LOANS ON FINE ART

Financial Services - The Company participates in loans on high end fine art. Estimate $30 million of loan participations in next 12 months The track record: 14 years, over $2.25 billion loans, no losses weighted average: 50% loan to low end auction value, 25% cash on cash - artwork (collateral) backed loans - low risk above market returns - non-correlated to central banking activity - artwork is held in lead lender's account in licensed and bonded storage - no foreclosure risk - on default the artwork, held in lead lender's name, goes to auction - highly liquid