Michael Eric Sly

I AM THE MANAGING MEMBER OF SAGE PROPERTIES, LLC LOCATED AT PO Box 281, Canton, MA 02021. IT IS A REAL ESTATE HOLDING AND MANAGEMENT COMPANY. THE COMPANY WAS ESTABLISHED IN JULY OF 2003. THIS IS NOT AN INVESTMENT-RELATED BUSINESS. I SPEND APPROXIMATELY 8 HOURS PER WEEK PERFORMING PROPERTY MANAGEMENT DUTIES INCLUDING ACCOUNTING, TENANT ADMINISTRATION, PROPERTY REPAIRS AND SERVICES COORDINATION. VERY FEW HOURS ARE INCURRED DURING SECURITIES TRADING HOURS. I AM INDIVIDUALLY LICENSED AS A CERTIFIED PUBLIC ACCOUNTANT IN THE STATE OF MASSACHUSETTS. AS A CPA, I AM INVOLVED IN ASSISTING CLIENTS WITH TAX COMPLIANCE ISSUES AND TAX RETURN PREPARATION. THIS WORK IS PERFORMED THROUGHOUT THE YEAR. THIS WORK IS PRIMARILY PERFORMED IN THE MONTHS OF DECEMBER THROUGH MAY AND ACCOUNTS FOR APPROXIMATELY 125 HOURS PER MONTH DURING THAT PERIOD AND APPROXIMATELY 20 HOURS PER MONTH FOR THE REMAINDER OF THE YEAR. THIS BUSINESS IS NOT INVESTMENT RELATED BUT I AM INVOLVED WITH THIS LINE OF WORK WITH SOME OF MY INVESTMENT CLIENTS. MANY OF THE HOURS INVOLVED IN PERFORMING THE TAX SERVICES OCCUR DURING TRADING HOURS. THIS WORK IS PERFORMED AT MY OFFICE LOCATION IN CANTON, MASSACHUSETTS.