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Full title: Second Application for Compensation Second Interim Application of Ragghianti Freitas LLP for Allowance and Compensation and Reimbursement of Expenses Incurred as Special Counsel for Debtors [Period December 1, 2020 through April 30, 2021] for Ragghianti Freitas, LLP, Special Counsel, Fee: $52,118.00, Expenses: $75.10. Filed by Attorney Matthew Ryan Klinger (Attachments: # 1 Declaration of Eric Sternberger) (Klinger, Matthew) (Entered: 06/24/2021)

Document posted on Jun 23, 2021 in the bankruptcy, 40 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

The Debtors employed the Applicant to act as special corporate counsel to advise 11 and assist PFI and PISF on corporate and business matters, to act as the lead point of 12 contact with the SEC and other government agencies subpoenas and ad hoc document 13 requests, to a assist in negotiations with Lewis Wallach’s counsel regarding restitution to 14 the Debtors, to serve as a resource to the Debtors and their other professionals regarding 15 Debtors’ historical operations and corporate governance, taking such action and 16 performing such other services as the Debtors may require in connection the matters noted17 above.During the Application Period, the Applicant has worked directly with Debtors and19 their professionals in support and providing facts, analysis and documentation to support 20 the transfer of substantial assets as partial restitution from Lewis Wallach and in support o21 adverse proceedings in order to secure assets of the estate of estate of Kenneth Casey for 22 the benefit of the Debtors. In the Applicant’s services as special corporate counsel, the 23 Applicant has facilitated interviews between witnesses and the SEC, communications 24 between the forensic accounting firm (FTI) and Mr. Wallach and his counsel, supporting 25 Debtors and their professionals in proceedings progressing through the Probate Court 26 regarding the Estate of Mr. Casey, and other general business matters requested from time27 to time.Because of the Applicant’s initial investigation into the facts, accounting and 12 underlying history of the operations of the Debtors, the fraud of the Debtors, Ken Casey 13 and Lewis Wallach, and an understanding of the corporate records, the Applicant initiated 14 and provided, evidentiary support and analysis to the SEC and DOJ as warranted.The services rendered in this Project Billing Category relate to the Applicant’s 11 efforts to act as the lead point of contact with the SEC regarding document production and12 to provide facts, evidence and analysis in response to SEC inquiries and to facilitate the 13 prosecution of Lewis Wallach, other potential co-conspirators of Mr. Wallach, and third 14 parties that may have benefited financially or otherwise from the criminal activity.

List of Tables

Document Contents

1 SHEPPARD, MULLIN, RICHTER & HAMPTON LLP 2 A Limited Liability Partnership Including Professional Corporations 3 ORI KATZ, Cal. Bar No. 209561 J. BARRETT MARUM, Cal. Bar No. 228628 4 MATT KLINGER, Cal. Bar No. 307362 GIANNA SEGRETTI, Cal. Bar No. 323645 5 Four Embarcadero Center, 17th Floor San Francisco, California 94111-4109 6 Telephone: 415.434.9100 Facsimile: 415.434.3947 7 Email: okatz@sheppardmullin.com bmarum@sheppardmullin.com 8 mklinger@sheppardmullin.com gsegretti@sheppardmullin.com 9 Counsel for Debtors 10 UNITED STATES BANKRUPTCY COURT 11 NORTHERN DISTRICT OF CALIFORNIA, SAN FRANCISCO DIVISION 12 In re Case No. 20-30604 (Jointly Administered) 13 PROFESSIONAL FINANCIAL INVESTORS, INC., a California corporation, Chapter 11 14 et al., SECOND INTERIM APPLICATION OF RAGGHIANTI FREITAS LLP FOR 15 Debtors. ALLOWANCE AND COMPENSATION AND REIMBURSEMENT OF EXPENSES 16 INCURRED AS SPECIAL COUNSEL FOR DEBTORS 17 Date: July 22, 2021 18 Time: 10:00 a.m. Judge: Hannah L. Blumenstiel 19 Place: Telephonic/Video Appearances Only 450 Golden Gate Ave., 16th Fl., Ctm. 19 20 16th Floor, Courtroom 19 San Francisco, CA 94102 21 22 23 24 25 26 27

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1 Name of Applicant: Ragghianti Freitas LLP 2 Name of Client: Professional Financial Investors, Inc. and Professional Investors Security 3 Fund, Inc. Time Period Covered by this Application: December 1, 2020 – April 30, 2021 4 Total Compensation Sought by this Application: $52,193.10 5 Total Expenses Sought by this Application: $75.10 6 Petition Date: July 26, 2020 7 Retention Date: July 26, 2020 8 Date of Order Approving Applicant’s Employment: October 6, 2020 9 Total Compensation Approved by Interim Order to $141,735.00 10 Date: Total Expenses Approved by Interim Order to Date: $854.10 11 Total Allowed Compensation Paid to Date: $0.00 12 Total Allowed Expenses Paid to Date: $0.00 13 Blended Rate in this Application for All Attorneys: $515.00 14 Blended Rate in this Application for all Timekeepers: $515.00 15 Compensation Sought in this Application Already $0.00 16 Paid Pursuant to a Monthly Compensation Order: 17 Expenses Sought in this Application Already Paid $0.00 18 Pursuant to a Monthly Compensation Order But Not Yet Allowed: 19 20 Number of Professionals Included in this 1 Application: 21 If Applicable, Number of Professionals in this N/A Application Not Included in Staffing Plan Approved 22 by Client: 23 If Applicable, Difference Between Fees Budgeted N/A 24 and Compensation Sought For this Period: 25 Number of Professionals Billing Fewer than 15 N/A Hours to the Case During the Application Period: 26 Are any rates higher than those approved or disclosed No at retention? If yes, calculate and disclose the total 27 compensation sought in this application using the rate

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Table 1 on page 3. Back to List of Tables
Name of
Professional
Person
Practice
Group &
Date of First
Admission
Hourly
Billing Rate
in this
Application
Number of
Rate
Increases
Since Case
Inception
Total
Billed
Hours
Total
Compensation
Partners and Of Counsel None None None None None
Eric Sternberger Corporate $515.00 None 101.20 $52,118.00 None None None None None
6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

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1 I. 2 INTRODUCTION 3 This is the second interim application for compensation and reimbursement of 4 expenses (the “Fee Application”) of Ragghianti Freitas LLP (the “Applicant”) as special 5 counsel for Professional Financial Investors, Inc. (“PFI”) and Professional Investors 6 Security Fund (“PISF,” and together with PFI, the “Debtors”) in the above-captioned 7 jointly administered bankruptcy cases (the “Bankruptcy Cases”). 8 By way of this Fee Application, the Applicant seeks an order of the Court (i) 9 granting interim approval of compensation and reimbursement of expenses incurred by th10 Applicant as special counsel for the Debtors for the period from December 30, 2020 11 through April 30, 2021 (the “Application Period”), totaling $52,193.10, consisting of 12 professional fees of $52,118.00 and expenses of $75.10, (ii) authorizing and directing the 13 Debtors to make prompt payment to the firm of a total of $41,769.50, which amount 14 represents 80% of all fees requested in the Application and 100% of all expenses requeste15 in the Application, and (iii) granting such other and further relief as the court may deem 16 just and proper. 17 This is the Applicant’s second application for compensation in the Bankruptcy 18 Cases. On March 22, 2021, this Court entered an order approving Applicant’s first interi19 application for compensation and reimbursement of expenses incurred during the period 20 from July 26, 2020 through November 30, 2020, which totaled $142,589.10.00 (the “First 21 Interim Fee Order”). 22 This Fee Application is made pursuant to sections 330 and 331 of title 11 of the 23 United States Code (the “Bankruptcy Code”) and Rule 2016 of the Federal Rules of 24 Bankruptcy Procedure (the “Bankruptcy Rules”). Except as otherwise noted, the 25 Applicant believes this Fee Application substantially conforms with the United States 26 Trustee’s guidelines (the “Trustee’s Guidelines”) for compensation and expense 27 reimbursement for professionals and the United States Bankruptcy Court for the Northern

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1 District of California’s Guidelines for Compensation and Expense Reimbursement of 2 Professionals and Trustees (the “Northern District Guidelines”). 3 The request for relief set forth in this Fee Application is supported by this Fee 4 Application, the declaration of Eric Sternberger, Esq. filed in support of this Fee 5 Application (the “Declaration”), the hearing notice filed concurrently with the Fee 6 Application, and all related documents and pleadings previously filed in the Bankruptcy 7 Cases or that may be filed prior to the hearing on the Fee Application. 8 II. 9 SUMMARY OF SERVICES RENDERED 10 The Debtors employed the Applicant to act as special corporate counsel to advise 11 and assist PFI and PISF on corporate and business matters, to act as the lead point of 12 contact with the SEC and other government agencies subpoenas and ad hoc document 13 requests, to a assist in negotiations with Lewis Wallach’s counsel regarding restitution to 14 the Debtors, to serve as a resource to the Debtors and their other professionals regarding 15 Debtors’ historical operations and corporate governance, taking such action and 16 performing such other services as the Debtors may require in connection the matters noted17 above. 18 During the Application Period, the Applicant has worked directly with Debtors and19 their professionals in support and providing facts, analysis and documentation to support 20 the transfer of substantial assets as partial restitution from Lewis Wallach and in support o21 adverse proceedings in order to secure assets of the estate of estate of Kenneth Casey for 22 the benefit of the Debtors. In the Applicant’s services as special corporate counsel, the 23 Applicant has facilitated interviews between witnesses and the SEC, communications 24 between the forensic accounting firm (FTI) and Mr. Wallach and his counsel, supporting 25 Debtors and their professionals in proceedings progressing through the Probate Court 26 regarding the Estate of Mr. Casey, and other general business matters requested from time27 to time. Finally, the Applicant continues to provide information to the SEC, DOJ and the

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1 other co-conspirators and others who may have received financial or other benefits from 2 the criminal activities. 3 III. 4 RELIEF REQUESTED AND BASIS FOR RELIEF 5 The Applicant seeks an order of the Court (i) granting interim approval and 6 allowance of compensation totaling $52,193.10, consisting of total professional fees of 7 $52,118.00 and expenses totaling $75.10, incurred by the Applicant during the Applicatio8 Period in its representation of the Debtors, (ii) authorizing and directing the Debtors to 9 make prompt payment to the firm of a total of $41,769.50, which amount represents 80% 10 of all fees requested in the Application and 100% of all expenses requested in the 11 Application, and (iii) granting such other and further relief as the court may deem just and12 proper. 13 In view of the time expended, the responsibilities assumed, and the reputation and 14 skill of the Applicant’s attorneys, the Applicant respectfully submits that the foregoing 15 represents the reasonable value of the services rendered on behalf of the Debtors. The 16 Applicant believes that the services rendered were necessary, and that the attorney’s fees 17 requested constitute reasonable and necessary fees. 18 IV. 19 GENERAL BACKGROUND 20 For a general discussion of the Debtors’ background, please refer to section IV of 21 the Second Interim Application of Sheppard, Mullin, Richter & Hampton LLP for 22 Allowance of Compensation and Reimbursement of Expenses Incurred as Counsel for 23 Debtors filed concurrently with this Application (the “Second Interim Sheppard Mullin 24 Fee Application”), which discussion is incorporated as if fully set forth herein. 25 V. 26 SUMMARY OF MAIN EVENTS 27 The following is a summary of the main events that occurred during the pendency

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1 A. Motion to Employ the Applicant 2 On August 25, 2020, the Debtors filed their application to employ the Applicant 3 (the “Employment Application”). On October 6, 2020, this Court entered its Order 4 approving the Employment Application as Docket No. 184. 5 B. Forensic Examination 6 Because of the Applicant’s initial investigation into the facts, accounting and 7 underlying history of the operations of the Debtors, the fraud of the Debtors, Ken Casey 8 and Lewis Wallach, and an understanding of the corporate records, the Applicant provide9 support for the forensic examinations of Armanino and FTI Consultants. 10 C. Prosecution of Lewis Wallach and the Ongoing SEC/DOJ Investigation 11 Because of the Applicant’s initial investigation into the facts, accounting and 12 underlying history of the operations of the Debtors, the fraud of the Debtors, Ken Casey 13 and Lewis Wallach, and an understanding of the corporate records, the Applicant initiated 14 and provided, evidentiary support and analysis to the SEC and DOJ as warranted. In 15 addition, the Applicant has coordinated the document production in response to the SEC 16 and DOJ subpoenas, and provided responses and analysis to numerous SEC and DOJ ad 17 hoc inquiries. 18 D. Asset Recovery 19 Prior to and following the bankruptcy of the Debtors, the Applicant led the 20 negotiations for the recovery of substantial assets from Lewis Wallach as partial 21 restitution. Additionally, the Applicant’s historical knowledge and analysis of the assets 22 and activities of Ken Casey and Charlene Albanese have been used in support of the 23 Debtors’ other professionals in pursuing adverse claims against the Casey Estate. 24 Additionally, the Applicant has identified third party claims as a result of its pre-25 bankruptcy investigation and as a result of its support for other professionals and in 26 responding to SEC and DOJ inquiries. 27

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1 VI. 2 CASE STATUS 3 For a discussion of the status of the Debtors’ cases, please refer to section VI of the4 Second Interim Sheppard Mullin Fee Application filed concurrently with this Application,5 which discussion is incorporated as if fully set forth herein. 6 VII. 7 RETENTION AND PRIOR COMPENSATION 8 On August 25, 2020, the Debtors filed the Employment Application as Docket No. 9 79 seeking Court approval of the Applicant’s retention, with compensation at the expense 10 of the Debtors’ estate and in such amounts as this Court may allow. In the Application, th11 Applicant stated that it would render services to the Debtors at the Firm’s standard rates. 12 This Court approved the Applicant’s retention by PFI and PISF, effective as of the 13 Applicant, pursuant to its order entered as Docket No. 184 on October 6, 2020. 14 On January 21, 2021, the Applicant submitted its First Interim Application of 15 Ragghianti Freitas LLP for Allowance of Compensation and Reimbursement of Expenses 16 Incurred as Special Counsel for Debtors as Dkt. No. 359, which covered the period from 17 July 26, 2020 through November 30, 2020. This Court approved such application for fees18 and expenses totaling $142,589.10 pursuant to the First Interim Fee Order entered on 19 March 22, 2021 as Dkt. No. 494, and authorized the Debtors to make prompt payment to 20 the Applicant in the total amount of $114,242.10 (i.e., 80% of the fees and 100% of the 21 expenses approved and allowed on an interim basis under the First Interim Fee Order). To22 date the Applicant has not received any payment from the Debtors for the amounts sought 23 and approved by the First Interim Fee Application. 24 VIII. 25 EXHIBITS 26 The Exhibits attached to this Fee Application are as follows: 27 A copy of the Employment Order is attached as Exhibit A and a copy of the First

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1 A detailed statement (the “Statement”) of the services the Applicant performed and2 the out-of-pocket expenses the Applicant incurred during the Application Period is set 3 forth on Exhibit C. The Statement sets forth the Applicant’s time and expense records as 4 kept in the ordinary course of the Applicant’s business, and contains the following 5 information: the names of each professional performing services, the description of the 6 services, and the amount of time incurred for their services. The Statement is organized in7 chronological order, separated by billing categories for each task or matter (each a “Projec8 Billing Category”) as required by the Guidelines. A summary of the professional fees 9 incurred by each professional performing services, the hourly rate, the amount of time 10 spent and related fees, is set forth in the Statement. 11 A summary of the Project Billing Categories used by the Applicant during the 12 Application Period is attached as Exhibit D. That summary includes the total professional13 hours spent and the total fees requested under each category. 14 A copy of a letter to the Debtors, forwarding a copy of this Fee Application and 15 inviting discussion, questions, comments, concerns, or objections to the Fee Application, i16 attached as Exhibit E. 17 IX. 18 SUMMARY OF PROFESSIONAL SERVICES RENDERED 19 The Applicant’s attorneys spent approximately 101.2 hours in performing the 20 services described in this Application at an average approximate billing rate of $515.00. 21 Exhibits A through D of this Fee Application provide the information required under the 22 Guidelines. 23 X. 24 SUMMARY BY PROJECT BILLING CODES 25 A. Maintenance of Records 26 In compliance with the Guidelines, the Applicant maintained its time records on a 27 “Project Billing” basis. Exhibit D provides a summary of the Project Billing Categories,

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1 the total professional hours spent in each category and the total fees requested for each 2 category. 3 B. Use of Project Billing Categories 4 A discussion of the work the Applicant performed in each Project Billing Category 5 is set forth in the paragraphs that follow. Under the Guidelines, “[t]he maximum amount 6 that should be included in a single category should generally be $20,000. This cap may b7 exceeded where further breakdown is impractical.” See Northern District Guidelines, at 8 § I.3. In some instances, the fees for a single category of project in this Application 9 exceeded $20,000. This is a result of the size and scope of certain of the projects the 10 Applicant performed. Accordingly, it would be impractical to break down all of the 11 categories in these cases to $20,000 or less. 12 It is inevitable that not all matters fit precisely into one category, or that some item13 fit appropriately into more than one category. Additionally, as in the case of telephone 14 conferences or meetings where more than one subject is discussed, a time entry dealing 15 with more than one subject must occasionally be placed in only one category. Thus, while16 the Applicant has diligently attempted to segregate its time into the appropriate category, 17 there may be some overlap between and among categories. 18 In some cases, the Applicant has billed for the services of more than one person in 19 connection with a meeting (either internal or external) or a conference call with a third 20 party. The Applicant believes that this is justified here by the complexity and scale of this21 bankruptcy. 22 A discussion of the work performed in the Project Billing Categories follows belo23 1. Asset Recovery 24 The services rendered under this Project Billing Category relate to the Applicant’s 25 efforts to negotiate and secure assets from Lewis Wallach as partial restitution, and acting 26 in concert with and at the direction of the independent Director, the Chief Restructuring 27 Officer and other professionals to secure and prevent the dissipation of assets from the

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1 serving as a resource to other professionals with the development of facts and analysis to 2 support adverse proceedings in the Bankruptcy and Probate courts against the Casey Estat3 and its beneficiaries, and reviewing the Debtors’ business records to assist in the 4 identification of third-party claims that may be an additional source of recovery for the 5 creditors. 6 The Applicant spent a total of 40.1 hours and incurred fees totaling $20,651.50 7 during the Application Period on this Project Billing Category, as summarized on Exhibit 8 C. 9 2. DOJ Matters 10 The services rendered in this Project Billing Category relate to the Applicant’s 11 efforts to act as the lead point of contact with the DOJ regarding document production and12 to provide facts, evidence and analysis to facilitate the prosecution of Lewis Wallach, othe13 potential co-conspirators of Mr. Wallach, and third parties that may have benefitted 14 financially or otherwise from the criminal activity. During this Application Period, the 15 Applicant responded to the DOJ’s request regarding the re-production of responses to the 16 DOJ’s prior subpoena. 17 The Applicant spent a total of .9 hours and incurred fees totaling $463.50 during th18 Application Period on this Project Billing Category, as summarized on Exhibit C. 19 3. Forensic 20 The services rendered under this Project Billing Category relate to the Applicant’s 21 efforts to serve as a resource to FTI Consulting in its ongoing efforts to complete its 22 forensic accounting of the Debtors and identification of potential co-conspirators who ma23 have benefitted financially from the criminal activity. These services included providing 24 the Applicant’s historical knowledge of the operations and finances of the Debtors and 25 negotiating for the cooperation of Lewis Wallach and other former corporate officers with26 FTI’s forensic accounting. 27 The Applicant spent a total of 9.1 hours and incurred fees totaling $4,686.50 during

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1 4. General Counsel 2 The services rendered under this Project Billing Category relate to the Applicant’s 3 efforts to advise on various corporate matters, and acting at the direction of the 4 independent Director, Chief Restructuring Officer and staff, to respond to inquiries as 5 would typically be provided to the Debtors’ outside general counsel. 6 The Applicant spent a total of 29.5 hours and incurred fees totaling $15,192.50 7 during the Application Period on this Project Billing Category, as summarized on Exhibit 8 C. 9 5. SEC Matters 10 The services rendered in this Project Billing Category relate to the Applicant’s 11 efforts to act as the lead point of contact with the SEC regarding document production and12 to provide facts, evidence and analysis in response to SEC inquiries and to facilitate the 13 prosecution of Lewis Wallach, other potential co-conspirators of Mr. Wallach, and third 14 parties that may have benefited financially or otherwise from the criminal activity. The 15 Applicant responded on behalf of the Debtors to numerous SEC inquiries that required a 16 review and analysis of the historical operations of the Debtors, and the ad hoc production 17 of relevant documents. 18 The Applicant spent a total of 21.6 hours and incurred fees totaling $11,124.00 19 during the Application Period on this Project Billing Category, as summarized on Exhibit 20 C. 21 XI. 22 EXPENSE REIMBURSEMENT 23 The Applicant seeks expense reimbursement for costs totaling $75.10. Detailed 24 summaries of costs and expenses advanced by the Applicant during the Application Perio25 are set forth in the Statement. These costs include, Federal Express fees and fees for 26 obtaining property records. Such expenses are billed at the actual cost to the Applicant. 27

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1 XII. 2 CONCLUSION 3 WHEREFORE, the Applicant prays that the Court enter an order: 4 1. Granting interim allowance and approval of compensation to the Applicant 5 totaling $52,193.10, consisting of $52,118.00 in professional fees and $75.10 in expenses,6 which amounts were incurred by the Applicant during the Application Period; 7 2. Authorizing and directing the Debtors to make prompt payment to the 8 Applicant of a total of $41,769.50, which amount represents 80% of all fees requested in 9 the Application and 100% of all expenses requested in the Application; and 10 3. Granting such other and further relief as the court may deem just and proper11 Dated: June 24, 2021 12 RAGGHIANTI FREITAS LLP 13 14 By Eric Sternberger, Esq. 15 16 Special Counsel for Professional Financial Investors, Inc. and 17 Professional Investors Security Fund, Inc. 18 19 20 21 22 23 24 25 26 27

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1 SUBMITTED BY: 2 Dated: June 24, 2021 3 SHEPPARD MULLIN RICHTER & HAMPTON LLP 4 5 /s/ Matt Klinger By ORI KATZ 6 J. BARRETT MARUM 7 MATT KLINGER GIANNA SEGRETTI 8 Counsel for Debtors 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

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EXHIBIT A EXHIBIT A

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1 SHEPPARD, MULLIN, Signed and Filed: October 6, 2020 RICHTER & HAMPTON LLP 2 A Limited Liability Partnership Including Professional Corporations 3 ORI KATZ, Cal. Bar No. 209561 4 J. BARRETT MARUM, Cal. Bar No. 228628 __________________________________________ 5 MATT KLINGER, HANNAH L. BLUMENSTIEL U.S. Bankruptcy Judge Cal. Bar No. 307362 6 GIANNA SEGRETTI, Cal. Bar No. 323645 7 Four Embarcadero Center, 17th Floor San Francisco, California 94111-4109 8 Telephone: 415.434.9100 Facsimile: 415.434.3947 9 Email: okatz@sheppardmullin.com bmarum@sheppardmullin.com 10 mklinger@sheppardmullin.com gsegretti@sheppardmullin.com 11 Counsel for Debtors 12 UNITED STATES BANKRUPTCY COURT 13 NORTHERN DISTRICT OF CALIFORNIA 14 SAN FRANCISCO DIVISION 15 In re Case No. 20-30604 16 (Jointly Administered with Case No. 20- PROFESSIONAL FINANCIAL 30579) 17 INVESTORS, INC., a California corporation; PROFESSIONAL Chapter 11 18 INVESTORS SECURITY FUND, INC., a California corporation, ORDER APPROVING DEBTORS’ 19 APPLICATION FOR ORDER Debtors. AUTHORIZING EMPLOYMENT OF 20 RAGGHIANTI FREITAS LLP AS SPECIAL COUNSEL 21 Date: October 1, 2020 22 Time: 11:00 a.m. Judge: Hannah L. Blumenstiel 23 Place: Telephonic/Video Appearances Only 24 450 Golden Gate Avenue 16th Floor, Courtroom 19 25 San Francisco, CA 94102 26 27 The Court, having considered the Debtors’ Application for Order Authorizing

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1 Investors, Inc. (“PFI”) and Professional Investors Security Fund, Inc. (“PISF” and, 2 together with PFI, the “Debtors”) on August 25, 2020 as Docket No. 79, as amended by 3 the Amendment to Debtors’ Application for Order Authorizing Employment of Ragghianti 4 Freitas LLP as Special Counsel filed by the Debtors on September 29, 2020 as Docket No5 164 (as amended, the "Application"), and the accompanying declarations in support 6 thereof, and finding that notice of the Application is sufficient under the circumstances, 7 and good cause appearing therefor, 8 IT IS HEREBY ORDERED THAT: 9 1. The Application is APPROVED. 10 2. The Debtors are authorized to employ Ragghianti Freitas LLP (“Ragghianti 11 Freitas”) as their special counsel under Bankruptcy Code section 327(e) effective as of 12 July 26, 2020. 13 3. Ragghianti Freitas is authorized to perform the services described in the 14 Application. 15 4. Ragghianti Freitas shall be compensated as an expense of administration 16 pursuant to sections 507(a) and 503(b) of the Bankruptcy Code and in accordance with 17 sections 330 and 331 of the Bankruptcy Code, the applicable Bankruptcy Rules, the rules 18 of this Court, and such other procedures as may be fixed by further order of this Court. 19 The Court’s Guidelines for Compensation and Expense Reimbursement of Professionals 20 and Trustees shall apply to the retention and compensation of Ragghianti Freitas in these 21 cases. For the avoidance of doubt, Ragghianti Freitas’s hourly rates are not being 22 approved under Section 328(a). 23 5. Ragghianti Freitas may apply to the Court not more than once every 120 24 days for compensation for services rendered or reimbursement for expenses incurred. 25 6. Notwithstanding the provisions of the Agreement Regarding Formation, 26 Role, and Compensation of the Ad Hoc Committees (the “Agreement”) by and among the 27 Debtors, Official Committee of Unsecured Creditors (the “OCUC”), ad hoc committee of

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1 committee of limited liability company members (collectively with the OCUC and the Ad2 Hoc Committee of DOT Noteholders, the “Committees”), including provisions regarding 3 the payment of professional fees by the Debtors, any allocation of the professional fees 4 between the Debtors and between the Debtors and their non-debtor affiliates shall be 5 subject to either (1) agreement of the parties to the Agreement, as approved by the Court o6 (2) further order of the Court upon duly noticed motion or application. The Debtors and 7 the Committees maintain their respective rights, claims, defenses and arguments with 8 respect to any such an allocation. 9 ***END OF ORDER*** 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

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1 2 COURT SERVICE LIST 3 4 None. 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

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EXHIBIT B EXHIBIT B

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21

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22

(cid:0) (cid:21)(cid:22)(cid:23)(cid:24)(cid:25)(cid:0)(cid:26)(cid:27)(cid:24)(cid:28)(cid:29)(cid:21)(cid:27)(cid:0)(cid:30)(cid:29)(cid:26)(cid:25)(cid:0)(cid:16)(cid:0) (cid:31) !"(cid:15)(cid:0) (cid:20)(cid:0) (cid:13)(cid:0) (cid:7)(cid:0) (cid:14)(cid:0) (cid:9)(cid:0) (cid:17)(cid:0) (cid:8)(cid:0) (cid:12)(cid:0) (cid:16)(cid:11)(cid:0) (cid:16)(cid:16)(cid:0) (cid:16)(cid:20)(cid:0) (cid:16)(cid:13)(cid:0) (cid:16)(cid:7)(cid:0) (cid:16)(cid:14)(cid:0) (cid:16)(cid:9)(cid:0) (cid:16)(cid:17)(cid:0) (cid:16)(cid:8)(cid:0) (cid:16)(cid:12)(cid:0) (cid:20)(cid:11)(cid:0) (cid:20)(cid:16)(cid:0) (cid:20)(cid:20)(cid:0)

23

EXHIBIT C EXHIBIT C

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1101 Fifth Avenue, Suite 100 San Rafael, CA 94901 Invoice submitted to: Andrew Hinkleman Professional Financial Investors, Inc. PO Box 625 Larkspur, CA 94977 June 24, 2021 Invoice # 9330 Please make checks payable to "Eric Sternberger, Esq." TIN: 20-2321932 Professional Services Hour s Amoun t Asset Recovery 12/1/2020 ES Review email summary of Wallach assets and emails in and out 0.60 309.00about the best course of action to obtain full disclosure fromWallach. 12/2/2020 ES Emails in and out regarding asset recovery from Lewis Wallach 0.30 154.50and Casey estate. 12/4/2020 ES Review files and multiple emails in and out with co-counsel 0.70 360.50identifying certain persons with respect to Casey's trusts (.4);discuss strategies to secure assets from the Casey revocable trust(.3). 12/7/2020 ES Email in and out with Ray. 0.20 103.00 12/10/2020 ES Emails in and out with team responding to SMHR inquiry about 0.50 257.50ascertaining payroll/labor expense used for 25 Woodside Court. 12/23/2020 ES Call with SMHR white collar team regarding asset analysis and 0.90 463.50recovery; email to team regarding same, and of timing importance. 1/5/2021 ES Communication with independent director and Wallach's counsel 0.60 309.00regarding assets that may be assigned to PFI/PISF. 2/3/2021 ES Begin review of multiple different assets that Lewis Wallach is 1.80 927.00ready to transfer; consider the timing and manner to accept theassets, and the logical order for transfer; emails to Wallach's415.453.9433

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Andrew Hinkleman Page 2 Hour s Amoun t counsel requesting updated financial statements related to theJeserra assets. 2/5/2021 ES Detailed review of Jeserra related assets and financial statements, 3.80 1,957.00including dozens of loans that are the subject of fractionalizeddeeds of trust and multiple lots in TX, which are the subject oflitigation (unpaid homeowners fees); Review complaint; Long phone call with plaintiff's counsel regarding the TX litigation. 2/26/2021 ES Detailed review of Lewis Wallach's assets related to the oil/gas 3.40 1,751.00joint venture and the related JV Agreement, and his loan/equityinterest of and the related operating agreement of SausalitoTechnology Partners. 3/12/2021 ES Preparation for and phone call w/SMHR with status update on 1.00 515.00Lewis Wallach assets. ES Begin drafting memo with recommendation for how to receive 4.80 2,472.00Lewis' assets and in so doing review of financial statements andtax returns of Jeserra, review of oil/gas JV Agreement and operating agreement Sausalito Tech. 3/16/2021 ES Preparation for call with management and SMHR team for PFI 0.90 463.50regarding my memo regarding recover of Lewis' assets and to seta process into motion to secure said assets. ES Preparation for and long phone call and negotiation with general 1.00 515.00counsel to Sausalito Technology Partners regarding defaulted notesecured by a 2nd, and Lewis 8% interest. 3/18/2021 ES Preparation for call and call with Amanda at SMHR re: oil & gas 0.80 412.00lease title and transfer issues. 3/22/2021 ES Email to co-counsel regarding TX assets for recovery. 0.30 154.50ES Review file and draft email to Wallach's counsel regarding asset 0.60 309.00recovery. 3/25/2021 ES Call with counsel to Sausalito Technology Partners regarding 0.50 257.50potential avenues related to Wallach's assets. ES Draft letter to counsel for Sausalito Technology Partners. 0.60 309.003/26/2021 ES Phone call from counsel to Sausalito Technology Partners to 0.70 360.50discuss challenges relating to monetizing the asset transfer fromWallach to PFI. 3/29/2021 ES Review negotiation letter from Sausalito Technology Partners. 0.60 309.003/30/2021 ES Brief review of email from co-counsel regarding Jeserra assets. 0.10 51.50

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Andrew Hinkleman Page 3 Hour s Amoun t 3/30/2021 ES Email to team with update on Jeserra assets, with attachments. 0.50 257.50ES Email to team with status update on Sausalito Technology 0.60 309.00Partners. ES Review client file to respond to co-counsel inquiry. 0.70 360.503/31/2021 ES Brief emails and out with TX co-counsel re: Oil & Gas leases. 0.20 103.00ES Preparation for call with and brief call with Goldberg re: 0.40 206.00recommendation for Sausalito Tech. ES Emails in and out with SMHR asset recover team regarding plans 0.60 309.00for partial restitution agreement for Wallach and motion for courtapproval. ES Negotiation call with counsel to Sausalito Tech. 0.60 309.004/1/2021 ES Emails in and out with TX co-counsel regarding Wallach's oil/gas 0.40 206.00lease. ES Preparation for call and call with Goldberg re: Sausalito Tech. 0.50 257.50ES Review emails from SMHR regarding needs to complete sale of 0.50 257.50Wallach's Malibu property. ES Draft Board consent to close on Malibu transaction and send to 0.60 309.00Goldberg for execution. ES Communication with general counsel to Sausalito Tech re: 0.60 309.00negotiations. 4/2/2021 ES Emails in and out with general counsel to Sausalito Tech. 0.30 154.50ES Outline plan for recovery of particular assets. 0.50 257.50ES Draft plan for addressing TX assets of Wallach for TX counsel from 0.50 257.50SMHR. ES Communication with Raymond and Jeff from SMHR re: Wallach 0.60 309.00Assets. 4/6/2021 ES Draft email to opposing counsel regarding Lewis Wallach' assets 0.60 309.00for transfer and asset for which more information is required. 4/7/2021 ES Email to DOJ regarding pending asset transfer from Wallach. 0.50 257.504/14/2021 ES Email update to TX counsel re: Liberty Lake issues. 0.10 51.50ES Forward Liberty Lakes documents to TX counsel. 0.20 103.00

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Andrew Hinkleman Page 4 Hour s Amoun t 4/14/2021 ES Correspondence with Wallach's counsel re: property tax liabilities 0.30 154.50on Liberty Lakes properties. ES Review Liberty Lakes information received from Wallach's counsel. 0.60 309.00ES Preparation for and call with asset recovery team and Wallach's 1.50 772.50counsel re: assets and negotiation on interim restitution agreement. 4/15/2021 ES Review email update from TX counsel. 0.10 51.50ES Email introduction of TX counsel to opposing counsel re: HOA 0.20 103.00litigation. 4/21/2021 ES Email to team re: Liberty Lakes lot. 0.20 103.00ES Brief update call with TX counsel. 0.40 206.00 ES Draft update and strategy to address default in TX Liberty Lakes 0.80 412.00litigation. 4/22/2021 ES Email to Wallach's counsel re: assets. 0.40 206.004/23/2021 ES Call with Raymond re: request re: SEC interview and 0.60 309.00potential information that she can provide PFI to asset with assetrecovery and forensic work. 4/29/2021 ES Brief review and forward oil & gas lease documents to co-counsel. 0.20 103.004/30/2021 ES Brief review of Liberty Lake related documents and forward to TX 0.60 309.00co-counsel. SUBTOTAL: [ 40.10 20,651.50] DOJ Matters 12/30/2020 ES Email in and out with DOJ regarding its request for a re-production 0.60 309.00of responses to it subpoena in a different format; emails in and outwith Wilson Elser team regarding the possibility of meeting such arequest. 12/31/2020 ES Brief emails in and out with Wilson Elser team and its vendor to 0.30 154.50prepare re-production to DOJ's request. SUBTOTAL: [ 0.90 463.50] Forensic 12/2/2020 ES Review additional FTI questions for Lewis Wallach; emails in and 0.50 257.50out with his counsel.

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Andrew Hinkleman Page 5 Hour s Amoun t 12/3/2020 ES Participate in FTI Lewis Attorney Proffer. 1.70 875.503/30/2021 ES Review follow up questions for Lewis/Attorney proffer relating to the 0.50 257.50forensic work (.3); emails in and out with counsel to Lewis Wallach(.2). 3/31/2021 ES Review additional proffer questions developed by FTI for netting 0.90 463.50process, and coordinate additional attorney proffer for Lewis'counsel. 4/9/2021 ES Email in and out with Wallach counsel re: forensic interview. 0.20 103.00ES Communications to team regarding Wallach interview re: forensic. 0.60 309.004/12/2021 ES Email to Wallach's counsel re: interview by FTI. 0.20 103.004/13/2021 ES Preparation for and conference call with Wallach and FTI. 1.80 927.004/16/2021 ES Respond to FTI inquiry regarding investor benefits. 0.60 309.004/17/2021 ES Brief email inquiry to Wallach's counsel. 0.20 103.004/19/2021 ES Email update to FTI. 0.10 51.50 ES Review email from Wallach's counsel re: forensic responses. 0.20 103.00ES Email to Wallach's counsel re: expenses paid on AMEX. 0.20 103.004/27/2021 ES Review Wallach's responses to FTI inquiry. 0.30 154.504/29/2021 ES Forward further FTI inquiry for follow up with Wallach. 0.50 257.504/30/2021 ES Review Wallach responses and attachments and forward same to 0.60 309.00FTI for further analysis. SUBTOTAL: [ 9.10 4,686.50] General Counsel 12/7/2020 ES Emails in and out with Goldberg and counsel to Charlene and 0.20 103.00Lewis regarding investor rumors. ES Review investor letter sent form Charlene's counsel; forward same 0.40 206.00to team for processing. ES Review declination draft; attempt to reach Michele Larsen; email to 0.50 257.50Charlene's counsel advising of the request that Larsen decline. 12/10/2020 ES Emails in and out with team in response to potential plans of action 0.70 360.50for carrier approval for panel counsel, conflict counsel, my fees,and costs.

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Andrew Hinkleman Page 6 Hour s Amoun t 12/31/2020 ES Review and respond to inquiry by the Illinois Securities Department 0.30 154.50about its subpoena. 1/5/2021 ES Email in and out with SMHR about status of Leslie Wallach and 0.10 51.50Manuel Romero. ES Detailed review of Ill Dept. of Securities subpoenas to PFI and 2.10 1,081.50PISF; compare with SEC and DOJ subpoenas to identify if therewere new avenues of inquiry (1.5); email team regarding subpoenas and the carrier's refusal to provide coverage(.6) 1/6/2021 ES Communications with SMHR team regarding Ill Dept. of Securities 1.00 515.00subpoena and prior negotiated production with the DOJ to avoid overlapping and costly discovery responses to multiple agencies. 1/11/2021 ES Team call led by Michael Goldberg. 0.20 103.00 ES Preparation for and negotiation call with the Ill Dept of Securities 0.70 360.50regarding its subpoena and our proposed production; confirmingemail to state of Ill. 1/13/2021 ES Emails in and out reporting inquiry/results of brief investigation to 0.40 206.00report of failed Chinese wire and purchases of villas in Honduras. ES Call with incoming CRO. 0.50 257.50 ES Investigate employee report of failed wire to China in October 2018 0.50 257.50by reviewing server files, PST files, and facts surrounding PFIbeing victimized by a phishing scam in the same time period. ES Prepare and transmit Upjohn warning to SEC interviewee. 0.60 309.001/14/2021 ES Receive request from Lewis Wallach's counsel and arrange for 0.40 206.00delivery of his paystubs. 1/18/2021 ES Emails in and out with co-counsel re: interim fee applications; 0.80 412.00revise application. 1/19/2021 ES Format and categories time entries to track expectations of trustee 4.00 2,060.00and BK court requirements. 1/20/2021 ES Review billing records; review and revise draft motion and 3.00 1,545.00declaration and relevant exhibits to interim fee application. 1/22/2021 ES Review client files and corporate book in response to SMHR inquiry. 0.60 309.00ES Emails in and out with CRO regarding Hunt Plaza; review client 0.80 412.00files and send CRO the '19 appraisal. 2/1/2021 ES Email to CRO regarding existing operation problems with prior 0.20 103.00recommended appraisers.

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Andrew Hinkleman Page 7 Hour s Amoun t 2/1/2021 ES Review complaint from former employee; emails in and out with 0.60 309.00team and obtain confirmation that the former employee's claim isnow an administrative claim within the bankruptcy. 2/3/2021 ES Arrange for the delivery of a duplicate electronic copy of the 0.40 206.00SEC/DOJ production to the Ill Dept. of Securities in response to Illsubpoena. 2/4/2021 ES At direction of CRO, communicate with counsel 0.50 257.50regarding her job application with the Marin County Sheriff'sDepartment. 2/9/2021 ES Review and comment on draft application for payment of fees to IT 0.50 257.50service provider and McLeod. 2/24/2021 ES Review email from counsel to Leslie Wallach and forward inquiry to 0.20 103.00CRO. 3/3/2021 ES Review objection from trustee and revise time entries after careful 1.80 927.00review of client records. 3/4/2021 ES Final review and edit of time entries in response to trustee 0.80 412.00objection; email same to trustee's counsel. 3/10/2021 ES Draft supplemental declaration regarding firs interim fee 0.90 463.50application, and file with court. 3/15/2021 ES Respond to SMHR team regarding location of Casey's original will. 0.30 154.503/17/2021 ES Review and report PFI's position regarding unpaid retention bonus. 0.40 206.003/19/2021 ES Review and approve draft motion for order approving interim fee 0.30 154.50award. 4/1/2021 ES Review files and forward PISF formation documents to SMHR. 0.40 206.004/6/2021 ES Review files and reply to SMHR inquiry via email. 0.60 309.004/13/2021 ES Respond to SMHR inquiry regarding investor list. 0.70 360.504/20/2021 ES Respond to inquiry by trust and estate team. 0.30 154.504/22/2021 ES Reply to inquiry by trust and estate team. 0.50 257.504/23/2021 ES Email to potential executor of Casey estate requesting declination. 0.30 154.50ES Review Liberty Lake financials. 0.70 360.50 4/26/2021 ES Reply to email inquiry by victim. 0.30 154.50 4/28/2021 ES Send declination to potential executor. 0.10 51.50

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Andrew Hinkleman Page 8 Hour s Amoun t 4/28/2021 ES Forward declination to trust and estate team. 0.10 51.50ES Provide update to trust and estate team re: potential executor. 0.20 103.00ES Call with potential executor re: declination. 0.60 309.00SUBTOTAL: [ 29.50 15,192.50] SEC Matters 12/2/2020 ES Review responsive correspondence from and 0.60 309.00correspondence between him and the SEC regarding its subpoena;forward same to SMHR. 12/8/2020 ES Brief meeting with PFI staff member prior to her SEC interview. 0.50 257.50ES Emails in and out with SEC regarding preservation of evidence 2.80 1,442.00letter and employee confirmations of receipt; call with SEC; emailsin and out with opposing counsel re: same; review client file to pullconfirmation emails and transmit same to SEC. 12/9/2020 ES Emails in and out with co-counsel and PFI staff regarding securing 0.60 309.00conflict counsel for staff that are subject of SEC interviews. 1/4/2021 ES Communications with team regarding status of BK application to 0.60 309.00appoint conflict counsel in response to SEC desire for more interviews and unpaid bill to conflict counsel. 1/7/2021 ES Communications with SMHR regarding status application to court 1.10 566.50for the appointment of conflict counsel to deal with SEC witnesses(.5); status update to Wilson Elser (.2); review and comment ondraft application (.4). 1/11/2021 ES Coordinate introduction and representation of present/former PFI 1.40 721.00employees for SEC interviews. 1/12/2021 ES Emails in and out with SEC regarding its inquiries as to use the 0.80 412.00company funds for personal expenditures. 1/13/2021 ES Check with co-counsel to see if they had discovered responsive 0.20 103.00information (to the SEC) in their preparation for adverse proceedings. 1/14/2021 ES Confirm no forensic confirmation of payments toward mortgages 0.20 103.00yet. ES Email to SEC responding to mortgage inquiry. 0.20 103.00 ES Review email inquiry from SEC re: evidence of payments to 0.70 360.50mortgages; begin review of financial records.

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Andrew Hinkleman Page 10 Hour s Amoun t 4/23/2021 ES Email to white collar team regarding request for 0.50 257.50documents to assist her preparation for SEC interview. ES Phone call with counsel re: SEC interview and to obtain 0.60 309.00contact information for potential executor to Casey estate. 4/27/2021 ES Call from adverse counsel regarding preparation for SEC interview. 0.40 206.00SUBTOTAL: [ 21.60 11,124.00] For professional services rendered 101.20 $52,118.00 Additional Charges : Qty/Pric e FedEx 2/25/2021 ES FedEx Invoice #727602067 1 38.30 38.30 SUBTOTAL: [ 38.30] HomeInfoMax 2/22/2021 ES HomeInfoMax 1 36.80 36.80 SUBTOTAL: [ 36.80] Total additional charges $75.10 Total amount of this bill $52,193.10 Previous balance $142,589.10 Balance due $194,782.20 Client Funds Transactions Previous balance of Client Trust $17,716.00 New balance of Client Trust $17,716.00

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Andrew Hinkleman Page 11 Timekeeper Summary Name Hour s Rate Amoun tEric Sternberger 101.20 515.00 $52,118.00

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EXHIBIT D EXHIBIT D

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No. Project Billing Category Fees Hours 1 Asset Recovery $20,651.50 40.10 2 DOJ Matters $463.50 0.90 3 Forensic $4,686.50 9.10 4 General Counsel $15,192.50 29.50 5 SEC Matters $11,124.00 21.60 TOTALS $52,118.00 101.20

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EXHIBIT E EXHIBIT E

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ATTORNEYS AT LAW 1101 FIFTH AVENUE, SUITE #100 SAN RAFAEL, CA 94901-3246 telephone 415.453.9433 Eric Sternberger facsimile 415.453.8269 eric@rflawllp.com www.rflawllp.com Client File No: 7658.1/7659.1 June 24, 2021 VIA EMAIL ONLY: ANDREW.HINKLEMAN@FTICONSULTING.COM Andrew Hinkleman Chief Restructuring Officer Professional Financial Investors, Inc. Professional Investors Security Fund, Inc. 50 California Street, Suite 1900 San Francisco, CA 94111 Re: In re Professional Financial Investors, Inc., and Professional Investors Security Fund, Inc., Chapter 11 (Bankr. N.D. Cal. 20-30604 and 20-30579) Dear Andrew: We enclose a copy of the first interim application (the "Application") for allowance of compensation and reimbursement of expenses incurred by Ragghianti Freitas LLP as special counsel for Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. in their jointly-administered bankruptcy cases, and the declaration of Eric Sternberger, Esq. in support of the Application. A debtor in possession must exercise reasonable business judgment in monitoring the fees and expenses of the estate's professionals. We invite you to discuss with us any objections, concerns or questions you may have regarding the Application. The Office of the United States Trustee will also accept your comments. The court will consider objections to the Application by any party in interest that are filed on or before July 15, 2021. The court’s hearing on the Application is scheduled for 10:00 a.m. on July 22, 2021. If you have no objections to the Application please indicate so by signing in the appropriate space below and returning a copy of this letter to my attention. Should you have any

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June 24, 2021 page 2 of 2 questions, objections or other concerns regarding the Application please do not hesitate to contact our office. Very truly yours, Eric Sternberger, Esq. for Ragghianti Freitas LLP Enclosures NO OBJECTION PROFESSIONAL FINANCIAL INVESTORS, INC. AND PROFESSIONAL INVESTORS SECURITY FUND, INC. By: _________________________ Andrew Hinkleman Chief Restructuring Officer

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