AQUILLIAN INVESTMENTS, LLC

General Disclaimer
The material on this website is for the general information of our clients and visitors about the products and services offered by Aquillian Investments LLC (Aquillian) and its affiliates. Nothing contained in this website constitutes an offer or solicitation to buy or sell securities of any kind. Aquillian is an independent research and consulting firm that offers its products and services to institutions, corporations, endowments, trusts, family offices and accredited investors.

When we provide products and services to our clients, we may do so through Aquillian or its registered securities broker-dealer affiliate Growth Capital Services Inc (GCS), depending on our role and client need. If we provide investment consulting and/or research, we do so through Aquillian and our obligation to clients is based on negotiated agreements, with fees usually linked to time and/or deliverables. If we provide investment advice and/or portfolio management - either directly or through sub-advisers that we screen, select and manage - our obligation to clients is based on helping them achieve specified goals and managing investment risks, all of which are usually described in documents called an “Investment Policy Statements.” Fees for advisory services are usually based on a percentage of total assets under management. If we refer clients to our broker-dealer affiliate GCS to facilitate the purchase or sale of a private placement, which we may have covered in our research and which security may be owned by Aquillian and/or GCS employees, GCS will usually be paid a placement fee by the issuer based on the amount of money invested, and may be paid additionally in warrants or other form of compensation.

Aquillian clients should ask as many questions as possible to derive a clear understanding of Aquillian’s prospective roles and potential conflicts of interest as regards any relationships. At times, Aquillian, GCS, and/or employees of both companies may be paid by clients and by issuing or researched companies. Some Aquillian professionals are registered with FINRA through GCS, and serve variously as advisers, placement agents, and consultants. We encourage clients to contact an Aquillian consultant for more information about the differences among research, consulting, advisory, and placement services.

Neither Aquillian nor any of its affiliates provides tax, legal, accounting or financial planning advice, and all clients of Aquillian and its affiliates should seek appropriate advice about any plan or investment.

Alternative Investments
Aquillian and its affiliates specialize in research, consulting, advice and placement proper to Alternative Investments. Alternative Investments are by nature risky and can be volatile. Liquidity is often reduced significantly or is nonexistent. Clients who buy Alternative Investments can lose the entire amount of their investment. There are often substantial conflicts of interest between and among issuers, agents, and consultants, and tax and other regulatory issues may limit access to or the mobility of assets.

Investments
This website is not to be used as a general guide to investing and makes no recommendations, as appropriate investment advice will depend on client investment objectives. This material does not constitute an offer to enter into an investment agreement.

Past performance is not indicative of future results. Future results may vary, and are not guaranteed. The value of investments and their income may increase or decrease, and a loss of principal - including all principal - may occur.

No part of this website may be reproduced in any form or distributed to anyone not an employee of Aquillian without Aquillian’s prior written approval.

Aquillian is registered as an investment adviser with the State of California. GCS is an SEC registered securities broker-dealer and a member of FINRA/SIPC. Securities are offered through GCS.

Research Reports
Aquillian and its affiliates may engage in various kinds of business with companies covered in its research reports. Investors should be aware that the firm may have conflicts of interest that could affect the objectivity of any research report. Investors should consider research reports as only one of many potential factors in making their investment decisions.

Aquillian makes no representations or warranties as to the data and information provided and has no liability or responsibility arising out of or in connection with any referenced or linked website.

Aquillian consultants who provide research reports may be compensated in salary, bonus, for time, deliverables, or based on the number and/or value of client relationships engendered and/or managed

Disclosure of Information
We do not disclose nonpublic information about you to anyone, except as directed by you, as necessary to service your account or process a transaction, or as otherwise permitted by law. Your customer information is never sold to anyone.

Protection of Information
We maintain physical, electronic, and procedural safeguards that comply with federal standards to protect your personal information from unauthorized access or use. We restrict access to your personal and account information to those employees who need to know that information in order to provide products and services and to you. All employees are required to protect and maintain the confidentiality of your information in accordance with our policies and procedures.

Additional Information
If you decide to close your account(s) with us or become an inactive customer, we will continue to adhere to the privacy policies and practices described in this notice. The examples contained within this Privacy Policy are illustrative only and are not intended to be exclusive.

Copyright 2008 Aquillian Investments LLC. All rights reserved
This research report is prepared for the use of Aquillian prospects and clients and may not be reproduced or distributed in any form without the prior written approval of Aquillian.