Commercial Real Estate Loans

Aegis, through its affiliate Aileron Capital, provides long-term senior debt financing for the purchase or refinance of commercial real estate. The following are some of the guidelines for CRE loans:

1. First lien position on commercial or industrial real property, held in fee simple (or leased fee with tenant), located in
all states with the exception of AL, AR, AZ, CA , FL, GA, IN, LA, MA, ME, MI, MS, NJ, NV, OH and OK.

2. Maximum loan $4,000,000. If the property is special use, the maximum is $3,000,000. Maximum exposure to
one customer relationship will be $6,000,000.

3. Maximum maturity and amortization will be 20 years. On an exception basis, amortization can be extended up
to 25 years.

4. Maximum LTV for multi-purpose properties is 65% and for semi-generic properties is 60% and for special-use
properties is 50%.

5. There must be a minimum equity in the subject real property of at least 20% of the lower of the purchase price or
current appraised market value.

6. Property type preferences include multi-use generic commercial, industrial, retail, offi ce, and medical service
properties. All other property types are considered special purpose. No gas stations, convenience stores, or car
washes are permitted.

7. Borrowers who presently neither own nor have previously owned rental income property and/or have limited or
modest sources of liquidity or income other than the property being fi nanced are not eligible.

8. Both historical (two years) and projected EBITDA (NOI) must exhibit a DSC ratio > 1.4x on all loans. This should
include adjustments for vacancy, replacement reserves and management fees if not included in historical fi gures.

9. Interest rates that are tied to a short-term index are preferred. However, interest rates that reprice up to but not
exceeding fi ve years are acceptable.

10. Borrower should have recurring excess income from outside sources of at least 25% of the proposed annual debt
service.

11. Appraisals for special-use properties require a “leased fee” and “fee-simple as dark” value.

12. Properties with long-term leases and vacancy levels not exceeding current market vacancy are preferred.