By almost any measure, TECn financing outperforms public bonds in terms of cost, speed and simplicity.

Public Bonds   TECn Pledge of future revenue Security Assets financed Government issuer, rating agency, financial advisors, underwriters, trustees, remarketing agents, liquidity providers, letter-of-credit bankers, attorneys, etc. Players Government issuer, bond counsel, escrow agent, GEHFS 6-9 months...or more Timing 60-90 days Various retail/institutional investors; bonds bought and sold on the open market Investors Government entity issues debt, GE originates or purchases Complex, since each bond is unique Documentation Simple, standardized forms Bond insurance and/or letters-of-credit may be required Credit Enhancements Infrequent Investors may require frequent monitoring of business practices Covenants Infrequent Ongoing financial details must be disclosed Disclosure None* Your financing needs may or may not justify the expense Transaction Costs A fraction of public bond financing Fluctuating interest rates, repayment schedule may exceed useful life of asset Terms Rates are locked in when funded, repayment matched to useful life of asset Process begins again when additional tax-exempt financing needed Renewability Simply add new schedules to master agreement

*GE requires financial reports but no 15(c)(2)(12) disclosure