Introduction to NTCIC [add your own title]

NTCIC: A brief history First HPS Project – West Village, Durham, NC. (Before) West Village (After) NTCIC is the successor to the National Trust’s Heritage Property Services (HPS) program which structured deals for first-time HTC developers and connected them with investment sources. Organized as a for profit, wholly-owned subsidiary of the National Trust for Historic Preservation in August NTCIC’s primary objectives: making equity investments in real estate projects that qualify for federal and state historic and New Markets Tax Credits and provide financial support through profit sharing with the National Trust.

Dalton Building Rock Hill, SC First NTCIC Investment of $1million Partnership with Bank of America led to organization of the Banc of America Historic Tax Credit Fund in NTCIC financed its first project, Dalton Building, in May NTCIC received its first New Markets Tax Credit allocation in October $423.5 million in gross equity/debt invested to date. $1.7 billion in total development costs to date. NTCIC: A brief history

NTCIC Project Locations

Managing Member (.01%) (Developer) Managing Member (.01%) (Developer) Transferable Tax Credits NTCIC Investment Fund.01% NTCIC 99.99% Investor NTCIC Investment Fund.01% NTCIC 99.99% Investor The Tax Credit Business The basic LLC legal structure Investor Member (99.99%) (NTCIC Investment Fund) Investor Member (99.99%) (NTCIC Investment Fund) $ Cash credits equity NTCIC fee

Total # of HTC Transactions by Deal Size in Total Transactions – data based on NPS quarterly reports

HTC Dollar Value by Deal Size in 2010 *Data based on NPS quarterly reports

History of NTCIC financial support to National Trust *Changed to calendar year (CY) in 2010

NMTC RoundTotal Allocation 1$127,000,000 4$53,000,000 5$60,000,000 6$40,000,000 7$35,000,000 8$28,000,000 Total:$343,000,000 Snapshot of New Markets Tax Credits Activity

Total Investments by use By Use# of ProjectsNet Investment Cultural/Educational Facility19$97,648,917 Hotel7$63,535,343 Housing & Mixed-Use Commercial23$135,245,123 Office/Retail19$101,268,181 Non-profit Office6$25,827,071 Total74$423,524,634

Total NTCIC Investments by Investment Type By Investment Type% of EquityNet Investment Leveraged NMTC Transaction Equity & Debt 47.67%$201,907,986 Twinned HTC/NMTC Equity32.45%$137,440,072 HTC Only Equity14.21%$60,188,078 Twinned LIHTC/HTC Equity5.66%$23,988,497 Total:100%$423,524,633

Economic impact of NTCIC’s investments Total direct and indirect/induced jobs: 26,347 Construction: 11,960 Non-Construction: 14,387 Total tax impacts: $112.8MM State taxes: $57.8MM Local taxes: $55MM Total household and business income generated: $1B Total gross state product: $1.23B NTCIC uses the Preservation Economic Impact Model (“PEIM”), created by Rutgers University, to forecast direct and indirect/induced job creation, state and local taxes, and income generated from the rehabilitation of historic buildings. Economic Impact Since Inception NSO Bell Building, Detroit MI

Total Effects of Direct and Indirect/Induced Jobs by Industry (projected as of Q2 FY11)

Project Coordinator Finance & Controller Asset Management Senior Asset Manager & NMTC Compliance Manager Senior Acquisitions Manager Assistant Controller Acquisition Project Manager Office Manager Fund Accountant President COO Executive Assistant Managing Director, Acquisitions Senior Acquisitions Manager Acquisition Project Manager Asset Manager Senior Asset Manager NTCIC staff organization Marketing & Communications Director Asset Manager Staff Accountant

Senior Acquisition Manager Territories

Single-Entity Structure for Historic Tax Credit Investment

Master Tenant Structure for Historic and New Markets Tax Credit Investment

Leverage Structure for Historic and New Markets Tax Credit Investment

Asset Management Tasks and Services NSO Bell Building, Detroit MI Manage construction reports and/or draw requests monthly. Manage, review operations and cash flow on quarterly basis. Gather and collect benchmarks required for funding of investor capital. Monitor Historic Tax Credit and New Markets Tax Credit compliance. Perform site visits during construction and stabilization.

Review, comment and collect lower tier audits and tax returns. Prepare required fund audits and tax returns. Review and collect guarantor financials. Collect and distribute priority returns to investors. Provide investor reporting and compliance certifications, as needed. Asset Management Tasks and Services Fox Oakland, Oakland CA

Established in 2004 as a National Trust subsidiary to provide and promote insurance solutions for historic buildings of all types and related organizations. Managed by Maury Donnelly and Parr, exclusive licensed insurance agency. Offers a full range of property and casualty insurance for commercial and residential customers. Work with and through all National Trust networks (Members, Donors, State & Local Partners, Main Street, Historic Sites, Museums, Hotels, Theaters, Churches, Tax Credit Projects, etc.) to educate and to grow the business. Revenue is generated in the form of commissions. Great blend of mission and market. National Trust Insurance Services, LLC Insurance for Newport Mansions became part of NTIS in April, 2011

Premiums by Category

Heritage Travel In 2011, NTCIC acquired the National Trust’s travel subsidiary, HT, LLC. The company operates a website at which provides information on heritage travel destinations and tours offered by the National Trust and other tour operators.

NTCIC Public Policy Priorities 1.Win Passage of CAPP Act. 2.Protect federal HTC from changes due to deficit reduction and tax reform. 3.Promote growth of HTC. 4.Strengthen federal HTC program within NPS. 5.Strengthen state HTC programs.

Harmony Mills Cohoes, NY Property Use: Residential (96 units) Credits used: HTC Net Investment: $2,696,588 Total Development Cost: $18,328,024

Carpenter Theater Richmond, VA Property Use: Theatre Credits used: HTC & NMTC Net Investment: $5,365,269 Total Development Cost: $50,144,804

American Brewery Baltimore. MD Property Use: Office headquarters for non-profit group Humanim Credits used: HTC & NMTC Net Investment: $5,337,101 Total Development Cost: $23,989,027

Town Hall Theater Middlebury, VT Property Use: Theater and community center Credits used: Federal Historic Net Investment: $585,651 Total Development Cost: $5,912,300

Property Use: Performing arts charter high school Credits used: Federal Historic and New Markets Tax Credits Net Investment: $15,687,989 Total Development Cost: $88,232,316 Fox Oakland Theater Oakland, CA

Property Use: Hotel Credits used: Federal and State Historic Net Investment: $5,891,495 Total Development Cost: $25,577,689 Atlas Life Building Tulsa, OK

Woolworth Building St. Louis, MO Property Use: Mixed use office, gallery and restaurant Credits used: Federal and State Historic and New Markets Tax Credits Net Investment: $6,178,250 Total Development Cost: $14,642,433

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