INVESTMENT BANKING FUNCTIONS As a private merchant bank, NAC is in a position to raise capital for expansion, acquisitions, or working capital, in the following components:

Type Of Financing Senior Debt Subordinated Debt Equity	Source Of Financing Banks and Insurance Companies NAC, Financial Institutions, Funds NAC, Financial Institutions, Funds
MERGERS, ACQUISITIONS, AND DIVESTITURES NAC continues to advise corporations and financial institutions relating to mergers, acquisitions, and divestitures. The comprehensive range of services available to a client, as well as an extensive network and deal flow, enables NAC to serve clients in the following areas:
Search/identify target companies or prospective purchasers Prepare selling and/or financial prospectus Determine the quality of earnings of the target company Evaluate purchase price of the target company Negotiate the transaction Arrange appropriate financing
FINANCIAL RESTRUCTURING The present economy finds many companies in severe difficulty, with a loss of confidence by their existing bankers. NAC has been extremely successful in restructuring these companies and arranging the necessary financing to provide relief for current bankers, as well as providing sufficient working capital to enable the company to meet its operating objectives. NAC's restructuring program for companies experiencing financial difficulties is designed to maximize assets, protect lenders' and creditors' positions, and restructure the company into a viable and profitable operation in a manner that provides a minimization of risk with maximization of recovery, as well as enhancement of equity holder creditability and value.
DUE DILIGENCE REVIEW NAC's due diligence consists of a detailed review and evaluation of the company's operations, forecast and operational plan, as well as an assessment of key personnel. Upon completion of this review, NAC will address the following business areas:
Improving cash flow Analyzing profitability Uncovering hidden assets Inventory and receiveable reductions Organizational efficiency Improving vendor relationships	Product line contributions Sales of surplus assets Filling management voids Arranging new or additional financing Arranging new or additional capital infusion
Thereafter, NAC will be in a position to determine the viability of the business and can assist management with the development of operating strategies which will advance competitiveness and growth. NAC is uniquely positioned to formulate strategies in order to meet today's most pressing challenges:
Lowering costs Speeding product and market development Heightened customer satisfaction
MENU OF ALTERNATIVES NAC's diversified team of professionals is uniquely prepared to provide the leadership necessary to demonstrate to the various participants the long-term benefits of the proposed recommendations by bringing together senior company management and its financial institutions to discuss the recovery program. Upon approval of the program, NAC can assume any of the following roles:
Withdraw and permit management to execute the program. Monitor management's execution of the program. Assume full leadership of all parts of the program. Arrange for any additional financing required by the program. Act as a principal with regard to any planned divestitures.