1. Dynamic Growth is a monthly newsletter which (collectively, the “Newsletter”), is edited by John Mugarian, and is offered to the general public on a subscription basis.

2. Newsletter subscribers will receive the benefit of John Mugarian’s commentary, analysis, opinions, advice and recommendations. The Newsletter is impersonal and does not provide individualized advice or recommendations for any specific subscriber or portfolio.

3. The Editor can buy or sell any of the securities mentioned in the newsletter without restrictions, and is not bound by any holding periods as it relates to purchases or sales. Since the Editor’s personal investing goals and risk tolerance may be different from those discussed in the Newsletter and/or circumstances may have changed, the investment actions taken by the editor in the accounts the Editor directly or indirectly owns may vary from (and may even be contrary to) the advice and recommendations in the Newsletter.

4. Investing involves substantial risk. Neither the Editor, nor the publisher, or any of their respective affiliates make any guarantee or other promise as to any results that may be obtained from using the Newsletter. While past performance may be analyzed in the Newsletter, past performance should not be considered indicative of future performance. No subscriber should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing the prospectus and other public filings of the issuer. To the maximum extent permitted by law, the Editor, the publisher and their respective affiliates disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations in the Newsletter prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.

5. The Newsletter’s commentary, analysis, opinions, advice and recommendations represent the personal and subjective views of the Editor, and are subject to change at any time without notice.

6. The information provided in the Newsletter is obtained from sources which the Editor believes to be reliable. However, the Editor has not independently verified or otherwise investigated all such information. Neither the Editor, the publisher, or any of their respective affiliates guarantees the accuracy or completeness of any such information.

7. The Newsletter is not a solicitation or offer to buy or sell any securities.

8. Subscribers may submit questions to the Editor by e-mail to www.johnmugarian.com or by writing to service@johnmugarian.com. However, since the Newsletter is impersonal and does not provide individualized advice for specific subscribers, the Editor can only answer questions of a general nature about the markets or specific securities. The Editor will make every effort to answer subscriber questions on our website (www.johnmugarian.com) or in the pages of an upcoming issue of the Newsletter.

9. Neither the Editor, the publisher, or any of their respective affiliates is responsible for any errors or omissions in any Newsletter.

10. Any subscriber who would like a copy of these “Disclaimers and Disclosures” may request a copy by writing to John Mugarian’s Dynamic Growth, 4460 LaJolla, Pensacola, FL 32504, Attention: Disclosure, or by e-mail at service@johnmugarian.com., whereupon a copy will be mailed or faxed to such subscriber.