1st FRANKLIN FINANCIAL CORP Watch

from S-1/A 1 page Form of Check

from S-1/A ~1 page Senior Demand Note Check Redemption Agreement

from S-1/A 2 pages Overdraft Protection Agreement Security Agreement and Assignment

from S-1/A 2 pages Senior Demand Note

from S-1/A 11 pages Pre-Effective Amendment No. 2 Exhibit 4(A)

from S-1/A 3 pages Due Four Years From Date of Issue

from S-1/A 1 page Senior Demand Note No. Toccoa, Georgia on Demand, for Value Received, 1st FRANKLIN FINANCIAL Corporation Promises to Pay at the Home Office of 1st FRANKLIN FINANCIAL Corporation, 135 East Tugalo Street, Toccoa, Georgia, the Principal Amount of This Note, as Represented From Time to Time on the Books and Records of 1st FRANKLIN FINANCIAL Corporation, and to Pay Interest Thereon at the Applicable Rate, Compounded Daily. 1st FRANKLIN FINANCIAL Corporation Can Call This Note for Redemption at Any Time Without Penalty. This Note Is Nonnegotiable and Is Transferable Only on the Books of 1st FRANKLIN FINANCIAL Corporation. By: By: Chairman and Chief Executive Officer Assistant Treasurer These Securities Have Not Been Registered Under the Securities Act of 1933 and May Not Be Transferred or Conveyed in Whole or Part to Any Person Who Does Not Have His (Her) Principal Residence in the State of Georgia. This Instrument Is Not a Bank Deposit Nor a Bank Obligation and Is Not Insured by the Fdic. for Payment or Redemption the Within Senior Demand Note Is Hereby Presented to the Company by the Undersigned for Payment or Redemption This . Signed By

from S-1/A 2 pages Subordinated Debenture Due Four Years From Date of Issue

from 10-K 4 pages Fourth Modification of Indenture

from 10-K 6 pages Tri-Party Agreement

from 10-K 4 pages Third Modification of Indenture

from S-1/A 5 pages Ati-2257389v6

from S-1 1 page Exhibit 4(b) to S-1 Registration Statement

from S-1 7 pages Exhibit 4(a) to S-1 Registration Statement

from POS AM ~5 pages Exhibit 4 to Post Effective Amendment

from S-1/A ~5 pages Exhibit 4(e) Third Modification to Indenture

from S-2/A 4 pages SEC Form S-2 Amendment #3 Exhibit 4(b)

from S-2 ~5 pages This Second Modification of Indenture, Dated December 2, 2004, by and Among Synovus Trust Company, N.A., a Trust Company Organized Under the Laws of the State of Georgia (The “Trustee”), Whose Corporate Trust Offices Are Located in Columbus, Georgia; and 1st FRANKLIN FINANCIAL Corporation, a Georgia Corporation (The “Company”);

from S-2 ~5 pages Exhibit 4(b) to S-2 Registration

from S-2/A ~20 pages SEC Form S-2 Exhibit 4(a) Indenture