INVESTMENT GUIDELINES

In its efforts to encourage economic development, the Amoskeag Industries Board of Directors at its November 17, 2012 meeting approved the following Investment Guidelines. The guidelines listed below will be considered when reviewing proposed investment opportunities. The Board recognizes that there is not an expectation that any one project would meet all the guidelines listed.

• Investments must have economic development purpose, including but not limited to job creation/retention or tax base enhancement.

• Projects/investments for the Greater Manchester area will receive priority consideration. New Hampshire Investment opportunities will be considered provided that such opportunities will also have a positive economic impact on the greater Manchester area.

• Projects are generally undertaken through participation with other investors.

• Projects are generally undertaken through participation with others investors.

• Appropriate security or collateral is required, preferring co-first collateral position with private lenders.

• Underwriting and loan monitoring to be done by private lender or the cost borne by the project or some other self-funding mechanism.

• Loan repayment terms should generally be five years or less.

• Rate of return must be commensurate with risk.

• The Executive Committee shall review individual investments and develop appropriate recommendations for board consideration.

• Appropriate security or collateral shall be provided.

• Investments to a specific project or investment shall be limited to twenty percent of Amoskeag industries investible assets. The goal is to establish a portfolio of investments which have finite lives and serve to promote local economic development.

• Amoskeag Industries does not make grants other than on an exceptional basis. Annual grants are limited to those organizations located in the Greater Manchester area and collectively, are limited to no more than 10 % of the five year average of Amoskeag industries’ investment earnings.