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“I have known and worked with Stephen from The IBIS Group for almost a decade and have always valued his insights on the market, his ability to identify and articulate the investment theses of the companies he represents and the diligence with which he approaches his clients and their priorities. I have also found The IBIS Group to have outstanding contacts in the European investment community and I have valued his ability to make impactful introductions. On top of his impeccable professionalism, Stephen is also an enjoyable person to spend time with. I recommend Stephen and The IBIS Group without reservation.” All the best,

Reid Dabney, Managing Director, CFO 911

“I would like to personally thank Stephen Gjolme and the IBIS Group for their tremendous support on our most recent road show in Europe. IBIS managed and directed all meeting schedules with high end private investment banks and wealth managers. The results were positive for STWA and it's management team. Without their support, we would've had an extremely difficult time accessing the European institutional marketplace. Regards,

Greggory M. Bigger, Chief Executive Officer, STWA, Inc

"U.S. Geothermal Inc. (NYSE MKT: HTM) (TSX: GTH) had retained IBIS for two European road shows with very positive results. We were impressed by the quality of Institutional Investors that we met. They were very sector specific and very knowledgeable about our space. We ended up gaining some new long term investors and long after our road shows, IBIS continues to keep their investors updated on our company milestones. I highly recommend Stephen and his group at IBIS.” Best regards,

Saf Dhillon, Investor Relations, U.S. Geothermal Inc

“I have known THE IBIS GROUP for over ten years having worked with Stephen on numerous projects I look forward to our next project together. Stephen has always executed professionally and has made the most of his numerous US and European contacts in order to access capital or to work on other corporate finance opportunities for us.”

Hugh Dunkerley, Managing Director, Burnham Securities Inc.

"I first utilized IBIS in 2003 when I was the Chief Financial Officer of True Religion Apparel. This proved to be a very positive experience, and during the past ten years we have collaborated on a series of public and private ventures. I feel that I can always rely on Stephen’s insight and expertise regarding the capital markets."

Charles Lesser



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