Maine & Maritimes (MAM)

Long-term Debt of Maricor Properties

On July 5, 2006, Maricor Properties borrowed $2.5 million Canadian from Merrill Lynch Mortgage Lending to refinance temporary debt at the Royal Bank of Canada. The US equivalent of this borrowing was $2.2 million at the date of borrowing, and $2.5 million at December 31, 2007. The new debt is a 10-year mortgage loan, with monthly payments of principal and interest based on a 25-year amortization schedule throughout the term of the loan, and the remaining loan balance payable at the end of the term. The interest rate is variable, calculated as the greater of (a) 135 basis points over the yield on the Government of Canada mortgage benchmark bond most closely approximating the term of the loan or (b) a floor of 5.20%. As of the borrowing date, the interest rate was 6.011%. This loan is secured by the Vaughan Harvey Blvd. property in Moncton, New Brunswick, and is guaranteed by Ashford Investments Inc., which is a 50% equity owner of Maricor Properties.

On August 4, 2006, Maricor Properties also borrowed $4.1 million Canadian from Merrill Lynch Mortgage Lending to refinance the J. Angus MacDonald Building. The US equivalent of this borrowing was $3.58 million at the borrowing date, and $4.1 million at December 31, 2007. The proceeds were used to repay the Standard Life mortgage. The debt is a 10-year mortgage loan, with monthly payments of principal and interest based on a 25-year amortization schedule throughout the term of the loan, and the remaining loan balance payable at the end of the term. The interest rate is variable, calculated as the greater of (a) 135 basis points over the yield on the Government of Canada mortgage benchmark bond most closely approximating the term of the loan or (b) a floor of 5.20%. As of the borrowing date, the interest rate was 5.695%. This loan is secured by the J. Angus MacDonald building, and is guaranteed by Ashford Investments, Inc. and Maricor Properties.

Long-term Debt of Maricor Properties

On July 5, 2006, Maricor Properties borrowed $2.45 million CDN from Merrill Lynch Mortgage Lending to refinance temporary debt at the Royal Bank of Canada. The new debt is a 10-year mortgage loan, with monthly payments of principal and interest based on a 25-year amortization schedule throughout the term of the loan, and the remaining loan balance payable at the end of the term. The interest rate is variable, calculated as the greater of (a) 135 basis points over the yield on the Government of Canada mortgage benchmark bond most closely approximating the term of the loan or (b) a floor of 5.20%. As of the date of borrowing, the interest rate was 6.011%. This loan is secured by the Vaughan Harvey Blvd. property in Moncton, New Brunswick, and is guaranteed by Ashford Investments Inc., which is a 50% equity owner of Maricor Properties.

On August 4, 2006, Maricor Properties also borrowed $4.05 million CDN from Merrill Lynch Mortgage Lending to refinance the J. Angus MacDonald Building. The proceeds were used to repay the

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Standard Life mortgage. The debt is a 10-year mortgage loan, with monthly payments of principal and interest based on a 25-year amortization schedule throughout the term of the loan, and the remaining loan balance payable at the end of the term. The interest rate is variable, calculated as the greater of (a) 135 basis points over the yield on the Government of Canada mortgage benchmark bond most closely approximating the term of the loan or (b) a floor of 5.20%. As of the date of borrowing, the interest rate was 5.695%. This loan is secured by the J. Angus MacDonald building, and is guaranteed by Ashford Investments Inc. and Maricor Properties.