<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.sc6120e39-af2f-4227-9974-3c33958e0572Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000000 { color: #0000FF; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000002 { color: #0000FF; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sc6120e39-af2f-4227-9974-3c33958e0572000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="sc6120e39-af2f-4227-9974-3c33958e0572Normal"><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">    </span><a href="https://sdlegislature.gov/Rules?Rule=20:08:04:116"><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000000">20:08:04:116</span></a><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000001">.  Advertising. </span><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">For purposes of SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-301"><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000002">47-31B-301</span></a><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">, an issuer or a selling security holder (and any person acting on behalf of either of them) that publishes through any medium a notice of a proposed offering to be registered under SDCL chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B"><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000002">47-31B</span></a><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont"> is not deemed to offer its securities for sale through that notice if the notice meets the requirements as set forth in Reg. §230.135 of the Securities Act of 1933. The advertisement does not need to be filed with the division.</span></p><p dir="ltr" class="sc6120e39-af2f-4227-9974-3c33958e0572Normal"><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572000003"> </span></p><p dir="ltr" class="sc6120e39-af2f-4227-9974-3c33958e0572Normal"><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">    </span><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000001">Source:</span><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont"> 37 SDR 112, effective December 9, 2010.</span></p><p dir="ltr" class="sc6120e39-af2f-4227-9974-3c33958e0572Normal"><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">    </span><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000001">General Authority:</span><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-301"><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000002">47-31B-301</span></a><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">(2).</span></p><p dir="ltr" class="sc6120e39-af2f-4227-9974-3c33958e0572Normal"><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">    </span><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000001">Law Implemented:</span><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-103"><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000002">47-31B-103</span></a><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">, </span><a href="https://sdlegislature.gov/Statutes?Statute=47-31B-202"><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont-000002">47-31B-202</span></a><span class="sc6120e39-af2f-4227-9974-3c33958e0572DefaultParagraphFont">(13).</span></p><p dir="ltr" class="sc6120e39-af2f-4227-9974-3c33958e0572Normal"><span xml:space="preserve" class="sc6120e39-af2f-4227-9974-3c33958e0572000003"> </span></p></div></body></html>