redit Tenant Lease Financing: Credit Tenant Lease (CTL) financing is a $2-3 billion a year component in today's commercial real estate market. While traditional real estate loans are written against the value of the land, as well as the credit and business record of the borrower, CTL financing primarily emphasizes the credit quality of the tenant and lease structure in order to establish a cost of borrowing.

Investment grade tenant loans tend to price and trade like bonds in the capital markets. Pricing for non-investment grade and non-rated tenants require additional analysis to include, among other risks, the value of the real estate asset.

CTL financing generally has several advantages over traditional real estate financing including, tighter pricing, lower debt service coverage ratios, maximum loan proceeds and greater liquidity. Today, CTL financing is a valuable source of capital and an effective use of the debt capital markets for:

1. acquisition financing
2. permanent financing
3. equity withdrawal
4. additional working capital
5. refinancing term maturities.

Industry Leader: First Oxford has been a leader in the net lease business for over 30 years. The Company's own portfolio consists of predominately credit tenant net leased industrial, retail and office buildings, making First Oxford one of the largest privately owned companies in the US engaged primarily in the corporate net lease real estate business.

Underwriting Expertise: First Oxford has worked extensively with both public and private companies, and across the spectrum of investment grade, below-investment grade and non-rated tenants. First Oxford's national presence, acquisition experience and access to capital allow the Company to effectively execute both single property and multiple property transactions.

Tenant Credit Characteristics: First Oxford focuses on strong or improving credit quality tenants. The Company assesses a tenant's operating history, potential for growth, recognized business franchises and market presence, as well as the property's strategic importance to the corporate tenant. In addition to its strong credit analysis capabilities, First Oxford has the expertise and experience to evaluate real estate risk and successfully structure transactions involving below-investment grade and non-rated tenants.

Secondary Market Maker: As a mortgage banker since 1976, First Oxford works closely with several hundred insurance companies, pension funds, commercial banks and savings institutions. In addition to originating CTL loans, First Oxford is an active player in the secondary CTL market.