San West USA Inc.

Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

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San West USA Inc. 1122 Los Vallecitos San Marcos, California 92069 Phone: 760-510-6910 Phone (IR): (858) 509-9900 x13 E-mail: info@sanwestinc.com Website: www.sanwestinc.com

HBSY OTCBB Speculative Buy

San West USA Inc. (OTCBB: HBSY) designs and manufactures off-road buggies and provides repair services and after-market performance parts and accessories for buggies built in China for the U.S. market. In August 2008, the Company acquired Californiabased Buggy World, an exclusive authorized sales, service and parts distributor. Buggy World provides products and services to the off-road industry through a dedicated retail network and the Internet. Well-known brands in Buggy World’s product line include Volkswagen, Subaru, Fox Racing, Shox and Joyner. Vehicle prices range from $1,400 to $45,000 for family and sport buggies and $90,000 for high performance sand rails. In 2008, Buggy World generated sales of $1.685 million and produced 30% profit margins. The Company anticipates growing both of these numbers substantially in 2009.

San West recently secured the rights to market the Ruesch Rhino turbo utility terrain vehicle (UTV) in Orange and San Diego Counties in CA. It believes Ruesch Rhino is the only long-travel suspension turbo UTV in the U.S. market priced under $10,000. The average stock utility terrain vehicle (UTV) offered by competing manufacturers is priced at roughly $10,000 and requires at least $5,000 in aftermarket upgrades. San West markets its vehicles through three facilities in California (Huntington Beach, San Marcos and San Diego) and online. The Company was incorporated in July 2001.

San West USA Inc. (OTCBB: HBSY)

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

Investment Highlights Business model capitalizing on niche segment of the UTV market San West designs, manufactures, sells and repairs off-road buggies and scooters, and provides aftermarket performance parts and accessories for buggies built in China for the U.S. market. Despite an increasing number of Chinese vehicles entering the U.S., market, there are few competent UTV repair shops for Asian models. San West plans to capitalize on this opportunity by becoming a premier manufacturer of aftermarket performance UTV products that require far less maintenance than the off-the-shelf variety.

Sizable market opportunity Off-road enthusiasts in the U.S. are increasingly purchasing off-road buggies and scooters manufactured in China for a variety of reasons, including their lower prices relative to domestic models. Moreover, as gasoline prices remain high and parking rates in most major cities continue to climb, urban commuters are increasingly adopting motor scooters as a primary mode of transportation.

San West is tapping into a $31.5 billion motorcycle/ATV market opportunity. According to Kawasaki Motor Corp.’s product manager for ATVs and UTVs, the sport side of the UTV market is currently selling between 50,000-60,000 units per year and this number is likely to double over the next three to four years.

Acquisition of Buggy World positions San West for rapid growth The 2008 acquisition of Buggy World provides San West with annual revenues exceeding $1.6 million, increased visibility and an established presence in the Southern California market. The addition of the Buggy World brands also gives the Company a world class product line featuring names such as Volkswagen, Subaru, Fox Racing, Shox and Joyner and a great platform for penetrating the market for gas saving scooters with brands such as BMS, CF Moto and Lance Scooter. Buggy World has two retail locations in California and a growing Internet presence.

Multi-faceted growth strategy The Company plans to grow by expanding its number of brick & mortar retail centers, increasing its Internet presence, and making synergetic acquisitions of retailers and dealerships. San West plans to expand its physical store network to four locations, which will then allow the Company to negotiate exclusive sales rights on a regional basis for several key brands. San West has already established an online sales presence at www.merchantdirectdepot.com and through Amazon and eBay. Online sales channels are expected to drive a significant part of the Company’s growth and position San West for greater price elasticity and lower inventory risk than is possible with only a physical stores environment.

The Company is also planning to acquire additional retailers and dealerships in the California market and automate back office functions to reduce overall expenses, simplify operaSan West USA Inc. (OTCBB: HBSY)

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

tions and dealer management and create economies of scale.

Agreement to provide non-traditional financing to customers The Company is establishing a partnership with a Southern California-based regional auto title loan provider which will enable it to offer customers non-traditional loans at attractive rates at Buggy World stores. San West will retain 30% of each repaid loan issued at one of its brick & mortar locations. Its financing partner’s proven strategy has historically facilitated an annual bad loan rate of less than 1%. Buggy World already accepts vehicles for sale on consignment, so adding title loans to its services is beneficial. Customers will be able to drop off their vehicle and get cash quickly, and then pay off the loan when the vehicle sells.

Public listing improves access to capital Business growth in the past few years is increasing the Company’s need for capital and encouraged San West to become a publicly-traded entity. In February 2008, San West announced plans for a reverse merger with Human BioSystems (OTCBB: HBSY). The merger is likely to close by the end of Q2 2009.

Business Model The Company designs, manufactures and markets off road buggy vehicles, which are sold in both the corporate hospitality and private recreational markets. In August 2008, the Company acquired Buggy World, an exclusive authorized sales, service and parts distributor in San Diego County. Buggy World sells more than 100 product lines and has five exclusive distributor agreements across Southern California. The Company’s products are sold through its stores, online site and through a growing dealer network. Buggy repair services are provided at two retail locations in San Diego County.

The Company uses the latest computer-aided technology for design and manufacturing, from CAD design and simulation, to laser tube cutting, CNC tube bending, milling and turning. Significant investment has been made in production equipment and San West’s products are rigorously tested by its own experienced research and development team. All of its vehicles are custom tailored to customer requirements and handmade to order.

The Company has an online sales presence at its www.buggyworld.net Web site and through online stores like EBay and Amazon. It markets its own products and resells products manufactured by others through strategic partnerships. San West intends to expand its bricks & mortar presence to four locations, which will enable the Company to negotiate exclusive sales rights on a regional basis for several key brands.

San West has established relationships with key manufacturers and suppliers including Team Joyner USA, Redline, Fox Shocks, Empi Parts, CF Moto Scooters, BMS Scooters and SSR Scooters. The Company utilizes a “just-in-time” inventory system to reduce overall inventory expense and risk; it typically carries about six of each kit in stock at any given time.

Additional parts can generally be obtained within 24-hours if the Company is out of stock and all kits and products are San West USA Inc. (OTCBB: HBSY)

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

shipped within 72 hours of order.

Recent Developments In February 2008, San West announced a non-binding letter of intent which contemplates a reverse merger with Human BioSystems (OTCBB: HBSY), a Silicon Valley based biotech company. The main advantage of obtaining a public listing through a reverse takeover is speed and lower cost than an initial public stock offering. Under the terms of the non-binding LOI, San West Inc. will acquire 85% of the outstanding common stock of Human BioSystems. If a definitive merger agreement is signed, the ongoing business will be San West and the current operations of Human BioSystems will be suspended.

Due to the recession and virtually frozen credit markets, San West has recognized the need to provide consumers with access to non-traditional financing. The Company is establishing a joint venture with a Southern CAbased regional auto title loan provider through which it will be able to offer title loans to customers at its Buggy World stores. San West retains 30% of each repaid loan issued at one of its bricks & mortar locations. Its partner’s proven loan strategy has historically facilitated an annual bad loan rate of less than 1%. Buggy World already accepts vehicles for sale on consignment so adding title loans to its services is complementary. Customers will be able to drop off their vehicles and get cash quickly, and then pay off the loan when the vehicles sell.

Corporate Strategy The Company plans to capitalize on growing demand in the U.S. market for less expensive Chinese-manufactured off-road buggies and go-karts, establish dealership arrangements with leading brands, grow its online sales and leverage its equity to negotiate and acquire synergistic businesses.

In addition, San West intends to augment its current design capabilities to expand and capture new markets and to continue to design and manufacture custom body kits for the buggy aftermarket.

San West plans to accomplish these goals by: • • • • •

Establishing strategic relationships with automobile dealers and distributors; Pursuing selective acquisitions of similar or complementary businesses; Leveraging the full capabilities of its equipment and personnel to drive new product development; Insuring effective test bed support for new market technologies and designs; and Providing a high end, high performance off-road vehicle experience for the customer.

San West increases visibility for its products through expositions and demonstrations. The Company’s marketing strategy also includes displaying and demonstrating the buggies at regional and national buggy tradeshows, and advertising its vehicles through television, radio, print and outdoor advertising as well as on the Internet.

The Company intends to acquire additional dealerships and then reduce overall expenses, simplify operations and dealer management, and create economies of scale by automating back office functions. San West will also benefit from leveraged buying power and be able to provide a level of service and expertise that would otherwise be unobtainable at each dealership individually.

San West USA Inc. (OTCBB: HBSY)

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

Products San West offers buggy sales, buggy repair, turbo kits, suspension work kits and aftermarket parts such as tires, rims, shocks, spindles and pistons. Its marketed brands include Volkswagen, Subaru, Fox Racing, Shox and Joyner.

Vehicle prices range from $1,400 to $45,000 for family and sport buggies to $90,000 for high performance sand rails.

Some of the Company’s vehicles are shown below: Super Truggy • Single Cylinder, 4 Stroke • Fully Auto w/High/Low Neutral & Reverse • 14 Horse Power • Electic Start • Length 96” x Width 56” x Height 67” • Ground Clearance 10” • Front Travel 8-10” Rear Travel 8-10” • 4 Disc Brakes

• 35-40 MPH • Independent Front & Rear Suspension • Polished Pipe • Weight 617 LBS • EPA/CARB • 4 Piece Fiberglass Body • Stock Super Truggy $6,295 • One Upgraded Model With Fox Shocks Available $7,195

Force Tek Sonic Sonic Motor Works utilize only the highest-quality components throughout their cars. The chassis are jig-welded using 1.25 x .095 4130 chromoly. Jigwelding allows cars to be built to exacting tolerances. The front arms are built from 1.125 chromoly tubing. All suspension components and moving parts are TIG welded.

Some of the utilized components at Force Tek include Fox reservoir shocks, Porsche 930 CV’s, PRP seats and belts, Douglas Wheels, Extreme tires, Gear One steering and drive components, Stilleto R & P, the lowest mileage 180 HP Suzuki Hayabusa engines available, Stainless Steel braided lines, and Jamar Pedals, to mention just a few.

• Single Cylinder, 4 stroke • Fully Auto w/High/Low/Neutral & Reverse • 14 Horse Power • Electric Start • Length 98” x Width 60” x Height 67” • Ground Clearance 10” • Front Travel 8-10” Rear Travel 8-10”

• 35-40 MPH • Independent Front & Rear Suspension • Polished Pipe • Weight 617 lbs • EPA/CARB • State and Federal Approved • MAP Pricing $3,799 • 4 Disc Brakes

250cc Sand Viper

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

650cc 4x4 Commando • • • • • •

4 Stroke Liquid Cooled Digital Instrument Panel 750 LB Payload 1500 LB Pulling Capacity 12” Polished Wheels Independent Front & Rear Suspension • Push Button Command 2 Wheel Drive & 4 Wheel Drive System

• • • • •

• 2 Cylinder 4 - Stroke • 4 Speed Manual Transmission With Reverse • 26 Horse Power • Electric Start • Rack and Pinion Steering • Length 113” x Width 62” x Height 63” • Ground Clearance 13” • Travel Front 10-12” Rear 10-12” • 4 Disc Brakes

• 45-55 MPH • Independent Front & Rear Suspension With Gas Shocks • Polished Pipe & Polished Wheels • Weight 992 LBS • EPA/CARB • State and Federal Approved • MAP Pricing $7,499

• 3 Cylinder, 4 Stroke EFI • 5 Speed Manual Transmission With Reverse • 58 Engine Horse Power • Sport Dash & Instrument Panel • 750 lb Payload • 1500 lb Pulling Capacity • 12” Polished Wheels • Independent Front & Rear Suspension • Push Button Command 2 Wheel Drive & 4 Wheel Drive System • 4 Disk Brakes • Glove Box

• Suspension Seats with 5 pt Harness & Quick-Release Seatbelts • Granny 1st Gear • Length 158” x Width 60” x Height 72” • Ground Clearance 12” • Weight 1593 lbs • Front & Rear Hitch W/QuickRelease Winch • Front & Rear Differential Lockers • EPA / CARB Approved • MAP Pricing $10,999

• • • •

4 Disc Brakes Glove Box Seat Belts Granny 1st Gear Length 116” x Width 60” x Height 70” Ground Clearance 12” Weight 1254 LBS AM/FM CD Player EPA/CARB

650cc Sand Spider

800cc Renegade 4 Seater

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

1100cc Sand Viper • 4 Cylinder, 4 Stroke EFI • 4 Speed Manual Transmission With Reverse • 86 Horse Power • Electric Start • Length 122” • Width 75” X • Height 58” • Ground Clearance 15”

• • • •

• 4 Cylinder, 4 stroke EFI • 4 Speed Manual Transmission With Reverse • 86 Engine Horse Power • Electric Start • Ground Clearance 13” • Travel Front 10-12” Rear 10-12” • 4 Disc Brakes

• 70-80 MPH • Independent Front & Rear Suspension With Gas Shocks • Polished Pipe & Wheels • EPA/Carb Approved • Length 127”x width 65”x height 69” • Full Body Panels • MAP Pricing $10,999

• 4 Cylinder, 4 stroke • 4 Speed Manual - VW 002 Transmission • Ind Front/Rear Suspension With Gas Shocks • Sports Instrument Panel w/ Gauges & Switchs • Polished Light Package • Polished Pipe & Polished Wheels • Sports Wing • Turning Brakes

• 4 Disc Brakes • 135 Engine Horse Power Fuel Injected • 140 lb FT/LB Torque • Electric Start • Travel 14” • Est 100 MPH+ • MAP Pricing $12,895

• • • •

Travel Front 12-14” Rear 12-14” 4 Disc Brakes 70-80 MPH Independent Front & Rear Suspension With Gas Shocks Polished Pipe & Wheels Weight 1256 LBS EPA MAP Pricing $9,999

1100cc 4x4 Trooper

2.0L Sand Runner

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

Redline Revolt The Revolt is a versatile machine that is designed for multiple applications – from Sand dunes to trail riding to motocross tracks. San West took features from many different products and refined them into a product that is both fun and safe.

The Revolt’s industry proven engine combined with the CVT allow for great acceleration with a top speed between 60-70 MPH, but the Revolt is more about the fun factor than just top speed.

With the font suspension having 17” True Travel and Rear suspension with 16.5” True Travel, it eats up the bumps. Weighing in at just under 700 lbs, the Revolt is easy to control and maneuver around the trail. All of this combined with the safety features (five point harness, wrist straps, etc.) make the Revolt a safe, reliable, fun way to explore the outdoors.

San West has entered the North American scooter market through a multi-faceted effort that includes both establishing bricks & mortar sales/services locations and securing exclusive regional distribution rights for the following leading scooter brands: • CF Moto. Typical model is priced at $3,200; • BMS Scooters: Typical model is price at $1,600; • Lance Scooters. Typical model is price at $1,600.

In addition to product sales, San West services and repairs the vehicles it sells. These services, which are provided by specially trained mechanics, include crash repairs (body work) and normal wear and tear installation and repairs such as brake replacement, repair of exhaust systems, shock absorber replacement, battery replacement, oil changes and tune-ups.

Industry Outlook Motorcycle industry The $14.6 billion U.S. motorcycle industry experienced double-digit growth during most of the 1990s, driven mainly by Baby Boomers and their need to break free from midlife doldrums. Although sales have fallen off since this period of unprecedented growth, the motorcycle industry remains strong. According to the Motorcycle Industry Council, 1.11 million motorcycles were sold in the United States in 2007, down from 1.19 million in 2006. The Motorcycle Industry Council (MIC) preliminary estimate for all motorcycles and scooters sold nationwide in 2008 is 1,087,000, down just 3.3% compared to 2007. Sales still topped the 1-million mark for the sixth straight year.

Unlike the saturated European marketplace with some 30 million vehicles sold, the U.S. scooter market remains largely untapped, with only about 1 million scooters in use. According to the Motorcycle and Moped Industry Council, 3,761 scooters were sold in the U.S. during 2002. Annual sales then began growing at approximately 30% annually, peaking at 9,347 in 2006 and then cooling off a bit in 2007.

San West USA Inc. (OTCBB: HBSY)

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

WebBikeWorld provides a graph showing U.S. motorcycle sales figures from 1992 to 2008. These are gross numbers, including motorcycles (street bike, dual-sport and off-road) and scooters.

U.S. Motorcycle Sales, 1992 – 2008

Source: www.webbikeworld.com/Motorcycle-news/statistics/motorcycle-sales-statistics.htm

ATV market Sales in the traditional ATV market have declined over the past three years. According to the Motorcycle Industry Council (MIC) and Powersports Business, in 2007 there were approximately 858,731 ATV’s sold worldwide. This represented an 11% decline from 2006. In 2008, worldwide ATV sales are estimated to have dropped nearly 20% to about 690,000 units according to MIC, Powersports Business and A.G. Edwards estimates. In the $5 billion annual ATV industry, Honda is the world leader followed by Polaris, Yamaha, Kawasaki, Suzuki, Arctic Cat and Bombardier1.

Annual Worldwide and U.S. ATV Sales

Source: www.powersportsbusiness.com/output.cfm?id=1286875

1. www.sec.gov/Archives/edgar/data/1157758/000121839609000001/atc10ksb2008.txt

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

Over the longer-term, industry analysts project ATV unit sales will grow at mid-single digit rates, The ATV segment remains the most under-penetrated of the of the three major power sports segments, despite serving a wider variety of purposes compared to snowmobiles and watercraft2.

UTV market Utility Terrain Vehicles (UTVs) are used in a variety of applications, including by ranchers checking fence lines and by campers and hunters transporting equipment to remote off-road locations. Another dimension is emerging in the UTV world - a high-performance segment. The sport side of the utility terrain vehicles market is currently selling between 50,000-60,000 units per year. Overall, the UTV market has grown more than 50% since 1999, according to Power Systems Research.

Off-road aficionados are increasingly adopting Chinese-manufactured models for a number of reasons, including their lower relative cost relative to European and domestic models. Despite an increasing number of Chinese vehicles entering the U.S., there are few competent repair shops for Asian models. San West plans to capitalize on this opportunity by providing repair services and parts for Chinese-manufactured vehicles.

Outlook San West plans to capitalize on growing demand in the U.S. market for China-made off-road buggies and gokarts, establish dealership arrangements with leading brands, continue to expand its online sales and leverage its brands and position to acquire synergistic businesses.

The 2008 acquisition of Buggy World provides San West with a $1.6 million annualized revenue stream, increased visibility and an established presence in the Southern California market. In addition to its current buggy product line, the Company has entered the scooter and UTV markets. As gasoline prices and parking rates rise, an increasing number of urban commuters are adopting motor scooters as a primary mode of transportation.

The Company has two service outlets in California (Letz Go Racing Off-Road Center in Huntington Beach, and Buggy World in Santee) that provide customers with aftermarket parts, accessories and repair services for offroad buggies built in China for the U.S. market. San West intends to expand its brick and mortar presence to four stores, which will allow it to negotiate exclusive sales rights on a regional basis for several key brands. The Company is also planning to acquire additional dealerships, particularly in California.

San West recently became a publicly traded company through a reverse merger and is currently seeking an equity investment of approximately $1 million to be used for acquisitions and operating capital.

Comparative Analysis For valuation purposes we compared San West with vehicles retailers in the U.S. that offers various vehicle products and services, including new and used vehicles and related financing; vehicle maintenance and repair services; replacement parts; and warranty, insurance and extended service contracts. The peer group companies are trading at forward P/E multiples of 14 times earnings and P/S multiples of 0.17 times revenues.

2. http://findarticles.com/p/articles/mi_m0EIN/is_2005_Jan_25/ai_n8708183/

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

Company 22-May-09 AutoNation Inc. Penske Automotive Group Inc. Group 1 Automotive Inc. Lithia Motors Inc. CarMax Inc. America’s Car-Mart Inc. Median

Ticker Price Market Symbol $ Cap. $ Mn AN PAG GPI LAD KMX CRMT

17.56 16.64 26.21 9.65 14.45 20.52

2,700 1,030 440 117 2,180 174

2009E 16.03 n/m 15.38 34.63 41.29 10.09 16.03

P/E

2010E 13.97 n/m 11.02 15.39 19.82 8.77 13.97

P/S 2009E 2010E 0.24 0.11 0.09 0.06 0.34 0.59 0.18

0.23 0.11 0.09 0.06 0.32 0.54 0.17

Source: Yahoo Finance!

Risks New company with a brief operating history The Company was incorporated in Nevada in July 2001.Until the third quarter of 2006, San West had minimal operations. The Company’s business strategy is unproven, and may not be successful as a result of the risks, expenses and difficulties frequently encountered in establishing a new business.

Limited brand identity and customer loyalty San West’s online store has only operated since 2006, which is not enough time for the Company to develop strong identity or brand loyalty. Establishing brand identity and brand loyalty is critical to attracting customers to the online store and developing additional relationships with suppliers. To attract more customers and build a recognized brand, San West may be required to make significant investments in marketing.

Lack of financing The Company will likely require additional working capital to fund its business expansion. However, there is no assurance that additional financing will be available to the Company on favorable terms, if at all. If San West is unable to obtain sufficient capital, it could be forced to alter its business strategy and/or delay or abandon some of its development plans. In addition, raising capital through the issuance of equity, equity-linked or debt securities may increase financial risk and cause dilution.

Significant competitive pressure The off-road vehicle market is highly competitive with respect to price, service, location and selection. There are an estimated 4,000 retail stores across the United States. The Company competes with numerous dealerships, many of which are larger and have significant financial and marketing resources. San West also competes with private buyers and sellers of used off road vehicles, service center chains and independent shops for service and repair.

Some of these businesses are able to compete successfully because of comparatively low overhead and sales costs.

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

Management Team Frank J. Drechsler Chief Executive Officer, President, Treasurer

Mr. Drechsler has been the Company’s CEO, president, treasurer and a director since San West’s inception. Prior to joining San West, Drechsler was an officer and director of Krinner USA Inc., a privately held Nevada corporation that markets and sells Christmas tree stands designed in Germany. He also served as president, secretary and a director of Finger Tip Drive Inc., a Nevada corporation providing online computer data storage services. From October 1998 to May 2001, Drechsler was president and a director of Pacific Trading Post Inc., which marketed and sold outdoor sports products on the Internet. In January 1998, Drechsler co-founded and developed the business model for www.skatesurfsnow.com, where he was responsible for day-to-day operations. From 1995 to December 1996, Drechsler was the international sales manager for Select Distribution. He graduated from California State University, Fullerton with a Bachelor of Science degree in International Business in 1992.

Kelly D. Clark Secretary, Director

Ms. Clark was appointed the Company’s secretary and a director in July 2005. She has been employed as a real estate agent by Prudential California Realty from 2002 to the present. Prior to that, Clark was employed as an administrative assistant by various firms in the San Diego area. Clark attended the University of California at San Diego and Mesa College in San Diego in 2002, where she earned an associate’s degree in English. Clark is a member of the San Diego Association of Realtors, the California Association of Realtors, and the National Association of Realtors.

Todd M. Pitcher Acting Secretary

Mr. Pitcher has been acting secretary of the Company since June 2007. He has served as chairman of the board for Superclick since October 2003 and is managing director for Comprehensive Communications, a professional services and business consulting firm. Pitcher also served on the executive management team in an interim capacity for 4Dcard Inc. from March 2002 through July 2003. He has several years experience in investment banking, business consulting and equity research, serving as director of equity research at Equity Securities and other regional investment banking firms. Pitcher has B.A. in philosophy from the University of California at Berkeley and has attended graduate school at the University of California at Santa Barbara and Claremont Graduate School.

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Analyst: Victor Sula, Ph.D. Initial Report July 16th, 2009

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To the fullest extent of the law, we will not be liable to any person or entity for the quality, accuracy, completeness, reliability, or timeliness of the information provided in the report, or for any direct, indirect, consequential, incidental, special or punitive damages that may arise out of the use of information we provide to any person or entity (including, but not limited to, lost profits, loss of opportunities, trading losses, and damages that may result from any inaccuracy or incompleteness of this information).

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www. finra.org.

All decisions are made solely by the analyst and independent of outside parties or influence.

I, Victor Sula, Ph.D, the author of this report, certify that the material and views presented herein represent my personal opinion regarding the content and securities included in this report. In no way has my opinion been influenced by outside parties, nor has my compensation been either directly or indirectly tied to the performance of any security listed. I certify that I do not currently own, nor will own and shares or securities in any of the companies featured in this report.

Victor Sula, Ph.D. - Senior Analyst Victor Sula, Ph.D. has held the position of Senior Analyst with several independent investment research firms since 2004. Prior to 2004, Mr. Sula held Senior Financial Consultant positions within the World Bank sponsored Agency for Restructuring and Enterprise Assistance and TACIS sponsored Center for Productivity and Competitiveness of Moldova, where he was involved in corporate reorganization and liquidation. He is also employed as Associate Professor at the Academy of Economic Studies of Moldova. Mr. Sula earned his Ph.D. degree in 2001 and bachelor’s degree in Finance in 1997 from the Academy of Economic Studies of Moldova. Mr. Sula is currently a level III candidate in the CFA program.

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