Crowdfunding Industry Overview

Canadian Crowdfunding Regulations OSC Exempt Market Staff Reference Consultation Paper 45- Notice Date Issued Status Jurisdiction Cap per year Restrictions 710 Dec 2012 Proposal Ontario < $1.5 million CSA Multilateral Blanket Order 45-311 to OM - Exemption| from certain financial statements Dec 2012 In effect Canadian Securities Administration Excludes reporting issuer, investment fund, mortgage or real estate entity BCSC National instrument 45- 106 Proposed exemption to assist capital raising for small businesses Feb 2013 Proposal Proposal British Columbia < $500k Excludes reporting issuer, investment fund, mortgage or real estate entity FCAA Equity Crowdfunding Proposal Jul 2013 [LIVE] Dec 6th, 2013 Saskatchewan < $150k Up to twice per year Incorp Canada Office Yes Issuer Portal and issuer site Advertising only Audited >$500k Certified <$500k $<500k Complex Securities No No No POS Disclosure Risk Ackknowledge Yes Yes Yes Yes Yes Yes per deal < $ 2,500 Investor per year Restrictions Cooling off period < $10,000 Accredited or Retail < $2,000 < $2,000 Accredited Accredited or Retail 2 days Portals Registered Registered Registered (See Appendices: 1-4 for more details) Slide 30 Employment and Social Development Canada None Yes Yes < $ 1,500 Unlimited Accredited or Retail No investment advice Pre-notice filing No Registration NCFA Mical Cdlurcing Association Canara

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