Does the operation of the Program subject the NFLPA to U.S. Securities and Exchange regulation?

The No-Action letter, issued by the SEC’s Division of Investment Management, dated January 25, 2002, stated that the NFLPA would not be an investment adviser as defined in section 202(a)(11) of the Investment Advisers Act of 1940 as a result of its operation of the Program. The SEC’s Division of Investment Management also confirmed in that letter that it would not recommend enforcement action to the Commission under Section 204(4) of the Investment Advisers Act of 1940 and rule 206(4)-3 against the NFLPA and investment advisers that participate in the Program if those investment advisers make cash payments to the NFLPA as described in the no-action letter and do not treat the NFLPA as a solicitor for purposes of rule 206(4)-3. However, this relief does not constitute an approval, endorsement or recommendation by the SEC or its staff of the Program.