THE UNDERWRITER

A best fit report on your

business borrowing capacity

Prepared for: Your Company

Date: 18-Sept-2006
 THE UNDERWRITER
Prepared: 18 September 2006

Page 1 of 4 Your Company Report

BACKGROUND Strengths and Weaknesses

Sample Company (“Company”) is a subchapter S corporation In thousands
privately held by one individual, Jim Smith. The Company has been
in business 25 years and primarily focuses on providing telephone Strengths Weaknesses
systems and services to businesses located in and around Houston.
• Excess cash flow projected • The industry is highly regulated
In 1998, the Company became a dealer for a new major product line.
They sold their customer base and started over with new • Cost reduction plan to be implemented • Unaudited financial statements
manufacturing, new distribution and new business plans. This
included developing a whole new sales strategy and rebuilding a • Difficulties obtaining terms with vendors due
team of engineers and technicians. to past payment issues.
Jim Smith has announced that the Company is for sale and current • Historical losses
management is interested in purchasing it. Joe Jones the General
Manager and Jose Miller the Managing Director are interested in
taking the Company over if financing is provided. Management is
seeking up to a $20,000,000 credit facility including a revolving line Sources and Uses
of credit and term loan. In addition, the potential purchasers will
contribute $4,000,000 in personal funds In thousands

Based on our analysis, as summarized in this report, of information Sources Uses

provided by management of the Company, there is a relatively Revolving LOC $16,000 Stock Purchase $14,000
narrow market that will provide a credit facility to the subject
Term Loan 4,000 Pay LT Payables 5,340
Company in its current financial capacity. Although there are
positive attributes associated with the subject Company such as a Equity Injection 4,000 Working Capital 4,660
seemingly reasonable cost reduction plan and sufficient projected
cash flow, the historical losses and somewhat volatile industry limit
the financing options available. Total $24,000 Total $24,000

We believe that the Company could obtain the following credit

facility through a finance company, and would likely require the The table above assumes the future owners will be able to raise the $4,000,000 to contribute to the
personal guarantees of the officers. Without such guarantees, Company as additional equity.
financing may prove difficult to obtain. Please see lender
description for further information
Terms and conditions relative to this segment of the marketplace Lender Description
would likely be as follows:
Finance companies offer financing solutions for management buyouts with transaction sizes in the range
Type: Revolving Line of Credit and Term Loan requested. These are primarily secured asset based lenders that advance funds based on a percentage of
Amount: $17,500,000-$20,000,000 asset values. The percentage of asset values, developed through appraisal and other collateral
Advances: Based on percentages of Eligible Accounts Receivable evaluation methodologies, are standard throughout that segment of the industry. Finance companies
and Eligible Inventory. A/R advance rates may be in source lendable capital through a combination of debt and equity and service the segment of the
the range of 70-80% and inventory advance rates may marketplace that is not covered by traditional bank financing.
range from 10-40% and inventory borrowings may be
subject to a sub-limit. See Collateral Analysis for
further detail.

Pricing: Prime + 1.75 % to Prime + 2.25 %

Commitment Fee: 1-2% of the Facility payable up front at closing.
Term: 10 year amortization has been requested.
Deposit: Lenders normally require a deposit to cover due
diligence expenses such as field exam fees, legal fees
and appraisals. These fees typically range from
$10,000-$20,000.
Guarantees: Personal Guarantees of all Officers

Collateral: First lien on all assets including but not limited to A/R,
Inventory, equipment, general intangibles, contract
rights, chattel paper, documents, instruments,
supporting obligations and properties.

Other: N/A
Estimated Approximately 90-120 days from acceptance of
Closing: proposal

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations, appraisals, background investigations on the
Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.
 THE UNDERWRITER
Prepared: 18 September 2006

Page 2 of 4 Your Company Report

FINANCIAL ANALYSIS In thousands

Sales have increased from the prior FY to $19,881M largely due to a Income Statement
major sales initiative that was implemented in the fourth quarter of
FY 2005. The Company hired a new Finance and Accounting
Manager which allowed the General Manager more time to focus his FYE FYE FYE Projections
efforts on the marketing side. 12/31/2003 12/31/2004 12/31/2005 FYE 12/31/2006

The gross margins have suffered as suppliers are now requiring

payment before shipment of the product and they are losing out on Net Sales 17,395 100% 17,379 100% 19,881 100% 21,000 100%
discount opportunities. In addition, shipping costs have escalated
due to the need to use FedEx and other overnight carriers as less lead Total Cost of Sales 13,859 80% 14,205 82% 16,626 84% 14,830 75%
time is available as a result of the prepayment issues. This resulted
Gross Profit $3,536 20% $3,174 18% $3,255 16% $6,170 29%
from cash flow constraints that led to late payments. The current
owner, who is not active in the Company has pulled a considerable SG&A 2,926 17% 2,416 14% 2,341 12% 1,833 9%
amount of money out of the Company over the last several years.
The Company has realized a net loss for the past three fiscal years. Other Expense 2,978 17% 2,606 15% 2,478 12% 1,901 10%

Management is hoping that the suppliers will once again offer them Interest Expenses 1,102 6% 1,162 7% 1,110 6% 1,194 6%
more favorable selling terms once they pay off the past due payables Other Income 0% 0% 0% 0%
upon obtaining the financing.
FX gain (loss) 0% 0% 0% 0%
Cost cutting strategies will be put into place including moving the Total Expenses $7,006 40% $6,184 36% $5,929 30% $4,928 24%
business to a smaller location (7,000 square feet as compared to the EBT (3,470) (20%) (3,010) (17%) (2,674) (13%) 1,242 6%
current facility which is 20,000 square feet). This will reduce rent
Estimated Taxes 0% 0% 0% 190 1%
expense by approximately 50%, a savings of over $1,000M annually.
The utility savings is also projected to be significant (60%). In Net Income (Loss) ($3,470) (20%) ($3,010) (17%) ($2,674) (13%) $1,052 5%
addition the $1,800M in Officer’s Compensation will be eliminated
after the buyout, as this amount was specifically paid to Jim Smith.
After taking into consideration all moving expenses, attorney’s fees,
technology upgrades, etc., the Company is projecting a net income Balance Sheet
of $1,052M in FY 2006.
Internal FYE Internal FYE Internal FYE
Assets 12/31/03 12/31/04 12/31/05
Cash 74 85 139
CASH FLOW Accounts Receivable - Trade 17,170 19,280 21,520
FYE FYE FYE PROJ Other Receivables 19 7 0
12/31/03 12/31/04 12/31/05 12/31/06 Inventories 536 775 707
Total Current Assets 17,799 20,147 22,366
Net Income ($3,470) ($3,010) ($2,674) $1,052
Net Fixed Assets 240 258 245
+ Interest 1,102 1,162 1,110 1,194
Net Fixed Assets 240 258 245
+ Taxes 0 0 0 190
Employee Advances 55 58 64
+ Depreciation
Net Intangibles (12) 28 (14)
& Amortization 734 853 932 1,121
+ Cash Pd to Other Assets 49 23 25
Shareholder 808 1,790 1,800 Total Assets 18,131 20,514 22,686
EBITDA ($826) $795 $1,168 $3,557
Liabilities 12/31/2003 12/31/2004 12/31/2005
As evidenced above, a historically negative cash flow position is Capital Leases 72 4 4
projected to be replaced by a positive cash flow in FY 2006. This is Accounts Payable 1,049 1,356 1,406
largely attributed to cost reduction initiatives coupled with a sales Accrued Expenses 41 58 61
push. Other 16,453 18,412 20,368
Current Liabilities 17,615 19,830 21,839
Notes Payable 266 396 533
DEBT SERVICE Deferred Revenue 241 306
Total Liabilities 17,881 20,467 22,678
As noted in the table above, when the amounts paid to the current Common Stock 1 1 1
non-active shareholder are added back to EBITDA, cash flow over Paid In Capital 12,007 12,007 12,281
the past two years is positive. Based on a $20,000M loan, at Prime Retained Earnings (11,758) (11,961) (12,274)
+2.25% over a ten year term, payments would be $267M a month, or Total Equity 250 47 8
$3,205M annually. Projected cash flow is sufficient to cover this
Total Liabilities and Equity 18,131 20,514 22,686
amount.

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations, appraisals, background investigations on the
Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.
 THE UNDERWRITER
Prepared: 18 September 2006

Page 3 of 4 Your Company Report

COLLATERAL ANALYSIS In Thousands

Accounts Receivable Accounts Receivable Summary
At March 31, 2006 accounts receivable totaled $18,950M with $2,432M or 12.8%
over 90 days old. Standard selling terms are due upon receipt and net 30.
Management admits that the aging has to be “cleaned up”. At this time they do not Accounts Receivable 3/31/2006 %
employ an in house accounting staff and rely on an outside accounting firm for Current $12,530 66.1%
general ledger and financial statements on an annual basis. When discussed with 31-60 Days 2,824 14.9%
management, a good portion of the Over 90 Day balance will be credited or written 61-90 Days 1,164 6.1%
off. Over 90 Days 2,432 12.8%
Accounts receivable do not appear to be highly concentrated, with the top six Total $18,950 100.0%
customers at 3/31/06 accounting for 28.4% of the overall accounts receivable balance.

In Thousands
Inventory
Accounts Receivable Concentrations
Inventory is primarily comprised of cables, computers, monitors, phone systems, etc.
The Company maintains inventory on a perpetual inventory system based on average A/R Concentration
cost. As of 3/31/06 the perpetual totaled $1,071M. Included in this inventory is the 3/31/2006
inventory of DEF Company, a leasing company that contracts Sample Company to Over
install phone systems. DEF inventory is not segregated on the perpetual or in the Customer % Total 0-30 31−60 61−90 90
warehouse, according to management. The amount owned by DEF is approximately ABC Solutions 11.5% 2,170 70
$253M or 24% of total inventory shown on the perpetual. Index Co 5.6% 1,069 505 3 5 556
Prestige Inc 2.8% 538 2 536
XYZ Corporation 2.8% 534 534 0
Additional Collateral
Mail Service Co. 2.8% 532 532
In addition to the assets listed above, the Company has Maintenance Contracts that Reliant Corp. 2.8% 531 531
are currently valued at $5,980M. If these contracts were to be sold in the open Subtotal 28.4% 5,374 1041 3 5 2,225
market today, it is estimated that they could be sold for $1,900M or approximately
30% of the total value. This is a conservative estimated according to management. Total A/R $18,950
Further analysis on this collateral will be warranted as it represents the majority of the
collateral base.
Furthermore, the owners are willing to provide the lender with second mortgages on In Thousands
their personal residences. The homes combined have total equity of $590M.
Inventory Summary
Collateral Analysis
In Thousands
Per: Perpetual 3/31/2006 %
Summary Value Disc. Rate Discount Value Components 0.0%
Accounts Receivable* $ 16,518 80% $ 13,214 Work in Process 0.0%
Finished Goods 1,071 100.0%
Inventory** 818 25% 205
Other 0%
Maintenance Contracts 5,980 ~30% 1,900
$1,071 100.0%
M&E 4,000 100% 4,000
Total $ 27,316 $ 19,319
It is likely that the lender would require appraisals of the Maintenance Contracts. A
field examination may be required to better assess the collateral value associated with
the accounts receivable and inventory as well as a machinery and equipment
appraisal.
*A/R figure is net of accounts over 90 days
** Inventory figure is net of $253M of inventory located at DEF.

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations, appraisals, background investigations on the
Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.
 THE UNDERWRITER
Prepared: 18 September 2006

Page 4 of 4 Your Company Report

OTHER WORKING CAPITAL COMMENTS In Thousands

Accounts Payable Accounts Payable
As noted earlier, many of the Company’s vendors now require cash in advance as a
result of historically late payment trends due to cash flow constraints. Management
believes that if they pay off the past due balances (at this time they estimate the 3/31/2006 %
amount to be $865M as there are credits that appear in the current column for Current 104 7%
payments that apply to past due amounts) vendors will begin offering more favorable
terms. 1-30 127 9%

It should also be noted that the accounts payable totals include $123M due to the 31-60 134 9%
current owner for various personal expenses. 61-90 98 7%
Also noted is a $142M amount due to the state representing a sales tax liability. Over 90 963 68%
According to management there is a payment plan in place of $6M per week.
Total $1,426 100%

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations, appraisals, background investigations on the
Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.
 Glossary of Common Finance Terms
Account Debtor: A customer billed by a client for a product shipped or service rendered.

Advance Rate: The percentage of funds extended to a client against eligible collateral.

Aging: A schedule of accounts broken down according to the original billing or due date of an invoice
(receivables or payables). Agings are most commonly in 30 days increments.

Appraisal: A valuation for collateral purposes of property, such as equipment or inventory, against which a loan is to
be made. General appraisal methods include fair market value, orderly liquidation value, and forced
liquidation value.

Assignment of Accounts
Receivable: A legal instrument wherein a client assigns, reports or pledges receivables to the lender to secure a loan.

Availability: The amount of money a client has available to borrow as determined by the total of all collateral values
less all ineligibles, multiplied by the advance rate.

Borrowing Base Certificate: A form prepared periodically by the borrower in lender format that reflects the current status of the
collateral.

Collateral: Security offered by a client to obtain a loan. Collateral may include accounts receivable, inventory,
equipment, securities, real estate, or other assets.

Commercial Financing: Various types of asset based financial services in which money is loaned by a secured party to a debtor,
pursuant to a loan and security agreement which gives the lender a security interest in specified types or
items of collateral. Note that commercial financing is different from factoring. In commercial financing,
the secured party is entitled in all events to be repaid the money loaned. In accounts receivable factoring,
the secured party (the factor) takes a loss if a factored invoice is not collected due to insolvency. If the
account debtor becomes insolvent, the factor assumes the credit risk on that particular account debtor or
invoice.

Commitment Fee: A fee from a lending institution as consideration for its undertaking to make a loan to a prospective
borrower, charged when the borrower meets the preconditions specified in the commitment. Depending on
the terms of the deal, a commitment fee may be non-refundable or it may be credited upon closing the
loan. It is generally a percentage of the credit facility (i.e. “points”).

Concentration Ratio: The percentage of total receivables billed to single debtor.

Contra: An account created when a company both buys from and sells to the same client and, therefore, has
payables and receivables which offset. This reduces eligible collateral.

Credit Insurance: A policy held by a client which protects the client against losses due to bad debts.

Cross Aging: When past due receivables exceed a given percentage (generally about 25%) of a debtor's total accounts
receivable, the current portion of receivables is also classified as ineligible.

Demand Loan: A demand loan is repayable on demand rather than on a specified date. In practice, demand for repayment
is not generally made unless the borrower's condition deteriorates so much that the lender concludes its
risk has become too great to continue the existing account.

Dilution : Returns, allowances, credit losses, discounts and other offsets against accounts receivable. Dilution drives
the advance rate in a transaction and is generally expressed as a percentage.

DIP Financing: Financing extended to a Debtor-In-Possession under Chapter 11 of the Bankruptcy Code. In most cases,
DIP financing is considered attractive because it is done only under order of the Bankruptcy Court, which
is empowered by the Bankruptcy Code to afford the lender a lien on property of the bankruptcy estate
and/or a priority position.

Eligible Accounts: Also called "acceptable accounts" or "prime accounts." These are receivables which satisfy the criteria
specified in the security agreement so that they are acceptable to the secured party and included in the
borrowing base as eligible collateral and entitle the debtor to an advance.

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations,
appraisals, background investigations on the Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.

G-1
 Glossary of Common Finance Terms
Equipment Line of Credit: A facility that allows for borrowings up to a specific amount for equipment purchases, sometimes called
CAPEX facility (capital expenditures).

Equity: The percentage due from lender to client upon collection of bill, calculated as the amount collected less the
contracted advance. This is also called the reserve.

Excess Availability: Total availability less the aggregate advances made on the outstanding revolving loan.

Field Audit
(Field Examination): An examination and inspection of a client's books, records, property, and operations, with particular
attention being paid to the condition of the collateral. In revolving financing on receivables or inventory,
regular field audits are an essential feature of the secured party's monitoring.

Financing Statement: Generally known as "Form UCC-1." This form is filed in the prescribed public offices for the purpose of
perfecting the security interest of a secured party.

Fraud and Validity A type of personal guarantee that provides a personal liability by the guarantor of the entire loan amount in
Guarantee: the event information provided to the Lender is willfully inaccurate or intentionally misleading and that the
conduct of the guarantor shall not be designed to defraud the Lender.

Guaranteed Sales: Sales of merchandise for which payment is made in normal course, but with the understanding that unsold
merchandise may be returned for a full refund. Title passes to the debtor.

Guaranty: A document by which a person or corporation (a "guarantor" or "surety") promises payment of a debtor's
obligations to a secured party.

High Debtor: A debtor whose balance represents 5% or more of a company's total receivables also referred to as a
Concentration.

Ineligible (Non-Prime): Invoices assigned to the lender, against which no advance is made. Ineligible invoices may be past due
according to contractual terms (90 to120 days from invoice date), contra, employees, affiliates,
consignments, memo guaranteed sales, or in excess of limit allowed to the debtor.

Initial Assignment: Instruments used to convey an interest in accounts receivable to the lender in order to secure the initial
advance.

Keepwell Agreements: A special form of guarantee in the form of a promise by a corporate parent to keep a subsidiary solvent.
This form of guaranty is often utilized in lieu of a guarantee of a loan in its entirety.

Landlord's Lien: The privilege given by some state statutes to a landlord when a tenant has not paid rent due which allows
the landlord to impose a lien for the rent against the tenant's property located in the leased premises. Since
the landlord's lien is a potential rival to the UCC security interest, secured lenders often try to obtain a
landlord's waiver in advance, before taking on a prospect in a state which recognizes the landlord's lien.

Letter of Credit: An undertaking by a bank that, upon the presentation to it of specified documents, it will pay a specified
amount to the presenter. Letters of credit are used traditionally in international transactions to assure that a
shipper of goods will be paid for them.

Limited Guarantee: A financial guarantee for a specific dollar amount that is less than the full amount of the loan.

Line of Credit: A commitment, by a bank or other lender, to lend money to a borrower up to a maximum amount during a
stated period.

Negative Pledge: A promise not to secure certain assets of a company, such as inventory, receivables, or real estate.

Non-Prime (Ineligible): Invoices assigned to the lender, against which no advance is made. Ineligible invoices may be past due
according to contractual terms (90 to 120 days from invoice date), contra, employees, affiliates,
consignments, memo guaranteed sales, or in excess of limit allowed to the debtor.

Over Advance: A lender's unsecured position that occurs when funds are advanced in excess of contracted terms.

Participation: Occurs when portions of a loan, usually up to 50%, are shared by different lenders.

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations,
appraisals, background investigations on the Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.

G-2
 Glossary of Common Finance Terms
Plan of Reorganization: The document which outlines the Chapter 11 exit strategy of the Debtor-In-Possession. It sets forth the
new capital structure of the DIP and the treatment of the various classes of creditors and equity holders.
The POR must be confirmed by the bankruptcy court before it can become effective. The DIP has the
exclusive right to propose a plan within the first 120 days of the Chapter 11 case, subject to extension by
the court. Specialized financing is often an integral part of a POR and may be critical to a company's
successful emergence from bankruptcy.

Pre-Billing: Billing by a client in advance of shipping.

Prime (Eligible): Invoices assigned to the lender, against which advances are made.

Primed: A lender is primed when it has lost its collateral position and moves down in the capital structure.

Progress Billing: Billing (i.e. requisitions) made on a percentage of completion basis and generally found in service,
construction, and other industries.

Re-Assignment : The assignment of receivables by a subsidiary or affiliate to a parent company, which in turn assigns the
receivables to the lender.

Reserve: The balance of an invoice in excess of the advance. The reserve becomes equity when the invoice is paid.

Retention (Retainage): The percentage held back by a debtor on a service contract to ensure adequate performance.

Revolving Credit: A series of loans, secured or unsecured, on which the amount outstanding varies from time to time.
Secured financing on receivables or inventory is called revolving because the collateral and the
outstanding advances change continually.

Schedule of Accounts An instrument by which a client assigns, reports, or pledges receivables to the lender as security for a loan.
Receivable:

Security Agreement: The agreement between a secured party and a debtor creating a security interest. Many security agreements
have identifying captions (e.g., accounts receivable financing contract, inventory loan agreement, trust
receipt contract, pledge, equipment lease, etc.). The UCC lumps all of these under the category of security
agreement.

Security Interest: An interest in, or lien upon, collateral which secures payment or performance of an obligation.

Sub-limit: A facility with a total advance limit may also specify a sub-limit on maximum loan advances supported by
certain types of collateral (e.g., inventory).

Subordination: An agreement or arrangement regarding two obligations owed by a debtor. When the two obligations
would otherwise be of equal rank, the agreement or arrangement gives one obligation priority in payment
over the other obligation, which is subordinated.

Suppressed Availability: Suppressed availability occurs when a facility has collateral to support a loan advance but the credit line or
a sub-limit prevents the borrower from drawing further loans utilizing this collateral. This is sometimes
called an availability block.

Term Loan: A loan, secured or unsecured, with a maturity usually exceeding one year. On the borrower's financial
statement, the portion (if any) of a term loan maturing within one year from the date of the statement is
shown as a current liability, and the balance as long-term debt.

Termination Statement: A form, generally known as Form UCC-3, signed by a secured party and filed to terminate the
effectiveness of a previously filed financing statement. A secured party is required to sign a termination
statement after the secured obligation is paid, in order to clear the record.

Trade Creditors: Business concerns to which a client is indebted for purchases of goods or services. Since trade creditors are
usually unsecured, they provide financing that is a critical part of the capital structure of many companies.
If a client experiences financial trouble, maintaining the support of trade creditors can be crucial in
developing a workable financing solution.

UCC: The Uniform Commercial Code, in particular Article 9 which covers secured transactions.

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations,
appraisals, background investigations on the Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.

G-3
 Glossary of Common Finance Terms
UCC Search: A report from a filing officer, obtainable for a fee that shows what financing statements are on file against
a named person or organization. The form of request for such information is widely known as Form UCC-
11. Often, one of the first steps taken by a lender or factor when considering a prospect is to obtain a UCC
search.

Unsecured Loan: A loan which is not secured by collateral. Unsecured loans are rarely made by commercial lenders.

Verification: A method used to determine the validity of receivables pledged as collateral. Generally a mail or telephone
request to the debtor confirms the balance on ledgers.

Working Capital: Current assets less current liabilities. A company's working capital ratio (also called the current ratio)
equals the value of current assets divided by current liabilities.

Disclaimer
Please be advised that the lending arrangement would be subject to the specific underwriting policies of the Lender and may include: an in depth financial analysis, field examinations,
appraisals, background investigations on the Company and Management, credit checks, trade references, etc. We provide no guarantee that financing will be obtained.
All fees, expenses, interest rates, loan amounts, and all other loan attributes are estimates and are subject to the actual underwriting process by the selected lender.

G-4