The laws and regulations in the life settlement industry are constantly changing, making it crucial for firms to monitor the modifications. Welcome Funds retains Life Markets Compliance, LLC (LMC) as its third party provider of legal, regulatory and compliance services. It is in conjunction with LMC that we are able to provide these life settlement regulation updates.

Below is a list of New Life Settlement Laws and the Effective Dates. These updates are for states that previously had no specific life settlement regulation or only regulated transactions involving terminally or chronically ill insureds.

• Most Recent California – Effective 07/29/10
• New York Broker Application Available – 05/28/10
• New York – Effective 05/18/10
• California – Effective 07/12/10
• Illinois – Effective 07/01/10

Welcome Funds, Inc ("WFI") and Life Markets Compliance, LLC ("LMC") are providing the above Compliance Alert as a reference only and are not issuing a representation as to its accuracy. The information should not be considered official State material. WFI and LMC both encourage all parties accessing the above information to independently confirm the extent and nature of their own requirements with each applicable Department of Insurance (or equivalent division) and/or State law. WFI and LMC are both not liable for any action or inaction taken due to reliance upon the information above.