WEST OAK APARTMENT HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017 AND INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT

WEST OAK APARTMENT HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017 AND INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT

WEST OAK APARTMENT HOMES CONTENTS INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT FINANCIAL STATEMENTS Balance Sheet Income Statement Statement of Cash Flows

Ahearn Jasco + Company Business and Financial Consultants Certified Public Accountants Chartered 190 Southeast 19th Avenue Pompano Beach, Florida 33060 www.ahearncpa.com Toll Free 877-781-8803 Phone 954-781 -8800 Fax 954-785-8673 INDEPENDENT ACCOUNTANTS' COMPILATION REPORT To the Owners West Oaks Apartment Homes Orlando, Florida Management is responsible for the accompanying financial statements of West Oaks Apartment Homes which comprise the balance sheet as of March 31, 2017 and the related income statement and cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. We have performed compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Management has elected to omit substantially all of the disclosures ordinarily required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Company' s financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. AHEARN, Certified Public Accountants Pompano Beach, Florida August 22, 201 7 American Institute of Certified Public Accountants PCAOB Registered Private Companies Practice Section

Balance Sheet As of March 31, 2017 Current Assets Bank Accounts 1111 00 Cash - Security Deposits 111101 Cash- Operating Account 1111 05 Petty Cash Total Bank Accounts ASSETS $ 103,451.79 363,940.35 250.00 467,642.14 Other current assets 113000 Accounts Receivable 115000 Prepaid Insurance Total Other current assets Total Current Assets 2,717.00 19,508.89 22,225.89 489,868.03 Fixed Assets 140041 Land 140042 Structures 140045 Building Improvements 140052 Accumulated Depreciation 140055 Carpet & Vinyl 140057 Equipment 140058 Office Furniture Total Fixed Assets 2,140,000.00 8,286,245.27 771,943.39 (4, 1 08,974.66) 130,293.15 53,044.21 1,747.46 7,274,298.82 Other Assets 117105 General Fund 117161 Replacement Reserve 117171 Operating Reserve 117175 Fees Account 117180 Insurance Escrow Total Other Assets TOTAL ASSETS $ 114,873.89 123,296.68 364,502.03 1,759.25 105,606.62 710,038.47 8,474,205.32 Liabilities Current Liabilities Accounts Payable 20000 Accounts Payable Total Accounts Payable LIABILITIES AND EQUITY 45,919.73 45,919.73 Other Current Liabilities 213300 Accrued Bond Interest 217000 Accrued Expenses 218000 Prepaid Rents 2191 00 Security Deposits Total Other Current Liabilities Total Current Liabilities 61,610.00 86,641.34 24,123.30 96,545.49 268,920.13 314,839.86 See lndepdendent Account ants' Compilation Report

Balance Sheet As of March 31, 2017 Long-Term Liabilities 140060 Bond Discount 140065 Accumulated Amort. -Discount 231100 Bonds Payable 231300 Bond Principal Total Long-Term Liabilities Total Liabilities Equity 310000 Advance to/from OHA 390000 Retained Earnings Net Income Total Equity TOTAL LIABILITIES AND EQUITY $ (121,000.20) 55,035.31 9,875,000.00 (2,554,999.69) 7,254,035.42 7,568,875.28 177,242.24 310,640.33 417,447.47 905,330.04 8,474,205.32 See lndepdendent Accountants' Compilation Report

Income Statement For The Year Ended March 31, 2017 Income 5120 Rental Income 51201 Gross Potential Rental Income 512000 Gross Potential 512100 Housing Assistance Total 51201 Gross Potential Rental Income 52200 Vacancies 522000 Vacancy Loss 522020 Vacancy Loss- Down Units Total 52200 Vacancies 62330 Rental Allowances 6231 00 Office I Model Total 62330 Rental Allowances 623400 Change in Delinquncies 623500 Change in Prepaid Rent 637000 Write Off Uncollectible Total 5120 Rental Income 5190 Miscellaneous Fees 512500 Month To Month Leases 516000 Laundry Income 519000 Cleaning, Damages, Lock Changes 519001 Late Fees 519002 NSF Check Fees 519003 Insufficient Notice Penalty 519005 Redecorating Fees 519006 Application Fees 519009 Escrow Deposit Forfeited 634000 Attorney Fees 645005 Electric Charge To Tenant 654200 Termination Fees Total 5190 Miscellaneous Fees 361000 Investment Income Total Income Expenses 6300 Taxes 6325 Personal Property Taxes 6330 Licenses & Permits Total 6300 Taxes 6400 Insurance 6410 Hazard I Liability Total 6400 Insurance $ 1,946,464.81 366,007.19 2,312,472.00 (46,860.22) (7,722.32) (54,582.54) (26,470.00) (26,470.00) 3,749.29 3,755.13 (53,769.71) 2,185,154.17 2,403.29 14,752.24 19,529.40 21,987.00 350.00 6,035.00 700.00 9,400.00 6,780.00 4,502.00 153.62 10,797.13 97,389.68 337.36 2,282,881.21 1,575.48 210.00 1,785.48 54,122.97 54,122.97 See Independent Accountants' Compilation Report

Income Statement For The Year Ended March 31, 2017 6500 Utilities 6510 Electricity - Common Areas 6520 Gas 6530 Water I Sewer 6540 Trash Removal Total 6500 Utilities 6600 Administrative Expenses 6610 Travel Expense 6620 Legal Fees 6630 Office Supplies 6635 Office Services 6640 Training 6645 Answering Service 6650 Telephone 6655 Bank Fees 6660 Credit Reports 6662 Postage 6666 Licenses & Permits 6670 Miscellaneous 6678 Alarm 6680 Computer License 6690 Professional Fees Total 6600 Administrative Expenses 6700 Marketing 6705 Referrals 6730 Signs I Banners Total 6700 Marketing 6800 Payroll 6745 Commissions 6820 Office Staff 6830 Maintenance Staff 6840 Taxes & Related Expenses Total 6800 Payroll 6900 Maintenance & Services 6905 Appliances Repair 6910 Building Interior 6913 Uniforms 6915 Security 6917 Equipment I Tools 6918 Plumbing 6919 Building Exterior 6921 Electrical 75,799.76 2,773.33 105,246.84 28,424.63 212,244.56 52.07 5,928.00 7,090.88 1,159.60 159.00 952.79 6,634.12 726.49 6,053.00 720.38 308.25 8,264.00 1,896.80 2,576.98 8,986.38 51,508.74 750.00 1,139.69 1,889.69 12.78 132,929.55 156,039.07 21,655.64 310,637.04 3,371.32 24,067.44 321.18 8,097.70 3,362.39 21,543.56 39,282.46 7,277.79 See Independent Accountants' Compilation Report

Income Statement For The Year Ended March 31, 2017 6935 Landscaping I Grounds 6948 Golf Cart I Trucks 6950 HVAC 6955 Pool 6960 Exterminating 6984 Fire Alarm Inspection 6986 Fire Equipment 6987 Maintenance Supplies Total 6900 Maintenance & Services 7000 Unit Turnover Costs 7010 Carpet Cleaning 7020 Interior Cleaning 7030 Interior Painting 7040 Utilities 7130 Appliances 7145 A/C Compressors & Handlers 7150 Carpet/ Vinyl 7152 Tub Resurface 7155 Window Coverings 7160 Counter Tops Total 7000 Unit Turnover Costs 7110 Management Fees Total Expenses Net Operating Income Other Expenses 480000 Depreciation 480020 Amortization 8600 Debt Service 8610 Bond Interest 8630 Credit Enhancement 8640 Trustee Fees 8650 Servicing Fees Total 8600 Debt Service Total Other Expenses Net Other Expense Net Income 63,360.35 3,216.16 16,895.24 13,147.21 7,977.20 1,278.00 5,287.44 6,054.82 224,540.26 6,069.99 9,585.61 35,703.88 4,928.18 21 '152.88 4,026.77 49,909.60 9,953.92 3,320.08 4,680.00 149,330.91 65,554.85 1,071,614.50 1,211,266.71 349,256.05 4,033.33 377,235.38 30,571.14 3,521.59 29,201.75 440,529.86 793,819.24 (793,819.24) $ 417,447.47 See Independent Accountants' Compilation Report

Statement of Cash Flows For The Year Ended March 31, 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 417,447.47 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation And Amortization 353,289.38 Allowance For Doubtful Accounts (4,015.00) Changes in certain assets and liabilities: Rent Rceivable 7,768.29 Prepaid Expenses (548.67) Accounts Payable (36,924.01) Accrued Bond Interest (2, 146.37) Accrued Expenses 54,671.64 Security Deposits 14,198.70 Prepaid Rents {3,759.13} NET CASH PROVIDED BY OPERATING ACTIVITIES 799,982.30 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition Of Property And Equipment (53,347.90) General Fund 1 '126.89 NET CASH USED IN INVESTING ACTIVITIES {52,221.01} CASH FLOWS FROM FINANCING ACTIVITIES: Principal Payments On Long Term Debt (255,000.00) Repayment of Advance From OHA {1 00,000.00} NET CASH USED IN FINANCING ACTIVITIES {355,000.00} NET CHANGE IN CASH AND CASH EQUIVALENTS 392,761.29 CASH AND CASH EQUIVALENTS, Beginning of year 670,045.43 CASH AND CASH EQUIVALENTS, End of year $ 1,062,806.72 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for income taxes $ Cash paid for interest expense $ 379,381.75 111100 Cash - Security Deposits $ 103,451.79 111101 Cash -Operating Account 363,940.35 1111 05 Petty Cash 250.00 117161 Replacement Reserve 123,296.68 117171 Operating Reserve 364,502.03 117175 Fees Account 1,759.25 117180 Insurance Escrow 105,606.62 CASH AND CASH EQUIVALENTS, End of year 1,062,806.72 See Independent Accountants' Compilation Report