NASBP National Association of Surety Bond Producers Notes Receivable Unbilled Amounts on Completed Contracts Prepaid Expenses and Other Current Assets

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1 I. 1. a) List of largest completed jobs and related gross profit results Audited or reviewed fiscal year end statement Status of contracts completed Status of contracts in progress Letters of recommendation from owners, architects and engineers (Schedule of general and administrative expenses) Resumes of key employees Statement of Cash Flow Personal Financial Statement Bank Reference b) 3 5 Working Capital Net Worth 1 Total Current AssetsUnbilled Work Other Receivables Inventories JV Investments & Advances to Construction Joint Ventures Deferred Income Tax 1 SAA

2 NASBP National Association of Surety Bond Producers Notes Receivable Unbilled Amounts on Completed Contracts Prepaid Expenses and Other Current Assets Intangible Assets Good Will SAA

3 Balance Sheet Current assets: Cash & cash equivalents 3,714,385 4,336,145 3,888,485 3,143,088 4,415,296 Marketable securities & short-term investment 753, , , , ,063 Receivables: Contract receivables currently due 9,015,921 12,017,327 6,530,574 8,770,176 10,338,676 Retainages on contracts 2,278,462 3,044,383 1,902,012 2,206,072 3,093,791 Unbilled work 706, , , , ,082 Other receivables 1,486, , , , ,961 Less allowance for doubtful accounts 135, ,388 73, , ,226 Total receivables, net 13,351,795 15,189,839 9,307,506 11,702,433 14,479,284 Inventories 1,049, , , ,378 1,339,983 Costs & recognized earnings in excess of billings on 2,881,512 4,025,563 1,156,049 1,573,811 2,444,006 uncompleted contracts Investments in & advances to construction joint ventures 605, , , , ,881 Income taxes: Current/refundable 149, ,605 29,978 19,905 98,821 Deferred 420, ,785 99, , ,411 Other current assets 1,124,698 1,628, ,723 14,568 1,147,209 Total current assets 24,051,070 27,897,971 16,678,158 18,831,091 25,085,953 Property, plant & equipment 21,060,765 25,343,488 18,202,471 21,829,585 27,102,841 Less accumulated depreciation 11,321,263 15,582,456 10,931,167 11,810,913 14,664,817 Property, plant & equipment, net 9,739,502 9,761,032 7,271,305 10,018,673 12,438,024 Noncurrent assets: Long-term investments 1,099, , ,010 97, ,079 Deferred income taxes 222, ,185 61,793 23,391 63,529 Other assets 3,133,932 3,894,780 1,456,034 2,061,202 3,081,881 total noncurrent assets 14,195,640 14,490,302 8,971,142 12,200,928 15,693,513 Intangible assets N/A N/A N/A N/A N/A Total assets 38,246,710 42,388,273 25,649,299 31,032,019 40,779,466 CFMA Construction Financial Management Association

4 Balance Sheet Current liabilities: Current maturity on long-term deb 657, , , ,801 1,278,894 Notes payable & lines of credit 834, , , , ,220 Accounts payable: Trade, including currently due to subcontractors 4,965,755 8,212,199 3,839,375 4,720,573 6,384,892 Subcontractor retainages 752,418 1,122, , , ,266 Other 298, , , , ,151 Total accounts payable 6,017,003 9,440,420 4,970,319 5,850,064 7,698,309 Accrued expenses 2,633,540 3,399,267 1,158,733 1,890,236 2,013,415 Billings in excess of costs & recognized earnings on 3,485,501 4,743,799 2,070,224 2,200,037 3,287,241 uncompleted contracts Income taxes: Current 253, , , , ,815 Deferred 23,988 59,461 39,909 39, ,008 Total income taxes 277, , , , ,823 Other current liabilities 3,130, , , ,869 1,105,965 Total current liabilities 17,036,318 19,994,605 10,213,606 12,344,224 16,453,868 Long-term debt, excluding current maturities 4,341,101 3,953,622 3,418,661 4,288,936 6,531,498 Deferred income taxes 664, , , , ,713 Other 1,525,756 1,588, , ,910 1,236,946 Minority interests 22,815 46,829 36,233 60,448 43,227 Subtotal 6,553,971 6,139,435 4,717,965 5,288,800 8,280,384 Total liabilities 23,590,289 26,134,040 14,931,572 17,633,025 24,734,251 Net worth: Common stock, par value 509, , , , ,447 Preferred stock, stated value 427, ,249 14,391 26, ,888 Additional paid-in capital 2,722,959 3,418,254 1,459,871 3,158,262 3,724,588 Retained earnings 10,038,925 11,208,116 8,234,914 10,186,266 11,960,519 Treasury stock 462, , , ,632 1,017,238 Excess value of marketable securities 361,490 43,202 13,830 7,664 9,699 Other equity 1,059,506 1,159,711 1,030, , ,310 Total net worth 14,656,421 16,254,233 10,717,728 13,398,994 16,045,214 CFMA Total liabilities & net worth 38,246,710 42,388,273 25,649,299 31,032,019 40,779,466

5 Total Current Assets $24,051,070 $27,897,971 $16,678,158 $18,831,091 $25,085,953 Unbilled Work) -$706,403 -$675,884 -$250,557 -$179,099 -$355,082 Other Receivables) -$1,486,770 -$255,633 -$698,056 -$649,500 -$798,961 Inventories) -$1,049,561 -$655,882 -$753,174 -$814,378 -$1,339,983 JVInvestments in & advances to construction joint -$605,607 -$518,180 -$152,612 -$210,791 -$319,881 ventures (Deferred Income Tax) -$420,523 -$449,785 -$99,332 -$106,166 -$270,411 (Real Current Assets) $19,784,203 $25,344,605 $14,726,426 $16,873,157 $22,003,636 Total Current Liabilities $17,036,318 $19,994,605 $10,213,606 $12,344,224 $16,453,868 Working Capital $2,747,885 $5,350,000 $4,512,820 $4,528,933 $5,549,768 Total Net Worth $14,656,421 $16,254,233 $10,717,728 $13,398,994 $16,045,214 Intangible Assets) N/A N/A N/A N/A N/A Real Net Worth $14,656,421 $16,254,233 $10,717,728 $13,398,994 $16,045,214 Total Workload 10 $27,478,850 $53,500,000 $45,128,200 $45,289,330 $55,497,680 5 $73,282,105 $81,271,165 $53,588,640 $66,994,970 $80,226,070 c) 3 Backlog Debt to Net WorthGross Margin 3

6 to Revenue 4 Total Workload 1 Credit of Single Contract CFMA 1. = / 2. NASBP NASBP Surety School

7 CFMA 1. = / 2. NASBP d) e) NAICS 5 (North American Industry Classification System) NAICS SIC(Standard Industrial Classification) NAICS SIC

8 Status of contracts in progress Status of contracts in progress Marsh Inc.

9 SAA 9

10 : : : : ABC INC 4/1/ : 5% : $4,500,000 : : : : : : 18 $1,750 1 : $2,000,000 : $500,000 $425,000 $800,000 $725,000 : NASBP Surety School

11 3. a) % % 11 GSA General Services Administration Bid Results Form Bonding Capacity b) 10 Willis 11 SAA

12 4. a) Status of contracts in progress 1. Contract Price Including Approve Change Orders 2. Contractor s Estimated Cost at Time of Bid 3. Total Amount Billing to Date Including Retaining 4. Total Costs to Date 5. Revised Estimated Remaining Costs to Complete Income Analysis 6. Revised Total Costs Original Estimated Gross Profit Revised Gross Profit/Loss Excess Billings Over Costs Excess Costs Over Billings % of Completion Cost/Cost Gross Revenue Earned Gross Profit Earned Costs & Earnings in Excess of Billings Billings in Excess of Costs & Earnings 3 12 CFMA Construction Financial Management Association ENR Engineering News-Record

13 Status report Status report (SIC(Standard Industrial Classification)) Highway and Street, Except Elevated Highways(1611) Bridge, Tunnel, and Elevated Highway(1622) Water, Sewer, Pipeline, and Communications, Power Line(1623) Heavy (1629)1997 (NAIC(North American Industrial Classification)) Highway and Street(23411) Bridge and Tunnel(23412) Water, Sewer and Pipeline(23491) Power and Communication Transmission Line(23492) Industrial Non-Building Structure(23493) All Other Heavy(234999) (SIC(Standard Industrial Classification)) Industrial Buildings and Warehouses(1541) Nonresidential Buildings(1542)1997 (NAIC(North American Industrial Classification)) Commercial and Institutional Building(23332) Manufacturing and Light Industrial Building, Except Warehouse(23331) (SIC(Standard Industrial Classification)) Plumbing, Heating, and Air-Conditioning(1711) Painting and Paper hanging(1721) 1731, 1741~1743, 1751~1752, 1761, 1771, 1781, 1791, 1793~1796, (NAIC(North American Industrial Classification)) Plumbing, Heating, and Air-Conditioning(23511) Painting and Wall Covering(23521) Security Systems Services, Except Locksmiths(561621) 23531, 23541~23543, 23551~23552, 23561, 23571, 23581, 23591~23595

14 ABC ABC Mart XYZ Office 1,500 1,300 1, UFO Hotel Japan Office 2,000 1, , DC Bar Totals 5,800 4,300 3,200 2,500 2, NASBP Surety School

15 ABC (4+5) (1-2) (4 6 (1 11 (12-3) (1-6) (3-4) (4-3) (12-4) (3-12) % , % 1, % , % , % Totals 5,100 1, , Remarks: NASBP Surety School

16 500.0% 400.0% 300.0% 200.0% 100.0% 0.0% CFMA 1. =( Billings in excess of costs & recognized earnings on uncompleted contracts ( )/Costs & recognized earnings in excess of billings on uncompleted contracts( )) % 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% =( / )

17 b) General Indemnity Agreement 2 c) , , % NIAB The Council of Insurance Agents & Brokers Letter of Credit AON Inc.

18 4,000 3, % 70.0% 3,000 2,500 2,000 1,500 1, % 50.0% 40.0% 30.0% 20.0% 10.0% % Top 100 Writers of Surety Bonds 2002 Twelve-Year Experience Summaries 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Up 100 Up Up Up Up U 1 10 Down 1 10 Down Down % NIAB The Council of Insurance Agents & Brokers

19 5. Fund Administrator

20 $1 $1 $1 100 $900 $3 $5 $1 Lockton Insurance Broker, Inc.

21 II. 1. a) b) c) CPA Certified public accountant Substantive tests

22 Identification Agreement Bankruptcy Court 18 d) 17 SAA 18 AON Inc.

23 19 e) f) 20 SAA Surety Association of America SAA 21 Bond Default Manual US$=

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$Ł\”ƒ.eps$ P1 P4 P2 P7 P8 Consolidated balance sheet Consolidated statement of income Consolidated statement of shareholders' equity Consolidated statement of cash flows 1 $5,644,73 262,387 146,72.27 8.2 11,436,433