Subject: File No. S7-25-06
From: Ronald Freireich

February 24, 2007

I am strongly against changing the financial requirement from the present net worth value to a higher (proposed) value, because I think this will significantly and unnecessarily reduce the investment options for qualified investors, to the advantage only of "the rich". There is no data to support the argument that the level of investment expertise is significantly different in persons having a disposable net worth of $ 1 million versus those with net worth of $ 2.5 million.

Ronald Freireich