ETG Capital Put Options Description

1. Secure your high-risk accounts receivable with
PUT OPTIONS

2. executive team:
DaVid D. TAwil steven azarbad
In the financial world, at the nexus of Put Options and distressed / high-risk
companies, ETG Capital is a leading force. Firm principals, David Tawil and
Steven Azarbad, bring years of successful corporate turnaround and
restructuring experience to every deal.
When facing complex bankruptcy and credit matters, clients count on the
confidential counsel and creative financial strategies and solutions offered by
ETG Capital. ETG Capital offers highly specialized expertise with distressed
financial analysis, sales, negotiation and trading. Tawil and Azarbad hail from
pre-eminent global investment banks and bankruptcy law practices at top-tier,
global law firms.
ETG Capital helps clients navigate and negotiate the Put Option process,
placing a premium on expediently educating every client and colleague
involved in decision-making. We regularly monitor high-risk and volatile situ-
ations for our clients, provide frequent updates, and continually re-evaluate
and price risk. Fast, nimble and self-sufficient, ETG Capital executes each Put
Option without the need for outside counsel or a trader. ETG Capital closes
deals well before others even have the ability to finish negotiating, delivering
flawless execution time and again.

3. Among savvy CFOs, corporate treasurers, and credit risk managers—
representing the Fortune 50; wholesalers; and, manufacturers from North America
to Asia—the names Tawil and Azarbad are virtually synonymous with high-risk and
distressed credit. Both gentlemen are routinely invited to speak at credit industry
conferences, worldwide, where they offer their Wall Street perspective on industry
giants in distress.
Here are just two of many accolades:
“David has been a great help in reducing my overall risk. The products, solutions, and market intel-
ligence he offered were timely and exceptionally appropriate. I have recommended David to several
industry friends who have added their appreciation for his help and direction.”
- Treasurer, Auto-Parts Manufacturer
“Steve is an excellent person to do business with. He was a straightforward negotiator, reliable, and
exceeded my expectations in regards to how quickly he was able to complete our transaction. His back-
ground in law expedited the process of drafting term sheets and closing the deals. I would definitely do
business with Steve again.”
- SVP Finance, Major Media Company
WHY WE’RE BETTER
At ETG Capital, we encourage clients to explore and develop more creative and
opportunistic credit solutions. In the new credit- and capital-constrained environ-
ment, banks shy away from taking on credit risk. They won’t extend Put Options
for any companies other than the largest and most liquid. ETG seeks to push the
boundaries of the terms we can provide with our Put Options:
• We offer Put Options on customers other institutions won’t touch
• We protect receivables of virtually all sizes (odd-lots and fluctuating balances are our specialty)
• We cover unique lengths of time (e.g. 9 months, 14 months)
ETG Capital is an independent platform, not a bank subsidiary or joint-venture. As
an independent firm, ETG Capital offers impartial counsel. You can count on our
objective advice when it comes to discussing your most distressed customers. Since
we are not affiliated with a big bank, our professionals do not face the issue of
client conflicts that regularly come up in large financial institutions. Our conversa-
tions with clients are straight-forward and without prejudice.

4. Accounts Receivable
Sale of Goods and/or
Provision of Services
Put Option Fee
Put Option
STEP 1: PUT OPTION EXECUTION
YOUR CUSTOMER SUPPLIER
(YOUR COMPANY)
Accounts Receivable
Put Option Payment
Collection in Customer’s
Bankruptcy Case
STEP 2: CUSTOMER BANKRUPTCY
Ordinary business between your company and your customer is not affected.
SUPPLIER
(YOUR COMPANY)
YOUR CUSTOMER
STEP 3: SETTLEMENT PROCESS
CUSTOMER
BANKRUPTCY
Supplier Delivers
Assignment Notice
Supplier notifies
ETG of its intent to
deliver receivables
to ETG and
applicable amount
Assignment Closing
Supplier details
actual receivables
delivered and ETG
takes assignment of
Supplier’s accounts
receivable
Settlement
ETG pays Supplier
for receivables
assigned and ETG
assumes the risk of
collection in
Customer’s
bankruptcy case
ETG Protects Accounts Receivable
Your company supplies product to a well-known (or not so well-known customer). You have serious concerns that your cus-
tomer may file for bankruptcy or liquidate. Your customer’s outstanding accounts receivable balance with your company is
significant. You buy ETG’s Pre-Bankruptcy Put Option, to secure your at-risk receivables for a period of time, e.g. 9 months.
Your company continues shipping product and collecting payment on outstanding accounts receivables. If your customer files
for bankruptcy or begins to liquidate during the period of time for which you purchased protection, ETG will cover 100 percent
of your protected accounts receivable.
HOW IT WORKS

5. ETG Capital Put Option Advantages
ETG CAPITAL PUT OPTIONS
ETG specializes in handling• high-risk
and distressed accounts receivable.
We offer put options on single
accounts, as determined by our client.
ETG covers almost any public com-•
pany, many private entities, in any
industry.
Low minimum• Put Option amount is
required.
Effective immediately• on ALL out-
standing accounts receivable to the
customer (not just new receivables
incurred after protection is purchased).
Applies to “successors.”
ETG offers a range of options for each•
Put Option variable (e.g. expiration
date, amount, etc.)
ETG has• no right of cancellation or
termination.
Triggered on a bankruptcy filing.•
Available before (pre) bankruptcy and•
during (in) bankruptcy.
No deductibles, surcharges or other•
additional costs.
Time and labor intensive monitoring•
of customer’s credit status is not
necessary.
ETG’s principals are expert bankruptcy•
lawyers with a solid investment banking
background.
ETG offers Put Options along with•
extensive legal and financial analysis
and counsel. It is not merely a sales
transaction, it is a legal and financial
remedy.
ETG provides forecasts for problematic•
companies and industries, understand-
ing of the bankruptcy process, and
updates on distressed situations.
Flexibility
Modification
and
Termination
Product
Availability
Pricing/Cost
Client
Education
FACTORING
Requires whole turnover coverage•
(all accounts receivable) —
not cost effective; supplier pays for
coverage on accounts that are in good
standing, which is an added and un-
necessary expense.
Retail and consumer goods focused.•
Minimum receivables thresholds for•
primary factors.
Caps and limits for maximum•
exposure to particular companies.
Only protects prospective (new) ac-•
counts receivable incurred after the
coverage becomes effective.
Factor may modify or terminate•
coverage.
Not normally available in•
bankruptcy.
Surcharge or deductible added to•
high-risk accounts.
Costly customer credit status•
monitoring is required.
Factoring solutions are sold by sales•
brokers. It is purely a transaction-
based solution. Sales brokers do not
require law degrees and do not have
investment banking backgrounds.
trade insurance
Requires whole turnover (all accounts•
receivable) basis — not cost effec-
tive; supplier pays for coverage on
accounts in good standing, which is an
added and unnecessary expense.
Caps and limits for maximum exposure•
to particular companies.
Only protects prospective (new) ac-•
counts receivable incurred after the
coverage becomes effective.
Usually limited to annual policies with•
limits decided by the insurer. (Annual
cycle renewal constraints open clients
to undesirable pricing to market risks
upon renewal.
Does not necessarily apply to•
“successor” customers.
Normally, cancelable on notice at the•
will of the insurer.
Triggered on a default•
(bankruptcy) or a failure to pay.
Not normally available in bankruptcy.•
Surcharge or deductible added to•
high-risk accounts.
Costly customer credit status•
monitoring is required.
Insurance solutions are sold by sales•
brokers. It is purely a transaction-
based solution. Sales brokers do not
require law degrees and do not have
investment banking backgrounds.

6. David D. Tawil
Co-Founder & Principal
152 West 57th Street
New York, NY 10019
(212)300-6791
david.tawil@etg-capital.com
STEVEN AZARBAD
Co-Founder & Principal
152 West 57th Street
New York, NY 10019
(212)300-6790
steven.azarbad@etg-capital.com
This material has been prepared by sales personnel of ETG Capital Advisors LLC, its subsidiaries or affiliates (collectively “ETG Capital”). It is provided for informational
purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The informa-
tion provided is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of sales person-
nel, or the proprietary positions of ETG Capital. Observations and views expressed herein may be changed by the sales personnel at any time without notice. Nothing in
this presentation constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual
circumstances.
ETG CAPITAL ADVISORS LLC
152 West 57th Street
New York, NY 10019
www.etg-capital.com
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