Property Summary SITE DESCRIPTION & SALES HISTORY

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1 Property Summary SITE DESCRIPTION & SALES HISTORY Site Information Sale History Last 10 Years Property Type Multifamily Most Recent Sale in Last 10 yrs 2/5/2006 Street Address 123 Main Street Sale Price $7,500,000 City, State Van Nuys, CA Document # Zip Code County Los Angeles 2nd Most Recent Sale in Last 10 yrs 2/1/2002 Sale Price $6,250,000 Assessor's Parcel Number (APN) Document # Zoning C-1.5 Thomas Guide Map Page 123-A1 Regulatory Influences Rent Control No Lot Size (Square Feet) 17,622 HAP Contract No Lot Size (Acres) 0.40 Low Income Housing Tax Credits (LIHTC) No Shape of Lot Rectangular Environmental Influences Parking Flood Zone No # of On-site Parking Spaces 106 Earthquake Zone Yes Parking Ratio 5.58 Fire High Risk Area No DESCRIPTION OF THE IMPROVEMENTS Basic Building Characteristics Capital Expenditure History Last 10 Years Date of Construction 1985 Description of Item #1 New Roof Physical Age (years) 26 Capital Expenditure Date #1 Sep Effective Age (years) 10 Capital Expenditure Item #1 $250,000 Date of Major Rehabilitation N/A Number of Stories 4 Description of Item #2 Individually Metered (gas) Capital Expenditure Date #2 Jun Number of Buildings 1 Capital Expenditure Item #2 $100,000 Number of Units 54 Number of Non-Income Units 1 Description of Item #3 New Hardscape Number of Revenue-Producing Units 53 Capital Expenditure Date #3 Mar Capital Expenditure Item #3 $50,000 Total Building Square feet 19,000 Living/Useable Square Feet 18,071 Total Capital Expenditure Last 10 yrs $400,000 Load Factor 5.14% Total Capital Expenditure/Sq. Ft. $21.05 Additional Building Characteristics Rehab Needed At Acquisition Construction Material Wood Frame & Stucco Description of Item #1 Rehab 10 Units Roof Type Composition Shingle Est. Rehab Cost Item #1 $100,000 Individually Metered for Gas Yes. Individually Metered for Electricity Yes Description of Item #2 High Speed Cable Individually Metered for Water Yes Est. Rehab Cost Item #2 $7,500 Handicap Access Yes Description of Item #3 Retaining Brick Wall Est. Rehab Item #3 $15,000 Total Capital Expenditure at Acquisition $122,500 Total Capital Expenditure/Sq. Ft. $6.45

2 Price & Acquisition Reserves Pro Forma Real Estate Taxes Acquisition Price $ 4,250,000 Year Ending 2012 Assessed Value 4,250,000 Acquisition Closing Costs & Due Dilligence $ 10,000 Assessment Ratio 25.00% Rehab at Acquisition $ 122,500 Taxable Value 1,062,500 Total Acqusition Reserves $ 132,500 Millage Rate Total Acquisition Cost (TAC) $ 4,382,500 Basic Metric Summary ASSUMPTIONS Estimated RE Tax 53,729 Pro Forma Payroll # of employees Hourly Wage Hours/ Month Monthly Salary Year 1 Operating Assumptions (Annual) Annual Salary Percentage of Gross Potential Rent Loss to Lease 5.00% $ (35,040) Vacancy 7.50% $ (49,932) $ $ Concessions 0.75% $ (4,993) $ $ Damages/Cleaning/Deposits 1.50% $ 9,986 $ Late Fees 5.00% $ 33,288 Reimbursements 0.00% $ - $ $ $ Maintenance Bad Debt 0.50% (3,329) Grounds/Custodial 2 $ $ 4,000 48,000 Maint. Supervisor 1 $ $ 1,600 19,200 Maint. Assistant 1 $ $ 1,280 15,360 Total 4 N/A N/A $ 6,880 82,560 Administrative Misc. Items 0.25% 1,664 Manager 1 $ $ 2,800 33,600 Assistant Manager 1 $ $ 1,200 14,400 Leasing Commission N/A N/A N/A N/A N/A Percentage of Effective Gross Income Total 2 N/A 240 $ 4,000 $ 48,000 Management Fees % 5.00% $ 32,622 Total Employees 6 Replacement Reserves $200 PUPY $ 10,800 Total Wages $ 10,880 $ 130,560 Year of Initial Deposit 2011 Benefits & Insurance 7.50% $ 816 $ 9,792 Total Payroll $ 11,696 $ 140,352 METRICS Year 1 Operating Statistics Year 1 OperatingStatistics (continued) Annual Monthly Annual Monthly Market Rent $ 700,800 $ 58,400 Net Operating Income $ 336,357 $ 28,030 Market Rent/Unit $ 12,978 $ 1,081 Net Operating Income/Unit $ 6,229 $ 519 Market Rent/Sq. Ft. $ $ 3.07 Net Operating Income/Sq. Ft. $ $ 1.48 Gross Potential Rent (GPR) $ 665,760 $ 55,480 Total Debt Service $ 193,454 $ 16,121 GPR/Unit $ 12,329 $ 1,027 Total Debt Service/Unit $ 3,582 $ 299 GPR/Sq. Ft. $ $ 2.92 Total Debt Service/Sq. Ft. $ $ 0.85 Total Rent Loss $ (58,254) $ (4,855) Before Tax Cash Flow (BTCF) $ 142,902 $ 11,909 Total Rent Loss/Unit $ (1,079) $ (90) BTCF/Unit $ 2,646 $ 221 Total Rent Loss/Sq. Ft. $ (3.07) $ (0.26) BTCF/Sq. Ft. $ 7.52 $ 0.63 Total Other Income $ 44,939 $ 3,745 After Tax Cash Flow (ATCF) $ 122,830 $ 10,236 Total Other Income/Unit $ 832 $ 69 ATCF/Unit $ 2,275 $ 190 Total Other Income/Sq. Ft. $ 2.37 $ 0.20 ATCF/Sq. Ft. $ 6.46 $ 0.54 Effective Gross Income $ 652,445 $ 54,370 First Year Metrics Effective Gross Income/Unit $ 12,082 $ 1,007 Acquisition Price / Square Foot (Total Square Feet) $ 224 Effective Gross Income/Sq. Ft. $ $ 2.86 Acquisition Price / Unit (Total Units) $ 78,704 Pro Forma Capitalization Rate (Year 1 CAP) 7.91% Operating Expneses (Op Ex) $ 316,088 $ 26,341 In-Place Capitalization Rate (Year 0 CAP) 6.62% Op Ex/Unit $ 5,853 $ 488 Gross Rent Multiplier (GRM) 6.38 Op Ex/Sq. Ft. $ $ 1.39 Gross Income Multiplier (GIM) 6.51 Payback Period (Based on Acquisition Cost) 13 years Op Ex Ratio 48.45% Break Even Ratio 78.10% Equity Dividend Rate (Based on BTCF) 8.53% Cash-On-Cash (Based on Effective Equity & ATCF) 7.33%

3 Advanced Metric Summary ASSUMPTIONS Timing Depreciation Analysis Acquisition Date Apr Improvements as % of Property Value 75.00% Disposition Date Mar Investment Hold Period (years) 10 Acquisition Price $ 4,250,000 Total Capital Expenditures $ 122,500 Financing Decpreciable Amount $ 3,279,375 Loan #1 Senior Loan Fixed or Variable interest rate? Fixed Years of Depreciation Straight Line 27.5 yrs Loan-to-Value (LTV) 65.00% Annual Depreciation $ 119,250 Loan Amount $ 2,762,500 Loan Points/Origination Fee 2.000% Total Recpature at Time of Disposition $ - Total Amount Funded $ 2,707,250 Total Recpature Tax at Time of Disposition $ 1,192,500 Interest Rate 5.75% Term - Months 360 months Tax Rates Prepayment Penalties 10.00% Include? Rate End of Yield Maintenance Mar Federal Income Tax Rate Yes 35.00% Start Date Apr Federal Capital Gains Tax Rate Yes 15.00% Maturity Date Mar Federal Recapture Tax Rate Yes 25.00% Loan #2 Junior Loan State Tax Rate (CA) Yes 9.33% Fixed or Variable interest rate? Fixed Loan-to-Value (LTV) 0.00% Discount Rate & Reinvestment Rate Loan Amount $ - 10 Year Treasury Note 3.62% Loan Points/Origination Fee 2.000% Risk Premium* 6.83% Total Amount Funded $ - Discount Rate (Used for NPV & MIRR) 10.45% Interest Rate 5.00% Term - Months 360 months * Based on Vanguard's REIT Index Fund, 10 year performance Prepayment Penalties 10.00% End of Yield Maintenance Mar Reinvestment/Savings Rate** (Used for MIRR) 1.35% Start Date Apr Maturity Date N/A ** Based on 1 year CD as quoted by BankRate.com METRICS Debt Summary (Includes All Junior Financing) Performance Analysis Debt $ 2,762,500 Acquisition Price $ 4,250,000 Equity Invested $ 1,487,500 Estimated Acquisition Price $ 4,250,000 Acquisition Closing Costs & Due Dilligence $ 10,000 Rehab at Acquisition $ 122,500 LTV % 65.00% Total Acqusition Reserves $ 132,500 Debt $ 2,762,500 Total Acquisition Cost (TAC) $ 4,382,500 Loan Points/Origination Fee $ (55,250) Effective Debt (Includes Points) $ 2,707,250 Net Present Value (NPV) $ 415,506 Equity $ 1,487,500 Internal Rates of Return Loan Points/Origination Fee $ 55,250 IRR MIRR Acquisition Reserves (Includes Closing & Rehab Costs) $ 132, Year (Unleveraged) 12.20% 9.51% Effective Equity $ 1,675, Year (Leveraged) 18.22% 14.14% 10 Year After-Tax (Leveraged) 14.16% 11.23% Total Annual Debt Service Payment $ 193,454 Consolidated Loan Constant 7.003% Consolidated Debt Service Coverage (Year 1) 1.74 Partition of Cash Flows (Unleveraged) Amount % Effective Cost of Debt (Includes Points & PPP) PV of Pre-Sale Cash Flows $ 2,335, % Loan #1 6.45% PV of Net Sale Proceeds $ 2,462, % Loan #2 N/A Total PV of Cash Flows $ 4,798, % Loan #3 N/A (After-Tax, Leveraged) Amount % Residual Value & Disposition PV of Pre-Sale Cash Flows $ 921, % Mar PV of Net Sale Proceeds $ 1,175, % Terminal Cap Rate (year 10 ) 6.50% Total PV of Cash Flows $ 2,096, % Estimated Sales Price $ 7,041,557 Effective Duration (Macaulay Duration) Transaction Costs (% of Sales Price) 5.50% Actual Duration of Cash Flows 10 yrs Other Closing Costs ($) $ - Effective Duration 7.54 yrs

4 Financing Loan #1 Loan #2 Loan Amount 2,762,500 Start Apr. '11 Loan Amount 0 Start Apr. '11 Rate 5.75% Maturity Mar. '41 Rate 5.00% Maturity N/A Amortization 360 mos. Amortization 360 mos. Annual Summary - Loan #1 Annual Summary - Loan #2 Payments $ 193,454 Payments - Loan Constant 7.00% Loan Constant 0.00% Interest Only? No Interest Only? No If yes, when does interest-only period end? N/A If yes, when does interest-only period end? N/A Fixed or Variable interest rate? Fixed Fixed or Variable interest rate? Fixed If variable, what is applicable variable rate? N/A If variable, what is applicable variable rate? N/A Amortization - Loan #1 Amortization - Loan #2 Pmt. # Month Pmt. Interest Principal Balance Pmt. # Month Pmt. Interest Principal Balance 001 Apr. '11 $ 16,121 $ 13,237 $ 2,884 $ 2,759, Apr. '11 $ - $ - $ - $ May. '11 16,121 $ 13,223 $ 2,898 $ 2,756, May. '11 $ - $ - $ - $ Jun. '11 16,121 $ 13,209 $ 2,912 $ 2,753, Jun. '11 $ - $ - $ - $ Jul. '11 16,121 $ 13,195 $ 2,926 $ 2,750, Jul. '11 $ - $ - $ - $ Aug. '11 16,121 $ 13,181 $ 2,940 $ 2,747, Aug. '11 $ - $ - $ - $ Sep. '11 16,121 $ 13,167 $ 2,954 $ 2,744, Sep. '11 $ - $ - $ - $ Oct. '11 16,121 $ 13,153 $ 2,968 $ 2,742, Oct. '11 $ - $ - $ - $ Nov. '11 16,121 $ 13,139 $ 2,982 $ 2,739, Nov. '11 $ - $ - $ - $ Dec. '11 16,121 $ 13,125 $ 2,997 $ 2,736, Dec. '11 $ - $ - $ - $ Jan. '12 16,121 $ 13,110 $ 3,011 $ 2,733, Jan. '12 $ - $ - $ - $ Feb. '12 16,121 $ 13,096 $ 3,025 $ 2,730, Feb. '12 $ - $ - $ - $ Mar. '12 16,121 $ 13,081 $ 3,040 $ 2,726, Mar. '12 $ - $ - $ - $ Apr. '12 16,121 $ 13,067 $ 3,055 $ 2,723, Apr. '12 $ - $ - $ - $ May. '12 16,121 $ 13,052 $ 3,069 $ 2,720, May. '12 $ - $ - $ - $ Jun. '12 16,121 $ 13,037 $ 3,084 $ 2,717, Jun. '12 $ - $ - $ - $ Jul. '12 16,121 $ 13,023 $ 3,099 $ 2,714, Jul. '12 $ - $ - $ - $ Aug. '12 16,121 $ 13,008 $ 3,113 $ 2,711, Aug. '12 $ - $ - $ - $ Sep. '12 16,121 $ 12,993 $ 3,128 $ 2,708, Sep. '12 $ - $ - $ - $ Oct. '12 16,121 $ 12,978 $ 3,143 $ 2,705, Oct. '12 $ - $ - $ - $ Nov. '12 16,121 $ 12,963 $ 3,158 $ 2,702, Nov. '12 $ - $ - $ - $ Dec. '12 16,121 $ 12,948 $ 3,174 $ 2,698, Dec. '12 $ - $ - $ - $ Jan. '13 16,121 $ 12,932 $ 3,189 $ 2,695, Jan. '13 $ - $ - $ - $ Feb. '13 16,121 $ 12,917 $ 3,204 $ 2,692, Feb. '13 $ - $ - $ - $ Mar. '13 16,121 $ 12,902 $ 3,219 $ 2,689, Mar. '13 $ - $ - $ - $ Apr. '13 16,121 $ 12,886 $ 3,235 $ 2,686, Apr. '13 $ - $ - $ - $ May. '13 16,121 $ 12,871 $ 3,250 $ 2,682, May. '13 $ - $ - $ - $ Jun. '13 16,121 $ 12,855 $ 3,266 $ 2,679, Jun. '13 $ - $ - $ - $ Jul. '13 16,121 $ 12,840 $ 3,282 $ 2,676, Jul. '13 $ - $ - $ - $ Aug. '13 16,121 $ 12,824 $ 3,297 $ 2,672, Aug. '13 $ - $ - $ - $ Sep. '13 16,121 $ 12,808 $ 3,313 $ 2,669, Sep. '13 $ - $ - $ - $ Oct. '13 16,121 $ 12,792 $ 3,329 $ 2,666, Oct. '13 $ - $ - $ - $ Nov. '13 16,121 $ 12,776 $ 3,345 $ 2,663, Nov. '13 $ - $ - $ - $ Dec. '13 16,121 $ 12,760 $ 3,361 $ 2,659, Dec. '13 $ - $ - $ - $ Jan. '14 16,121 $ 12,744 $ 3,377 $ 2,656, Jan. '14 $ - $ - $ - $ Feb. '14 16,121 $ 12,728 $ 3,393 $ 2,652, Feb. '14 $ - $ - $ - $ Mar. '14 16,121 $ 12,712 $ 3,409 $ 2,649, Mar. '14 $ - $ - $ - $ Apr. '14 16,121 $ 12,695 $ 3,426 $ 2,646, Apr. '14 $ - $ - $ - $ May. '14 16,121 $ 12,679 $ 3,442 $ 2,642, May. '14 $ - $ - $ - $ Jun. '14 16,121 $ 12,662 $ 3,459 $ 2,639, Jun. '14 $ - $ - $ - $ Jul. '14 16,121 $ 12,646 $ 3,475 $ 2,635, Jul. '14 $ - $ - $ - $ Aug. '14 16,121 $ 12,629 $ 3,492 $ 2,632, Aug. '14 $ - $ - $ - $ Sep. '14 16,121 $ 12,613 $ 3,509 $ 2,628, Sep. '14 $ - $ - $ - $ Oct. '14 16,121 $ 12,596 $ 3,526 $ 2,625, Oct. '14 $ - $ - $ - $ Nov. '14 16,121 $ 12,579 $ 3,542 $ 2,621, Nov. '14 $ - $ - $ - $ Dec. '14 16,121 $ 12,562 $ 3,559 $ 2,618, Dec. '14 $ - $ - $ - $ Jan. '15 16,121 $ 12,545 $ 3,576 $ 2,614, Jan. '15 $ - $ - $ - $ Feb. '15 16,121 $ 12,528 $ 3,594 $ 2,610, Feb. '15 $ - $ - $ - $ Mar. '15 16,121 $ 12,510 $ 3,611 $ 2,607, Mar. '15 $ - $ - $ - $ Apr. '15 16,121 $ 12,493 $ 3,628 $ 2,603, Apr. '15 $ - $ - $ - $ May. '15 16,121 $ 12,476 $ 3,645 $ 2,599, May. '15 $ - $ - $ - $ -

5 Rent Roll Unit Breakdown Unit # Floor Bedroom Bathroom Sq.Ft Lease Begin Lease End Previous Year Rents Current Rents Proforma Turnovers Rents Turnover % $/Turnover Turnover $/yr 121 3rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ rd /1/ /31/2011 $ 950 $ 1,150 $ 1,250 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ th /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ nd /1/ /31/2011 $ 950 $ 1,000 $ 1,100 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ st /1/ /31/2011 $ 950 $ 1,050 $ 1,150 15% $ 750 $ st /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ nd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ rd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ rd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ rd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ rd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ rd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ rd /1/ /31/2011 $ 900 $ 950 $ 1,000 15% $ 750 $ 113 Type # of Units Bedroom Bathroom Sq.Ft Lease Begin Lease End Previous Year Rents Current Rents Proforma Rents Turnover % $/Turnover Turnover $/yr Total ,071 N/A N/A $ 49,600 $ 53,850 $ 58,400 N/A $ 132,500 $ 5,963 Minimum N/A N/A N/A 269 N/A N/A $ 900 $ 950 $ 1,000 15% $ 750 $ 113 Maximum N/A N/A N/A 454 N/A N/A $ 950 $ 1,150 $ 1,250 15% $ 750 $ 113 Average/Unit N/A N/A N/A 341 N/A N/A $ 936 $ 1,016 $ 1,102 15% $ 2,500 $ 113 Average/Sq.Ft. N/A N/A N/A N/A N/A N/A $ 0 $ 0 $ % $ 7.33 $ 0.33

6 Acquisition Date: Apr Sale Date: Mar Number of Units: 54 Income & Expenses Previous Year Current Year* Pro Forma (Yr 1) * Figures Annualized Results from Operations 2010 Per Unit Note 2011 Per Unit Note Pro Forma % 2012 Per Unit Note Market Rent $ 595,200 11,022 1 $ 646,200 11,967 2 $ 700,800 12,978 3 Loss to Lease % 4.0% 0 5.3% 0 5.0% 0 Loss to Lease $ (23,850) (442) $ (34,000) (630) 5.00% $ (35,040) (649) Gross Potential Rent $ 571,350 10,581 $ 612,200 11,337 $ 665,760 12,329 Vacancy Loss % 10.5% 6.3% 7.5% Vacancy $ (60,000) (1,111) $ (38,324) (710) 7.50% $ (49,932) (925) Other Rental Loss % 1.6% 0.4% 1.25% Bad Debt $ (2,758) (51) $ (2,332) (43) 0.50% $ (3,329) (62) Concessions $ (6,500) (120) $ % $ (4,993) (92) Total Rent Loss $ (69,258) (1,283) $ (40,656) (753) 1.25% $ (58,254) (1,079) Damages/Cleaning/Forfeited Deposits $ 7,586 $ 5, % $ 9, Late Fees $ 31, $ 6, % $ 33, Reimbursements $ - - $ 4, % $ - - Misc. Items $ 1, $ 10, % $ 1, Total Other Income $ 40, $ 25, % $ 44, EGI $ 542,471 10,046 $ 596,544 11,047 $ 652,445 12,082 VARIABLE COSTS Mgt. Fee $ 27, $ 22, % $ 32, Payroll $ 115,098 2,131 $ 140,000 2,593 $ 130,560 2,418 Payroll Taxes & Benefits $ 8, $ 8, % $ 9, Bookkeeping & Accounting $ 18, $ 23, $ 20, Legal & Professional $ 3, $ - - $ 2, Office Supplies & Other $ $ 1, $ Total Administrative $ 23, $ 24, $ 23, Turnover $ 4, $ 3, $ 5, Plumbing / HVAC $ 2, $ 5, $ 2, Janitorial $ 3, $ 4, $ 3, Landscaping $ - - $ - - $ - - Pest Control $ 1, $ 2, $ 2, Fire & Safety $ 1, $ 2, $ 2, Security $ 4, $ 3, $ 5, Total Repairs & Maintenance $ 18, $ 20, $ 21, Promotional & Advertising $ $ 4, $ 5, FIXED COSTS Electricity (vacant and/or common) $ 1, $ 3, $ 1, Gas (vacant and/or common) $ - - $ - - $ - - Water $ 2, $ 3, $ 3, Sewer $ 3, $ 3, $ 4, Cable $ - - $ - - $ - - Garbage Collection $ 6, $ 6, $ 7, Total Utilities $ 13, $ 15, $ 16, Real Estate Taxes $ 65,328 1,210 $ 60,000 1,111 $ 53, Property Insurance $ 11, $ 20, $ 12, Operating Expenses $ 284,075 5,261 $ 315,296 5,839 $ 305,288 5,653 Replacement Reserves $ - - $ - - $200 PU/PY $ 10, Total Expenses $ 284,075 5,261 $ 315,296 5,839 $ 316,088 5,853 Total Expenses as % of EGI 52.4% % % 0 NOI 258,396 4, ,248 5, ,357 6,229

7 Growth Rates Market Rent Forecast Annual Growth Rates Pro Forma = Yr 1 N/A 1.50% 2.00% 2.50% 3.00% 3.00% 3.50% 3.50% 4.00% 4.50% "Pro Forma" Market Rent 700, , , , , , , , , , ,521 Vacancies, Concessions & Write-Offs Percentage (%) of Market Rent "Pro Forma" Loss To Lease 5.00% 5.00% 5.00% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Percentage (%) of Gross Potential Rent Vacancy 7.50% 7.50% 6.50% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Bad Debt 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Concessions 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% Other Income Forecast Annual Growth Rates N/A 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% "Pro Forma" Damages/Cleaning/Deposits 9,986 9,986 10,186 10,390 10,598 10,810 11,026 11,246 11,471 11,701 11,935 Late Fees 33,288 33,288 33,954 34,633 35,325 36,032 36,753 37,488 38,237 39,002 39,782 Reimbursements Misc. Items 1,664 1,664 1,698 1,732 1,766 1,802 1,838 1,874 1,912 1,950 1,989 Other Income 44,939 44,939 45,838 46,754 47,689 48,643 49,616 50,608 51,621 52,653 53,706 Operating Expenses Forecast Annual Growth Rates Management Fee 5.00% of EGI 32,622 32,622 33,461 35,497 36,373 37,440 38,539 39,851 41,208 42,804 44,665 Payroll Tax & Benefits 7.50% of Payroll 9,792 9,792 10,037 10,288 10,596 10,967 11,378 11,834 12,337 12,892 13,504 N/A 2.50% 2.50% 3.00% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% "Pro Forma" Payroll 130, , , , , , , , , , ,054 Bookkeeping & Accounting 20,000 20,000 20,500 21,013 21,643 22,400 23,240 24,170 25,197 26,331 27,582 Legal & Professional 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Office Supplies & Other ,027 1,071 1,119 1,172 Turnover 5,963 5,963 6,112 6,264 6,452 6,678 6,929 7,206 7,512 7,850 8,223 Plumbing / HVAC 2,523 2,523 2,586 2,651 2,730 2,826 2,932 3,049 3,179 3,322 3,479 Janitorial 3,800 3,800 3,895 3,992 4,112 4,256 4,416 4,592 4,787 5,003 5,241 Landscaping Pest Control 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Fire & Safety 2,000 2,000 2,050 2,101 2,164 2,240 2,324 2,417 2,520 2,633 2,758 Security 5,000 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 Promotional & Advertising 5,000 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 Electricity 1,250 1,250 1,281 1,313 1,353 1,400 1,453 1,511 1,575 1,646 1,724 Gas Water 3,500 3,500 3,588 3,677 3,788 3,920 4,067 4,230 4,410 4,608 4,827 Sewer 4,200 4,200 4,305 4,413 4,545 4,704 4,880 5,076 5,291 5,530 5,792 Cable Garbage Collection 7,500 7,500 7,688 7,880 8,116 8,400 8,715 9,064 9,449 9,874 10,343 Real Estate Taxes 53,729 53,729 55,072 56,449 58,142 60,177 62,434 64,931 67,690 70,737 74,097 Property Insurance 12,000 12,000 12,300 12,608 12,986 13,440 13,944 14,502 15,118 15,799 16,549 Replacement Reserves 10,800 10,800 11,070 11,347 11,687 12,096 12,550 13,052 13,607 14,219 14,894 Total Operating Expenses 316, , , , , , , , , , ,590 Terminal Capitalization Rate yr. 0 Terminal CAP Rate* 7.91% 7.77% 7.63% 7.49% 7.35% 7.21% 7.07% 6.92% 6.78% 6.64% 6.50% Note: Year 1 is the base year for purposes of calculating Annual Growth Rates - the value will always be zero. * Terminal CAP in Year 0 is equal to the Pro Forma (purchase) CAP Rate

8 10-Year Cash Flow Acquisition Date: Apr Sale Date: Mar mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 Number of Units: 54 Results from Operations Pro Forma (Yr 1) Per Unit Market Rent 700,800 12, , , , , , , , , , ,521 Loss to Lease % 5.0% 5.0% 5.0% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Loss to Lease 5.00% (35,040) (649) (35,040) (35,566) (18,138) (18,592) (19,150) (19,724) (20,415) (21,129) (21,974) (22,963) Gross Potential Rent 665,760 12, , , , , , , , , , ,558 Vacancy Loss % 7.5% 7.5% 6.5% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Vacancy (blended) 7.50% (49,932) (925) (49,932) (43,924) (35,370) (36,254) (37,342) (38,462) (39,808) (41,202) (42,850) (44,778) Other Rental Loss % 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% Bad Debt 0.50% (3,329) (62) (3,329) (3,379) (3,537) (3,625) (3,734) (3,846) (3,981) (4,120) (4,285) (4,478) Concessions 0.75% (4,993) (92) (4,993) (5,068) (5,305) (5,438) (5,601) (5,769) (5,971) (6,180) (6,427) (6,717) Total Rent Loss (58,254) (1,079) (58,254) (52,370) (44,212) (45,318) (46,677) (48,078) (49,760) (51,502) (53,562) (55,972) Damages/Cleaning/Deposits 1.50% 9, ,986 10,186 10,390 10,598 10,810 11,026 11,246 11,471 11,701 11,935 Late Fees 5.00% 33, ,288 33,954 34,633 35,325 36,032 36,753 37,488 38,237 39,002 39,782 Reimbursements 0.00% Misc. Items 0.25% 1, ,664 1,698 1,732 1,766 1,802 1,838 1,874 1,912 1,950 1,989 Total Other Income 6.75% 44, ,939 45,838 46,754 47,689 48,643 49,616 50,608 51,621 52,653 53,706 EGI 652,445 12, , , , , , , , , , ,291 VARIABLE COSTS Mgt. Fee 5.00% 32, ,622 33,461 35,497 36,373 37,440 38,539 39,851 41,208 42,804 44,665 Payroll 130,560 2, , , , , , , , , , ,054 Payroll Taxes & Benefits 7.50% 9, ,792 10,037 10,288 10,596 10,967 11,378 11,834 12,337 12,892 13,504 Bookkeeping & Accounting 20,000 20,000 20,500 21,013 21,643 22,400 23,240 24,170 25,197 26,331 27,582 Legal & Professional 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Office Supplies & Other ,027 1,071 1,119 1,172 Total Administrative 23, ,350 23,934 24,532 25,268 26,152 27,133 28,218 29,418 30,742 32,202 Turnover 5,963 5,963 6,112 6,264 6,452 6,678 6,929 7,206 7,512 7,850 8,223 Plumbing / HVAC 2,523 2,523 2,586 2,651 2,730 2,826 2,932 3,049 3,179 3,322 3,479 Janitorial 3,800 3,800 3,895 3,992 4,112 4,256 4,416 4,592 4,787 5,003 5,241 Landscaping Pest Control 2,500 2,500 2,563 2,627 2,705 2,800 2,905 3,021 3,150 3,291 3,448 Fire & Safety 2,000 2,000 2,050 2,101 2,164 2,240 2,324 2,417 2,520 2,633 2,758 Security 5,000 5,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 Total Repairs & Maintenance 21, ,786 22,330 22,888 23,575 24,400 25,315 26,328 27,447 28,682 30,044 - Promotional & Advertising 5, ,000 5,125 5,253 5,411 5,600 5,810 6,043 6,299 6,583 6,895 FIXED COSTS Electricity (vacant and/or common) 1, ,250 1,281 1,313 1,353 1,400 1,453 1,511 1,575 1,646 1,724 Gas (vacant and/or common) Water 3, ,500 3,588 3,677 3,788 3,920 4,067 4,230 4,410 4,608 4,827 Sewer 4, ,200 4,305 4,413 4,545 4,704 4,880 5,076 5,291 5,530 5,792 Cable Garbage Collection 7, ,500 7,688 7,880 8,116 8,400 8,715 9,064 9,449 9,874 10,343 Total Utilities 16, ,450 16,861 17,283 17,801 18,424 19,115 19,880 20,725 21,657 22,686 Real Estate Taxes 53, ,729 55,072 56,449 58,142 60,177 62,434 64,931 67,690 70,737 74,097 Property Insurance 12, ,000 12,300 12,608 12,986 13,440 13,944 14,502 15,118 15,799 16,549 Operating Expenses 3.64% 305,288 5, , , , , , , , , , ,696 Replacement Reserves $200 PU/PY 10, ,800 11,070 11,347 11,687 12,096 12,550 13,052 13,607 14,219 14,894 Total Operating Expenses 316,088 5, , , , , , , , , , ,590 Total Expenses as % of EGI 48.4% 48.4% 48.4% 46.9% 47.2% 47.4% 47.7% 48.0% 48.3% 48.6% 48.8% NOI 336,357 6, , , , , , , , , , ,701 Debt Service Loan #1 Total Debt Service 193, , , , , , , , , ,454 Beginning Balance 2,762,500 2,726,962 2,689,327 2,649,469 2,607,258 2,562,555 2,515,213 2,465,076 2,411,979 2,355,746 Principal 35,538 37,636 39,858 42,211 44,703 47,342 50,137 53,097 56,232 59,552 Ending Balance 2,726,962 2,689,327 2,649,469 2,607,258 2,562,555 2,515,213 2,465,076 2,411,979 2,355,746 2,296,194 Debt Service Coverage Ratio (DSCR) Loan # Loan #2 Interest Principal Total Debt Service Beginning Balance Principal Ending Balance Debt Service Coverage Ratio (DSCR) Loan #1 + # Loan #3 Interest Principal Total Debt Service Beginning Balance Principal Ending Balance Debt Service Coverage Ratio (DSCR) Loan #1 + #2 + # Before Tax Cash Flow (BTCF) 142, , , , , , , , , ,247 Residual Analysis Cap Rate 6.50% Gross Sale Proceeds ,041,557 Less: Transaction Costs 5.50% (387,286) Less: Other Costs Net Sale Proceeds ,654,271 Balance PPP Loan #1 2,296, , ,525,814 Loan # Loan # Total 2,296, , ,525,814 Net Sale Proceeds After Debt $ 4,128,458

9 Equity Invested = 4,382,500 Total Debt = - Pre-Tax IRR UNLEVERAGED ("ALL CASH") INTERNAL RATE OF RETURN POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 (A) NOI 336, , , , , , , , , ,701 Terminal Cap Rate 7.77% 7.63% 7.49% 7.35% 7.21% 7.07% 6.92% 6.78% 6.64% 6.50% Gross Sale Proceeds 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) (B) Net Sale Proceeds 4,089,326 4,274,622 4,751,856 4,942,385 5,164,501 5,387,883 5,658,230 5,932,533 6,261,856 6,654,271 Total Distributable (A+B) 4,425,682 4,619,823 5,128,484 5,326,718 5,558,377 5,790,732 6,072,825 6,358,348 6,701,937 7,111,972 POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR All Cash yr. 0 Year of Sale IRR Mar. '11 Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 yr % (4,382,500) 4,425, yr % (4,382,500) 336,357 4,619, yr % (4,382,500) 336, ,200 5,128, yr % (4,382,500) 336, , ,628 5,326, yr % (4,382,500) 336, , , ,333 5,558, yr % (4,382,500) 336, , , , ,876 5,790, yr % (4,382,500) 336, , , , , ,849 6,072, yr % (4,382,500) 336, , , , , , ,595 6,358, yr % (4,382,500) 336, , , , , , , ,815 6,701,937 - yr % (4,382,500) 336, , , , , , , , ,081 7,111,972 Equity Invested = 1,675,250 Total Debt = 2,707,250 LEVERAGED INTERNAL RATE OF RETURN POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 NOI 336, , , , , , , , , ,701 Total Debt Service (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (C) Before Tax Cash Flow (BTCF) 142, , , , , , , , , ,247 Gross Sale Proceeds 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) Total Balance Outstanding (2,726,962) (2,689,327) (2,649,469) (2,607,258) (2,562,555) (2,515,213) (2,465,076) (2,411,979) (2,355,746) (2,296,194) Total Prepayment Penalties (272,696) (268,933) (264,947) (260,726) (256,256) (251,521) (246,508) (241,198) (235,575) (229,619) (D) Net Sale Proceeds 1,089,667 1,316,363 1,837,440 2,074,401 2,345,690 2,621,148 2,946,647 3,279,356 3,670,535 4,128,458 Total Before-Tax Distributable (C+D) 1,232,569 1,468,109 2,020,613 2,265,279 2,546,112 2,830,543 3,167,787 3,511,717 3,917,161 4,392,704 POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR Leveraged yr. 0 Year of Sale IRR Mar. '11 Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 yr % (1,675,250) 1,232, yr % (1,675,250) 142,902 1,468, yr % (1,675,250) 142, ,746 2,020, yr % (1,675,250) 142, , ,174 2,265, yr % (1,675,250) 142, , , ,878 2,546, yr % (1,675,250) 142, , , , ,421 2,830, yr % (1,675,250) 142, , , , , ,394 3,167, yr % (1,675,250) 142, , , , , , ,140 3,511, yr % (1,675,250) 142, , , , , , , ,360 3,917,161 - yr % (1,675,250) 142, , , , , , , , ,627 4,392,704 * Calculation of taxes is for estimation purposes only and is only meant to serve as a rough approximation - Coldwell Banker has no expertise in tax matters and actual tax amounts may vary from those communicated herein.

10 Amortization of Loan Points Loan #1 Loan #2 Loan #3 Amortization Period (yrs) 30.0 yrs 30.0 yrs 30.0 yrs After-Tax IRR * Total Amortized Loan Points Total Unamortized Loan Points Total Amortizable Loan Points $18,417 $0 $0 $36,833 $0 $0 $55,250 $0 $0 INCOME TAXES FROM OPERATIONS Income Tax Calculations Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 NOI 336, , , , , , , , , ,701 Less: Interest Expenses (157,917) (155,819) (153,597) (151,244) (148,751) (146,112) (143,317) (140,357) (137,222) (133,902) Less: Amortized Loan Points (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) (1,842) Less: Depreciation (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) (119,250) Taxable Base (Before Carryforward) 57,348 68, , , , , , , , ,707 Cumulative Carryforward Loss Taxable Base (After Carryforward) 57,348 68, , , , , , , , ,707 Income 35.0% 20,072 23,901 35,679 39,199 43,411 47,476 52,565 57,528 63,619 70,948 NOI 336, , , , , , , , , ,701 Less: Debt Service (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) (193,454) Before Tax Cash Flow (BTCF) 142, , , , , , , , , ,247 Less: Income Taxes (20,072) (23,901) (35,679) (39,199) (43,411) (47,476) (52,565) (57,528) (63,619) (70,948) After Tax Cash Flow (ATCF) 122, , , , , , , , , ,299 CAPITAL GAINS FROM DISPOSITION & RECAPUTRE OF DEPRECIATION Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 Cummulative Depreciation / Recapture 119, , , , , , , ,000 1,073,250 1,192,500 (A) Recapture 25.0% , , , , , , , ,125 Acquisition Price 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 Plus: Acquisition Cost 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Plus: Capital Expenditures 122, , , , , , , , , ,500 Basis 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 4,382,500 Less: Cummulative Depreciation (119,250) (238,500) (357,750) (477,000) (596,250) (715,500) (834,750) (954,000) (1,073,250) (1,192,500) Adjusted Basis 4,263,250 4,144,000 4,024,750 3,905,500 3,786,250 3,667,000 3,547,750 3,428,500 3,309,250 3,190,000 Sales Value 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Less: Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) Less: Unamortized Loan Points (53,408) (51,567) (49,725) (47,883) (46,042) (44,200) (42,358) (40,517) (38,675) (36,833) Less: Accumulated Loss Less: Adjusted Basis (4,263,250) (4,144,000) (4,024,750) (3,905,500) (3,786,250) (3,667,000) (3,547,750) (3,428,500) (3,309,250) (3,190,000) Taxable Gain/ (Loss) (227,333) 79, , ,002 1,332,209 1,676,683 2,068,122 2,463,516 2,913,931 3,427,438 (B) State Capital Gains 9.3% - 7,376 63,200 92, , , , , , ,780 Taxable Gain/ (Loss) (227,333) 79, , ,002 1,332,209 1,676,683 2,068,122 2,463,516 2,913,931 3,427,438 Less: Recapture (119,250) (238,500) (357,750) (477,000) (596,250) (715,500) (834,750) (954,000) (1,073,250) (1,192,500) Capital Gain/ (Loss) (346,583) (159,444) 319, , , ,183 1,233,372 1,509,516 1,840,681 2,234,938 (C) Fed. Capital Gains 15.0% ,945 76, , , , , , ,241 Total Taxes Due at Sale (A+B+C) - 7, , , , , , , , ,146 Equity Invested = 1,675,250 Total Debt = 2,707,250 AFTER-TAX INTERNAL RATE OF RETURN (ATIRR) POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR Year Begins Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 (D) After-Tax Cash Flow (ATCF) 122, , , , , , , , , ,299 Gross Sale Proceeds 4,327,329 4,523,410 5,028,419 5,230,038 5,465,081 5,701,463 5,987,545 6,277,813 6,626,302 7,041,557 Total Cost of Sale (238,003) (248,788) (276,563) (287,652) (300,579) (313,580) (329,315) (345,280) (364,447) (387,286) Net Sale Proceeds 4,089,326 4,274,622 4,751,856 4,942,385 5,164,501 5,387,883 5,658,230 5,932,533 6,261,856 6,654,271 Total Balance Outstanding (2,726,962) (2,689,327) (2,649,469) (2,607,258) (2,562,555) (2,515,213) (2,465,076) (2,411,979) (2,355,746) (2,296,194) Total Prepayment Penalties (272,696) (268,933) (264,947) (260,726) (256,256) (251,521) (246,508) (241,198) (235,575) (229,619) State Capital Gains Tax - (7,376) (63,200) (92,274) (124,295) (156,435) (192,956) (229,846) (271,870) (319,780) Federal Recapture Tax - - (89,438) (119,250) (149,063) (178,875) (208,688) (238,500) (268,313) (298,125) Federal Capital Gains Taxes - - (47,945) (76,800) (110,394) (144,177) (185,006) (226,427) (276,102) (335,241) (E) After-Tax Sale Proceeds 1,089,667 1,308,987 1,636,858 1,786,077 1,961,939 2,141,661 2,359,998 2,584,583 2,854,250 3,175,312 Total After-Tax Distributable (D+E) 1,212,497 1,436,831 1,784,353 1,937,756 2,118,949 2,303,580 2,528,573 2,759,415 3,037,259 3,368,611 POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR Leveraged yr. 0 Year of Sale ATIRR Mar. '11 Apr. '11 Apr. '12 Apr. '13 Apr. '14 Apr. '15 Apr. '16 Apr. '17 Apr. '18 Apr. '19 Apr. '20 yr % (1,675,250) 1,212, yr % (1,675,250) 122,830 1,436, yr % (1,675,250) 122, ,844 1,784, yr % (1,675,250) 122, , ,495 1,937, yr % (1,675,250) 122, , , ,679 2,118, yr % (1,675,250) 122, , , , ,010 2,303, yr % (1,675,250) 122, , , , , ,919 2,528, yr % (1,675,250) 122, , , , , , ,575 2,759, yr % (1,675,250) 122, , , , , , , ,832 3,037,259 - yr % (1,675,250) 122, , , , , , , , ,008 3,368,611 * Calculation of taxes is for estimation purposes only and is only meant to serve as a rough approximation - Coldwell Banker has no expertise in tax matters and actual tax amounts may vary from those communicated herein.

11 Graphic Representation (1 of 4) After-Tax IRR 20.0% Internal Rates of Return 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% IRR 1.02% 6.81% 10.92% 11.28% 11.55% 11.69% 11.86% 11.94% 12.06% 12.20% Lev. IRR % -2.11% 12.79% 15.20% 16.57% 17.22% 17.69% 17.89% 18.07% 18.22% ATIRR % -3.78% 7.44% 9.91% 11.46% 12.33% 13.03% 13.45% 13.82% 14.16% Holding Period $950,000 Income vs. Expenses $850,000 $750,000 $650,000 $550,000 $450,000 Effectove Gross Income Expenses + Debt Service Net Operating Income $350,000 $250,000

12 Graphic Representation (2 of 4) Partition of Cash Flows (All Cash) $2,462,880 $2,335,126 PV of Pre-Sale Cash Flows PV of Net Sale Proceeds Partition of Cash Flows (After-Tax, Leveraged) $921,467 $1,175,247 PV of Pre-Sale Cash Flows PV of Net Sale Proceeds

13 Graphic Representation (3 of 4) $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Net Operating Income & Rent Loss 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% Net Operating Income Vacancy % Total Rent Loss % $- 0.00% $3,000,000 Equity vs Debt Debt Coverage Ratio 2.50 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500, Total Equity Principal Balance Debt Coverage (DCR) $- 0.00

14 Graphic Representation (4 of 4) $8,000,000 Drivers of Value & Gross Sale Projections 9.00% $7,000,000 $6,000,000 $5,000,000 $4,000, % 7.00% 6.00% 5.00% 4.00% 3.00% Gross Sale Proceeds Rent Growth % Expense Growth % $3,000, % 1.00% Terminal CAP % $2,000, % $700,000 Historic vs Projected 65.00% $600,000 $500,000 $400,000 $300,000 $200,000 $100, % 55.00% 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% Effective Gross Income Total Expenses Net Operating Income Expense Ratio (% of EGI) $ Pro Forma (Yr 1) 20.00%