HEADQUARTERS 5300 Meadows Road

Suite 400 Lake Oswego, Oregon

97035

aequitascapital.com

February 16, 2016

Community Colleges and Workforce Development ATTN: John Asher 255 Capital Street NE Salem, OR 97310 Dear John Asher: This letter is being issued in accordance with the Worker Adjustment and Retraining Notification Act (WARN) in order to notify you that Aequitas Capital Management Inc. and Aequitas Enterprise Services LLC (Aequitas) is laying off employees at its offices in Lake Oswego, Oregon. The first impacted employee separated on February 15, 2016. This layoff will result in the loss of eighty jobs in Oregon. This layoff is intended to be permanent in nature and we do not anticipate recalling employees back to work at this time. Aequitas is not part of a union and bumping rights do not exist. Bob Jesenik, Chief Executive Officer can be reached at 503-419-3500 for further questions. Bob Jesenik Chief Executive Officer

Attachments: WARN Notice dated January 29, 2016

To: All Aequitas Employees

HEADQUARTERS 5300 Meadows Road

Suite 400 Lake Oswego Oregon

97035

503. 419.3500

NEW YORK CITY 350 Park Ave

25th Floor New York, NY

10022

aequitascapital.com

Date: January 29, 2016

As has been previously announced, AEQUITAS CAPITAL MANAGEMENT, INC., AEQUITAS ENTERPRISE SERVICES, LLC, and their affiliated entities (collectively, the Company) will experience a reduction in its workforce. This notice, which is issued in compliance with the Worker Adjustment and Retraining Notification (WARN) Act, is to inform you that you are likely to be laid off. The purpose of this notice is to provide you with the answers to some questions that you may have regarding your layoff so that you can prepare to locate other employment. The information provided below represents the best information available to the Company at the time this notice was issued.

1. Is my layoff going to be permanent or can I expect to be recalled to employment at some time in the

future? At this time, you should consider your layoff to be permanent. While it is possible that some employees could be maintained or recalled to work, no Company employee who is being laid off should count on being recalled to employment with the Company.

2. When will the layoffs begin and when am I likely to be laid off?

The Company is communicating the layoff immediately with the expectation that the announced layoffs will be complete as of March 29, 2016.

3. Will the company be providing any benefits to employees who are laid off?

The Company is providing effected employees this 60-day notice of their termination during which time the Company intends to pay employees their regular wages and continue providing standard employee benefits. This is not an employment contract of any kind and the Company remains an At Will Employer, so you may resign at any time if you do not wish to continue. The Company encourages effected employees to use the 60-day notice period to dedicate to their job search.

4. Do I have the right to bump other employees from their jobs based on seniority with the company?

No. Employees will not have the right to bump other employees from their jobs based on seniority with the Company or any other criteria.

5. Who can I contact for questions or further information?

Bob Jesenik, Chief Executive Officer Phone: 503.419.3501 or via email: bjesenik@aequitascapital.com

Department)Total)EE's)Terminated

Accounting 10Sales 4Administrative 5Audit 2Business Development 1Business Intelligence 1Business Operations 5Capital Markets 1Corporate Marketing 6ESS 5Finance 6Flight 3Fund Operations 3Human Resources 8IT 8Portfolio Management 9Private Credit 2Tax 1

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