Excellent condition USGI slotted handguard. Excellent condition means that there are no significant cracks or chips and the finish is in excellent condition. There may be a finish rub or two and/or minor cracks or chips (but they still are in great shape).
Note that the finish on USGI handguards is a hard polymer that cracks easily when the underlying fiberglass structure of the handguard flexes - these hairline cracks are not "significant". Likewise, chipping on the front handguard lip that goes under the front band does not show when the handguard is installed, and is also not "significant". Excellent is not perfect.