1. And the Coming Local Capital Revolution The End of Wall Street

2. The Competitiveness of Small

3. Our Current Investment Strategy

4. Investment Apartheid

5. The Impact of $15 Trillion Shift

6. How Can We End Wall Street’s Free Ride?

7. The Revolution Evolution Local Securities Local Exchanges Local Funds Pensions

8. The JOBS Act 5 April 2012 <$1 million <$100k  $2k/5% >$100k  10% Portal Required State Preemption

9. Community Portal Proposed Regulations BD or Portal Operator Success Fee License from SEC & FINRA Annual Cost –SEC: $417k –Mission Markets: $100k

10. Status Report

11. Tasks for Community Portal Entrepreneurship Ecosystem Facilitate Information Mobilize Investors Mobilize Businesses Transactions (Pending)

12. What’s Next?

13. Next State Reforms

14. (1) Municipal Markets

15. List Self-Directed IRA Agents

16. (2) The $100 Exemption

17. (3) Local Stock Exchange

18. (4) Community Investment Funds

19. The Nova Scotia Model

20. (5) Tax Credit

21. One Simple Federal Ask (That the SEC Can’t Refuse) “Hey…what stays intra-state… ain’t none of your damn business….”

23. For More Information: Michael Shuman 202-669-1220 shuman@igc.org www.michaelhshuman.com