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IPOfinancial.com, herein referred to as ‘We’ or ‘Our’, was founded in 1990 by our current President, David Menlow. We have created the niche in the new issues market for projecting the opening premiums of IPOs and Secondaries in the equity market, before they come public. This is done without the traditional crutches used by virtually all other companies who have attempted to accomplish this goal. Prior to the establishment of our quantitative model, information was derived by small groups of individuals contacting the underwriting brokers and finding out who was involved in the deal, how many 10% orders were in place and how oversubscribed the deal was. Our only contact with the brokerage firms is for tentative timing issues on pending deals. No questions are asked of the brokerage firms that would compromise their requirements as dictated by the SEC during what is called the quiet period. IPOfinancial.com, through a subsidiary does participate in the new issues market. This covers indications on new issues prior to their pricings and positioning in the aftermarket. Positions may be taken that are either in line with the reports or in opposition of the reports due to trading conditions. Clients of IPOfinancial.com may desire to have some of their assets managed by IPOfinancial.com. This process is a negotiated fee structure with each client. However, there are some IPOfinancial.com procedures and policies that we do have in place that covers the following:

• No business of any kind is done with any companies that are covered in the IPO or Secondary markets.
• No employee is involved with any services or products with any company in any report.
• Employees are prohibited from having any personal investment, either long or short, in any stock prior to the release of any initial coverage report.
• No employee is affiliated in any way, or in any capacity, with any company mentioned in any report.
• No markets are made in any stocks.
• No investment banking relationships exist with any firm.

We do not get paid by the companies that are covered in the new issues market. Any person responsible for the content in any report is not given a performance bonus based on accuracy of any projections or ratings. Our income is derived from our customer base that is the individuals or companies that wish to purchase our research as an additional tool to help them with their trading decisions in the new issues market. All our work is to be used only for a point of view that cannot be reflected in the prospectus. All readers of this material should read the prospectus carefully and evaluate if the stocks being considered are in line with their personal investment objectives.

IPOfinancial.com, through a subsidiary does participate in the MicroCap market and may take positions in companies that are the subject of coverage by IPOfinancial.com. This covers positions taken by the subsidiary after the initial coverage report is produced. Positions may be taken that are either in line with the reports or in opposition of the reports due to trading conditions. Clients of IPOfinancial.com may desire to have some of their assets managed by IPOfinancial.com. This process is a negotiated fee structure with each client. We do not accept payment in kind in the form of stock for the services we provide. However, there are some IPOfinancial.com procedures and policies that we do have in place that covers the following:

• No business of any kind is done with any companies that are covered in the MicroCap Frontline reports.
• No employee is involved with any services or products with any company in any report. • Neither IPOfinancial.com, any affiliated entities owned or controlled by the principals of IPOfn, or any of our employees have any positions in stock or warrants in the company that is the subject of this report prior to the release of the initial report to the IPOfinancial.com website.
• Ater 3 business days in which the market has been open after the release of any report, IPOfn, any affiliated entities owned or controlled by the principals of IPOfn and its employees are free to follow suit with the recommendations IPOfn make on the stock for any investment protocol deemed appropriate.
• If a ranking change occurs, those parties involved in the stock will only be able to follow the change in ranking after 3 business days in which the market has been open after the release of any such changes.
• No employee is affiliated in any way, or in any capacity, with any company mentioned in any report.
• No markets are made in any stocks.
• No investment banking relationships exist with any firm.

IPOfinancial.com is paid to the MicroCap Frontline reports either directly from the company being covered, or some other related or unrelated entity. The rankings for any part of the reports are independent of any fees or other consideration afforded to IPOfinancial.com. Any person responsible for the content in any report is not given a performance bonus based on accuracy of any projections or ratings. Coverage on the stock will continue as long as the company is current with its financial obligation to us for coverage. IPOfn may elect to continue coverage without payment at its own discretion, but is not obligated to do so. Our income is also derived from our customer base that is the individuals or companies that wish to purchase our research as an additional tool to help them with their trading decisions in the MicroCap market. Information contained in this and any other IPOfn report is deemed to be accurate relative to what is public information. Assumptions and conclusions are our interpretation of the material we have received. All our work is to be used only for a point of view that cannot be reflected in the prospectus. All readers of this material should read the prospectuses and official filling documents to the SEC carefully and evaluate if the stocks being considered are in line with their personal investment objectives. Opinions of IPOfinancial.com or facts cited by the company and rendered in any report are only valid as of the date of that report. Errors and omissions are attempted to be corrected when possible; however, IPOfinancial.com is not obligated to update the information and notify any persons who may have read or purchased any such reports.

IPOfinancial.com is an independent investment research provider and is not a member of the NASD or the SIPC. IPOfinancial.com is not a registered broker dealer. The IPOfinancial.com and IPO Financial Network trademark, service mark and logo are the intellectual property of IPOfinancial.com. The information contained in this research is produced and copyrighted by IPOfinancial.com, and any unauthorized use, duplication, redistribution or disclosure is prohibited by law and can result in prosecution. The content of this report may be derived from sources including but not limited to, filings of public information with the Securities and Exchange Commission, news releases through the Internet, stock and news quotation systems, IPOfinancial.com proprietary databases, notes, or analyses, and other important disclosures may be obtained on the IPOfinancial.com web site www.IPOfinancial.com. This report is meant to be an aid in the decision to either buy or sell the security that is the subject of this report. It should not be used as the sole determinant in any investment decision. The information and material presented in this report are for general information only and do not specifically address individual investment objectives, financial situations or the particular needs of any specific person who may receive this report. Investing in any security or investment strategies discussed may not be suitable for you and it is recommended that you consult an independent investment advisor. Nothing in this report constitutes individual investment, legal or tax advice. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but IPOfinancial.com makes no representation as to their timeliness, accuracy or completeness. IPOfinancial.com may issue or may have issued other reports that are inconsistent with or may reach different conclusions than those represented in this report, and all opinions are reflective of judgments made on the original date of publication. IPOfinancial.com is under no obligation to ensure that other reports are brought to the attention of any recipient of this report. IPOfinancial.com shall accept no liability for any loss arising from the use of this report, nor shall IPOfinancial.com treat all recipients of this report as customers simply by virtue of their receipt of this material. Investments involve risk and an investor may incur either profits or losses. Any decisions you make to follow the recommendations contained herein are entirely your responsibility as far as suitability for your investment objectives. Qualified professionals should be consulted before any investment is made. Past performance should not be taken as an indication or guarantee of future performance.

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