Securities acquired directly or indirectly from an Issuer, or from an affiliate of the Issuer, in a transaction or series of transactions which do not involve a public offering and are subject to resale limitations (e.g., Equity Private Placements).

Four types of securities are defined as RESTRICTED SECURITIES in Rule 144: securities acquired from the ISSUER(or its AFFILIATE) in a transaction or a chain of transactions that constitute a PRIVATE OFFERING; securities acquired from the issuer that are subject to the resale limitations of Regulation D; securities subject to the resale limitations of Regulation D that are acquired in a transaction or chain of transactions that constitute a private offering; or securities acquired from the issuer that are subject to the resale limitations of Regulation CE.

A security not registered with the Securities and Exchange Commission under the 1933 Securities Act and, therefore, may not be sold publicly in the US.

Reuters Revenue Anticipation Note RAN

Shares or bonds that are issued in a private offering.

Stocks or bonds that are issued in a private sale.