1. 1 Teamwork. Growth. Success. 3030 Market Tower 10 West Market Street Indianapolis, IN 46204 317-237-2323 Fax 317-237-2325

2. 2 Goal: Centerfield targets investments in private middle market companies. Specifically, we finance: Growth Acquisitions The launch of new products Entry into new markets Changes in company ownership Liquidity to owners and operators Industry Focus: Business services, manufacturing and distribution, healthcare, information technologies and communications Available Capital: $57 million Size of Investment: $1 to 3.5 million. We co-invest with other firms to finance larger transactions. Types of Investment: Mezzanine and equity investments representing both minority and majority ownership positions Geography: Primarily the Midwest Centerfield Capital Partners

3. 3 Mezzanine Financing: An Introduction Definition: Source of financing designed to fill the gap between the amount the senior lender will provide and the amount of equity capital the principals are able or willing to commit. Occupies a position in the corporate capital structure between the senior debt and the common equity Typical Transactions: Expansion financing, growth capital, management buyouts, recapatilizations Investment Type: Subordinated debt, Subordinated debt with warrants, Preferred stock or a combination Investment Duration: 5-7 years; typically non-amortized Alternatives: Cheaper form of capital than equity. Not as dilutive to equity ownership

4. 4 Mezzanine Financing: The Criteria What kind of companies are ideal candidates for mezzanine financing? Financial Strength: Stable positive cash flows Demonstrated ability to maintain acceptable margins even in economic downturns Room for additional leverage in the new capital structure. If a buyout, management and buyer should have sufficient equity investment Operational Strength: Strong, proven operating management at key levels Products not subject to rapid technological change Proprietary products and processes with strong market position

5. 5 Operating Model EBITDA multiple of Capital Structure: Typical Senior Term Loan2-3x Mezzanine1-2x Total Debt3-5x Common Equity1-2x Total Capitalization4-7x