Qualified Client

“Qualified client” is defined as:

(a) natural persons or companies that have at least $1,100,000 under management with the adviser immediately after entering into the contract;

(b) natural persons or companies that the adviser reasonably believes either have a net worth of more than $2,200,000, excluding the value of the primary residence, at the time that the contract is entered into;

(c) natural persons or companies that are “qualified purchasers” under Section 2(a)(51)(A) of the Company Act;

or (d) natural persons who immediately before entering into the contract are either executive officers, directors, trustees, general partners (or serve in similar capacities) of the adviser or employee of the adviser who in their regular functions have participated in the adviser’s investment activities for at least 12 months.