Update from global X

May 10, 2011

With a strong first quarter of 2011 behind us, we are excited to update you on growth and development within global X as we expand our capacity and expertise to help developers and investors maximize investment in socially responsible projects.

New Initiatives – Launch of the global X Historic Tax Credit Fund

As an extension of our core strategic tax consulting activities, we launched the global X Historic Tax Credit Fund in the first quarter of this year. The Fund provides developers with a quick and efficient source of additional equity for qualifying projects that help preserve and rehabilitate historic buildings. In addition, Fund investors are able to achieve attractive returns while supporting economic and community development. The Fund will invest in projects that generate tax credits in the $500,000 to $3 million range. We are seeing significant interest in this Fund and would welcome discussions with you about ways it might be productive for you.

Continuing to Deliver Superior Client Results

We are extremely proud to have played an integral role in crafting key elements of the financing package for the world-class Greater Cleveland Aquarium being constructed in the historic Powerhouse building at the Nautica Entertainment Complex in downtown Cleveland. This high profile project, which is expected to open in the fall of 2011, is a great example of the positive public benefit that historic preservation makes possible. A keystone element to the revival of the historic Flats, this project is heralded as one that spurs economic development in the City of Cleveland by adding a unique tourist destination to the community.

Two New Partners = Growth and Increased Capabilities in 2011

We are excited to announce the addition of two highly regarded individuals- Timm Judson and Randy Markey – as Partners in the firm. They add significant depth to our ability to help clients with overall project financing, including state and federal incentives. Timm, who most recently was the Chief Investment Officer of The Ferchill Group, a Cleveland-based real estate development and management company, oversees global X’s pooled fund investment activities and the fiduciary services group, among other responsibilities. Randy joins us after eight years as co-founder and Managing Partner of Capital Acceleration Partners and brings extensive capital markets and investor development experience to the firm. More information about both Timm and Randy is available on our website www.globalxtax.com.

We also extend our best wishes to Nancy Amstadt, who – after eight years with global X – has joined one of our clients as its chief operating officer. Nancy was a valued contributor to the growth of global X and we look forward to continuing our relationship with her in her new role.

We have focused our strategic tax consulting services on leveraging a range of local, state and federal tax policies and programs (film credits, historic credits, brownfields, low income housing, etc.) to encourage socially responsible investing. Looking ahead, we’re excited about the prospects for the continued use of public policy programs to preserve and rehabilitate our country’s many historic buildings and spur economic development. As you know, many of these important projects simply couldn’t occur without the use of these approved programs. By bringing together a team of people with financial, tax, legal and real estate expertise, we’re able to involve all disciplines in a coordinated, comprehensive and streamlined manner to assist developers in the financing of these projects, help investors achieve attractive returns, and support our communities.

Thank you for your involvement with global X. We look forward to talking with and working with you.

Sincerely,

the global X Team