Category 1 Reg S

Regulation S Category 1 securities, as to which there is minimal risk of flow back into the United States of securities sold offshore and, which accordingly, are subject to the fewest restrictions under Regulation S. Regulation S Category 1 includes securities of foreign issuers for which there is no SUSMI that are sold in overseas directed offerings and foreign government securities. The full definition of Regulation S Category 1 can be found under Section 903 of Regulation S.