Exhibit 9.3 The Life Span of a Transaction Exposure Time and Events t t2 t3 ta Seller quotes Buyer places Seller ships Buyer settles A/R a price to buyer firm order with product and with cash in amount (verbal or written form) seller at price bills buyer of currency offered at time t1 (becomes A/R) quoted at time t1 Quotation Backlog Billing exposure exposure exposure Time between quoting Time it takes to Time it takes to a price and reaching a fill the order after get paid in cash after contractual sale contract is signed A/R is issuedExhibit 9.3 The Life Span of a Transaction Exposure