Disclaimer

Zepeda & Company, Inc. (“ZCI”) is not a subsidiary of any depository institution, nor is it insured by the Federal Deposit Insurance Corporation (FDIC),
the Federal Reserve Board or any other government agency. Zepeda & Company Services^SM is a service mark of Zepeda & Company, Inc.

General disclosures:

This research is for our clients only. Other than disclosures relating to ZCI, this research is based on current public information that we consider reliable, but
we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations
may prevent us from doing so.

At present, ZCI is prepared to represent you in the areas of Private placements, Debt & Equity, Venture Capital/Angel Investments, M & A, Private Equity,
Asset Management, Private Wealth Management Consultancy & Investment Advisory.Our salespeople, traders, and other professionals may provide oral or written advisements to our clients that reflect opinions that are contrary to the opinions expressed in this research. This research is not an offer to sell

or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of the investments referred to in this research and the income fromthem may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.

or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of the investments referred to in this research and the income fromthem may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Our research is disseminated primarily electronically, and, in some cases, in printed form. Electronic research is simultaneously available to all clients.

Copyright 2005 Zepeda & Company, Inc.

No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Zepeda & Company, Inc. Regulatory disclosures

Disclosures required by United States laws and regulations

See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed public offer in ZCI in prior periods; directorships; market making and/or specialist role.

The following are additional required disclosures: Ownership and Material Conflicts of Interest: Zepeda & Company policy prohibits its analysts, professionals reporting to analysts and members of their households from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are paid in part based on the profitability of Zepeda & Company, which includes investment banking revenues.

Analyst as Officer or Director: Zepeda & Company policy prohibits its analysts, persons reporting to analysts or members of their households from serving as an officer, director, advisory board member or employee of any company in the analyst's area of coverage.