A sophisticated investor as defined under section 761G of the Corporations Act 2001 is one or more of the following:

• A person or entity (other than where the financial product or service is for use in connection with a business) that has obtained an accountant’s certificate dated no more than 2 years ago that the client:

1. has net assets of at least $2.5 million; or

2. had a gross income for each of the last two financial years of at least $250,000.

• A person or entity that is controlled by a person or entity that meets the requirements of (a) or (b) above.