INVESTMENT PROCESS

Phase 1

A. Introduction to Opportunity
B. Meet with Management/Owners
C. Management/Owners Presentation of Opportunity/Vision and Site Visits
D. Initial Business Intelligence Gathering and Due Diligence
E. Wingspan’s Partners introduced to opportunity, agree to proceed or pass
F. Letter of Intent (LOI) - Including Deal Structure and Non-Binding Term Sheet
G. Preliminary Discussions with Lenders
H. Introduction to Advisory Board to gain initial feedback

I. Financial Modeling, Market and Business Analysis - Customer and Supplier Contacts
J. Lender Selection and Asset Appraisals
K. Advisory Board special meeting to solicit critical feedback
L. Wingspan’s Partners approve recommendation to proceed
M. Financial and Legal Confirmatory Due Diligence
N. Documentation and Follow-ups
O. Asset and Environmental Issues
P. Wingspan’s Partners sign off on deal
Q. Closing and Post Closing