To: ENERGTEK,
      INC.

    


    ENERGTEK,
      INC.

    REGULATION
      S SUBSCRIPTION AGREEMENT AND INVESTMENT REPRESENTATION

    


    SECTION
      1

    


    1.1 Subscription.
      

    


    (a)
       The
      undersigned, intending to be legally bound, hereby irrevocably subscribes for
      and agrees to purchase _________
      Units
      (hereafter defined) of securities of Energtek Inc., a Nevada corporation (the
      "Company") in a transaction exempt from the registration requirements of the
      Securities Act of 1933, as amended (the “Securities Act”). A “Unit” shall
      consist of the following:

    


    (1)
       one
      share
      (a “Purchased Share”) of common stock of the Company (the “Common Stock”);


    


    (2)
       one
      Class
      2007-D Warrant, as further described in the Class 2007-D Warrant Agreement
      attached hereto as Exhibit
      A,
      entitling the undersigned to purchase one share of common stock for $0.75,
      expiring June
      30, 2008
      (a
“Class 2007-D Warrant”); and 

    


    (3)
       one
      Class
      2007-E Warrant, as further described in the Class 2007-E Warrant Agreement
      attached hereto as Exhibit
      B,
      entitling the undersigned to purchase one share of common stock for $1.05,
      expiring December
      31, 2009
      (a
“Class 2007-E Warrant,” and together with the Class 2007-D Warrant, a
“Warrant”); and 

    


    (b)
       For
      purposes of this Subscription Agreement: 

    


    (1)
       “Warrant
      Share” means a share of Common Stock issuable upon exercise of a Warrant.


    


    (2)
       “Securities”
      means the Purchased Shares, the Warrants, and the Warrant Shares. 

    


    1.2 Purchase
      of Units.

    


    The
      undersigned understands and acknowledges that the purchase price to be remitted
      to the Company in exchange for the Units shall be _______________________
      Thousand dollars ($____,000) or $0.50
      per
      Unit. Simultaneous with the execution and delivery of this Agreement, including
      the Investor Questionnaire annexed hereto, the undersigned shall deliver to
      the
      Company the aforementioned purchase price by wire transfer of immediately
      available funds. Wire instructions are attached hereto as Appendix A.
      

    


    
      
         

      

      
         

        
          

        

      

      
         

      

    

    1.3 Acceptance
      or Rejection.

    


    (a) The
      undersigned understands and agrees that the Company reserves the right to reject
      this subscription for the Units if, in its reasonable judgment, it deems such
      action in the best interest of the Company, at any time prior to the Closing,
      notwithstanding prior receipt by the undersigned of notice of acceptance of
      the
      undersigned's subscription.

    


    (b) The
      undersigned understands and agrees that its subscription for the Units is
      irrevocable.

    


    (c) In
      the
      event the sale of the Units subscribed for by the undersigned is not consummated
      by the Company for any reason (in which event this Subscription Agreement shall
      be deemed to be rejected), this Subscription Agreement and any other agreement
      entered into between the undersigned and the Company relating to this
      subscription shall thereafter have no force or effect and the Company shall
      promptly return or cause to be returned to the undersigned the purchase price
      remitted to the Company by the undersigned, without interest thereon or
      deduction therefrom, in exchange for the Units.

    


    SECTION
      2

    


    2.1 Closing

    


    The
      closing (the "Closing") of the purchase and sale of the Units, shall occur
      simultaneously with the acceptance by the Company of the undersigned's
      subscription, as evidenced by the Company's execution of this Subscription
      Agreement.

    


    SECTION
      3

    


    3.1 Investor
      Representations and Warranties.
      

    


    The
      undersigned hereby acknowledges, represents and warrants to, and agrees with,
      the Company and its affiliates as follows:

    


    (a) The
      undersigned is acquiring the Securities for his own account as principal, not
      as
      a nominee or agent, for investment purposes only, and not with a view to, or
      for, resale, distribution or fractionalization thereof in whole or in part
      and
      no other person has a direct or indirect beneficial interest in such Securities
      or any portion thereof. Further, the undersigned does not have any contract,
      undertaking, agreement or arrangement with any person to sell, transfer or
      grant
      participations to such person or to any third person, with respect to the
      Securities for which the undersigned is subscribing or any part of the
      Securities.

    


    (b) The
      undersigned has full power and authority to enter into this Agreement, the
      execution and delivery of this Agreement has been duly authorized, if
      applicable, and this Agreement constitutes a valid and legally binding
      obligation of the undersigned.

    


    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    (c) The
      undersigned is not subscribing for the Units as a result of or subsequent to
      any
      advertisement, article, notice or other communication published in any
      newspaper, magazine or similar media or broadcast over television or radio,
      or
      presented at any seminar or meeting, or any solicitation of a subscription
      by
      person previously not known to the undersigned in connection with investment
      Units generally.

    


    (d) The
      undersigned understands that, except as otherwise expressly provided herein,
      the
      Company is under no obligation to register the Securities under the Securities
      Act, or to assist the undersigned in complying with the Securities Act or the
      securities laws of any state of the United States or of any foreign
      jurisdiction.

    


    (e) The
      undersigned is (i) experienced in making investments of the kind described
      in
      this Agreement and the related documents, (ii) able, by reason of the business
      and financial experience of its officers (if an entity) and professional
      advisors (who are not affiliated with or compensated in any way by the Company
      or any of its affiliates or selling agents), to protect its own interests in
      connection with the transactions described in this Agreement, and the related
      documents, and (iii) able to afford the entire loss of its investment in the
      Securities. The undersigned further understands that the Company currently
      has
      no business or operations and although it is contemplating entering the field
      of
      clean energy technologies, the Company currently has no agreements or
      arrangements with any persons in connection therewith.

    


    (f) The
      undersigned acknowledges his understanding that the offering and sale of the
      Securities is intended to be exempt from registration under the Securities
      Act.
      In furtherance thereof, in addition to the other representations and warranties
      of the undersigned made herein, the undersigned further represents and warrants
      to and agrees with the Company and its affiliates as follows:

    


    (i) The
      undersigned realizes that the basis for the exemption may not be present if,
      notwithstanding such representations, the undersigned has in mind merely
      acquiring the Securities for a fixed or determinable period in the future,
      or
      for a market rise, or for sale if the market does not rise. The undersigned
      does
      not have any such intention;

    


    (ii) The
      undersigned has the financial ability to bear the economic risk of his
      investment, has adequate means for providing for his current needs and personal
      contingencies and has no need for liquidity with respect to his investment
      in
      the Company; 

    


    (iii) The
      undersigned has such knowledge and experience in financial and business matters
      as to be capable of evaluating the merits and risks of the prospective
      investment in the Securities. The undersigned also represents it has not been
      organized for the purpose of acquiring the Securities; 

    


    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (iv) The
      undersigned has been provided an opportunity for a reasonable period of time
      prior to the date hereof to obtain additional information concerning the
      offering of the Securities, the Company and all other information to the extent
      the Company possesses such information or can acquire it without unreasonable
      effort or expense; and

    


    (v) The
      undersigned has carefully reviewed all of the Company’s filings under the
      Securities Exchange Act of 1934, as amended (the “Exchange Act”).

    


    (g) The
      undersigned is not relying on the Company, or its affiliates or agents with
      respect to economic considerations involved in this investment. The undersigned
      has relied solely on its own advisors.

    


    (h) No
      representations or warranties have been made to the undersigned by the Company,
      or any officer, employee, agent, affiliate or subsidiary of the Company, other
      than the representations of the Company contained herein, and in subscribing
      for
      Securities the undersigned is not relying upon any representations other than
      those contained herein. 

    


    (i)  Any
      resale of the Securities during the ‘distribution compliance period’ as defined
      in Rule 902(f) to Regulation S shall only be made in compliance with exemptions
      from registration afforded by Regulation S. Further, any such sale of the
      Securities in any jurisdiction outside of the United States will be made in
      compliance with the securities laws of such jurisdiction. The undersigned will
      not offer to sell or sell the Securities in any jurisdiction unless the
      undersigned obtains all required consents, if any.

    


    (j) The
      undersigned understands that the Securities are being offered and sold in
      reliance on an exemption from the registration requirements of United States
      federal and state securities laws under Regulation S promulgated under the
      Securities Act and that the Company is relying upon the truth and accuracy
      of
      the representations, warranties, agreements, acknowledgments and understandings
      of the undersigned set forth herein in order to determine the applicability
      of
      such exemptions and the suitability of the undersigned to acquire the
      Securities. In this regard, the undersigned represents, warrants and agrees
      that:

     

    1.  The
      undersigned is not an U.S. Person (as defined below) and is not an affiliate
      (as
      defined in Rule 501(b) under the Securities Act) of the Company and is not
      acquiring the Securities for the account or benefit of a U.S. Person. A U.S.
      Person means any one of the following:

     

    	·  	
            any
              natural person resident in the United States of
              America;

          


     

    	·  	
            any
              partnership or corporation organized or incorporated under the laws
              of the
              United States of America;

          


     

    	·  	
            any
              estate of which any executor or administrator is a U.S.
              person;

          


     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    	·  	
            any
              trust of which any trustee is a U.S.
              person;

          


     

    	·  	
            any
              agency or branch of a foreign entity located in the United States of
              America;

          


     

    	·  	
            any
              non-discretionary account or similar account (other than an estate
              or
              trust) held by a dealer or other fiduciary for the benefit or account
              of a
              U.S. person;

          


     

    	·  	
            any
              discretionary account or similar account (other than an estate or trust)
              held by a dealer or other fiduciary organized, incorporated or (if
              an
              individual) resident in the United States of America;
              and

          


     

    	·  	
            any
              partnership or corporation if:

          


     

    (A)
      organized or incorporated under the laws of any foreign jurisdiction;
      and

     

    (B)
      formed by a U.S. person principally for the purpose of investing in securities
      not registered under the Securities Act, unless it is organized or incorporated,
      and owned, by accredited investors (as defined in Rule 501(a) under the
      Securities Act) who are not natural persons, estates or trusts.

    


    2.  At
      the
      time of the origination of contact concerning this Agreement and the date of
      the
      execution and delivery of this Agreement, the undersigned was outside of the
      United States.

     

    3.  The
      undersigned will not, during the period commencing on the date of issuance
      of
      the Securities and ending on the first anniversary of such date, or such shorter
      period as may be permitted by Regulation S or other applicable securities law
      (the “Restricted Period”), offer, sell, pledge or otherwise transfer the
      Securities in the United States, or to a U.S. Person for the account or for
      the
      benefit of a U.S. Person, or otherwise in a manner that is not in compliance
      with Regulation S. 

     

    4.  The
      undersigned will, after expiration of the Restricted Period, offer, sell, pledge
      or otherwise transfer the Securities only pursuant to registration under the
      Securities Act or an available exemption therefrom and, in accordance with
      all
      applicable state and foreign securities laws.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    5.  The
      undersigned was not in the United States, engaged in, and prior to the
      expiration of the Restricted Period will not engage in, any short selling of
      or
      any hedging transaction with respect to the Securities, including without
      limitation, any put, call or other option transaction, option writing or equity
      swap.

     

    6.  Neither
      the undersigned nor or any person acting on his behalf has engaged, nor will
      engage, in any directed selling efforts to a U.S. Person with respect to the
      Securities and the undersigned and any person acting on his behalf have complied
      and will comply with the “offering restrictions” requirements of Regulation S
      under the Securities Act.

     

    7.  The
      transactions contemplated by this Agreement have not been pre-arranged with
      a
      buyer located in the United States or with a U.S. Person, and are not part
      of a
      plan or scheme to evade the registration requirements of the Securities
      Act.

     

    8.  Neither
      the undersigned nor any person acting on his behalf has undertaken or carried
      out any activity for the purpose of, or that could reasonably be expected to
      have the effect of, conditioning the market in the United States, its
      territories or possessions, for any of the Securities. The undersigned agrees
      not to cause any advertisement of the Securities to be published in any
      newspaper or periodical or posted in any public place and not to issue any
      circular relating to the Securities, except such advertisements that include
      the
      statements required by Regulation S under the Securities Act, and only offshore
      and not in the U.S. or its territories, and only in compliance with any local
      applicable securities laws.

     

    9.  Each
      certificate representing the Securities shall be endorsed with the following
      legends, in addition to any other legend required to be placed thereon by
      applicable federal or state securities laws:

     

    (A) “THE
      SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED
      IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES
      ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE
      COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED
      UNDER THE SECURITIES ACT.”

     

    (B) “TRANSFER
      OF THESE SECURITIES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS
      OF
      REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT
      TO
      AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED
      UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    


    10.  
      The
      undersigned consents to the Company making a notation on its records or giving
      instructions to any transfer agent of the Company in order to implement the
      restrictions on transfer of the Securities set forth in this Section
      2.

    


    (k) The
      undersigned is an “accredited investor” as that term is defined in Rule 501 of
      the General Rules and Regulations under the Securities Act by reason of Rule
      501(a)(3).

    


    (l) The
      undersigned understands that an investment in the Securities is a speculative
      investment which involves a high degree of risk and the potential loss of his
      entire investment.

    


    (m) The
      undersigned's overall commitment to investments which are not readily marketable
      is not disproportionate to the undersigned's net worth, and an investment in
      the
      Securities will not cause such overall commitment to become
      excessive.

    


    (n) The
      undersigned has received all documents, records, books and other information
      pertaining to the undersigned’s investment in the Company that has been
      requested by the undersigned. The undersigned has reviewed all reports and
      other
      documents filed by the Company with the Securities and Exchange Commission
      (the
“SEC Documents”).

    


    (o) The
      undersigned represents and warrants to the Company that all information that
      the
      undersigned has provided to the Company, including, without limitation, the
      information in the Investor Questionnaire attached hereto or previously provided
      to the Company (the “Investor Questionnaire”), is correct and complete as of the
      date hereof.

    


    (p) Other
      than as set forth herein, the undersigned is not relying upon any other
      information, representation or warranty by the Company or any officer, director,
      stockholder, agent or representative of the Company in determining to invest
      in
      the Securities. The undersigned has consulted, to the extent deemed appropriate
      by the undersigned, with the undersigned’s own advisers as to the financial,
      tax, legal and related matters concerning an investment in the Securities and
      on
      that basis believes that his or its investment in the Securities is suitable
      and
      appropriate for the undersigned.

    


    (q) The
      undersigned is aware that no federal or state agency has (i) made any finding
      or
      determination as to the fairness of this investment, (ii) made any
      recommendation or endorsement of the Securities or the Company, or (iii)
      guaranteed or insured any investment in the Securities or any investment made
      by
      the Company.

    


    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    (r) The
      undersigned understands that the price of the Securities offered hereby bear
      no
      relation to the assets, book value or net worth of the Company and were
      determined arbitrarily by the Company. The undersigned further understands
      that
      there is a substantial risk of further dilution on his or its investment in
      the
      Company.

     

    SECTION
      4

    


    The
      Company represents and warrants to the undersigned as follows:

    


    4.1  Organization
      of the Company.
      

    The
      Company is a corporation duly organized and validly existing and in good
      standing under the laws of the State of Nevada, and has all requisite power
      and
      authority to own, lease and operate its properties and to carry on its business
      as now being conducted. 

    


    4.2 Authority.

    (a)
      The
      Company has the requisite corporate power and authority to enter into and
      perform its obligations under this Agreement and to issue the Securities;


    (b)
      the
      execution and delivery of this Agreement by the Company and the consummation
      by
      it of the transactions contemplated hereby and thereby have been duly authorized
      by all necessary corporate action and no further consent or authorization of
      the
      Company or its Board of Directors is required; and 

    (c)
      this
      Agreement has been duly executed and delivered by the Company and constitutes
      a
      valid and binding obligation of the Company enforceable against the Company
      in
      accordance with its terms, except as such enforceability may be limited by
      applicable bankruptcy, insolvency, or similar laws relating to, or affecting
      generally the enforcement of, creditors' rights and remedies or by other
      equitable principles of general application.

    


    4.3 SEC
      Documents.

    To
      the
      best of Company's knowledge, the Company has not provided to the undersigned
      any
      information that, according to applicable law, rule or regulation, should have
      been disclosed publicly prior to the date hereof by the Company, but which
      has
      not been so disclosed. As of their respective dates, the SEC Documents complied
      in all material respects with the requirements of the Securities Act or the
      Exchange Act, as the case may be, and other federal, state and local laws,
      rules
      and regulations applicable to such SEC Documents, and none of the SEC Documents
      contained any untrue statement of a material fact or omitted to state a material
      fact required to be stated therein or necessary in order to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading. The financial statements of the Company included in the SEC
      Documents comply as to form and substance in all material respects with
      applicable accounting requirements and the published rules and regulations
      of
      the Securities and Exchange Commission (the “SEC”) or other applicable rules and
      regulations with respect thereto. Such financial statements have been prepared
      in accordance with generally accepted accounting principles applied on a
      consistent basis during the periods involved (except (a) as may be otherwise
      indicated in such financial statements or the notes thereto or (b) in the case
      of unaudited interim statements, to the extent they may not include footnotes
      or
      may be condensed or summary statements) and fairly present in all material
      respects the financial position of the Company as of the dates thereof and
      the
      results of operations and cash flows for the periods then ended (subject, in
      the
      case of unaudited statements, to normal year-end audit
      adjustments).

    


    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    4.4 Exemption
      from Registration; Valid Issuances.
      

    The
      sale
      and issuance of the Units, in accordance with the terms and on the bases of
      the
      representations and warranties of the undersigned set forth herein, may and
      shall be properly issued by the Company to the undersigned pursuant to Section
      4(2), Regulation S and/or any applicable U.S state law. When issued and paid
      for
      as herein provided, the Units shall be duly and validly issued, fully paid,
      and
      nonassessable. Neither the sales of the Units pursuant to, nor the Company's
      performance of its obligations under, this Agreement shall (a) result in the
      creation or imposition of any liens, charges, claims or other encumbrances
      upon
      the Units or any of the assets of the Company, or (b) entitle the other holders
      of the Common Stock of the Company to preemptive or other rights to subscribe
      to
      or acquire the Common Stock or other securities of the Company. The Units shall
      not subject the undersigned to personal liability by reason of the ownership
      thereof. 

    


    4.5 No
      General Solicitation or Advertising in Regard to this
      Transaction.
      

    Neither
      the Company nor any of its affiliates nor any person acting on its or their
      behalf (a) has conducted or will conduct any general solicitation (as that
      term
      is used in Rule 502(c) of Regulation D) or general advertising with respect
      to
      any of the Units, or (b) made any offers or sales of any security or solicited
      any offers to buy any security under any circumstances that would require
      registration of the Common Stock under the Securities Act.

    


    4.6 No
      Conflicts. 

    The
      execution, delivery and performance of this Agreement by the Company and the
      consummation by the Company of the transactions contemplated hereby, including
      without limitation the issuance of the Units, do not and will not (a) result
      in
      a violation of the Certificate or By-Laws of the Company or (b) conflict with,
      or constitute a material default (or an event that with notice or lapse of
      time
      or both would become a material default) under, or give to others any rights
      of
      termination, amendment, acceleration or cancellation of, any material agreement,
      indenture, instrument or any "lock-up" or similar provision of any underwriting
      or similar agreement to which the Company is a party, or (c) result in a
      violation of any federal, state, local or foreign law, rule, regulation, order,
      judgment or decree (including federal and state securities laws and
      regulations)applicable to the Company or by which any property or asset of
      the
      Company is bound or affected (except for such conflicts, defaults, terminations,
      amendments, accelerations, cancellations and violations as would not,
      individually or in the aggregate, have a material adverse effect on the
      business, operations, properties, prospects or condition (financial or
      otherwise) of the Company) nor is the Company otherwise in violation of,
      conflict with or in default under any of the foregoing. The Company is not
      required under U.S. federal, state or local law, rule or regulation to obtain
      any consent, authorization or order of, or make any filing or registration
      with,
      any court or governmental agency in order for it to execute, deliver or perform
      any of its obligations under this Agreement or issue and sell the Common Stock
      in accordance with the terms hereof (other than any SEC, NASD or state
      securities filings that may be required to be made by the Company subsequent
      to
      the Closing); provided that, for purposes of the representation made in this
      sentence, the Company is assuming and relying upon the accuracy of the relevant
      representations and agreements of the undersigned herein.

    


    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    4.7 No
      Undisclosed Liabilities.
      

    The
      Company has no liabilities or obligations that are material, individually or
      in
      the aggregate, and that are not disclosed in the SEC Documents or otherwise
      publicly announced, other than those incurred in the ordinary course of the
      Company's businesses and which, individually or in the aggregate, do not or
      would not have a material adverse effect on the Company.

    4.8 No
      Undisclosed Events or Circumstances.
      

    No
      event
      or circumstance has occurred or exists with respect to the Company or its
      businesses, properties, prospects, operations or financial condition, that,
      under applicable law, rule or regulation, requires public disclosure or
      announcement prior to the date hereof by the Company but which has not been
      so
      publicly announced or disclosed in the SEC Documents.

    


    4.9 No
      Integrated Offering.
      

    Neither
      the Company, nor any of its affiliates, nor any person acting on its or their
      behalf has, directly or indirectly, made any offers or sales of any security
      or
      solicited any offers to buy any security, other than pursuant to this
      Agreement.

    


    4.10 No
      Misleading or Untrue Communication.
      

    The
      Company, any person representing the Company, and, to the knowledge of the
      Company, any other person selling or offering to sell the Units, if any, in
      connection with the transactions contemplated by this Agreement, have not made,
      at any time, any written or oral communication in connection with the offer
      or
      sale of the same which contained any untrue statement of a material fact or
      omitted to state any material fact necessary in order to make the statements,
      in
      the light of the circumstances under which they were made, not
      misleading.

    


    SECTION
      5

    


    5.1.
       Registrable
      Securities.
      

    For
      purposes of this Agreement, “Registrable Securities” means (i) the Purchased
      Shares; (ii) securities issued or issuable upon any stock split, stock dividend,
      recapitalization or similar event with respect to the Purchased Shares; and
      (iii) any other security issued as a dividend or other distribution with respect
      to, in exchange for, in replacement or redemption of, or in reduction of the
      liquidation value of, any of the securities referred to in the preceding
      clauses. Notwithstanding the foregoing, Registrable Securities shall cease
      to be
      Registrable Securities when such securities have been sold to or through a
      broker or dealer or underwriter in a public distribution or a public securities
      transaction or when such securities may be sold without any restriction pursuant
      to Rule 144(k) as determined by the counsel to the Company.

    


    
      
         

      

      
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    5.2.
       Piggy-Back
      Registration Rights.
      

    If
      at any
      time when there is not an effective Registration Statement covering all of
      the
      Registrable Securities, the Company determines to prepare and file with the
      Securities and Exchange Commission a registration statement relating to an
      offering for its own account or the account of others under the Securities
      Act
      of any of its equity securities (other than on Form S-4 or Form S-8 or its
      then
      equivalents relating to equity securities to be issued solely in connection
      with
      any acquisition of any entity or business or equity securities issuable in
      connection with stock option or other employee benefit plans), the Company
      shall
      send to each holder of Registrable Securities (a “Holder”) written notice of
      such determination and, if within seven (7) business days after receipt of
      such
      notice, any such Holder shall so request in writing (which request shall specify
      the Registrable Securities intended to be disposed of by the Holder), the
      Company will cause the registration under the Securities Act of all Registrable
      Securities which the Company has been so requested to register by the Holder,
      to
      the extent required to permit the disposition of the Registrable Securities
      so
      to be registered. The Company shall include in such registration statement
      all
      or any part of such Registrable Securities such Holder requests to be
      registered. In the case of an underwritten public offering, if the managing
      underwriter(s) or underwriter(s) should reasonably object to the inclusion
      of
      the Registrable Securities in such registration statement, then if the Company
      after consultation with the managing underwriter should reasonably determine
      that the inclusion of such Registrable Securities, would materially adversely
      affect the offering contemplated in such registration statement, and based
      on
      such determination recommends inclusion in such registration statement of fewer
      or none of the Registrable Securities of the Holder, then (x) the number of
      Registrable Securities of the Holder included in such registration statement
      shall be reduced, if the Company after consultation with the underwriter(s)
      recommends the inclusion of fewer Registrable Securities, or (y) none of the
      Registrable Securities of the Holder shall be included in such registration
      statement, if the Company after consultation with the underwriter(s) recommends
      the inclusion of none of such Registrable Securities; provided, however, that
      if
      securities are being offered for the account of other persons or entities as
      well as the Company, such reduction shall not represent a greater fraction of
      the number of Registrable Securities intended to be offered by the Holder than
      the fraction of similar reductions imposed on such other persons or entities
      (other than the Company).

    


    5.3.  Fees
      and Expenses Incident to Registration.
      

    All
      fees
      and expenses incident to the inclusion of the Registrable Securities on a
      registration statement pursuant to Section 5.2 hereof shall be borne by the
      Company whether or not the registration statement is filed or becomes effective
      and whether or not any Registrable Securities are sold pursuant to the
      registration statement. 

    


    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    SECTION
      6

    


    6.1 Indemnity.
      

    The
      undersigned agrees to indemnify and hold harmless the Company, its officers
      and
      directors, employees and its affiliates and their respective successors and
      assigns and each other person, if any, who controls any thereof, against any
      loss, liability, claim, damage and expense whatsoever (including, but not
      limited to, any and all expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any litigation commenced or
      threatened or any claim whatsoever) arising out of or based upon any false
      representation or warranty or breach or failure by the undersigned to comply
      with any covenant or agreement made by the undersigned herein or in any other
      document furnished by the undersigned to any of the foregoing in connection
      with
      this transaction.

    


    6.2 Modification.
      

    Neither
      this Agreement nor any provisions hereof shall be modified, discharged or
      terminated except by an instrument in writing signed by the party against whom
      any waiver, change, discharge or termination is sought.

    


    6.3 Notices.
      

    Any
      notice, demand or other communication which any party hereto may be required,
      or
      may elect, to give to anyone interested hereunder shall be sufficiently given
      if
      (a) deposited, postage prepaid, in a United States mail letter box, registered
      or certified mail, return receipt requested, addressed to such address as may
      be
      given herein, or (b) delivered personally at such address.

    


    6.4 Counterparts.
      

    This
      Agreement may be executed through the use of separate signature pages or in
      any
      number of counterparts and by facsimile, and each of such counterparts shall,
      for all purposes, constitute one agreement binding on all parties,
      notwithstanding that all parties are not signatories to the same counterpart.
      Signatures may be facsimiles.

    


    6.5 Binding
      Effect.
      

    Except
      as
      otherwise provided herein, this Agreement shall be binding upon and inure to
      the
      benefit of the parties and their heirs, executors, administrators, successors,
      legal representatives and assigns. If the undersigned is more than one person,
      the obligation of the undersigned shall be joint and several and the agreements,
      representations, warranties and acknowledgments herein contained shall be deemed
      to be made by and be binding upon each such person and his heirs, executors,
      administrators and successors.

    


    6.6 Entire
      Agreement.
      

    This
      Agreement and the documents referenced herein contain the entire agreement
      of
      the parties and there are no representations, covenants or other agreements
      except as stated or referred to herein and therein.

    


    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    


    6.7 Assignability.
      

    This
      Agreement is not transferable or assignable by the undersigned.

    


    6.8 Applicable
      Law.
      

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada, without giving effect to conflicts of law
      principles.

    


    6.9  Pronouns.
      

    The
      use
      herein of the masculine pronouns "him" or "his" or similar terms shall be deemed
      to include the feminine and neuter genders as well and the use herein of the
      singular pronoun shall be deemed to include the plural as well.

    


    IN
      WITNESS WHEREOF, the undersigned has executed this Agreement on
      the __
      day of
      ___________, 2007.

    


    Amount
      of
      Investment:

    


    $_____,000

    


    INDIVIDUAL
      INVESTOR:

    


    


    ______________________

    Name:

    


    


    PARTNERSHIP,
      CORPORATION, TRUST,

    CUSTODIAL
      ACCOUNT, OTHER INVESTOR

    


    ___________________________

    (Print
      Name of Entity)

     

    


    


    By: __________________

    Name:

    Title:

    Address:

    Taxpayer
      Identification Number:_____________

     

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    
 

    ACCEPTANCE
      OF SUBSCRIPTION

    


    (to
      be
      filed out only
      by the
      Company)

    


    The
      Company hereby accepts the above application for subscription for Units on
      behalf of the Company.

    


    


    


    
      	
              ENERGTEK
                INC.

            	
              Dated:
                ______ ___, 2007

            


    

    


    


    By:______________________________

    Name:
      

    Title:

    


     

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    
Appendix
      A

     

    Wiring
      Instructions

     

    For
      Payment of Purchase Price

     

    The
      following are the wire instructions for the account into which the payment
      of
      the purchase price for the Units subscribed for should be wired.

     

    Safra
      National Bank of New York

     

    546
      Fifth
      Avenue

    New
      York,
      NY 10036

    (212)
      704-5500

    ABA
      0260-03023

    Account
      No: 0610-9004

    Account
      Owner: Energtek Inc.

    


    In
      case
      the entity on behalf of which the transfer is taking place is different from
      the
      transferor, please make sure that the wire includes in the comments the name
      of
      the entity.

    


    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    


    ENERGTEK
      INC.

    


    


    INVESTOR
      QUESTIONNAIRE

    


    
      	
              A.

            	
              General
                Information

            	 
	 	 	 
	
              1.

            	
              Print
                Full Name of Investor:

            	
              Individual:

            
	 	 	
              ____________________________________

            
	 	 	
              First,
                Middle, Last

            
	 	 	 
	 	 	
              Partnership,
                Corporation, Trust, Custodial Account, Other:

            
	 	 	 
	 	 	
              ____________________________________

            
	 	 	
              Name
                of Entity

            
	 	 	 
	
              2.

            	
              Address
                for Notices:

            	
              ____________________________________

            
	 	 	
              ____________________________________

            
	 	 	
              ____________________________________

            
	 	 	 
	
              3.

            	
              Name
                of Primary Contact Person:

              Title:

            	
              ____________________________________

            
	 	 	 
	
              4.

            	
              Telephone
                Number:

            	
              ____________________________________

            
	 	 	 
	
              5.

            	
              E-Mail
                Address: 

            	
              ____________________________________

            
	 	 	 
	
              6.

            	
              Facsimile
                Number:

              Permanent
                Address:

            	
              ____________________________________

            
	
               

              7.

            	
               

              Permanent
                Address:

              (if
                different from Address for Notices above)

            	
               

              ____________________________________

            


    

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    


    
      	
              8.

            	
              Authorized
                Signatory:

              Title:

            	
              ____________________________________

              ____________________________________

            
	 	
              Telephone
                Number:

            	
              ____________________________________

            
	 	
              Facsimile
                Number:

            	
              ____________________________________

            
	
              9.

            	
              U.S.
                Investors Only:

               

              U.S.
                Taxpayer Identification or Social

              Security
                Number:

            	
               

               

               

              ____________________________________

            


    

    


    


    B. Accredited
      Investor Status

    


    The
      Investor represents and warrants that the Investor is an “accredited investor”
within the meaning of Rule 501 of Regulation D under the Securities Act of
      1933,
      as amended (the “Securities Act”), and has checked the box or boxes below which
      are next to the categories under which the Investor qualifies as an accredited
      investor:

    


    
      	
              FOR
                INDIVIDUALS:

               

            
	
              o

            	
              A
                natural person with individual net worth (or joint net worth with
                spouse)
                in excess of $1 million. For purposes of this item, “net worth” means the
                excess of total assets at fair market value, including home, home
                furnishings and automobiles (and including property owned by a spouse),
                over total liabilities.

            
	 	 
	
              o

            	
              A
                natural person with individual income (without including any income
                of the
                Investor’s spouse) in excess of $200,000, or joint income with spouse of
                $300,000, in each of the two most recent years and who reasonably
                expects
                to reach the same income level in the current
                year.

            


    

     

    
      	 	 	 
	
              FOR
                ENTITIES:

            


    

    
      	 	 
	
              o

            	
              A
                bank as defined in Section 3(a)(2) of the Securities Act or any savings
                and loan association or other institution as defined in Section 3(a)(5)(A)
                of the Securities Act, whether acting in its individual or fiduciary
                capacity.

            
	 	 
	
              o

            	
              An
                insurance company as defined in Section 2(13) of the Securities
                Act.

            
	 	 
	
              o

            	
              A
                broker-dealer registered pursuant to Section 15 of the Securities
                Exchange
                Act of 1934.

            
	 	 
	
              o

            	
              An
                investment company registered under the Investment Company Act of
                1940, as
                amended (the “Investment Company Act”). If an Investor has checked this
                box, please contact David Lubin, Esq., counsel for the Company, (516)
                887-8200 or david@dlubinassociates.com, for additional information
                that
                will be required.

            
	 	 
	
              o

            	
              A
                business development company as defined in Section 2(a)(48) of the
                Investment Company Act.

            
	 	 
	
              o

            	
              A
                small business investment company licensed by the Small Business
                Administration under Section 301(c) or (d) of the Small Business
                Investment Act of 1958.

            


    

     

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

     

    
      	 	 
	
              o

            	
              A
                private business development company as defined in Section 202(a)(22)
                of
                the Investment Advisers Act of 1940. If an Investor has checked this
                box,
                please contact David Lubin, Esq., counsel for the Company, (516)
                887-8200
                or david@dlubinassociates.com, for additional information that will
                be
                required.

            
	 	 
	
              o

            	
              An
                organization described in Section 501(c)(3) of the Internal Revenue
                Code,
                a corporation, Massachusetts or similar business trust, or partnership,
                not formed for the specific purpose of acquiring the Units, with
                total
                assets in excess of $5 million.

            
	 	 
	
              o

            	
              A
                trust with total assets in excess of $5 million not formed for the
                specific purpose of acquiring the Units, whose purchase is directed
                by a
                person with such knowledge and experience in financial and business
                matters as to be capable of evaluating the merits and risks of an
                investment in the Company and the purchase of the
                Units.

            
	 	 
	
              o

            	
              An
                employee benefit plan within the meaning of ERISA if the decision
                to
                invest in the Units is made by a plan fiduciary, as defined in Section
                3(21) of ERISA, which is either a bank, savings and loan association,
                insurance company, or registered investment adviser, or if the employee
                benefit plan has total assets in excess of $5 million or, if a
                self-directed plan, with investment decisions made solely by persons
                that
                are accredited investors.

            
	 	 
	
              o

            	
              A
                plan established and maintained by a state, its political subdivisions,
                or
                any agency or instrumentality of a state or its political subdivisions,
                for the benefit of its employees, if the plan has total assets in
                excess
                of $5 million.

            
	 	 
	
              o

            	
              An
                entity, including a grantor trust, in which all of the equity owners
                are
                accredited investors as determined under any of the foregoing paragraphs
                (for this purpose, a beneficiary of a trust is not an equity owner,
                but
                the grantor of a grantor trust is an equity
                owner).

            


    

    


    C.  Supplemental
      Data for Entities

    


    1. If
      the
      Investor is not a natural person, furnish the following supplemental data
      (natural persons may skip this Section C of the Investor
      Questionnaire):

    


    Legal
      form of entity (trust, corporation, partnership, etc.):
      _________________________ 

    


    Jurisdiction
      of organization: ________________________________________________

    


    2.
       Was
      the
      Investor organized for the specific purpose of acquiring the Units?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    If
      the
      answer to the above question is “Yes,” please contact David Lubin, Esq., counsel
      for the Company, (516) 887-8200 or david@dlubinassociates.com, for additional
      information that will be required.

    


    3.
       Are
      shareholders, partners or other holders of equity or beneficial interest in
      the
      Investor able to decide individually whether to participate, or the extent
      of
      their participation, in the Investor’s investment in the Company (i.e., can
      shareholders, partners or other holders of equity or beneficial interest in
      the
      Investor determine whether their capital will form part of the capital invested
      by the Investor in the Company)?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    


    If
      the
      answer to the above question is “Yes,” please contact David Lubin, Esq., counsel
      for the Company, (516) 887-8200 or david@dlubinassociates.com, for additional
      information that will be required.

    


    4(a).
       Please
      indicate whether or not the Investor is, or is acting on behalf of, (i) an
      employee benefit plan within the meaning of Section 3(3) of ERISA, whether
      or not such plan is subject to ERISA,
      or (ii)
      an entity which is deemed to hold the assets of any such employee benefit plan
      pursuant to 29 C.F.R. § 2510.3-101. For example, a plan which is maintained by a
      foreign corporation, governmental entity or church, a Keogh plan covering no
      common-law employees and an individual retirement account are employee benefit
      plans within the meaning of Section 3(3) of ERISA but generally are not subject
      to ERISA (collectively, “Non-ERISA
      Plans”).
      In
      general, a foreign or US entity which is not an operating company and which
      is
      not publicly traded or registered as an investment company under the Investment
      Company Act of 1940, as amended, and in which 25% or more of the value of any
      class of equity interest is held by employee pension or welfare plans (including
      an entity which is deemed to hold the assets of any such plan), would be deemed
      to hold the assets of one or more employee benefit plans pursuant to 29 C.F.R.
§
2510.3-101. However, if only Non-ERISA Plans were invested in such an entity,
      the entity generally would not be subject to ERISA. For purposes of determining
      whether this 25% threshold has been met or exceeded, the value of any equity
      interest held by a person (other than such a plan or entity) who has
      discretionary authority or control with respect to the assets of the entity,
      or
      any person who provides investment advice for a fee (direct or indirect) with
      respect to such assets, or any affiliate of such a person, is
      disregarded.

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    


    4(b).
       If
      the
      Investor is, or is acting on behalf of, such an employee benefit plan, or is
      an
      entity deemed to hold the assets of any such plan or plans, please indicate
      whether or not the Investor is subject to ERISA.

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    4(c.) If
      the
      Investor answered “Yes” to question 4.(b) and the Investor is investing the
      assets of an insurance company general account, please indicate what percentage
      of the Investor’s assets the purchase of the Units is subject to ERISA.
      ___________%.

    


    5.
       Does
      the
      amount of the Investor’s subscription for the Units in the Company exceed 40% of
      the total assets (on a consolidated basis with its subsidiaries) of the
      Investor?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    If
      the
      question above was answered “Yes,” please contact David Lubin, Esq., counsel for
      the Company, (516) 887-8200 or david@dlubinassociates.com, for additional
      information that will be required.

    


    6(a). Is
      the
      Investor a private investment company which is not registered under the
      Investment Company Act, in reliance on Section 3(c)(1) or Section 3(c)(7)
      thereof?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    6(b).
       If
      the
      question above was answered “Yes,” was the Investor formed prior to April 30,
      1996?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    If
      the
      questions set forth in (a) and (b) above were both answered “Yes,” please
      contact David Lubin, Esq., counsel for the Company, (516) 887-8200 or
      david@dlubinassociates.com, for additional information that will be
      required.

    


    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    7(a).
       Is
      the
      Investor a grantor trust, a partnership or an S-Corporation for US federal
      income tax purposes?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    7(b).
       If
      the
      question above was answered “Yes,” please indicate whether or not:

    


    (i)
      more
      than 50 percent of the value of the ownership interest of any beneficial owner
      in the Investor is (or may at any time during the term of the Company be)
      attributable to the Investor’s (direct or indirect) interest in the Company;
      or

     

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    (ii)
      it
      is a principal purpose of the Investor’s participation in the Company to permit
      the Partnership to satisfy the 100 partner limitation contained in US Treasury
      Regulation Section 1.7704-1(h)(3).

     

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    If
      either
      question above was answered “Yes,” please contact David Lubin, Esq., counsel for
      the Company, (516) 887-8200 or david@dlubinassociates.com, for additional
      information that will be required.

    


    8. If
      the
      Investor’s tax year ends on a date other than December 31, please indicate such
      date below:

    
      	 	 
	 	
              (Date)

            


    

    


    D.  Related
      Parties

    


    1.   
      To
      the
      best of the Investor’s knowledge, does the Investor control, or is the Investor
      controlled by or under common control with, any other investor in the
      Company?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    If
      the
      answer above was answered “Yes”, please identify such related investor(s)
      below.

    


    Name(s)
      of related investor(s): _______________________________-

    


    2.  
      Will
      any
      other person or persons have a beneficial interest in the Units to be acquired
      hereunder (other than as a shareholder, partner, or other beneficial owner
      of
      equity interest in the Investor)?

    


    
      	
              o
                Yes

            	
              o
                No

            


    

    


    If
      either
      question above was answered “Yes”, please contact David Lubin, Esq., counsel for
      the Company, (516) 887-8200 or david@dlubinassociates.com, for additional
      information that will be required.

    


    


    The
      Investor understands that the foregoing information will be relied upon by
      the
      Company for the purpose of determining the eligibility of the Investor to
      purchase the Units. The Investor agrees to notify the Company immediately if
      any
      representation or warranty contained in this Subscription Agreement, including
      this Investor Questionnaire, becomes untrue at any time. The Investor agrees
      to
      provide, if requested, any additional information that may reasonably be
      required to substantiate the Investor’s status as an accredited investor or to
      otherwise determine the eligibility of the Investor to purchase the Units.
      The
      Investor agrees to indemnify and hold harmless the Company and each officer,
      director, shareholder, agent and representative of the Company and their
      respective affiliates and successors and assigns from and against any loss,
      damage or liability due to or arising out of a breach of any representation,
      warranty or agreement of the Investor contained herein.

    


    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

    


    
      	 	
              INDIVIDUAL:

            
	 	 
	 	
              ____________________________________

            
	 	
              (Signature)

            
	 	 
	 	
              ____________________________________

            
	 	
              (Print
                Name)

            
	 	 
	 	
              PARTNERSHIP,
                CORPORATION, TRUST,

              CUSTODIAL
                ACCOUNT, OTHER:

            
	 	 
	 	
              ___________________________________

            
	 	
              (Name
                of Entity)

            
	 	 
	 	
              By:
                ________________________________

            
	 	
              (Signature)

            
	 	 
	 	
              ________________________________

            
	 	
              (Print
                Name and Title)

            


    

    


    


    


    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    


    Annex
      1

    


    DEFINITION
      OF “INVESTMENTS”

    


    The
      term
“investments” means: 

    


    	1)  	
            Units,
              other than securities of an issuer that controls, is controlled by,
              or is
              under common control with, the Investor that owns such securities,
              unless
              the issuer of such securities is:

          


    


    	(i)  	
            An
              investment company or a company that would be an investment company
              but
              for the exclusions or exemptions provided by the Investment Company
              Act,
              or a commodity pool; or

          


    


    	(ii)  	
            a
              Public Company (as defined below);

          


    


    	(iii)  	
            A
              company with shareholders’ equity of not less than $50 million (determined
              in accordance with generally accepted accounting principles) as reflected
              on the company’s most recent financial statements, provided that such
              financial statements present the information as of a date within 16
              months
              preceding the date on which the Investor acquires
              Units;

          


    


    	2)  	
            Real
              estate held for investment purposes;

          


    


    	3)  	
            Commodity
              Shares (as defined below) held for investment
              purposes;

          


    


    	4)  	
            Physical
              Commodities (as defined below) held for investment
              purposes;

          


    


    	5)  	
            To
              the extent not securities, Financial Contracts (as defined below) entered
              into for investment purposes;

          


    


    	6)  	
            In
              the case of an Investor that is a company that would be an investment
              company but for the exclusions provided by Section 3(c)(1) or 3(c)(7)
              of
              the Investment Company Act, or a commodity pool, any amounts payable
              to
              such Investor pursuant to a firm agreement or similar binding commitment
              pursuant to which a person has agreed to acquire an interest in, or
              make
              capital contributions to, the Investor upon the demand of the Investor;
              and

          


    


    	7)  	
            Cash
              and cash equivalents held for investment
              purposes.

          


    


    Real
      Estate that is used by the owner or a Related Person (as defined below) of
      the
      owner for personal purposes, or as a place of business, or in connection with
      the conduct of the trade or business of such owner or a Related Person of the
      owner, will NOT be considered Real Estate held for investment purposes, provided
      that real estate owned by an Investor who is engaged primarily in the business
      of investing, trading or developing real estate in connection with such business
      may be deemed to be held for investment purposes. However, residential real
      estate will not be deemed to be used for personal purposes if deductions with
      respect to such real estate are not disallowed by section 280A of the Internal
      Revenue Code of 1986, as amended. 

    


    A
      Commodity Interest or Physical Commodity owned, or a Financial Contract entered
      into, by the Investor who is engaged primarily in the business of investing,
      reinvesting, or trading in Commodity Shares, Physical Commodities or Financial
      Contracts in connection with such business may be deemed to be held for
      investment purposes.

    


    “Commodity
      Shares” means commodity futures contracts, options on commodity futures
      contracts, and options on physical commodities traded on or subject to the
      rules
      of:

    


    	(i)  	
            Any
              contract market designated for trading such transactions under the
              Commodity Exchange Act and the rules thereunder;
              or

          


     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	(ii)  	
            Any
              board of trade or exchange outside the United States, as contemplated
              in
              Part 30 of the rules under the Commodity Exchange
              Act.

          


    


    “Public
      Company” means a company that:

    


    	(i)  	
            files
              reports pursuant to Section 13 or 15(d) of the Securities Exchange
              Act of
              1934, as amended; or

          


    


    	(ii)  	
            has
              a class of securities that are listed on a Designated Offshore Securities
              Market, as defined by Regulation S of the Securities
              Act.

          


    


    “Financial
      Contract” means any arrangement that:

    


    	(i)  	
            takes
              the form of an individually negotiated contract, agreement, or option
              to
              buy, sell, lend, swap, or repurchase, or other similar individually
              negotiated transaction commonly entered into by participants in the
              financial markets;

          


    


    	(ii)  	
            is
              in respect of securities, commodities, currencies, interest or other
              rates, other measures of value, or any other financial or economic
              interest similar in purpose or function to any of the foregoing;
              and

          


    


    	(iii)  	
            is
              entered into in response to a request from a counter party for a
              quotation, or is otherwise entered into and structured to accommodate
              the
              objectives of the counterparty to such
              arrangement.

          


    


    “Physical
      Commodities” means any physical commodity with respect to which a Commodity
      Interest is traded on a market specified in the definition of Commodity Shares
      above.

    


    “Related
      Person” means a person who is related to the Investor as a sibling, spouse or
      former spouse, or is a direct lineal descendant or ancestor by birth or adoption
      of the Investor, or is a spouse of such descendant or ancestor, provided that,
      in the case of a Family Company, a Related Person includes any owner of the
      Family Company and any person who is a Related Person of such an owner. “Family
      Company” means a company that is owned directly or indirectly by or for two or
      more natural persons who are related as siblings or spouse (including former
      spouses), or direct lineal descendants by birth or adoption, spouses of such
      persons, the estates of such persons, or foundations, charitable organizations
      or trusts established for the benefit of such persons.

    


    For
      purposes of determining the amount of investments owned by a company, there
      may
      be included investments owned by majority-owned subsidiaries of the company
      and
      investments owned by a company (“Parent Company”) of which the company is a
      majority-owned subsidiary, or by a majority-owned subsidiary of the company
      and
      other majority-owned subsidiaries of the Parent Company. 

    


    In
      determining whether a natural person is a qualified purchaser, there may be
      included in the amount of such person’s investments any investment held jointly
      with such person’s spouse, or investments in which such person shares with such
      person’s spouse a community property or similar shared ownership interest. In
      determining whether spouses who are making a joint investment in the Partnership
      are qualified purchasers, there may be included in the amount of each spouse’s
      investments any investments owned by the other spouse (whether or not such
      investments are held jointly). There shall be deducted from the amount of any
      such investments any amounts specified by paragraph 2(a) of Annex 2 incurred
      by
      such spouse. 

    


    In
      determining whether a natural person is a qualified purchaser, there may be
      included in the amount of such person’s investments any investments held in an
      individual retirement account or similar account the investments of which are
      directed by and held for the benefit of such person.

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    


    Annex
      2

     

    VALUATIONS
      OF INVESTMENTS

    


    The
      general rule for determining the value of investments in order to ascertain
      whether a person is a qualified purchaser is that the value of the aggregate
      amount of investments owned and invested on a discretionary basis by such person
      shall be their fair market value on the most recent practicable date or their
      cost. This general rule is subject to the following provisos:

    


    	1)  	
            In
              the case of Commodity Shares, the amount of investments shall be the
              value
              of the initial margin or option premium deposited in connection with
              such
              Commodity Shares; and

          


    


    	2)  	
            In
              each case, there shall be deducted from the amount of investments owned
              by
              such person the following amounts:

          


    


    	(i)  	
            The
              amount of any outstanding indebtedness incurred to acquire the investments
              owned by such person.

          


    


    	(ii)  	
            A
              Family Company, in addition to the amounts specified in paragraph (a)
              above, shall have deducted from the value of such Family Company’s
              investments any outstanding indebtedness incurred by an owner of the
              Family Company to acquire such
              investments.