STEP Structured Products

• STEP Basic: Investor makes a firm commitment to purchase shares from company at a discount from trailing VWAP (volume weighted average price), via multiple closings over a defined time period.
• STEP Market: Similar to STEP Basic, however a variation in the funding mechanism permits a lower discount and faster funding.
• STEP Standby: Conceptually similar to an equity line, as the company decides when to fund. However, by basing it on the STEP mechanism, we eliminate the onerous provisions often found with equity lines.