In return to an oral question asked by Mr. Picco regarding the Aurora Fund. The Aurora Fund Investment guidelines are established to ensure there is no conflict of interest on the part of the fund manager. All Aurora Fund loan applications are made to fund manager, Mr. Roland Bailey. He conducts an initial assessment to ensure the project is eligible for investment under the federal regulations. If it is consistent with the regulations, he repairs a loan documentation, similar to that prepared by a bank loan and provides that documentation to the Aurora Fund's Investment Sub-Committee.

This committee is made up of three members of the Aurora Fund's Board of Directors who are all independent of government and the fund manager. Before the Board of Directors can approve any loan, the Investment Sub-Committee must recommend the loan for approval. Neither the Board of Directors, nor the fund manager has any recourse if the Investment Sub-Committee does not approve a loan. This segregation of responsibility and authority between the fund manager, Investment Sub-Committee and the Aurora Fund Board addresses any concerns over the possible conflict of interest. Thank you.