Exhibit 9.3 provided an analysis of Puebla Corporation's all-in-cost (AIC) of servicing a floating rate loan. Recalculate the Joan's AIC, using the same assumptions, with the exception that the loan would have a four-ycar maturity rather than a three-year maturity.

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Exhibit 9.3 Puebla Corporation's Costs and Cash Flows in Servicing a Floating-Rate Loan The expected interest rates and cash flows associated with a three year $10,000,000 floating rate loan. Puebla pays an initiation fee of 1.500% of principal up front (which reduces proceeds). Loan Interest Rates 1.IROR (floating) Spread (fixed) Total interest payable Year-O Year-1 Year-2 Year-3 5.000% 5.000% 5.000% 5.000% 1.500% 1.500% 1.500% 6.500% 6.500% 6.500% Interest Cash Flows on Loan 1IBOR (floating) ($500,000) ($500.000) ($500,000) Spread (fixed) (150,000) (150,000) (150,000) Total interes ($650,000) ($650,000) ($650,000) Toan proceeds (repayment] $9,850,000 ($10,000,000) Total loan cash flows $9,850,000 ($650,000) ($650.000) ($10,650,000) IRR of total cash flows 7.072% "all-in-cost" (AIC) Sensitivities to LIBOR LIBOR (yr-0) LIBOR (yr-1) LIBOR (yr-2) LIBOR (yr-3) AIC Baseline case above LIBOR rises 25 basis points/v LIBOR falls 25 basis points/ye 5.000% 5.000% 5.000% 5.000% 7:072% 5.250% 5.500 5.750% 7.565% 4.750% 4.500% 4.250% 6.578%