
Reg D Rule 506	None -- $200	35 total non accredited investors	Filing rec'd by Division 15 days after first sale in WI	Form D	Footnote (6) -- No general solicitation	None Specified	551.23(19) --
Wisconsin Issuer	$1,000,000 -- $200	100 Wisconsin Investors	Filing rec'd by Division prior to 1st offer in WI	Footnote (9)	Footnote (5) -- Footnote (6) ---- Must have WI principal office	Satisfies federal Reg D Rule 502 or SCOR (for small company issuer)	551.23(18) -- 2.028
Registration by Qualification	Reg D Rule 504: $1,000,000 Reg A: $5,000,000 Other offerings: None -- $750	Reg D Rule 504: federal limitations	Allow 30 days for review by Division	Uniform Application (U-1) Uniform Consent to Service of Process (U-2)	--	Reg A offerings only: per Form 1A Otherwise see DFI-Sec 3.03(3), Wis. Adm. Code	551.26 --
Registration by Coordination	None -- $750	None	Allow 10 days for review by Divison	Uniform Application (U-1) Uniform Consent to Service of Process (U-2)	--	Federal Requirements	551.25 --

(1) In general, the limit does not include institutional investors (see 551.23(8), Wis. Stats.).

(2) Statute prohibits making untrue statements or omitting to state material facts. Violations may be prosecuted as a felony offense (see 551.41 & 551.58, Wis. Stats.).

(3) Statute cites are from chapter 551 of the Wisconsin Statutes.

(4) Rule cites are from the DFI-Sec section of the Wisconsin Administrative Code.

(5) "Bad Boy" disqualifier applies (see 551.23(19)(c), Wis. Stats.).

(6) No commissions, finders' fees, or other forms of remuneration may be paid for soliciting investors in Wisconsin, except to securities broker-dealers or agents who are licensed in Wisconsin.

(7) Does not include persons or entites listed in 551.23(8).

(8) Does not include persons or entites listed in 551.23(8), but does include any offers made pursuant to the 15-security- holder exemption in the same 12-month period.

(9) No specific form is required, but, in general, a notice should include offering materials, a $200 filing fee, and a letter explaining how the requirements for use of the exemption are met (see section DFI-Sec 2.03, Wis. Adm. Code).