Exhibit 3 The Life Span of a Transaction Exposure Time and Events Seller quotes Buyer places Seller ships Buyer settles A/R a price to buyer firm order with product and with cash in (in verbal or seller at price bills buyer amount of currency written form) offered at time t (becomes A/R) quoted at time t 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 3 The Life Span of a Transaction Exposure Time and Events t1 t2 t3 t4 Seller quotes a price to buyer (in verbal or written form) Buyer places firm order with seller at price offered at time t1 Seller ships product and bills buyer (becomes A/R) Buyer settles A/R with cash in amount of currency quoted at time t1 Quotation Exposure Backlog Exposure Billing Exposure Time between quoting a price and reaching a contractual sale Time it takes to fill the order after contract is signed Time it takes to get paid in cash after A/R is issued