Secure your high-risk accounts receivable with

PUT OPTIONS

executive team: DaviD D. tawil steven azarbaD

In the financial world, at the nexus of Put Options and distressed / high-risk companies, ETG Capital is a leading force. Firm principals, David Tawil and Steven Azarbad, bring years of successful corporate turnaround and restructuring experience to every deal.

When facing complex bankruptcy and credit matters, clients count on the confidential counsel and creative financial strategies and solutions offered by ETG Capital. ETG Capital offers highly specialized expertise with distressed financial analysis, sales, negotiation and trading. Tawil and Azarbad hail from pre-eminent global investment banks and bankruptcy law practices at top-tier, global law firms.

ETG Capital helps clients navigate and negotiate the Put Option process, placing a premium on expediently educating every client and colleague involved in decision-making. We regularly monitor high-risk and volatile situ-ations for our clients, provide frequent updates, and continually re-evaluate and price risk. Fast, nimble and self-sufficient, ETG Capital executes each Put Option without the need for outside counsel or a trader. ETG Capital closes deals well before others even have the ability to finish negotiating, delivering flawless execution time and again.

Among savvy CFOs, corporate treasurers, and credit risk managers—representing the Fortune 50; wholesalers; and, manufacturers from North America to Asia—the names Tawil and Azarbad are virtually synonymous with high-risk and distressed credit. Both gentlemen are routinely invited to speak at credit industry conferences, worldwide, where they offer their Wall Street perspective on industry giants in distress. Here are just two of many accolades:

“David has been a great help in reducing my overall risk. The products, solutions, and market intel-ligence he offered were timely and exceptionally appropriate. I have recommended David to several industry friends who have added their appreciation for his help and direction.” - Treasurer, Auto-Parts Manufacturer “Steve is an excellent person to do business with. He was a straightforward negotiator, reliable, and exceeded my expectations in regards to how quickly he was able to complete our transaction. His back-ground in law expedited the process of drafting term sheets and closing the deals. I would definitely do business with Steve again.” - SVP Finance, Major Media Company

WHY WE’RE BETTER

At ETG Capital, we encourage clients to explore and develop more creative and opportunistic credit solutions. In the new credit- and capital-constrained environ-ment, banks shy away from taking on credit risk. They won’t extend Put Options for any companies other than the largest and most liquid. ETG seeks to push the boundaries of the terms we can provide with our Put Options:

• We offer Put Options on customers other institutions won’t touch• We protect receivables of virtually all sizes (odd-lots and fluctuating balances are our specialty)• We cover unique lengths of time (e.g. 9 months, 14 months)

ETG Capital is an independent platform, not a bank subsidiary or joint-venture. As an independent firm, ETG Capital offers impartial counsel. You can count on our objective advice when it comes to discussing your most distressed customers. Since we are not affiliated with a big bank, our professionals do not face the issue of client conflicts that regularly come up in large financial institutions. Our conversa-tions with clients are straight-forward and without prejudice.

Accounts Receivable

Sale of Goods and/orProvision of Services

Put Option Fee

Put Option

STEP 1: PUT OPTION EXECUTION

YOUR CUSTOMER SUPPLIER(YOUR COMPANY)

Accounts Receivable

Put Option Payment

Collection in Customer’sBankruptcy Case

STEP 2: CUSTOMER BANKRUPTCY

Ordinary business between your company and your customer is not affected.

SUPPLIER(YOUR COMPANY)

YOUR CUSTOMER

STEP 3: SETTLEMENT PROCESS

CUSTOMERBANKRUPTCY

Supplier DeliversAssignment Notice

Supplier notifies ETG of its intent to deliver receivables

to ETG and applicable amount

Assignment Closing

Supplier details actual receivables delivered and ETG

takes assignment of Supplier’s accounts

receivable

Settlement

ETG pays Supplier for receivables

assigned and ETG assumes the risk of

collection in Customer’s

bankruptcy case

ETG Protects Accounts ReceivableYour company supplies product to a well-known (or not so well-known customer). You have serious concerns that your cus-tomer may file for bankruptcy or liquidate. Your customer’s outstanding accounts receivable balance with your company is significant. You buy ETG’s Pre-Bankruptcy Put Option, to secure your at-risk receivables for a period of time, e.g. 9 months. Your company continues shipping product and collecting payment on outstanding accounts receivables. If your customer files for bankruptcy or begins to liquidate during the period of time for which you purchased protection, ETG will cover 100 percent of your protected accounts receivable.

HOW IT WORKS

ETG CapiTal puT OpTiOn advanTaGEs

ETG CapiTal puT OpTiOns

ETG specializes in handling • high-risk and distressed accounts receivable. We offer put options on single accounts, as determined by our client.

ETG covers almost any public com-•pany, many private entities, in any industry.

Low minimum• Put Option amount is required.

Effective immediately • on ALL out-standing accounts receivable to the customer (not just new receivables incurred after protection is purchased). Applies to “successors.”

ETG offers a range of options for each •Put Option variable (e.g. expiration date, amount, etc.)

ETG has • no right of cancellation or termination.

Triggeredonabankruptcyfiling.•

Available before (pre) bankruptcy and •during (in) bankruptcy.

No deductibles, surcharges or other •additional costs.

Time and labor intensive monitoring •of customer’s credit status is not necessary.

ETG’s principals are expert bankruptcy •lawyers with a solid investment banking background.

ETG offers Put Options along with •extensivelegalandfinancialanalysisand counsel. It is not merely a sales transaction,itisalegalandfinancialremedy.

ETG provides forecasts for problematic •companies and industries, understand-ing of the bankruptcy process, and updates on distressed situations.

FlExibiliTy

MOdiFiCaTiOnandTErMinaTiOn

prOduCTavailabiliTy

priCinG/COsT

CliEnT EduCaTiOn

FaCTOrinG

Requires whole turnover coverage •(all accounts receivable) — not cost effective; supplier pays for coverage on accounts that are in good standing, which is an added and un-necessary expense.

Retail and consumer goods focused. •

Minimum receivables thresholds for •primary factors.

Caps and limits for maximum •exposure to particular companies.

Only protects prospective (new) ac-•counts receivable incurred after the coverage becomes effective.

Factor may modify or terminate •coverage.

Not normally available in •bankruptcy.

Surcharge or deductible added to •high-risk accounts.

Costly customer credit status • monitoring is required.

Factoring solutions are sold by sales •brokers. It is purely a transaction-based solution. Sales brokers do not require law degrees and do not have investment banking backgrounds.

TradE insuranCE

Requires whole turnover (all accounts •receivable) basis — not cost effec-tive; supplier pays for coverage on accounts in good standing, which is an added and unnecessary expense.

Caps and limits for maximum exposure •to particular companies.

Only protects prospective (new) ac-•counts receivable incurred after the coverage becomes effective.

Usually limited to annual policies with •limits decided by the insurer. (Annual cycle renewal constraints open clients to undesirable pricing to market risks upon renewal.

Does not necessarily apply to •“successor” customers.

Normally, cancelable on notice at the •will of the insurer.

Triggered on a default •(bankruptcy) or a failure to pay.

Not normally available in bankruptcy. •

Surcharge or deductible added to •high-risk accounts.

Costly customer credit status •monitoring is required.

Insurance solutions are sold by sales •brokers. It is purely a transaction-based solution. Sales brokers do not require law degrees and do not have investment banking backgrounds.

DaviD D. TawilCo-Founder & Principal152 west 57th StreetNew York, NY 10019(212)300-6791david.tawil@etg-capital.com

STEvEN aZaRBaDCo-Founder & Principal152 west 57th StreetNew York, NY 10019(212)300-6790steven.azarbad@etg-capital.com

This material has been prepared by sales personnel of ETG Capital Advisors LLC, its subsidiaries or affiliates (collectively “ETG Capital”). It is provided for informational purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The informa-tion provided is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of sales person-nel, or the proprietary positions of ETG Capital. Observations and views expressed herein may be changed by the sales personnel at any time without notice. Nothing in this presentation constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances.

ETG CAPITAL ADVISORS LLC152 West 57th StreetNew York, NY 10019

www.etg-capital.com

Med

ia b

y B

lues

witc

h