1. Learn the Basics Housing Tax Credits 101 Edward S. Ryan, CPA Reznick Group

2. Reznick Group Building Business Value General Information

3. Reznick Group Building Business Value General Information (continued)

4. Reznick Group Building Business Value Development Costs

5. Reznick Group Building Business Value Development Costs (continued)

6. Reznick Group Building Business Value Financing Assumptions

7. Reznick Group Building Business Value Syndication Information

8. Reznick Group Building Business Value Capital Contributions

9. Reznick Group Building Business Value Rental Income & Expenses

10. Reznick Group Building Business Value Rental Income & Expenses (continued)

11. Reznick Group Building Business Value Rental Income - 2007

12. Reznick Group Building Business Value Operating Expenses - 2007

13. Reznick Group Building Business Value Projected Value of Tax Credits, Cash Flow, and Tax Loss Amounts per Investor LP, assuming a 35% tax rate

14. Reznick Group Building Business Value Sources and Applications of Funds

15. Reznick Group Building Business Value Funded Expenses

16. Reznick Group Building Business Value Low Income Tax Credit Calculation

17. Reznick Group Building Business Value Sales Appreciation

18. Reznick Group Building Business Value Projection of Investment Results upon Sale or Disposition of Project on 12/31/22

19. Reznick Group Building Business Value Net after Tax Benefit Including Sale or Disposition of Project on 12/31/22

20. Reznick Group Building Business Value Amortization Schedule – Permanent Loan

21. Reznick Group Building Business Value Amortization Schedule – Permanent Loan (continued)

22. Reznick Group Building Business Value Amortization Schedule – Second Loan

23. Reznick Group Building Business Value Amortization Schedule – Second Loan (continued)

24. Reznick Group Building Business Value Amortization Schedule – Other Loan

25. Reznick Group Building Business Value Amortization Schedule – Other Loan (continued)

26. Reznick Group Building Business Value Amortization Schedule – Developer Note

27. Reznick Group Building Business Value Amortization Schedule – Developer Note (continued)

28. Reznick Group Building Business Value Projected Replacement Reserve

29. Reznick Group Building Business Value Projected Operating Reserve

30. Reznick Group Building Business Value Minimum Gain Calculation

31. Reznick Group Building Business Value Minimum Gain Calculation - Summary

32. Reznick Group Building Business Value Potential Loss Reallocation due to 704(b)

33. Reznick Group Building Business Value Potential Loss Reallocation Due to 704(b) (continued)