Lou Gerken
March 17, 2009

Dear Friends &Colleagues,

Gerken Capital Associates (“GCA”) is pleased to announce the re-establishment of “GCA Alliance”. As you may recall, we had previously (1989–2003) been active executing corporate finance and advisory assignments under the GCA Alliance banner. Historically, GCA Alliance mandates were often closely related to GCA fund management activities. However, since 2003, GCA Alliance has been largely dormant. For a number of reasons, including opportunities created by the turmoil currently dominating the investment banking and advisory landscape, we view today as an advantageous time to proactively re-engage in GCA Alliance activities.

Over the last several years, GCA has forged and strengthened numerous cross-border relationships (i.e., BBVA, China Merchant Securities, etc.). We believe these relationships will serve as strong building blocks for GCA Alliance’s corporate finance and advisory practice. Such international relationships coupled with GCA’s US relationships in the private equity community and elsewhere, create the opportunity to service emerging growth companies with a geographic reach not typically associated with boutique advisory practices.

We look forward to the opportunity to discuss our GCA Alliance advisory services with you.

Regards,
Lou C. Gerken