Horizon Partners welcomes the submission of potential acquisitions and management buyouts by financial intermediaries. Our established policy is to expect all intermediaries to look to the selling shareholders for a transaction fee. However, provided that Horizon has not been in discussions with the selling shareholders in the last eighteen months, we will pay fees based on the traditional 5-4-3-2-1 Lehman formula. Such fees will only be paid if a fee agreement has been executed between Horizon and the intermediary.