confidential executive summary june 2009 · 2018-01-26 · june 2009 1. milk thistle farm, llc –...

Confidential Executive Summary

June 2009

Milk Thistle Farm LLC ndash Executive Summary

TABLE OF CONTENTS

Executive Summary 4

A The Investment 5 B Investment Highlights 5 C Milk Thistle Farm Products Services and Facilities 7 D The Market Business Opportunity 8 E Brand Intellectual Property 9 F Competitive Advantages 9 G RISK FACTORS 10 H Financial Information 12 I Use of Proceeds 12 J Professional Advisors 13 K Contact Information 13 L Instructions for Purchasing a Note 13

End Notes 14

Exhibit A ndash Financials 17

Exhibit Aa ndash Projected Financial Results of Operations 18

(The pages containing the pro forma reports themselves including the Accountantrsquos Pro-Forma Compilation Report are not numbered but occupy 5 pages)

Exhibit Ab ndash Historic Financial Results of Operations 19


Exhibit B ndash Note Purchase Agreement 20

Schedule 24 ndash Questionnaire 26

Investor Questionnaire ndash Individual 27

Investor Questionnaire ndash Businesses Trusts and Other Entities 29

Exhibit A ndash Form of Unsecured Subordinated Promissory Note 34

Appendix A ndash Form of Transfer 37

June 2009 1


June 2009

2

THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED SUCH SECURITIES MAY NOT BE SOLD OFFERED FOR SALE PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO MILK THISTLE FARM LLC (THE ldquoCOMPANYrdquo) THAT SUCH REGISTRATION IS NOT REQUIRED COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THE WITHIN DESCRIBED SECURITIES AND RESTRICTION ON THEIR TRANSFER ARE APPENDED HERETO AT APPENDIX A

THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS AS THE SAME ARE DEFINED BY THE SECURITIES ACT OF 1933 AS AMENDED SENTENCES AND PHRASES ARE FORWARD-LOOKING STATEMENTS WHEN THEY INCLUDE ANY TENSE FROM PRESENT TO FUTURE OR SIMILAR INFLECTION WORDS SUCH AS BELIEVE ESTIMATE ANTICIPATE PLAN PREDICT MAY HOPE CAN WILL SHOULD EXPECT INTEND IS DESIGNED TO WITH THE INTENT POTENTIAL THE NEGATIVE OF THESE WORDS OR SUCH OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY MAY INDICATE FORWARD-LOOKING STATEMENTS BUT THEIR ABSENCE DOES NOT MEAN THAT A STATEMENT IS NOT FORWARD LOOKING ANY INSTANCE OF A FORWARD-LOOKING STATEMENT FOUND IN THIS DOCUMENT IS ONLY TRUE AT THE TIME IT WAS WRITTEN AND THE COMPANY IS UNDER NO OBLIGATION TO UPDATE SUCH WRITTEN STATEMENTS IF CONDITIONS CHANGE OR UNEXPECTED OCCURRENCES HAPPEN TO AFFECT THE STATEMENT AFTERWARDS THESE FORWAD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE CERTAIN RISKS AND UNCERTAINTIES WHICH ARE DIFFICULT TO PREDICT THEREFORE ACTUAL FUTURE RESULTS AND TRENDS MAY DIFFER MATERIALLY FROM WHAT IS FORECAST IN FORWARD-LOOKING STATEMENTS DUE TO A VARIETY OF FACTORS SOME OF WHICH ARE DISCUSSED IN THIS DOCUMENT

THE OFFERING MADE BY THE COMPANY AS DESCRIBED HEREIN IS MADE BOTH TO ldquoACCREDITED INVESTORSrdquo AS THAT TERM IS DEFINED IN THE SECURITIES ACT OF 1933 AS AMENDED AND NON-ACCREDITED INVESTORS AN ldquoACCREDITED INVESTORrdquo IS ONE WITH A NET WORTH ABOVE A CERTAIN LEVEL AND WITH EXPERIENCE INVESTING IN COMPLICATED BUSINESSES AND TRANSACTIONS IF YOU ARE NOT SURE IF YOU OR THE ENTITY YOU REPRESENT IS AN ldquoACCREDITED INVESTORrdquo YOU SHOULD CONSULT WITH YOUR LEGAL OR FINANCIAL ADVISORS THE COMPANY URGES BOTH ACCREDITED AND NON-ACCREDITED INVESTORS TO CONDUCT AS MUCH DUE DILIGENCE AS THEY REQUIRE BEFORE MAKING ANY INVESTMENT IN THE COMPANY THE COMPANY RESERVES THE RIGHT TO REJECT ANY PROSPECTIVE INVESTOR AND EACH PROSPECTIVE INVESTOR WILL BE REQUIRED TO PROVIDE SUCH INFORMATION AS THE COMPANY DEEMS NECESSARY TO EVALUATE SUCH PROSPECTIVE INVESTOR


June 2009

3

YOU ARE STRONGLY ADVISED TO CONSULT PROFESSIONAL LEGAL AND FINANCIAL ADVISORS CONCERNING THIS OFFERING ITS SUITABILITY FOR YOU AND THE RISKS INVOLVED IN MAKING THE INVESTMENT DESCRIBED HEREIN THE SECURITIES OFFERED HEREBY ARE SPECULATIVE AND INVESTMENT IN THE SECURITIES AND THE COMPANY INVOLVES A HIGH DEGREE OF RISK INVESTORS MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF THEIR INVESTMENT AND BE ABLE TO WITHSTAND A TOTAL LOSS OF THEIR INVESTMENT NEITHER THE COMPANY NOR ANYONE ON ITS BEHALF HAVE KNOWINGLY MADE ANY MISLEADING OR UNTRUE STATEMENTS OF A MATERIAL FACT OR OMITTED STATEMENTS OF A MATERIAL FACT NECESSARY TO MAKE THE STATEMENTS MADE TRUE NOTWITHSTANDING THE FOREGOING THIS DOCUMENT IS INCOMPLETE AND SHOULD NOT BE SOLELY RELIED UPON BY AN INVESTOR WITHOUT ADEQUATE DUE DILIGENCE THE COMPANY INVITES PROSPECTIVE INVESTORS TO EXAMINE INFORMATION IN ADDITION TO THAT CONTAINED IN THIS DOCUMENT AS PART OF THEIR DUE DILIGENCE PROCESS IN DETERMINING WHETHER OR NOT TO MAKE THE INVESTMENT DESCRIBED HEREIN PROSPECTIVE INVESTORS DESIRING SUCH ADDITIONAL DILIGENCE MAY CONTACT THE COMPANYrsquoS MANAGER AT ITS PRINCIPAL OFFICES TO SCHEDULE AN EXAMINATION OF ADDITIONAL INFORMATION ANDOR TO DISCUSS THE COMPANYrsquoS PROSPECTS AND THE INVESTMENT HEREIN DESCRIBED WITH THE COMPANYrsquoS MANAGER THE COMPANY WILL MAKE AVAILABLE TO ANY PROSPECTIVE INVESTOR ANY INFORMATION REQUESTED FOR USE IN EVALUATING SUCH AN INVESTMENT AND WILL AID IN OBTAINING ANY APPROPRIATE ADDITIONAL INFORMATION (I) NECESSARY TO VERIFY THE ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT OR (II) FOR ANY OTHER PURPOSE RELEVANT TO AN INVESTMENT IN THE COMPANY CERTAIN PROVISIONS OF VARIOUS AGREEMENTS ARE SUMMARIZED IN THIS MEMORANDUM BUT PROSPECTIVE INVESTORS SHOULD NOT ASSUME THAT SUCH SUMMARIES ARE COMPLETE SUCH SUMMARIES ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE TEXTS OF THE ORIGINAL DOCUMENTS WHICH WILL BE MADE AVAILABLE BY THE COMPANY UPON REQUEST BY THE PROSPECTIVE INVESTORS

NEITHER THIS DOCUMENT NOR ITS CONTENT HAS BEEN REVIEWED OR APPROVED BY ANY GOVERNMENTAL ENTITY AT EITHER THE FEDERAL

THIS IS NOT AN OFFER TO SELL NOR A SOLICITATION TO MAKE AN OFFER TO BUY THE SECURITIES HEREIN DESCRIBED BUT MERELY A DESCRIPTION OF THE COMPANY AND THE OPPORTUNITY IT WILL MAKE AVAILABLE TO INVESTORS


June 2009

4

STATE OR LOCAL LEVEL INCLUDING WITHOUT LIMITATION THE ATTORNEYS GENERAL OF ANY STATE INCLUDING THE STATES OF NEW YORK NEW JERSEY CONNECTICUT AND CALIFORNIA NOR HAVE ANY SUCH AGENCIES APPROVED OR PASSED UPON THE MERITS OF THIS DOCUMENT NOR ANY STATEMENT IT MAY CONTAIN THIS DOCUMENT IS OFFERED ON A CONFIDENTIAL BASIS FOR USE SOLELY IN CONNECTION WITH THE CONSIDERATION OF A PURCHASE OF SECURITIES IN THE COMPANY DESCRIBED HEREIN THE RECEIPT OF THIS DOCUMENT CONSTITUTES AGREEMENT ON THE PART OF THE RECIPIENT HEREOF AND ITS REPRESENTATIVES TO MAINTAIN THE CONFIDENTIALITY OF THE INFORMATION CONTAINED HEREIN THIS MEMORANDUM MAY NOT BE REPRODUCED IN WHOLE OR IN PART AND ITS USE FOR ANY PURPOSE OTHER THAN TO EVALUATE AN INVESTMENT IN THE COMPANY IS NOT AUTHORIZED NEITHER MAY THE CONTENTS OF THIS DOCUMENT BE COMMUNICATED TO ANY THIRD PARTY WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY

Executive Summary Milk Thistle Farm was founded by Dante and Kristin Hesse in the spring of 2006 in the town of Ghent in New Yorkrsquos Hudson Valley It is a family-owned and run certified organic dairy farm producing high quality milk For the first 18 months we were milking about 20 cows and selling all milk produced to nearby Hawthorne Valley Farm for bottling and distribution During the winter of 200708 the transition from commodity milk production to direct marketed glass-bottled milk was completed The milk is processed at a rented facility nearby During that time our herd has grown to about 45 head The Companyrsquos dairy operations are located on approximately 71 contiguous acres The Company also farms organic field and forage crops for feed on 125 acres of additional land The Company sells milk to stores throughout the Hudson Valley and at 7 NYC Greenmarketsi Growth and demand have been steady with new requests for our products every week We believe that we could substantially increase our sales over the next six months with the addition of Greenmarkets and retail outlets To attain this we will expand our milking herd and build an on-site processing facility The funds we seek to raise are intended to finance this expansion acquire land and provide associated working capital While we have carefully planned this expansion we can offer no assurance that we will be successful implementing it Among other factors over which we have no control are the weather the economy the costs of our inputs including feeds fuels and other items and the market for agricultural products generally While our plans attempt to deal with anticipated changes in these factors it is possible that our assumptions as to any one or more of them may be wrong and if we are wrong as to one or more of these assumptions it could have a material adverse effect on our operating results Investors must be prepared to bear the economic risk including the potential of total loss of their investment Operating results for 2007 (annual) 2008 (quarterly) and the first quarter of 2009 are summarized as follows (please see the Companyrsquos historic financial reports Section Hb below for more complete information)

2007 1Q08 2Q08 3Q08 4Q08 1Q09 Revenue $ 95018 $ 31865 $ 62952 $ 53149 $ 79878 $ 77726 Expense $ 82789 $ 52591 $ 60787 $ 46868 $ 74727 $ 64070

Pre‐tax Income $ 12229 $ (19926) $ 2965 $ 7081 $ 6251 $ 15705


June 2009

5

A The Investment The Company is offering a total of eight hundred fifty thousand dollars ($850000) in three (3) different versions of its unsecured subordinated promissory notes (each a ldquoNoterdquo) All the Notes have the same terms and conditions except for their respective maturities and interest rates All the Notes are subordinate to the Trade Debt as defined in Section G Risk Factors below Interest on each Note shall accrue and be paid quarterly based on a calendar quarter the face value of each Note shall be paid on maturity The 3 tranches are summarized below

Version Term Annual Percentage Rate 1 5 years 5 2 10 years 6 3 15 years 7

The minimum investment the Company will accept in a Note is one thousand dollars ($1000) The complete terms and conditions governing the Note are described in the Note itself and in the associated ldquoNote Purchase Agreementrdquo (the ldquoAgreementrdquo) A copy of the Agreement itself containing the form of the Note is attached to this document as Appendix B Prospective investors are required to complete and execute the Agreement and an investor questionnaire (appended to the Agreement) before the Company will consider accepting any prospective investor as a purchaser of a Note This description of the investment and the Note and Agreement is merely a summary Prospective investors are strongly advised to review this Executive Summary and the materials at Appendix A (financials) and Appendix B with their legal and financial advisors and to conduct as much due diligence as each shall require to become comfortable with the terms and conditions of the Note and the Agreement Prospective investors are cautioned that the investment described in this Executive Summary entails a high degree of financial risk In its business planning the Company makes certain assumptions concerning future conditions in its markets including general economic conditions and the business environment specific to the Company such as without limitation the state of competition in the industry and the acceptance of the goods the Company offers by its existing and prospective customers Any miscalculation by the Company as to these assumptions could have a material adverse effect on the Company and the results of its operations including without limitation its ability to service the Notes Investors must be prepared to bear the economic risk of their investment and be able to withstand a total loss of their investment B Investment Highlights Management believes that an investment in Milk Thistle Farm is attractive for the following reasons Investors are strongly urged to carefully consider the following in light of the discussion of Risk Factors in Section G below and to discuss all aspects of the same with their investment and legal advisors

1 The market for organic milk and dairy products is large and growing rapidly Organic milk sales increased from 17 of total US milk sales to 27 between 2006 and 2007ii Sales of organic foods generally have increased 20 or more annually since the 1990s only dipping to 10 in 2008 due to the overall economic environmentiii This translates into a total market of $167 billion in 2006 and an organic milk market alone of $32 billion in 2007iv The price paid for organic milk nationally is $401 per frac12 gal while the average in the east is $452v The Company presently sells its whole milk for $400 per quart ndash or $700 per frac12 gallon 2 The local food (ldquolocavorerdquo) movement is growing and gaining momentum Over the last 10 years there has been a tremendous surge of interest in eating locallyvi The growth of farmers markets across the nation is a good indicator of this trend The NYC Greenmarket arguably the largest


June 2009

6

farmers market system in the country has experienced robust growth over the last several yearsvii A locavore is someone who eats food grown or produced locally or within a certain radius such as 50 100 or 150 miles The locavore movement encourages consumers to buy from farmersrsquo markets with the argument that fresh local products are more nutritious and taste better Locally grown food is an environmentally friendly means of obtaining food since supermarkets that import their food use more fossil fuels and non-renewable resources So popular has this movement become that the New Oxford American Dictionary chose ldquolocavorerdquo - a person who seeks out locally produced food as its word of the year in 2007viii As a business that sells our products only within 120 miles of the farm we have received a lot of attention from the local foods movement and have been mentioned on a number of locavore websitesix Not only is eating locally very hip and in style it is also becoming an economic necessity Rising fuel prices are forcing even large corporations like Wal-Mart to start sourcing local foodx 3 Milk Thistle Farm products enjoy a competitive advantage over larger competitorsrsquo products and supports our price points The Company competes with large companies such as Horizon Organics Our target customer however shies away from large companies such as this for several reasons Large producers such as Organic Valley and Horizon ultrapasteurize their milk which destroys beneficial nutrients degrading the nutritional quality of the milk These companies also buy milk from farms all over the country which does not appeal to locavores Also many of the farms supplying Horizon and other large producers are much larger dairies some with as many as 4000 cows Our customers value that our milk comes from a small family owned and operated farm where we know each cow by name We are in an ideal position to grow our Company to meet the demand We have stepped in to fill a void in the marketplace and have been met with enthusiasm since our very first market The current economic situation on Wall Street and beyond has not affected our sales (See Section Ib Historical Financial Results of Operations below) Sustainable farming is a promising possible solution to the nationrsquos food crisis in years to come We cannot continue to abuse our environment and expect to harvest healthy high quality food forever Many people are aware of this and prioritize spending to reflect it We anticipate though we cannot ensure that our sales will to continue to grow regardless of the more widespread economic environment

4 Milk Thistle Farm has achieved virtual break-even after only 2 yearsrsquo operations Operating results for 2007 reflect revenue of $95018 expenses of $82789 and a pre-tax profit of $12229 By the end of 2008 our second full year of operation wersquod increased revenue to $227845 while our expenses increased to $231474 resulting in a net operating loss of $3629 Notably our quarterly results for that year illustrate that the Company is becoming increasingly efficient and has achieved operating profitability Pre-tax income for each quarter of 2008 was respectively -$20553 $5012 $5053 and $5680 Operating results for the first and second quarters of 2009 (the latest for which results are available) are even more positive with pre-tax income increasing to $15706 and $22843 respectively Gross revenues for the quarters increased to $77726 and $114988 respectively ndash up 244 and 183 respectively from the same periods in the prior year At the same time total expenses only grew to $62020 and $92146 respectively (See Section Hb Historical Financial Results of Operations below for additional information) Based on this trend we believe that with the additional capacity we plan to add with the proceeds of the Notes we will achieve a significant operating efficiency permitting the Company to increase the number of units sold at each retail outlet as well as our wholesale sales As a result management believes that it can achieve the following results in the first 3 years following the investment anticipated by this Executive Summary

Year 1 Year 2 Year 3 Gross Revenues $900206 $990227 $1089251 Expenses $684702 $726403 $ 768646 EBITDA $215504 $263824 $ 320605


June 2009

7

There can be no guarantee that the Company can achieve these results and its inability to do so may have a material adverse effect on the Company and its results of operations Investors are strongly urged to review Section H below discussing the financial projections and results of operations and to review this information with their professional advisors

5 Management team The Company is managed by its owners Dante and Kristin Hesse The Hesse Family are committed and proven dairy farmers with 15 yearsrsquo of combined experience in the Management and operation of dairy farms In addition the Company employs 4 full-time and 2 part-time employees to assist with farm and market operations In their short tenure as the owners and managers of the Company the Hesses have brought it to the point where they believe real sustainable growth can only be achieved by increasing the scale of the Companyrsquos operations

C Milk Thistle Farm Products Services and Facilities The Company presently offers 5 products in both its wholesale and retail distribution channels whole milk 2 milk skim milk half-and-half and cream Management is currently researching expansion into either or both of the craft yogurt and ice cream markets Based on its market research the Company believes the gross margins available in both these markets are between 20 and 30 higher than for liquid milk products In addition to its products the Company believes its planned construction of its own processing facility (see Section I Use of Proceeds below) will give rise to a new service it will be able to profitably offer to other dairy farms and producers The Companyrsquos planned processing needs will not absorb 100 of its planned processing facilityrsquos capacity Accordingly Management plans to offer this spare processing capacity to the market on a for-profit basis Presently there is only one other certified organic raw milk processing and bottling facility in New York State and it is located several hoursrsquo drive away in western New York State Given the growing number of organic dairy farms in the Companyrsquos region Management believes that there is an opportunity to profitably offer its processing plantrsquos excess capacity to the wholesale market Management has researched both new potential lines of business ndash the addition of 1 or 2 new products and entry into the third-party processing industry ndash and believes that both offer the Company increased revenues and profits There can be no assurance however that the Company can successfully execute either or both of these plans and if it does undertake either or both and fails to perform as projected in one or both it could have a materially negative impact on the Companyrsquos results of operations

The remainder of this page intentionally left blank


June 2009

8

D The MarketBusiness Opportunity Dairy has been among the fastest growing segments of the organic foods industryxi itself one of the fastest growing segments of the overall economyxii Prior to the recent economic contraction US organic food sales were approximately $20 billion in 2007 having grown 209 from the previous yearxiii Even in these tough economic times sales of organic foods continue to be robust US organic food sales totaled approximately $24 billion in 2008 representing a 10 increase over the prior year (see Section F3 below) Organic milk made up just over $13 billion of those sales in 2007 which represents just 27 of the nationrsquos total milk sales up from 17 the year before ndash a nearly 60 increase year-over-yearxiv Given that asset prices are very low and that demand in the broader market seems strong rapidly growing yet still only representing a small portion of the total market segment Management believes this is a good time to make the investments necessary to purchase land expand its herd increase its retail markets and lines of business and vertically integrate into processing by building its own processing facility Management believes that ancillary revenue and profit opportunities might also be presented by contracting out any spare processing capacity Potential investors are strongly urged to examine everything presented in this Executive Summary as part of its due diligence into the investments described herein including without limitation the historical and projected financial reports (see Sections Ha and Hb below) Potential investors are cautioned that the narrative contained in this Executive Summary including this Section and the projected financial reports (Section Hb below) are based on certain assumptions that Management has made relying on its experience in the industry and its study of current and likely future industry and macro economic trends In the event any of these assumptions are wrong it could have a material negative impact on the Companyrsquos results of operations including its ability to service the Notes described in this Executive Summary

1 Land holdings The Company currently leases its dairy farm from an individual who owns the land and the improvements on the land This land is in 3 parcels totaling approximately 71 acres The Company plans to purchase one of these parcels totaling approximately 5 acres in size and containing the barns if it can come to terms with its landlord If it cannot the Company plans to purchase suitable substitute farm land in Columbia County NY See Sections G Risk Factors and J Use of Proceeds below The price of farm land like most real estate recently has fallen in the past 12 to 18 months and the Company believes softness in this sector will continue for the foreseeable future There can be no assurance however that the Companyrsquos assumptions in this regard are correct and if any of these assumption are incorrect it could have a materially negative impact on the Companyrsquos results of operations 2 Expand its Herd The cost of production associated with the organic dairy industry is understood to be inversely proportional to herd sizexv That is as herd size increases the unit costs of production are reduced Given that demand for the Companyrsquos primary product ndash bottled milk ndash is very healthy and that this demand is anticipated to remain essentially favorable Management believes that the time is right to expand its herd from approximately 45 head to approximately 60 independent of increases due to breeding 3 Increase its retail markets The Companyrsquos gross margin is significantly higher for its retail sales than for its wholesale sales Presently the Companyrsquos retail efforts are focused on selling to 6 stores in the Hudson Valley and at 7 Greenmarkets in New York City including the Union Square Greenmarket which is considered the nationrsquos premier farmersrsquo market The Companyrsquos plans call for this to expand by 3 to 5 additional Greenmarkets as well as several more wholesale outlets by 2011 In addition Management is researching expanding its product lines to include either yogurt or ice cream or both Management believes both are attractive for the Company as their gross margins are between 20 and 30 higher than for liquid milk


June 2009

9

4 Vertical integration expansion into processing At present the Companyrsquos raw milk is sent out for processing at a third-party facility Including transportation charges this cost the Company $10750 in its last full quarter (2Q09) representing more than 95 of its total expense for the period and also means we are at the mercy of our processing vendor in terms of scheduling Management believes developing its own processing facility at the farm offers a number of significant operating improvements that will increase gross margins In addition to lowering the Companyrsquos unit costs and giving it greater and more efficient flexibility in terms of scheduling and getting product to market this expansion will permit the Company to offer its processing plantrsquos idle capacity to other organic dairies in the area for the processing of their product and thereby create an additional revenue stream for the Company

E BrandIntellectual Property Though the Company maintains a Web site and uses its logo and name on its wholesale and retail sales containers and though the Company has received a number of press mentions in recent months (on NPRxvi via Reutersxvii and on several other Web-based outlets and blogsxviii) Management does not believe that its brand or its brand indicators (ie its logo and name) have material commercial or monetary value as of yet Nonetheless the Company plans to take all reasonable steps to develop and strengthen its brand identity and the goodwill associated with it It plans to protect and defend its common law copyrights and trademarks and is investigating the filing of a formal trademark registration application with the US Trademark Office in the near future F Competitive Advantages Compared to the vast majority of dairy farmers in the US the Company benefits from the following competitive advantages Potential investors should be sure to carefully review Section G Risk Factors below in conjunction with the following advantages

1 Certified organic There is an increasing importance being placed on organic foods by an ever-growing segment of the US populationxix While recent economic stress has caused an overall contraction in consumer spending the Companyrsquos sales have increased dramatically as these trends have unfolded (See Section B1 above and Section Hb below for a discussion of the Companyrsquos operating results)

2 Located in the water- and grass-rich Northeast Unlike most other areas of the US the Northeast of the country enjoys ample naturally occurring and relatively easy to manage water and grass resources The fact that the Companyrsquos herdrsquos water needs are not based on irrigation systems managed river flows and their inevitable failures slowdowns and droughts gives the Company a distinct advantage Moreover the Company employs sustainable practices to further conserve and extract the most economic value from its agricultural resources

3 Sales of organic foods continue to be robust Though the overall economy continues to be weak the market for organic foods has remained strong with many organic producers projecting 2008 sales growth in the high teens (though the Organic Trade Association which projects total organic food sales in the US to total $24 billion in 2008 projects only a 10 annual growth rate for 2008)xx

4 Sales of organic ldquobasicsrdquo expected to be more resistant to price pressures While the overall economy suffers with consumer spending pulled back substantially some are seeing greater resiliency in the market for basics such as organic milkxxi

5 The locavore movement continues to grow Based on the desire that their food have a smaller

carbon footprint offer better nutrition and support their local communities many consumers are


June 2009

10

becoming increasingly aware of where their food comes from and consciously choosing to purchase more locally-grown dairy and other foodsxxii This trend together with the growth of the organic food market itselfxxiii reinforces the Companyrsquos brandrsquos importance within its retail and wholesale footprints The increased percentage of overall food cost associated with transporting food has also increased interest in locally produced foodsxxiv Given that the underlying reasons for these trends are likely to be persistent these trends provide the Company and its products a competitive advantage over nationally-recognized and -produced options for consumers

6 Land values in the area are at or near historic lows As real estate values have fallen all around the country in the past year or two so they have come down in Columbia County The advantageous terms of the Companyrsquos agricultural land leases illustrate the weakness of sellersrsquo positions in this marketxxv This systemic weakness has led to an increase in the preservation of agriculture-friendly lands in the countyxxvi

7 Ideal location The Companyrsquos farm is located approximately 130 miles north of mid-town Manhattan and approximately 30 miles south of Albany NY These 2 markets are literally connected by the Hudson Valley where the Companyrsquos farm is located The Company is therefore ideally located in the midst of a large affluent and desirable market

There can be no guarantee that any one or more of these advantages will continue and the discontinuance of one or more of the same may have a material adverse effect on the Company and its results of operations G RISK FACTORS There are many risk factors that may have an effect on the results of the Companyrsquos operations and the list below is only a summary of some of the potential risk factors and not meant to be exhaustive or exclusive Investors are strongly urged to study this entire Executive Summary including its Exhibits carefully and discuss it with their professional advisors before making any investment in the Company Investors are reminded that that the investment described in this Executive Summary entails a high degree of financial risk In its business planning the Company makes certain assumptions concerning the risk factors in its markets and in the general economy such as without limitation the items discussed in this Section Any miscalculation by the Company as to any one or more of these assumptions could have a material adverse effect on the Company and the results of its operations including without limitation its ability to service the Notes

1 Existing loans outstanding The Company was formed with the financial backing of its founderrsquos families Together various family members have advanced the Company approximately $87067 in loans (collectively the ldquoFamily Loansrdquo) The Family Loans are undocumented bear no interest and are not presently being repaid While none of the family creditors have expressed any immediate repayment requirement and these liabilities are not growing there can be no guaranty that one or more of these creditors wonrsquot demand repayment at some time in the future or require the Company to pay interest on the principal and any change in the status of these loans could have a material negative impact on the Company and its results of operations In addition to the Family Loans the Company has an additional approximately $111483 in documented interest-bearing standard commercial lease and line of credit obligations (collectively the ldquoTrade Debtrdquo) outstanding (as of March 25 2009) The Company is current in all its loan and line of credit obligations

2 Weather As an agricultural concern the Company and its results of operations are susceptible to the vagaries of the weather A season too dry or too wet too cold or too hot subject to ice


June 2009

11

storms blizzards hurricanes or the rare tornado as well as sleet hail and lightning strikes may have a material negative impact on the Companyrsquos results of operations While the Company can take certain steps to insure against certain weather-related occurrences it cannot either insure against every contingency nor obviously control the weather

3 Land The Company does not own any of the land on which it farms This includes the approximately 71 contiguous acres of land its leases for use as its dairy farm (the ldquoDairy Farm Leaserdquo) and the approximately 125 acres of additional land its leases for production of the field and forage crops it uses as feed for its herd (collectively the ldquoOther Leasesrdquo) The Dairy Farm Lease expires per its terms on March 28 2011 and is on very favorable terms for the Company The Other Leases which are also on terms deemed favorable for the Company are set to expire between 2011 and 2013 While Management believes it will be able to renew all the leases and on terms favorable to the Company given the current situation and projected economic forecasts for real estate there can be no assurance that it will be able to do so If it is unable to do so for some or all of these leases and cannot identify and either acquire or lease alternative land for its operations this could have a material negative impact on the Companyrsquos results of operations

4 Organic feed costs more than nonorganic alternatives The cost of organic feeds are higher than

for non-organic options To offset this higher cost the Company plans to (a) use more grass grazing on its existing pastures and new pasture lands acquired with the proceeds of this offering to support expanded use of grass grazing and (b) increasing its herd size since estimated total costs drop sharply as herd size increasesxxvii (see Section I Use of Proceeds below) While the Company plans to make these changes there can be no assurance that it will be successful in doing so and any failure in either execution or the assumptions underlying the decisions to make these changes may have a material negative impact on operating results

5 Growth of organic food sales could substantially weaken Given the overall economic climate it is possible that the high growth rates organic foods have experienced in the last decade could be substantially eroded if the weakening in the marketplace continues Though sales of organic foods are expected to grow by 18 annually through 2010 (source Organic Trade Association) this is lower than the 24 annual growth rates seen in the earlier parts of the decadexxviii

6 Continued deterioration in the overall milk market Milk prices have dropped nearly 50 since their historic highs in the summer of 2008xxix The price per hundred pounds of liquid milk (ldquohundred weightrdquo) paid to New York State dairy farmers in March of 2009 was only $1120 on average down $1 per hundred weight from a year earlierxxx While the Company receives approximately $200 per hundred weight via its retail channel there can be no assurance that the low price paid to non-organic producers in New York State wonrsquot affect the price paid to organic producers in the state nor that the high premium paid by consumers for organic milk will not fall

7 The Notes are unregistered and illiquid The Notes have not been registered under the Securities Act of 1933 as amended (the ldquoSecurities Actrdquo) and as such they may not be sold offered for sale pledged or hypothecated unless and until there is an effective registration statement filed under the Securities Act or until the Company receives an opinion reasonably acceptable to its counsel that such registration is not required Additionally there does not now exist a market for the Notes nor is one likely to arise in the foreseeable future The Notes therefore should be considered highly illiquid and purchasers of Notes must be ready willing and able to hold them until maturity

8 Litigation There are no pending claims filed against the Company and Management is not aware of any threatened claims


June 2009

12

H Financial Information Below is a summary of the Companyrsquos annualized financial results for the past 2 years Although the Companyrsquos books are reviewed by its accountant they are not independently audited Also below are projections of the Companyrsquos performance for the next three (3) years These projections are based on Managementrsquos experience and expertise running the Company and in the industry though past performance is no guarantee of future results In the event the Company is not able to meet the financial targets set forth in its projections this may have a material adverse effect on the Company and its results of operations Prospective investors are invited to conduct a more diligent inspection of the Companyrsquos past financial performance Those desiring to do so may contact the Company to schedule a time to make such an inspection

a Projected Financial Results of Operations these are attached at Exhibit Aa below

b Historical Financial Results of Operations these are attached at Exhibit Ab below

I Use of Proceeds Through this offering the Company plans to raise a maximum of eight hundred fifty thousand dollars ($850000) Management anticipates its use of these funds as follows

Purchase Land $ 15000000

Build Plant facility Site work $ 2000000 Foundation $ 2500000 Structure $ 7500000 Equipment $ 40000000 Equip Installation $ 10000000

Purchase Livestock $ 4500000

Working Capital $ 3500000

Total $ 85000000



June 2009

13

J Professional Advisors The Company is assisted in its undertakings by the following professionals AccountingTax Accounting David C Luck CPA PC

Certified Public Accountant 2105 Highway 203 Chatham NY 12037 Tax2009advisororg 5183923400 (phone 5184440450 (fax

Legal John K Friedman Esq The Law Office of John K Friedman 82 Worth Avenue Hudson NY 12534 johnjkflawcom 5186977944 (phone 5188280312 (fax K Contact Information For more information about this offering please contact the Company at

Milk Thistle Farm LLC 170 Schmidt Road Ghent NY 12075 5185679490 (phone 5183920987 (fax

L Instructions for Purchasing a Note After thorough review of this Executive Summary and consultation with the appropriate professional advisors those wishing to purchase a Note described in this Executive Summary are instructed as follows

1 Enter the amount of the Note you wish to purchase as well as its term (5 10 or 15 years) in Section 12a and 12b of the Note Purchase Agreement found in Exhibit B below 2 Complete the Investor information on the 6th page of the Note Purchase Agreement Be sure to review the ldquoSubstitute Form W-9 Certification by Investorrdquo and make the changes necessary if yoursquove been informed by the IRS that you are subject to backup withholding 3 Complete the appropriate Questionnaire found at Schedule 24 of the Note Purchase Agreement (the first Questionnaire is for individuals the second for legal entities ndash you must complete the type of Questionnaire that corresponds to the party on behalf of whom the Note Purchase Agreement is executed)

a) If you return Questionnaire 2 (for legal entities) be sure to attach the appropriate document(s) requested in Section 7 of that Questionnaire


June 2009

14

4 Make you check in the amount of the note you wish to purchase payable to ldquoLaw Office of John K Friedman Attorney Trust Accountrdquo 5 Keeping copies of all the above send the originals to

Milk Thistle Farm LLC The Law Office of John K Friedman 82 Worth Avenue Hudson NY 12534 johnjkflawcom

5186977944 (phone 5188280312 (fax If you have any questions concerning this procedure or would prefer to wire your funds please call John K Friedman Esq at 5186977944 If your subscription is accepted by the Company you will receive a completed and executed Note in the form attached to the Note Purchase Agreement (Exhibit A to that Agreement) If your subscription is not accepted by the Company you will receive your materials back from the Company including a refund of the full amount of your tendered payment without deduction or interest

End Notes

i See httpwwwmilkthistlefarmcombuyphp for an up-to-date list of the Companyrsquos wholesale and retail accounts ii Schultz Madeline ldquoOrganic Dairy Profilerdquo The Agricultural Marketing Resource Center Article updated by Diane Huntrods May 2008 and available at httpwwwagmrcorgcommodities__productslivestockdairyorganic_dairy_profilecfm (last visited April 3 2009) iii Ching Lee ldquoGrowth in Organic Food Sales Continues at Slower Pacerdquo California Farm Bureau Federation March 18 2009 available at httpwwwcfbfcomagalertAgAlertStorycfmID=1257ampck=CD758E8F59DFDF06A852ADAD277986CA (last visited April 15 2009) iv Schultz Madeline ldquoOrganic Dairy Profilerdquo The Agricultural Marketing Resource Center Article updated by Diane Huntrods May 2008 and available at httpwwwagmrcorgcommodities__productslivestockdairyorganic_dairy_profilecfm (last visited April 3 2009) v Id vi ldquoMore Consumers Buy Local Produce Community-supported Agriculture is Having a Growth Spurt as More Consumers Embrace lsquoBuy Localrsquordquo Knight RidderTribute Co March 5 2009 (available at httpinvestingbusinessweekcomresearchstocksnewsarticleaspdocKey=600-200903050407KRTRIB__BUSNEWS_10742-0KRCMP3AIDQ3CAC367MCM42HQ4ampparams=timestamp||030520092040720AM20ET||headline||More20consumers20buy20local20produce3A20Community-supported20agriculture20is20having20a20growth20spurt20as20more20consumers20embrace2022buy20local2220[Star20Tribune2C20Minneapolis]||docSource||Knight20RidderTribune||provider||ACQUIREMEDIAampsymbol=GOOGO) (last visited April 4 2009)


June 2009

15

vii McGroarty Jane ldquoCommunity Scale Economics ndash Green Marketrdquo newvillage Journal available at httpwwwnewvillagenetJournalIssue22greenmarkethtml (last visited May 4 2009) viii See Oxford University Press Blog Nov 12 2007 available at httpblogoupcom200711locavore (last visited May 4 2009) ix See eg httpwwwthedairyshowcomthe_dairy_show200904slow-money-milk-thistle-farmhtml httpwwwbrooklynrecessionistacom200903new-money-is-slow-moneyhtml and httpnewyorkseriouseatscom200812market-scene-potatoes-roots-wreatheshtml (each last visited May 4 2009) x OrsquoMara Jenny ldquoWal-Mart Pares Costs by Selling Local Productrdquo NPR available at httpwwwnprorgtemplatesstorystoryphpstoryId=93956012 (last visited on May 4 2009) xi Id xii Laux Marsha ldquoOrganic Food Trends Profilerdquo The Agricultural Marketing Resource Center updated March 2009 and available at httpwwwagmrcorgmarkets__industriesfoodorganic_food_trends_profilecfm (last visited April 5 2009) xiii Id xiv Schultz Madeline ldquoOrganic Dairy Profilerdquo The Agricultural Marketing Resource Center Article updated by Diane Huntrods May 2008 and available at httpwwwagmrcorgcommodities__productslivestockdairyorganic_dairy_profilecfm (last visited April 3 2009) xv Id xvi Conaway Laura ldquoWary of Wall Street Invest In A Dairy Farmrdquo NPRorg and available at httpwwwnprorgtemplatesstorystoryphpstoryId=101794001 (last visited May 4 2009) xvii See httpwwwreuterscomnewsvideovideoId=102250ampvideoChannel=5 (last visited May 4 2009) xviii See Note ix above xix See httpwwwfaqsorgnutritionDiab-EmDietary-Trends-Americanhtml (last visited May 4 2009) xx Schmit Julie ldquoOrganic Food Sales Feel the Bite From Sluggish Economyrdquo USA Today 81808 viewed online (httpwwwusatodaycommoneyindustriesfood2008-08-18-organic-food_Nhtm) (last visited April 4 2009) and Lee Ching ldquoGrowth in Organic Food Sales Continues at Slower Pacerdquo California Farm Bureau Federation report issued March 18 2009 and available at httpwwwcfbfcomagalertAgAlertStorycfmID=1257ampck=CD758E8F59DFDF06A852ADAD277986CA) (last visited April 4 2009) xxi Id xxii ldquoMore Consumers Buy Local Produce Community-supported Agriculture is Having a Growth Spurt as More Consumers Embrace lsquoBuy Localrsquordquo Knight RidderTribute Co March 5 2009 (available at httpinvestingbusinessweekcomresearchstocksnewsarticleaspdocKey=600-200903050407KRTRIB__BUSNEWS_10742-0KRCMP3AIDQ3CAC367MCM42HQ4ampparams=timestamp||030520092040720AM20ET||headline||More20consumers20buy20local20produce3A20Community-supported20agriculture20is20having20a20growth20spurt20as20more20consumers20embrace


June 2009

16

2022buy20local2220[Star20Tribune2C20Minneapolis]||docSource||Knight20RidderTribune||provider||ACQUIREMEDIAampsymbol=GOOGO) (last visited April 4 2009) xxiii See generally Notes ii ndash viii inclusive above xxiv Id xxv See httpwwwcolumbiacountyrealestateorg (last visited May 4 2009) xxvi See httpwwwclctrustorgfarm_prot_currentopshtm (last visited May 4 2009) xxvii Schultz Madeline ldquoOrganic Dairy Profilerdquo The Agricultural Marketing Resource Center Article updated by Diane Huntrods May 2008 and available at httpwwwagmrcorgcommodities__productslivestockdairyorganic_dairy_profilecfm (last visited April 3 2009) xxviii Schmit Julie ldquoOrganic Food Sales Feel the Bite From Sluggish Economyrdquo USA Today 81808 viewed online (httpwwwusatodaycommoneyindustriesfood2008-08-18-organic-food_Nhtm) (last visited April 4 2009) xxix Kirchhoff Sue ldquoFarmersrsquo Incomes Dry Up as Milk Prices Plunge About 50rdquo USA Today (March 24 2009) available at httpwwwusatodaycommoneyindustriesfood2009-03-24-dairy-farms_Nhtm (last visited April 15 2009) xxx ldquoMarch Milk Prices Show Decreaserdquo Register-Star Newspaper Hudson NY (April 7 2009) at p A6


June 2009

17

Exhibit A

Financials Contents

Exhibit Aa ndash Projected Financial Results of Operations Exhibit Ab ndash Historical Financial Results of Operations


June 2009

18

Exhibit Aa ndash Projected Financial Results of Operations

Milk Thistle Farm LLCUnaudited Pro-Forma Statement of Revenue Expenses and Cash Flows - Cash Basis

Quarterly for three years

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 TotalRevenues

Wholesale 122313$ 135904$ 131826$ 138622$ 528665$ 134545$ 149494$ 145009$ 152484$ 581532$ Retail 85961$ 95512$ 92646$ 97422$ 371541$ 94557$ 105063$ 101911$ 107164$ 408695$

Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$

Cost of SalesIncremental Farm Costs 63428$ 70475$ 68361$ 71885$ 274148$ 68026$ 75584$ 73317$ 77095$ 294022$ Incremental Processing Costs 34290$ 38100$ 36957$ 38862$ 148209$ 36005$ 40005$ 38805$ 40805$ 155619$

Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$

Gross Margin 110557$ 122841$ 119154$ 125298$ 477849$ 125071$ 138968$ 134798$ 141748$ 540586$ Operating Expenses

Sales amp Administrative Exp 37676$ 40265$ 39488$ 40783$ 158212$ 40227$ 43019$ 42181$ 43578$ 169005$ Property Plant amp Equipment 21005$ 21620$ 21436$ 21743$ 85804$ 21572$ 22218$ 22024$ 22347$ 88159$ Office Expense 3130$ 3400$ 3319$ 3454$ 13303$ 3316$ 3603$ 3517$ 3660$ 14096$ Organic Certifications 1163$ 1292$ 1253$ 1318$ 5026$ 1273$ 1415$ 1372$ 1443$ 5502$

Operating Expenses 62974$ 66577$ 65496$ 67298$ 262345$ 66388$ 70254$ 69094$ 71028$ 276762$

Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$

Statement of Cash FlowsNet Cash From Operations 47583$ 56264$ 53658$ 58000$ 58683$ 68714$ 65704$ 70721$ Cash Used for Financing

Reserve for Bond Retirement (40000)$ (40000)$ (40000)$ (40000)$ (40000)$ (40000)$ (40000)$ (40000)$ Other Principle Debt Payments (735400)$ (735400)$ (735400)$ (735400)$ (1283500)$ (1283500)$ (1283500)$ (1283500)$

Total Cash Used for Financing (47354)$ (47354)$ (47354)$ (47354)$ (52835)$ (52835)$ (52835)$ (52835)$

Net Cash Flow 229$ 8910$ 6304$ 10646$ 5848$ 15879$ 12869$ 17886$ Beginning Cash 35000$ 35229$ 44138$ 114367$ 125013$ 130861$ 146740$ 159609$

Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2

See Accountants Pro‐Forma Compilation ReportNote Companys Fiscal Year End is December 31 of 2



RevenuesWholesale Retail

Gross Revenues

Cost of SalesIncremental Farm CostsIncremental Processing Costs

Cost of Sales

Gross MarginOperating Expenses

Sales amp Administrative ExpProperty Plant amp EquipmentOffice ExpenseOrganic Certifications

Operating Expenses

Depreciation

Net Income

Statement of Cash FlowsNet Cash From OperationsCash Used for Financing

Reserve for Bond RetirementOther Principle Debt Payments

Total Cash Used for Financing

Net Cash FlowBeginning Cash

Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3

See Accountants Pro‐Forma Compilation ReportNote Companys Fiscal Year End is December 31 Page 2 of 2

Milk Thistle Farm LLCUnaudited Pro-Forma Balance Sheet - Cash Basis

As of the end of year three

ASSETS

Current Assets

Cash amp Cash Equivalents 305448

Reserve for Bonds Retirement 300000

Supplies Inventory 18450

Total Current Assets 623898

Fixed Assets Net of Depreciation 903317

TOTAL ASSETS 1527215

LIABILITIES amp EQUITY

Liabilities

Current Liabilities

Employment Liabilities 8434

Current portion of long term debt 44470

Total Current Liabilities 52904

Long Term Liabilities

Notes Payable gt 1 year 70737

Bonds Payable 800000

Total Long Term Liabilities 870737

Total Liabilities 923641

Equity

Members Net Investment 162493

Retained Earnings 441081

Total Equity 603574

TOTAL LIABILITIES amp EQUITY 1527215

See Accountants Pro‐Forma Compilation Report Page 1 of 1

2105 Route 203 Mailing Address Tel (518) 392-3400Chatham NY 12037 PO Box 311 Fax (518) 444-0450Internet wwwadvisororg Ghent NY 12075 E-mail tax2009Advisororg

Dav id C Lu c k CPA PCA Registered Investment Advisor and

Member New York Society of Certified Public Accountantsand the Financial Planning Association

Accountantrsquos Pro-Forma Compilation Report

To the Members of Milk Thistle Farm LLC

I have read the accompanying unaudited pro-forma balance sheet - cash basis of Milk Thistle FarmLLC as of the end of year three and the unaudited pro-forma statement of revenue expenses and cashflows - cash basis for the years then ended and have performed the following procedures

1 Made enquiries of the management of Milk Thistle Farm LLC who have responsibility forfinancial and accounting matters abouta The basis for determination of the pro-forma statements and the underling

assumptions relied upon in arriving at these figures andb Whether the pro-forma financial statements comply as to form in all material respects

with industry standards

2 The managementa Described to me the basis for determination of the pro-forma financial statements the

assumptions they relied upon in arriving at such figures andb Stated that the pro-forma financial statements comply as to form in all material

respects with industry standards

3 Read the confidential executive summary and found it to be consistent with the basisdescribed to me for determination of the pro-forma statements

4 Recalculated the application of the pro-forma assumptions to the aggregate dollar amountsin the quarterly and annual results as shown and found the amounts for each year to bearithmetically correct in all material respect

These pro-forma financial statements are based on management assumptions which are inherentlysubjective The foregoing procedures are substantially less than either an audit or a review theobjective of which is the expression of assurance with respect to managements assumptionscalculations the pro-forma statements and the application of the assumptions to the historicalfinancial information Accordingly I do not express such assurance The foregoing procedures wouldnot necessarily reveal matters of significance to the pro-forma balance sheet or other informationpresented herewith nor would they show the accuracy of managementrsquos assumptions which wererelied upon their in preparation of these reports and I therefore make no representation about thesufficiency of the procedures for the purposes of a user of such statements

- continued on next page -


These statements are prepared under the modified cash basis of accounting which is a departurefrom generally accepted accounting principles Management has elected to omit substantially all ofthe disclosures ordinarily included in the financial statements prepared on the modified cash basisof accounting If the omitted disclosures were included in the financial statements they mightinfluence the userrsquos conclusions about the companyrsquos assets liabilities equity revenues andexpenses Accordingly these financial statements are not designed for those who are not informedabout such matters

Respectfully submitted

David C Luck CPAJune 4 2009


June 2009

19

Exhibit Ab ndash Historic Financial Results of Operations

Milk Thistle Farm LLCUnaudited Statement of Revenue and Expenses - Cash Basis

For the twelve months ended June 30 2008 and 2009

Q3 2007 Q4 2007 Q1 2008 Q2 2008 Total Q3 2008 Q4 2008 Q1 2009 Q2 2009 TotalRevenues

Wholesale 23609 25599 22867 24372 96447 19025 16178 18913 34122 88238Retail 336 0 8997 38580 47913 34124 63700 58812 80866 237502

Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740

Cost of SalesIncremental Farm Costs 11444 8804 30124 28622 78994 10714 32302 21591 37644 102251Incremental Processing Costs 3238 2061 6887 15328 27514 15162 19483 15612 19936 70193

Total Cost of Sales 14682 10865 37011 43950 106508 25876 51785 37203 57580 172444

Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297

Operating ExpensesSales amp Administrative 2437 2395 6357 7902 19091 9647 7574 10952 17194 45367Property Plant amp Equipment 4123 2220 5630 4572 16545 5058 4921 4880 5801 20660Office Expense 1287 2148 2793 3562 9790 5486 9347 8985 11571 35388

Operational Expenses 7847 6763 14780 16036 45426 20191 21842 24817 34566 101415

Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882

See Accountants Compilation ReportNote Financials shown as quarterly and twelve month totals for presentation purposes

Companys fiscal year end is December 31Figures for June 2009 are partially based on management estimates to facilitate the timing of this report

Milk Thistle Farm LLCUnaudited Balance Sheet - Cash Basis

As of May 31 2009

ASSETS

Current Assets




Fixed Asset Net of Depreciation 411325

TOTAL ASSETS 421902


Liabilities

Current Liabilities

Payroll Liabilities 1328







Equity



Net Income 29783

Total Equity 194792


See Accountants Compilation ReportNote Companys fiscal year end is December 31 Page 1




Accountantrsquos Compilation Report - Cash Basis

To the members of Milk Thistle Farm LLC

I have compiled the accompanying unaudited balance sheet - cash basis of Milk Thistle Farm LLCas of May 30 2009 and the unaudited statement of revenue and expenses - cash basis for the twelvemonths ended June 30 2008 and 2009 in accordance with Statements on Standards for Accountingand Review Services issued by the American Institute of CPAs These financial statements have beenprepared on the modified cash basis of accounting which is a comprehensive basis of accountingother than generally accepted accounting principles

A compilation is limited to presenting in the form of financial statements information that is therepresentation of management (the owners) I have not audited or reviewed the accompanyingfinancial statements and accordingly do not express an opinion or any other form of assurance onthem

Management has elected to estimate figures used for the month of June 2009 and to omitsubstantially all of the disclosures ordinarily included in the financial statements prepared on themodified cash basis of accounting If the omitted disclosures were included in the financialstatements they might influence the userrsquos conclusions about the companyrsquos assets liabilitiesequity revenues and expenses Accordingly these financial statements are not designed for thosewho are not informed about such matters

Management has provided a comprehensive discussion of their business model in the attachedconfidential executive summary




June 2009

20

Exhibit B

Note Purchase Agreement

This Note Purchase Agreement (the ldquoAgreementrdquo) is made as of _____________ 2009 among MILK THISTLE FARM LLC a New York limited liability company (the Company) and the undersigned investor (the ldquoInvestorrdquo) Any capitalized terms used herein but not defined herein are defined in the Form of Note attached hereto as Exhibit A and incorporated herein WHEREAS the parties hereto desire to enter into the transactions described hereby NOW THEREFORE in consideration of the mutual promises herein contained and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledge the parties hereto intending to be legally bound hereby do agree as follows 1 The Notes 11 The Notes Investor agrees on the terms and conditions specified in this Agreement to lend to the Company the sum of not less than one thousand dollars ($1000) nor more than eight hundred fifty thousand dollars ($850000) (individually a Loan and collectively with other Loans made pursuant to this Agreement and similar Notes (as defined below) the Loans) at the Closings (as defined below) Each Investors Loan shall be evidenced by an unsecured subordinated promissory note (individually a Note and with the other similar notes issued collectively the Notes) dated as of the date of the Closing in the form of Exhibit A Each Note shall be in an amount equal to each Investorrsquos agreed-upon Loan amount principal balance 12 Subscription A potential Investor is instructed to (a) complete the Questionnaire as defined in Section 24 below (b) complete and execute this Agreement and (c) deliver both documents (retaining copies of each) to the Company along with a check in the amount shown in Section 12a below The Company may in its sole discretion determine whether to accept or reject any particular potential Investorrsquos subscription In the event it is accepted the Company shall deposit the check therefor in its attorneyrsquos escrow account pending a Closing if any If the subscription is rejected the Company shall return the entire submission to the potential Investor (without deduction or interest) as soon as possible after such determination

a Amount of Loan $_______________

b Term of Loan (check ONE) 5 years 5 10 years 6 15 years 7 (all percentages are APR)

13 Place and Date of Closing There shall be at least one (1) closing (the ldquoInitial Closingrdquo) on a

date and at a time of the Companyrsquos choosing as soon as commercially practicable after the Company has received initial subscriptions and the funds therefor have cleared into escrow Thereafter no less frequently than one (1) time each month until such time as the Maximum (as defined below) has been reached the Company on a date and at a time of its choosing shall conduct additional Closings (each an ldquoAdditional Closingrdquo and the Initial Closing and any and all Additional Closings collectively the ldquoClosingsrdquo) until the Company has accepted and closed on a total of eight hundred fifty thousand dollars ($850000) in Loans (such sum being the ldquoMaximumrdquo) All Closings shall take place at the Companyrsquos offices Any Investors investment is a separate investment not dependent on any other investors investment Notwithstanding the foregoing in the event that the Minimum is not achieved by June 1


June 2009

21

2010 the Company shall declare the offering of the Notes withdrawn in which event it shall return the Investorrsquos executed Agreement and payment without interest penalty or deduction 14 Delivery At each Closing the Company will deliver to each Investor whose Loan closed in such Closing a Note in the principal amount of such Investorrsquos Loan 2 Representation and Warranties of the Company The Company hereby represents and warrants to each Investor as follows 21 Organization and Standing The Company is a limited liability company duly formed validly existing and in good standing under the laws of the State of New York The Company has the requisite corporate power and authority to conduct its business as it is presently being conducted and to own and operate its properties and assets The Company is duly qualified to transact business and is in good standing in each jurisdiction in which failure to so qualify would have a material adverse effect on the Company and its operations 22 Corporate Power The Company will have at each Closing all requisite corporate power and authority and has taken all corporate action necessary to execute and deliver this Agreement to issue the Note and to carry out and perform its obligations under the terms of this Agreement and the Note 23 Authorization The execution delivery and performance of this Agreement and the Note by the Company have been duly authorized by all requisite corporate action This Agreement has been and the Note will be duly executed and delivered by the Company and constitute or at the time of delivery will constitute the legal valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy insolvency reorganization or similar laws relating to or affecting the enforcement of creditors rights or to principles of equity 24 Securities Law Exemptions The Notes are issued pursuant to an exemption from the registration and prospectus delivery requirements of the Securities Act of 1933 as amended (the Act) Investors are required to submit an accurate Investor Questionnaire (which is appended hereto as Schedule 24 and must be completed and executed by Investor before the Company may accept the Investorrsquos Loan and when executed the ldquoQuestionnairerdquo) the offer sale and issuance of the Note constitute transactions exempt 3 Representations and Warranties of the Investor Investor hereby represents and warrants to the Company with respect to the purchase of the Notes and the Warrants 31 Experience Investor represents that Investor has sufficient experience in investing in private company securities such that Investor can protect his or her own interests with respect to such investment can bear the economic risk of such investment is capable of evaluating the risks of such investment or Investor is advised by a representative who has such experience If other than an individual each Investor represents it has not been organized solely for the purpose of acquiring the Companys securities 32 Investment Investor is acquiring the Note for investment for Investors own account not as a nominee or agent and not with the view to or for resale in connection with any distribution thereof Investor understands that the Notes have not been and will not be registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act the availability of which depends upon among other things the bona fide nature of the investment intent and the accuracy of such Investor representations as expressed herein including in the Questionnaire


June 2009

22

33 Rule 144 Each Investor acknowledges that the Note is a restricted security under the federal securities laws and that under such laws may be resold without registration under the Securities Act only in certain limited circumstances Investor is aware of the provisions of Rule 144 promulgated under the Securities Act 34 No Public Market Investor understands that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Companys securities 35 Access to Data Investor has had an opportunity to discuss the Companys business management and financial affairs with its management Investor acknowledges that Investor has received all the information Investor requested from the Company and that Investor considers necessary or appropriate for deciding whether to loan the Company money pursuant hereto and to acquire the Note Investor represents that Investor has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Notes and to obtain any additional information necessary to verify the accuracy of the information given the Investor Investor understands that such discussions as well as any written information issued by the Company were intended to describe certain aspects of the Companys business and prospects but were not a thorough or exhaustive description 36 Authorization This Agreement when executed and delivered by Investor will constitute valid and legally binding obligations of the Investor enforceable in accordance with their terms except as such enforcement may be limited by principles of public policy and subject to laws of general application relating to bankruptcy insolvency and the relief of debtors and rules of law governing specific performance injunctive relief or other equitable remedies Each Investor represents that it has full power and authority to enter into this Agreement 37 Brokers or Finders The parties hereto have not and will not incur any liability for brokerage or finders fees commissions or similar charges in connection with this Agreement 38 Tax Liability Investor has reviewed with its own tax advisors the federal state local andor foreign tax consequences of this investment and the transactions contemplated by this Agreement Investor understands that Investor (and not the Company) shall be responsible for Investors own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement 39 Further Limitations on Disposition Without in any way limiting the representations and warranties set forth above Investor further agrees not to make any disposition of all or any portion of the Note unless and until the transferee has agreed in writing for the benefit of the Company to be bound by this Agreement and (a) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement or (b) (i) Investor has notified the Company of the proposed disposition and has furnished the Company with a detailed statement of the circumstances of the proposed disposition and (ii) if reasonably requested by the Company Investor shall have furnished the Company with an opinion of counsel reasonably satisfactory to the Company that such disposition will not require registration of such securities under the Securities Act It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in extraordinary circumstances


June 2009

23

(c) Investor will not make any disposition of any Note to any of the Companys competitors as such is in good faith determined by the Company

310 Cooperation With The Company Each Investor agrees to reasonably cooperate with the

Company as required of Investors herein and in the Note

4 Registration Rights amp Issues 41 Legends

(a) It is understood that the Note may bear the following legend THE SECURITIES REPRESENTED BY THIS CERTIFICATE (OR INSTRUMENT) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED SUCH SECURITIES MAY NOT BE SOLD OFFERED FOR SALE PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THESE SECURITIES AND RESTRICTION ON THEIR TRANSFER MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE (OR INSTRUMENT) TO THE SECRETARY OF THE COMPANY AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANYrdquo

(b) The Company shall promptly remove the preceding legend from the Notes at the

written request of the registered holder thereof if such holder shall have obtained an opinion of counsel reasonably acceptable to the Company to the effect that the securities may be so sold or disposed of without retention of any or all of the preceding legends

5 Default

51 Events of Default The following events shall be considered ldquoEvents of Defaultrdquo with

respect to each Note (a) The Company shall default in the payment of any part of the outstanding principal or unpaid accrued interest on the Note for more than thirty (30) days (b) The Company shall make an assignment for the benefit of creditors or shall admit in writing its inability to pay its debts as they become due or shall file a voluntary petition for bankruptcy or shall file any petition or answer seeking for itself any reorganization arrangement composition readjustment dissolution or similar relief under any present or future statute law or regulation or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding or shall seek or consent to or acquiesce in the appointment of any trustee receiver or liquidator of the Company or of all or any substantial part of the properties of the Company or the Company or its respective directors or majority stockholders shall take any action to dissolve or liquidate the Company (c) Within thirty (30) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization arrangement composition readjustment liquidation dissolution or similar relief under any present or future statue law or regulation such proceeding shall not


June 2009

24

have been dismissed or within thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee receiver or liquidator of the Company or of all or any substantial part of the properties of the Company such appointment shall not have been vacated (d) The Company shall fail to observe or perform any other obligation to be observed or performed by it under the Note within thirty (30) days after written notice from the Holder thereof to perform or observe the obligation 52 Remedies Upon the occurrence of an Event of Default at the option and upon the declaration of a Holder the entire outstanding principal and accrued and unpaid interest on such Holderrsquos Note shall without presentment demand protest or notice of any kind all of which are hereby expressly waived be forthwith due and payable and such Holder may immediately and without expiration of any cure period enforce payment of all amounts due and owing under such Note and exercise any and all other remedies granted to it at law in equity or otherwise 6 Miscellaneous 61 Governing Law This Agreement shall be governed in all respects by the laws of the State of New York without regard for its laws as to conflicts of laws All disputes arising hereunder shall be adjudicated exclusively in the state or federal courts in and for Columbia County New York State 62 Survival The representations warranties covenants and agreements made herein shall survive the closing of the transactions contemplated hereby 63 Successors and Assigns Except as otherwise expressly provided herein the provisions hereof shall inure to the benefit of and be binding upon the successors assigns heirs executors and administrators of the parties hereto 64 Entire Agreement Waiver and Amendment This Agreement (including the exhibits attached hereto) and the other documents delivered pursuant hereto at the Closing constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof and no party shall be liable or bound to any other party in any manner by any warranties representations or covenants except as specifically set forth herein or therein Except as expressly provided herein no delay or omission to exercise any right power or remedy accruing to any Investor upon any breach or default of the Company under this Agreement shall impair any such right power or remedy of such Investor nor shall it be construed to be a waiver of any such breach or default or an acquiescence therein or of or in any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring Except as expressly provided herein neither this Agreement nor any term hereof may be amended waived discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment waiver discharge or termination is sought 65 Notices Etc All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail postage prepaid sent by facsimile or otherwise delivered by hand or by a nationally recognized overnight courier addressed (a) if to an Investor at such Investors address or facsimile number set forth in Schedule 11 or at such other address or facsimile number as such Investor shall have furnished to the Company in writing or (b) if to the Company at its address or facsimile number set forth on the signature page of this Agreement and addressed to the attention of the Corporate Secretary or at such other address or facsimile number as the Company shall have furnished to the Investors Each such notice or other communication shall be treated


June 2009

25

as having been received (x) in the case of personal delivery or delivery by facsimile on the date of such delivery (y) in the case of a nationally recognized overnight courier on the next business day after the date when sent and (z) in the case of mailing on the third business day following deposit in the United States mail addressed and mailed as aforesaid and in each case as against a receipt for or machine-generated report showing dispatch 66 Expenses The Company and each Investor shall bear its own expenses incurred on its behalf with respect to this Agreement and the transactions contemplated hereby 67 Counterparts This Agreement may be executed in any number of counterparts each of which shall be an original but all of which together shall be deemed to constitute one instrument Signatures delivered via facsimile shall be deemed originals 68 Severability In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal unenforceable or void this Agreement shall continue in full force and effect without said provision 69 Section Headings and Subheadings The section headings and subheadings used in this Agreement are for the convenience of the parties only and are not to be considered in construing or interpreting this Agreement

IN WITNESS WHEREOF the parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year first written above

Milk Thistle Farm LLC ndash Company ________________________ - Investor

By _____________________________ By _____________________________ Title (if any) __________________ Title (if any) __________________ Address 170 Schmidt Road Address ________________________ Ghent NY 12075 _________________________________ _________________________________ _________________________________ Telephone No 5185679490 Telephone No __________________ Facsimile No 5183920987 Facsimile No __________________ Taxpayer ID No ________________ Taxpayer ID No _________________

SUBSTITUTE FORM W-9 CERTIFICATION BY INVESTOR

UNDER PENALTIES OF PERJURY BY SIGNING ABOVE I CERTIFY THAT (1) the number shown on this form is my correct Taxpayer Identification Number (or I am waiting for a number to be issued to me) and (2) I am not subject to backup withholding either because I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of failure to report all interest or dividends or the IRS has notified me that I am no longer subject to backup withholding CERTIFICATION INSTRUCTIONS You must cross out item (2) above if you have been notified by IRS that you are subject to backup withholding because of underreporting interest or dividends on your tax return


June 2009

26

Schedule 24 Questionnaire

There are two versions of the Questionnaire following this page The first is for an Investor that is an individual the second is for an Investor that is a legal entity (corporation partnership trust etc) Please complete execute and provide the proper Questionnaire to the Company with your other subscription documents (executed Agreement Note and check in payment of your subscription)


June 2009

27

MILK THISTLE FARM LLC

INVESTOR QUESTIONNAIRE ndash INDIVIDUAL This Questionnaire is to be completed and delivered to Milk Thistle Farm LLC (the ldquoCompanyrdquo) at

The Law Office of John K Friedman 82 Worth Avenue Hudson NY 12534 OR via e-mail to MTFjkflawcom OR via fax to (518) 828 - 0312

This Questionnaire is being given to each subscriber who has expressed an interest in

participating in the placement of up to eight hundred fifty thousand dollars ($850000) worth of the Companyrsquos unsecured subordinated notes (the ldquoOfferingrdquo) The Company a New York limited liability company reserves the right in its sole discretion to accept or reject any particular investorrsquos subscription

This form is to be completed by an investor which is a natural person only Please use the form of questionnaire for legal entities if you are subscribing as a business trust or other form of entity

Please contact the Companyrsquos counsel at the above e-mail address or by phone (at (518) 697 ndash 7944) if you have any questions

Your answers as a subscriber will at all times be kept strictly confidential however everyone who

agrees to participate in the Offering hereby agrees that the Company may present this Questionnaire to such parties as it deems appropriate to assure itself that the offer and sale of the notes to you will not result in a loss of the exemption from registration under the Securities Act of 1933 as amended (the ldquoSecurities Actrdquo) which is being relied upon by the Company in connection with the Offering

The undersigned acknowledges and agrees that the notes have not been registered under the

Securities Act and are being sold in reliance upon certain exemptions from registration provided by the Securities Act and rules promulgated thereunder Thus the Company is relying on the undersigneds representations contained in this Questionnaire and the related subscription documents in determining whether to accept the subscription

Please complete this Questionnaire as thoroughly as possible and sign date and return one copy In

case of insufficient space please use the reverse side to assure that complete answers are submitted Please print or type

Please check the statement or statements below under which you qualify as an Accredited Investor You must check at least one statement in order to complete this Questionnaire and participate in the Offering If you cannot truthfully check either statement you are not an Accredited Investor and cannot unfortunately participate in the Offering


June 2009

28

______A natural person who has individual ldquonet worthrdquo or joint ldquonet worthrdquo with your spouse that exceeds $1 million at the time of the purchase OR you are an Individual Retirement Account (IRA) a Keogh Plan covering a self-employed individual or a self-directed retirement plan account whose beneficial owner (individually or with his or her spouse) has a ldquonet worthrdquo exceeding $1million (ldquoNet worthrdquo means the excess of total assets at fair market value including home over total liabilities) ______A natural person with your income exceeding $200000 in each of the two most recent years or joint income with your spouse exceeding $300000 for the two most recent years and a reasonable expectation of reaching the same income level in the current year OR you are an IRA a Keogh Plan covering a self-employed individual or the beneficial owner of a self-directed retirement plan account whose beneficial owner (individually or with his or her spouse) had such income levels over the same period ______A natural person to whom neither of the two (2) descriptions above apply

The foregoing statements are true and accurate to the best of my information and belief and I will notify the Company of any change in the foregoing answers

By ______________________________________

Signature Print Name_______________________________

Address __________________________________ Tel No____________________________________ Soc Sec No _____________________________ Date ____________________________________


June 2009

29


INVESTOR QUESTIONNAIRE ndash BUSINESSES TRUSTS AND OTHER ENTITIES This Questionnaire is to be completed and delivered to Milk Thistle Farm LLC (the ldquoCompanyrdquo) at




This form is to be completed by an investor which is a business trust or other form of entity only Please use the form of questionnaire for individuals if you are subscribing as a natural person

bull Please Complete Parts I-VII and the signature page

bull If the answer to any question is none or not applicable please so state bull Please contact the Company at the above telephone number if you have any questions

Please contact the Companyrsquos counsel at the above e-mail address or by phone (at (518) 697 ndash

7944) if you have any questions Your answers as a subscriber will at all times be kept strictly confidential however everyone who

agrees to participate in the Offering hereby agrees that the Company may present this Questionnaire to such parties as it deems appropriate to assure itself that the offer and sale of the notes and warrants to you will not result in a loss of the exemption from registration under the Securities Act which is being relied upon by the Company in connection with the Offering

The undersigned acknowledges and agrees that the notes and warrants have not been registered under

the Securities Act and are being sold in reliance upon certain exemptions from registration provided by the Securities Act and rules promulgated thereunder Thus the Company is relying on the undersigneds representations contained in this Questionnaire and the related subscription documents in determining whether to accept the subscription




June 2009

30

I NAME(S) IN WHICH NOTES ARE TO BE HELD

______________________________________________________________________________ Entity Name II Error Main Document OnlyMANNER IN WHICH TITLE TO BE HELD (Please Check One)

_________ Partnership _________ Corporation _________ Limited Liability Company _________ As Custodian Executor or Trustee for ___________________________

______________________________________________________ III Additional information for corporate partnership limited liability company or trust subscribers

A Name of organization or entity __________________________________________________

B Business address _____________________________________________________________

____________________________________________________________

C Telephone (_____) __________________________________________________________ D Send communication to the attention of __________________________________________

__________________________________________

E Date of organization _________________________________________________________ F State of organization _________________________________________________________ G Tax identification no ________________________________________________________ H Form of organization

Corporation __________ Partnership ___________ Limited Liability Company __________ Trust ____________

Other (describe) __________________________________________________________

__________________________________________________________

I If a corporation the organization has__ has not__ elected to be taxed as a small business

corporation for federal income tax purposes under the provision of Subchapter S of the Internal Revenue Code of 1986 as amended

J The organization is actively engaged in the conduct of a trade or business

Yes ________ No ________


June 2009

31

K Describe purpose of formation or principal trade or business activity

____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________

L Was such entity formed for the purpose of purchasing the notes Yes ________ No ________

(If you have answered YES to this question a completed and signed Subscriber Questionnaire must be provided for each partner or stockholder)

IV Financial and other information

A Has the corporate partnership limited liability company or trust subscriber ever filed or been involved in bankruptcy proceedings (except as a creditor)

Yes ________ No ________

B Are there any suits pending or judgments outstanding against the corporate partnership limited liability company or trust subscriber which could materially impair its net worth

Yes ________ No ________

C List any other investments in private offerings and briefly describe them in the space below

Amount Type of Investment

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

D The corporate partnership limited liability company or trust subscribers net worth is in excess of

$____________________

VI If the subscriber is an entity described in paragraphs 11 or 13 of Part V the applicable individual(s) should answer either subparagraph A or B or both

A My net worth exceeds $_________________________ (the minimum allowable is $10 million)

The net worth takes into account my current assets and other assets diminished by my current liabilities including contingent liabilities such as threatened or pending lawsuits and proceedings


June 2009

32

All assets included in the computations represent either real estate shares of stock or other securities or other personal property to which legal and equitable title are solely in my name or represent my proportionate All values are taken at the lower of cost or current market value

B My individual gross income (or my joint gross income together with my spouse) from business wages and investments for the immediately preceding calendar year was $_______________ ($______________ joint) and for the year prior to that was $_______________ ($______________ joint) I estimate that my individual (or joint) gross income for the present calendar year will be approximately $_______________ ($______________ joint)

VII Provide the following

A If an S Corporation the names of all officers directors and stockholders holding 10 or more of the equity of such corporation

B If a partnership the names of all partners indicating whether each person is a general partner or

limited partner C If a limited liability company the names of all members holding 10 or more of the interest in

such LLC and managers D Financial statements for the most recent year of corporate partnership or limited liability

company subscriber accompanied by certificate of an officer member manager or general partner attesting to accuracy of the statements

For each class of investor listed this signed Questionnaire must be accompanied by the following verification documents

CORPORATE SUBSCRIBER

A certified copy of a resolution of the corporations Board of Directors (i) designating the corporationrsquos officer(s) authorized to sign on its behalf and (ii) authorizing the contemplated investment

PARTNERSHIP SUBSCRIBER

A certificate signed by all the general partners authorizing the general partner who signed on behalf of the partnership to sign and to make the contemplated investment on behalf of the partnership

LIMITED LIABILITY COMPANY SUBSCRIBER

A certificate signed by all the members authorizing the manager(s) who signed on behalf of the limited liability company to sign and to make the contemplated investment on behalf of the limited liability company


June 2009

33

TRUST SUBSCRIBER

A certificate signed by all the trustees authorizing the trustee who signed the signature page on behalf of the trust to sign and to make the contemplated investment on behalf of the trust

CUSTODIAN SUBSCRIBER

A certified copy of the instrument pursuant to which the custodian is acting

I consent to the communication by the Company or its employees agents and affiliates or by any broker related to this transaction with any bank or business reference set forth above

The foregoing statements are true and accurate to the best of my information and belief and I will

notify the Company of any change in the foregoing answers

_______________________________________ Name of Entity (Please Print)

By ______________________________________

Signature Print Name amp Title_________________________

Date ____________________________________


June 2009

34

EXHIBIT A

Form of Unsecured Subordinated Promissory Note

THE SECURITIES REPRESENTED BY THIS CERTIFICATE (OR INSTRUMENT) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED SUCH SECURITIES MAY NOT BE SOLD OFFERED FOR SALE PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THESE SECURITIES AND RESTRICTION ON THEIR TRANSFER MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE (OR INSTRUMENT) TO THE SECRETARY OF THE COMPANY AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY $__________ Issue Date ____________________ Ghent New York Note No _________

__ SUBORDINATED PROMISSORY NOTE

FOR VALUE RECEIVED MILK THISTLE FARM LLC (the Company or Maker) promises to pay to the order of ________________ or permitted assigns (collectively the Payee) the principal amount of ___________________________ ($___________) pursuant to the terms hereof The unpaid outstanding principal amount hereof shall accrue interest (calculated on the basis of a 365-day year) at the rate of __ percent (__) per annum accrued quarterly commencing on the date hereof Interest shall be paid when accrued Subject to Paragraph 2 below all unpaid outstanding principal and interest shall be due and payable in full at 500 pm local time on the _____ (__th) anniversary of the Issue Date (the Maturity Date) All payments shall be in lawful money of the United States of America at the principal executive office of the Company or at such other place as the Payee may from time to time designate in writing to the Company and shall be made pro rata among all holders of this Note All payments shall be applied first to accrued interest and thereafter to outstanding principal

1 This note (the Note) is one of a series of similar notes in the aggregate principal amount not to exceed eight hundred fifty thousand dollars ($850000) (collectively the Notes) issued pursuant to the terms of that certain Note Purchase Agreement dated as of_________ (the ldquoAgreementrdquo) to the persons loaning money to the Company pursuant to the Notes A ldquoHolderrdquo is an entity in whose name this Note is registered pursuant to sect 7 below Capitalized terms not defined herein shall have the meanings set forth in the Agreement

2 All covenants agreements and undertakings in this Note by or on behalf of any of the parties shall bind and inure to the benefit of the respective successors and assigns of the parties whether so expressed or not

3 The Maker waives presentment for payment demand protest and notice of protest for

nonpayment of this Note and consents to any extension or postponement of the time of payment or any


June 2009

35

other indulgence This Note may be amended by agreement of the Payee and the Maker Any amendment or waiver of any term of this Note shall be conducted pursuant to the terms of the Agreement

4 In the event that Payee brings a legal action against the Maker or the Maker brings a legal action against Payee to enforce or otherwise determine the meaning or enforceability of this Note or any provision hereof the party prevailing in such action shall recover from the opposing party all reasonable expenses including attorneys fees directly attributable to such action In no event shall any officer or member of the Company be liable for any amounts due and payable pursuant to this Note

5 This Agreement shall be governed in all respects by the laws of the State of New York without

regard for its laws as to conflicts of laws Any and all disputes arising out of or related to this Agreement shall be adjudicated exclusively in the state courts located in and for Columbia County in the State of New York

6 The indebtedness evidenced by this Note is hereby expressly subordinated to the extent and in the manner hereinafter set forth in right of payment to the prior payment in full of all the Companys Senior Indebtedness as hereinafter defined Senior Indebtedness shall mean the outstanding principal of (and premium if any) and unpaid interest on or other payment obligation with respect to all indebtedness of the Company to commercial banks or equipment leasing companies for money borrowed by the Company whether or not secured and whether incurred previously or incurred after the date the Notes are made Any and all claims arising under this Note are and shall be at all times subject and subordinate to the Senior Indebtedness and any interest thereon If requested by the Company the holder hereof will execute and deliver any necessary documents to assure any lender or prospective lender of Senior Indebtedness of the subordination agreed to by the holder hereof

7 The Notes shall be registered by the Company in its ledgers and the same shall be maintained for the

registration and re-registration of the Notes at the Companyrsquos principal executive office Prior to presentation of any Note for registration of transfer the Company shall treat the entity in whose name the Note is registered as the Holder of the Note for all purposes whatsoever whether or not such Note shall be overdue and the Company shall not be affected by notice to the contrary except as set forth below Subject to any restrictions on or conditions to transfer set forth herein the Holder at its option may in person or by duly authorized attorney surrender the same for exchange at the Companyrsquos principal executive office and promptly thereafter and at the Companyrsquos expense receive in exchange therefor one (1) or more new Note(s) each in the outstanding principal requested by such Holder dated the date to which interest shall have been paid on the Note so surrendered or if no interest shall have yet been so paid dated the date of the Note so surrendered and registered in the name of such entity or entities as shall have been designated in writing by such Holder or its attorney for the same principal amount as the then unpaid outstanding principal amount of the Note so surrendered which such new Notes shall be in all other material respects the same as the terms and conditions of this Note This Note in whole or in part may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws The Company may refuse to register or re-register this Note in whole or in part without reasonable assurance (by way of illustration and without limitation for example an opinion of the Holderrsquos attorney reasonably acceptable to the Company that such transfer is so compliant whether as the result of a filing with the relevant governmental agencies or by reliance on an exemption to applicable statutes and regulations) In order to affect a transfer a Holder and its assign(s) must fully complete and execute a Note Transfer substantially and materially in the form of Appendix A appended hereto By accepting delivery of a Note issued pursuant to a transfer as described herein the transferee-Holder agrees to be bound by the terms and conditions of the Note and the Agreement and will provide the Company a signed writing evidencing the same

8 The Company agrees that any delay on the part of the Holder in exercising any rights hereunder

will not operate as a waiver of such rights The holder of this Note shall not by any act delay omission or


June 2009

36

otherwise be deemed to have waived any of its rights or remedies and no waiver of any kind shall be valid unless in writing and signed by the party or parties waiving such rights or remedies

9 The following events shall be considered ldquoEvents of Defaultrdquo with respect to each Note (a) The Company shall default in the payment of any part of the outstanding principal or unpaid accrued interest on the Note for more than thirty (30) days (b) The Company shall make an assignment for the benefit of creditors or shall admit in writing its inability to pay its debts as they become due or shall file a voluntary petition for bankruptcy or shall file any petition or answer seeking for itself any reorganization arrangement composition readjustment dissolution or similar relief under any present or future statute law or regulation or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding or shall seek or consent to or acquiesce in the appointment of any trustee receiver or liquidator of the Company or of all or any substantial part of the properties of the Company or the Company or its respective directors or majority membership interest holders shall take any action to dissolve or liquidate the Company (c) Within thirty (30) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization arrangement composition readjustment liquidation dissolution or similar relief under any present or future statue law or regulation such proceeding shall not have been dismissed or within thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee receiver or liquidator of the Company or of all or any substantial part of the properties of the Company such appointment shall not have been vacated (d) The Company shall fail to observe or perform any other obligation to be observed or performed by it hereunder within thirty (30) days after written notice from Holder to perform or observe the obligation

10 Upon the occurrence of an Event of Default at the option and upon the declaration of the Holder

the entire outstanding principal and accrued and unpaid interest on this Note shall without presentment demand protest or notice of any kind all of which are hereby expressly waived be forthwith due and payable and the Holder may immediately and without expiration of any cure period enforce payment of all amounts due and owing under this Note and exercise any and all other remedies granted to it at law in equity or otherwise IN WITNESS WHEREOF this Note has been executed and delivered on the Issue Date first set forth above MILK THISTLE FARM LLC (MAKER) By ___________________________________ Title Managing Member


June 2009

37

APPENDIX A

FORM OF TRANSFER

(To be completed and executed only upon transfer of Note) FOR VALUE RECEIVED the undersigned hereby sells assigns and transfers unto the Transferee as set forth below the right represented by the attached Note of MILK THISTLE FARM LLC (Note number _________) in the principal amount of ___________________ ($_________) with an Issue Date of ________________ and appoints MILK THISTLE FARM LLC attorney to transfer such right on the books of MILK THISTLE FARM LLC with full power of substitution in the premises Dated ____________________ Printed Name _____________________________

x__________________________________________ (Signature must conform in all respects to name of Holder as specified on the face of the Note) Address _______________________ _______________________ _______________________ Transferee (if more than one Transferee attach additional pages as necessary and check here

Name Address Phone No Fax No Tax Payer ID Principal

Amount to be Transferredxxx

On the ______ day of ________ 2009 before me the undersigned a Notary Public in and for the State of _____________ personally appeared _________________________ personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she executed the same in herhis capacity and that by herhis signature on the instrument the individual or the corporation upon behalf of which the individual acted executed the instrument

(Notary public seal to be placed above)




Executive Summary

proforma compilation reportpdf

Page 1

Page 2

compilation reportpdf

Page 1


TABLE OF CONTENTS

Executive Summary 4

A The Investment 5 B Investment Highlights 5 C Milk Thistle Farm Products Services and Facilities 7 D The Market Business Opportunity 8 E Brand Intellectual Property 9 F Competitive Advantages 9 G RISK FACTORS 10 H Financial Information 12 I Use of Proceeds 12 J Professional Advisors 13 K Contact Information 13 L Instructions for Purchasing a Note 13

End Notes 14

Exhibit A ndash Financials 17

Exhibit Aa ndash Projected Financial Results of Operations 18


Exhibit Ab ndash Historic Financial Results of Operations 19


Exhibit B ndash Note Purchase Agreement 20

Schedule 24 ndash Questionnaire 26

Investor Questionnaire ndash Individual 27

Investor Questionnaire ndash Businesses Trusts and Other Entities 29

Exhibit A ndash Form of Unsecured Subordinated Promissory Note 34

Appendix A ndash Form of Transfer 37

June 2009 1


June 2009

2





June 2009

3





June 2009

4




Pre‐tax Income $ 12229 $ (19926) $ 2965 $ 7081 $ 6251 $ 15705


June 2009

5






June 2009

6





June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3

See Accountants Pro‐Forma Compilation ReportNote Companys Fiscal Year End is December 31 of 2



ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

2





June 2009

3





June 2009

4




Pre‐tax Income $ 12229 $ (19926) $ 2965 $ 7081 $ 6251 $ 15705


June 2009

5






June 2009

6





June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

3





June 2009

4




Pre‐tax Income $ 12229 $ (19926) $ 2965 $ 7081 $ 6251 $ 15705


June 2009

5






June 2009

6





June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

4




Pre‐tax Income $ 12229 $ (19926) $ 2965 $ 7081 $ 6251 $ 15705


June 2009

5






June 2009

6





June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

5






June 2009

6





June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

6





June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

7






June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

8




June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

9










June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

10








June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

11










June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

12









Total $ 85000000



June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

13









June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

14




End Notes



June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

15



June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

16



June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

17

Exhibit A

Financials Contents



June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

18






Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1





Gross Revenues 208274$ 231416$ 224472$ 236044$ 900206$ 229102$ 254557$ 246920$ 259648$ 990227$


Cost of Sales 97718$ 108575$ 105318$ 110747$ 422357$ 104030$ 115589$ 112122$ 117900$ 449641$




Depreciation 20025$ 20025$ 20025$ 20025$ 80100$ 20025$ 20025$ 20025$ 20025$ 80100$

Net Income 27558$ 36239$ 33633$ 37975$ 135404$ 38658$ 48689$ 45679$ 50696$ 183722$





Ending Cash 35229$ 44138$ 50443$ 125013$ 130861$ 146740$ 159609$ 177495$

Year 1 Year 2





Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1




Gross Revenues


Cost of Sales



Operating Expenses

Depreciation

Net Income





Ending Cash

Q1 Q2 Q3 Q4 Total

147999$ 164444$ 159510$ 167732$ 639686$ 104012$ 115569$ 112102$ 117881$ 449565$

252012$ 280013$ 271613$ 285613$ 1089251$

72997$ 81108$ 78675$ 82730$ 315510$ 37805$ 42005$ 40745$ 42845$ 163400$

110802$ 123113$ 119420$ 125575$ 478910$

141210$ 156900$ 152193$ 160038$ 610340$

42972$ 45986$ 45082$ 46588$ 180628$ 21542$ 22220$ 22017$ 22355$ 88134$ 3517$ 3822$ 3730$ 3882$ 14950$ 1394$ 1549$ 1502$ 1579$ 6024$

69425$ 73577$ 72331$ 74404$ 289736$

20025$ 20025$ 20025$ 20025$ 80100$

51760$ 63298$ 59836$ 65609$ 240503$

71785$ 83323$ 79861$ 85634$

(40000)$ (40000)$ (40000)$ (40000)$ (1345300)$ (1345300)$ (1345300)$ (1345300)$

(53453)$ (53453)$ (53453)$ (53453)$

18332$ 29870$ 26408$ 32181$ 177495$ 195827$ 225696$ 252105$ 195827$ 225696$ 252105$ 284286$

Year 3




ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1



ASSETS

Current Assets








Liabilities

Current Liabilities









Equity



Total Equity 603574
























June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1






















June 2009

19






Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1





Total Revenue 23945 25599 31864 62952 144360 53149 79878 77726 114988 325740



Gross Margin 9263 14734 ‐5147 19002 37852 27273 28093 40523 57408 153297



Net Income 1416 7971 ‐19927 2966 ‐7574 7082 6251 15706 22843 51882




As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


As of May 31 2009

ASSETS

Current Assets





TOTAL ASSETS 421902


Liabilities

Current Liabilities








Equity



Net Income 29783

Total Equity 194792















June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1













June 2009

20

Exhibit B



a Amount of Loan $_______________





June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

21



June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

22



June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

23








5 Default




June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















June 2009

33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

24



June 2009

25








June 2009

26




June 2009

27
















June 2009

28



By ______________________________________




June 2009

29

















June 2009

30







____________________________________________________________


__________________________________________



Other (describe) __________________________________________________________

__________________________________________________________




Yes ________ No ________


June 2009

31


____________________________________________________________________________ ____________________________________________________________________________ ____________________________________________________________________________





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TRUST SUBSCRIBER








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EXHIBIT A










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Executive Summary


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TRUST SUBSCRIBER








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EXHIBIT A










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APPENDIX A

FORM OF TRANSFER










Executive Summary


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Yes ________ No ________



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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


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EXHIBIT A










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APPENDIX A

FORM OF TRANSFER










Executive Summary


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Yes ________ No ________


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Yes ________ No ________


Yes ________ No ________



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$____________________





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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


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EXHIBIT A










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APPENDIX A

FORM OF TRANSFER










Executive Summary


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By ______________________________________




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Yes ________ No ________


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Yes ________ No ________


Yes ________ No ________



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____________________________________________________________________________

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$____________________





June 2009

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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










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APPENDIX A

FORM OF TRANSFER










Executive Summary


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Yes ________ No ________


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Yes ________ No ________


Yes ________ No ________



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$____________________





June 2009

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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










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APPENDIX A

FORM OF TRANSFER










Executive Summary


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____________________________________________________________


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Other (describe) __________________________________________________________

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Yes ________ No ________


June 2009

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Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

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$____________________





June 2009

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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

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EXHIBIT A










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APPENDIX A

FORM OF TRANSFER










Executive Summary


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Yes ________ No ________


Yes ________ No ________



____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________


$____________________





June 2009

32

















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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










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37

APPENDIX A

FORM OF TRANSFER










Executive Summary


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TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










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35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


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33

TRUST SUBSCRIBER








By ______________________________________


Date ____________________________________


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

Page 2


Page 1


June 2009

34

EXHIBIT A










June 2009

35











June 2009

36






June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

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35











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APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

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36






June 2009

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APPENDIX A

FORM OF TRANSFER










Executive Summary


Page 1

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June 2009

37

APPENDIX A

FORM OF TRANSFER










Executive Summary


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confidential executive summary june 2009 · 2018-01-26 · june 2009 1. milk thistle farm, llc –...

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