nderwriting Expertise: In underwriting a purchase/leaseback transaction, or the purchase of a property subject to an existing net lease, First Oxford Corporation undertakes the following analyses, each of which the Company believes is critical to the long-term profitability of the investments:

Real Estate Analysis:   First Oxford evaluates the value of the property, present and anticipated conditions in the local real estate market and the prospects for selling or re-tenanting the property on favorable terms in the event of a vacancy. The Company seeks to acquire general purpose commercial properties that may be easily re-leased to new tenants without significant new investment by First Oxford Corporation.

Tenant Credit Analysis:   First Oxford evaluates the prospective tenant's business and financial outlook to determine the prospective tenant's ability to meet ongoing obligations, such as letters of credit and guarantees from parent companies or other parties.

Strategic Factors:   The Company evaluates a number of strategic factors, including the position of the prospective tenant in its industry, the strength of the prospective tenant's business franchise and the importance of the property to the prospective tenant's business.