SBA REAL 504 Program Debenture Issuance Summary for

SBA REAL 504 Program Debenture Issuance Summary for Fiscal Year 2014 September 17, 2014

SBA REAL 504 Debenture Issuance Summary –FY 14 • For FY 14 $3, 842, 529, 000 debentures were issued, down 21% from the year- ago period. • The average 20 -year debenture interest rate was 3. 15% versus 2. 44% for the year-ago period. The average tenyear debenture rate was 2. 02% versus 1. 44%. For the year, the Effective Rate to borrowers for twenty-year debt was 5. 23%. • 20 -year spread to the Treasury benchmark averaged +48 bps, up from 38 bps in the year ago period and compared to the +87 bps average since program’s inception in 1986. • 20 -year spread to interest rate swap benchmark averaged +36 bps, up 9 bps from a year ago and compared to +46 bps since pricing to swaps started in 1999. • Underwriters successfully managed the buyer base as the market initially resisted the drop in interest rates and investors reluctantly reentered the market. Secondary market activity remained light though we have seen increased selling recently when the market reached its YTD highs. Trustee and CSA performed duties smoothly and without error; especially responding , along with the Underwriters, to the shortened funding period in November. • As of the September Funding Date REAL 504 has issued $62, 268, 725, 000 debentures with an Outstanding Principal Balance of $27, 679, 493, 066. . • Please see the monthly Fiscal Agent’s letter for commentary on each deal and market conditions: DCFLLC 2014. No distribution without permission.

SBA-504 20 Yr. Debenture Rate (%, left scale) and Pool Size ($MM, right scale) 6, 80 500 5, 80 400 4, 80 300 3, 80 Axis Title Pool Size Debenture Rate DCFLLC 2014. No distribution without permission. MMM-yy MMM-yy MMM-yy MMM-yy MMM-yy 0 MMM-yy 1, 80 MMM-yy 100 MMM-yy 2, 80 MMM-yy 200

Comparative Loan Costs 8, 50 7, 50 6, 50 5, 50 4, 50 3, 50 2, 50 1, 50 фев-09 авг-09 фев-10 авг-10 504 Effective Rate фев-11 авг-11 фев-12 авг-12 Othe SBA Loan DCFLLC 2014. No distribution without permission. фев-13 авг-13 10 -year Treasury фев-14 авг-14

504 20 -Year Pool Size Trends ($MM) 550 500 450 400 350 300 250 200 150 3 mos Avg DCFLLC 2014. No distribution without permission. 4 г-1 14 ав р- 13 ап к- 3 де г-1 13 ав р- 12 ап к- 2 12 mos Avg де г-1 12 ав р- 1 11 ап к- де г-1 11 ав р- 10 ап к- 0 де г-1 10 ав р- 09 ап к- 9 де г-0 09 ав р- 8 08 ап к- де г-0 08 ав рап де к- 07 100

Comparative Spreads to Treasury (BP) 500 400 300 200 100 0 июн-10 дек-10 июн-11 SBA дек-11 Mortgage июн-12 A CMBS дек-12 июн-13 FNMA Multifamily DCFLLC 2014. No distribution without permission. дек-13 Baa Corporate июн-14

Disclaimer The information herein has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. DCFLLC, 2013. All rights reserved. DCFLLC 2014. No distribution without permission.