016. Data is based on State Budget Solutions' calculations. 10 Prior to any Refinancing For summary purposes only. and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. 11 Stbject to certain conditions as described in the Private Placement Memorandum. Please see the Private Placement Memorandum for

quity IRR • 20% after exceeding the Incentive Fee Hurdle (1) Prior to any Refinancing. For summary purposes only, and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. (2) Please see the Private Placement memorandurn for further detail. (3) The target return of the Preferred Shares (as stated in the

016. Data is based on State Budget Solutions' calculations. 10 Prior to any Refinancing For summary purposes only. and qualified in its entirety by the definitive Private Placement Memorandum of the Issuer. 11 Stbject to certain conditions as described in the Private Placement Memorandum. Please see the Private Placement Memorandum for