Greenline Ventures is a Denver-based financial institution providing flexible capital for economic development activities focused on small and medium businesses located in low-income communities. Larger-sized Transactions for Established Businesses and Real Estate Projects Raised over $1.8 billion to generate $2.5 billion of investments - over 94% in high distress LICs $547mm in direct NMTC allocations generated $700 mm in high distress LICs, creating: over 30,000 direct jobs $388 mm in 29 businesses with environmentally sustainable features $168 mm in 15 businesses focused on, or owned by women or minorities $207 mm in estimated new annual tax revenue Mezzanine / Subordinate and other flexible loans of $250,000 - $2,000,000 with terms of 1 – 7 years Mezzanine debt financing for growing or established businesses needing to expand or establish banking relationships Flexible structures and credit standards provide increased proceeds at lower-than-market rates Equity and hybrid capital investments of $50,000 - $500,000 Start-up and early stage growth companies; may be pre-bankable Often women and minority-owned Portfolio companies in environmentally sustainable health, clean tech, food/ag, fintech and consumer businesses COMMUNITY GROWTH FUND SUBORDINATE DEBT FUND NMTC FUNDS

Greenline Ventures is a Denver-based financial institution providing flexible capital for economic development activities focused on small and medium businesses located in low-income communities. Larger-sized Transactions for Established Businesses and Real Estate Projects Raised over $1.8 billion to generate $2.5 billion of investments - over 94% in high distress LICs $547mm in direct NMTC allocations generated $700 mm in high distress LICs, creating: over 30,000 direct jobs $388 mm in 29 businesses with environmentally sustainable features $168 mm in 15 businesses focused on, or owned by women or minorities $207 mm in estimated new annual tax revenue Mezzanine / Subordinate and other flexible loans of $250,000 - $2,000,000 with terms of 1 – 7 years Mezzanine debt financing for growing or established businesses needing to expand or establish banking relationships Flexible structures and credit standards provide increased proceeds at lower-than-market rates Equity and hybrid capital investments of $50,000 - $500,000 Start-up and early stage growth companies; may be pre-bankable Often women and minority-owned Portfolio companies in environmentally sustainable health, clean tech, food/ag, fintech and consumer businesses COMMUNITY GROWTH FUND SUBORDINATE DEBT FUND NMTC FUNDS

What is Mezzanine Debt? Mezzanine Debt is a loan, typically provided by a non-bank lender, that is higher in the capital stack and takes the place of equity. It is higher risk/higher return for the Lender. Subordinate, Junior and Mezzanine are used somewhat interchangeably since they increasingly overlap and share features. Historically, Mezzanine Debt referred to subordinate debt that was secured by a pledge of the ownership interests in the business.

Subordinate Debt Structures Size is typically based on multiple of EBITDA less senior debt amounts $500K EBITDA at 4.0X multiple less $1.25MM senior = $750K sub debt Fixed charge coverage of 1.25X Subordinate debt has junior security interest (or may even be unsecured) behind ABL debt and/or Senior debt. Higher risk means higher total returns 10%-15% current pay, often interest only to allow more cash flow 20%-25% total IRR via equity rights, accrued interest and/or exit fees More security means lower rates Term is typically 3-5 years with extension options At maturity: Loan is repaid, or Loan is refinanced, or Loan is taken out through sale or company or other exit

Subordinate Debt Uses in Economic Development Economic Development Situations for Sub Debt: Growing businesses are the most likely situation New businesses are often thinly capitalized. Expansion capital is usually costly equity capital. For new businesses, Bank Debt is often limited to ABL loans with low advance rates and strict credit requirements (personal guarantees / pledge or personal residence). Sub-debt funded growth is typically accompanied by increase in direct and indirect jobs. Recapitalization of existing businesses in strong sectors Good companies may have balance sheet problems. Companies may have have run into trouble for external (but solvable) reasons. Sub-debt funded recapitalization often results in jobs preservation. Acquisition capital

SRI and Impact Investing in the Mezz/Sub Debt Space Many 501(c)(3) entities are turning to PRI (Program Related Investments) to fill need for distribution of funds (5% requirement). Must meet foundation’s exempt purpose Production of income can not be a “significant purpose” IRS’ specific examples include: Low-interest or interest-free loans to needy students, Investments in nonprofit low-income housing projects, Low-interest loans to small businesses owned by members of economically disadvantaged groups, where commercial funds at reasonable interest rates are not readily available, Investments in businesses in low-income areas (both domestic and foreign) under a plan to improve the economy of the area by providing employment or training for unemployed residents, and Investments in nonprofit organizations combating community deterioration. Non 501(c)(3) entities are pursuing impactful investments as well Family offices Impact-oriented funds (both private and public) CDFI Lenders

SRI and Impact Investing in the Mezz/Sub Debt Space Market Rate Sub Debt Features SRI/Impact Sub Debt Potential Features Often want $3M+ loan size Total return: 15%-25% Amortization required / Cash flow sweeps Any Borrowers Any Industries Significant equity upside to Lender Personal guarantees Significant commitment, origination, and/or exit fees May require significant Borrower’s equity already invested in business Smaller loans Total return: 3%-12% Interest only Focus on M/WBE Borrowers Focus on environmental and social impacts Limited or no equity to Lender Non-recourse to principals Limited or no fees Limited equity required. Ability to fund much higher in capital stack

Greenline Ventures NATIONAL INVESTMENT FIRM PROVIDING CAPITAL TO LOW INCOME COMMUNITIES AND SMALL BUSINESSES 10 FULL-TIME PROFESSIONALS--OVER 150 COMBINED YEARS OF EXPERIENCE National NMTC and SMB deal origination network Greenline Community Growth Fund (GCGF) invests proprietary capital in early stage growth firms needing $50,000 to $500,000 LEADING NMTC ALLOCATEE AND INNOVATOR Awards total $547 million; manage over $1.5 billion of NMTC deals First successful NMTC revolving loan fund - recycled capital over 2x Headquarters in Denver, CO; offices in DC and Baltimore Took company private from GMAC/Capmark in 2011 Now 100% employee-owned & minority owned/controlled Full-service asset management and NMTC compliance Community Development Financial Institution (CDFI) GIIRS Gold rated, Certified B Corp., IRIS Metrics User