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Does the page restriction (25 pages) include the appendix?

April 26, 2017appendix page pages

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Does the page restriction (25 pages) include the appendix?

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The body of the plan must not exceed 25 pages. This does not include financials or other appendices (a.k.a. exhibits). Exhibits must not total more than 5 additional pages. Resumes of the team members and/or advisors are also not included in the page limit restrictions. In other words, the resumes are in addition to your plan and exhibits.