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					                Multifamily Property Valuation Model by Income Property Analytics (BETA)

                                                                                                                     GO TO INCOME PROPERTY ANALYTICS NOW


INCOME PROPERTY ANALYTICS IS PROUD TO PRESENT THIS MULTIFAMILY PROPERTY VALUATION MODEL FREE TO THE REAL ESTATE COMMUNITY. MY NAME IS
LANDON M. SCOTT AND I AM PRESIDENT OF MONTE COMMERCIAL PROPERTIES AND AUTHOR OF THE INCOME PROPERTY ANALYTICS BLOG. THIS MODEL IS DONE IN
MICROSOFT EXCEL 2007 AND IS A SINGLE WORKBOOK CONTAINING MULTIPLE WORKSHEETS.

PLEASE FEEL FREE TO ALTER THIS MODEL TO YOUR OWN NEEDS AND PLEASE VISIT HTTP://INCOMEPROPERTYANALYTICS.COM WITH ANY FEEDBACK. THIS IS A BETA
VERSION, SO I AM EAGER TO HEAR OF ANY BUGS THAT YOU MIGHT FIND.

THE PURPOSE OF THIS IS TO PROVIDE A FREE BASIC ALTERNATIVE TO ARGUS AND REIWISE, AS WELL AS TO SHOWCASE THE VERSATILITY OF SPREADSHEETS FOR REAL
ESTATE VALUATION. PLEASE BE WARNED THAT YOU WILL NEED AN INTERMEDIATE TO ADVANCED KNOWLEDGE OF EXCEL TO ALTER THE MODEL; PLAY WITH THE
EQUATIONS AT YOUR OWN RISK IF YOU ARE NOT COMFORTABLE WITH EXCEL. I HAVE GROUPED THE "OFF SHEET" AREAS WHERE THE MAJORITY OF CALCULATIONS
TAKE PLACE, SO IF YOU ARE LOOKING TO ALTER THE SPREADSHEET YOU WILL FIRST NEED TO UNGROUP EVERYTHING.

THIS SPREADSHEET REPRESENTs YEARS OF WORK AND ALTERNATIONS. THE ONLY CONDITION I HAVE FOR ITS FREE USE IS A LINK TO MY INCOME PROPERTY
ANALYTICS BLOG (FIND BELOW IN RED) AND CITATION SOMEWHERE IN YOUR WORK OF MY NAME, LANDON SCOTT, OR INCOME PROPERTY ANALYTICS AS THE
ORIGINAL CREATOR OF THE THIS PROPERTY VALUATION MODEL.


                                 PLEASE INCLUDE THIS LINK TO MY BLOG ON YOUR OWN WEBSITE OR BLOG
<a rel="license" href="http://creativecommons.org/licenses/by/3.0/"><img alt="Creative Commons License" style="border-width:0"
src="http://i.creativecommons.org/l/by/3.0/88x31.png" /></a><br /><span xmlns:dct="http://purl.org/dc/terms/" property="dct:title">Commercial Real Estate Valuation Model</span> by
<a xmlns:cc="http://creativecommons.org/ns#" href="http://incomepropertyanalytics.com" property="cc:attributionName" rel="cc:attributionURL">Landon M. Scott at Income Property
Analytics</a> is licensed under a <a rel="license" href="http://creativecommons.org/licenses/by/3.0/">Creative Commons Attribution 3.0 Unported License</a>.<br />Based on a work
at <a xmlns:dct="http://purl.org/dc/terms/" href="http://incomepropertyanalytics.com" rel="dct:source">incomepropertyanalytics.com</a>.<br />Permissions beyond the scope of this
license may be available at <a xmlns:cc="http://creativecommons.org/ns#" href="http://incomepropertyanalytics.com"
rel="cc:morePermissions">http://incomepropertyanalytics.com</a>.




                                                                                                                     GO TO INCOME PROPERTY ANALYTICS NOW


QUICK TIPS:

• ONLY INPUT INFORMATION INTO CELLS WHICH ARE FORMATTED IN BLUE OR WHERE THERE IS A DROP DOWN MENU. IF THE
CONTENTS OF A CELL ARE COLORED BLACK, DO NOT TOUCH IT. I HAVE PROTECTED THE WORKSHEETS SO THAT ONLY THE
APPROPRIATE CELLS CAN BE MANIPULATED. YOU WILL NEED TO UNLOCK THE WORKSHEETS (NO PASSWORD) TO UNGROUP OR ALTER
THE EQUATIONS

• I PROVIDE THIS TEMPLATE WITH INFROMATION FROM A HYPOTHETICAL PROPERTY FOR DEMONSTRATION PURPOSES, REMEMBER TO
ERASE IT WHEN YOU USE IT FOR A REAL PROPERTY

• TO ARRIVE AT A SALES VALUE THIS MODEL IS DESIGNED TO CAPITALIZE THE NOI OF THE YEAR SUBSEQUENT TO THAT OF
DISPOSITION; YOU MUST CHOOSE THE INCREASE IN NOI OF THE YEAR SUBSEQUENT TO DISPOSITION (SEE THE BOTTOWM OF THE
"ADNANCED METRICS" WORKSHEET)

• THE TERMINAL CAP RATE IS SELECTED ON THE "GROWTH" WORKSHEET; YOU SELECT THE TERMINAL CAP RATE FOR YEAR TEN (10)
(REGARDLESS OF THE DISPOSITION DATE). THEN THE TERMINAL CAP RATE FOR EACH YEAR IS A SMOOTH FUNCTION BETWEEN INTHE
"PRO FORMA " (YEAR 1) CAP RATE (PURCHASE CAP RATE) AND THE TERMINAL CAP RATE

• THE MAXIMUM HORIZON FOR THIS MODEL IS TEN (10) YEARS

• IF THERE IS A CELL WHICH IS FORMATTED BLUE BUT FOR WHICH YOU CAN'T MANIPULATE THE CONTENTS, IT IS POSSIBLE I
MISTAKINGLY LOCKED IT WHILE PROTECTING THE WORKSHEETS; FIRST UNPROTECT THE WORKSHEET AND THEN UNLOCK THE CELL IN
QUESTION

• PLEASE REMEMBER THIS IS A BETA VERSION, DOCUMENT TO THE BEST OF YOUR ABILITIES ANY GENUINE ERRORS AT
HTTP://INCOMEPROPERTYANALYTICS.COM

• FINALLY, APART FROM ADDRESSING ANY LEGITIMATE CODING AND EQUATION ERRORS, I ANTICIPATE A LARGE NUMBER OF EXCEL-
RELATED QUESTIONS ARISING. UNFORTUNATELY, I DON'T HAVE THE RESOURCES TO HELP THE USER WITH EXCEL-RELATED ISSUES.
THANK YOU FOR YOUR HELP AND ENJOY THIS MULTIFAMILY PROPERTY VALUATION MODEL BY LANDON M. SCOTT AT INCOME
PROPERTY ANALYTICS, AN AFFILIATE OF MONTE COMMERCIAL PROPERTIES. I CAN ALSO BE REACHED AT BRUINBROKER@GMAIL.COM .



                                                                                                                     GO TO INCOME PROPERTY ANALYTICS NOW
                                                 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 #                                                 4651268
Zip Code                                             91406
County                                          Los Angeles    2nd Most Recent Sale in Last 10 yrs                        2/1/2002
                                                               Sale Price                                               $6,250,000
Assessor's Parcel Number (APN)                 111-222-333     Document #                                                 4632685
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                                          2.30    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)                                     27    Capital Expenditure Date #1                               Sep. 2008
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. 2005
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. 2003
                                                               Capital Expenditure Item #3                               $50,000
Total Building Square feet                          46,000
Living/Useable Square Feet                          43,850     Total Capital Expenditure Last 10 yrs                      $400,000
Load Factor                                          4.90%     Total Capital Expenditure/Sq. Ft.                             $8.70


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.                             $2.66




                                                                                                                                       Property Valuation Models at http://incomepropertyanalytics.com
                                                           Basic Metric Summary
                                                                           ASSUMPTIONS

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                          $      15,000                     Assessment Ratio                                            25.00%
Rehab at Acquisition                                                $     122,500                     Taxable Value                                            1,062,500
Total Acqusition Reserves                                           $     137,500                     Millage Rate                                                 0.050568
                                                                                                      Estimated RE Tax                                               53,729
Total Acquisition Cost (TAC)                                        $ 4,387,500

Pro Forma Payroll                                                                                     Year 1 Operating Assumptions (Annual)
                            # of          Hourly        Hours/          Monthly       Annual          Percentage of Gross Potential Rent
                          employees       Wage          Month           Expense      Expense          Loss to Lease                      2.50%                 $ (15,270)
                                                                                                      Vacancy                            7.50%                 $ (44,665)
Maintenance                                                                                           Bad Debt                           0.50%                 $     (2,978)
   Grounds/Custodial           2      $     12.50            160    $       4,000    $   48,000       Concessions                        0.75%                 $     (4,466)
    Maint. Supervisor          1      $     10.00            160    $       1,600    $   19,200
      Maint. Assistant         1      $      8.00            160    $       1,280    $   15,360       Damages/Cleaning/Deposits                 1.50%          $     8,933
                 Total         4              N/A            N/A    $       6,880    $   82,560       Late Fees                                 5.00%          $    29,777
                                                                                                      Reimbursements                            0.00%          $       -
Administrative                                                                                        Misc. Items                               0.25%          $     1,489
             Manager           1      $ 17.50                160 $          2,800    $ 33,600
       Manager's Unit         N/A     N/A     N/A                $          1,325    $ 15,900
   Assistant Manager           1      $ 15.00                 80 $          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 $          5,325    $ 63,900         Management Fees %                  5.00%                 $    29,181

 Total Employees               6                                                                      Replacement Reserves                  $200 PUPY          $    10,800
   Total Wages                                                      $      12,205    $ 146,460                                       Year of Initial Deposit          2012
Benefits & Insurance         7.50%                                  $         915    $ 10,985
   Total Payroll                                                    $      13,120    $ 157,445

                                                                              METRICS

Year 1 Operating Statistics                                                                       Year 1 OperatingStatistics (continued)
                                                      Annual            Monthly                                                               Annual            Monthly
Market Rent                                         $ 610,800       $     50,900                  Net Operating Income                      $ 256,092          $ 21,341
Market Rent/Unit                                    $ 11,311        $        943                  Net Operating Income/Unit                 $   4,742          $    395
Market Rent/Sq. Ft.                                 $   13.28       $       1.11                  Net Operating Income/Sq. Ft.              $    5.57          $   0.46

Gross Potential Rent (GPR)                          $ 595,530       $      49,628                 Total Debt Service                        $ 207,188          $    17,266
GPR/Unit                                            $ 11,028        $         919                 Total Debt Service/Unit                   $   3,837          $       320
GPR/Sq. Ft.                                         $   12.95       $        1.08                 Total Debt Service/Sq. Ft.                $    4.50          $      0.38

Total Rent Loss                                     $ (52,109) $           (4,342)                Before Tax Cash Flow (BTCF)               $     48,905       $      4,075
Total Rent Loss/Unit                                $    (965) $              (80)                BTCF/Unit                                 $        906       $         75
Total Rent Loss/Sq. Ft.                             $   (1.13) $            (0.09)                BTCF/Sq. Ft.                              $       1.06       $       0.09

Total Other Income                                  $    40,198     $       3,350                 After Tax Cash Flow (ATCF)                $     48,905       $      4,075
Total Other Income/Unit                             $       744     $          62                 ATCF/Unit                                 $        906       $         75
Total Other Income/Sq. Ft.                          $      0.87     $        0.07                 ATCF/Sq. Ft.                              $       1.06       $       0.09

Effective Gross Income                              $ 583,619       $      48,635                 First Year Metrics
Effective Gross Income/Unit                         $ 10,808        $         901                 Acquisition Price / Square Foot (Total Square Feet)          $         92
Effective Gross Income/Sq. Ft.                      $   12.69       $        1.06                 Acquisition Price / Unit (Total Units)                       $     78,704
                                                                                                  Pro Forma Capitalization Rate (Year 1 CAP)                          6.03%
Operating Expneses (Op Ex)                          $ 327,527       $      27,294                 In-Place Capitalization Rate (Year 0 CAP)                           6.44%
Op Ex/Unit                                          $   6,065       $         505                 Gross Rent Multiplier (GRM)                                           7.14
Op Ex/Sq. Ft.                                       $    7.12       $        0.59                 Gross Income Multiplier (GIM)                                         7.28
                                                                                                  Payback Period (Based on Acquisition Cost)                        17 years
Op Ex Ratio                                                      56.12%                           Break Even Ratio                                                   91.62%
                                                                                                  Equity Dividend Rate (Based on BTCF)                                3.87%
                                                                                                  Cash-On-Cash (Based on Effective Equity & ATCF)                     3.87%
                                                           Advanced Metric Summary
                                                                        ASSUMPTIONS

Timing                                                                               Depreciation Analysis
Acquisition Date                                                   Jan. 2012         Improvements as % of Property Value                                       75.00%
Disposition Date                                                   Dec. 2021
Investment Hold Period (years)                                            10         Acquisition Price                                                $   4,250,000
                                                                                     Total Capital Expenditures at Acquisition                        $     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)                                                  75.00%          Annual Depreciation (Full Year)                                  $     119,250
Loan Amount                                                  $    3,187,500          Depreciation Allowed in Acquisition Year                         $     114,349
Loan Points/Origination Fee                                           2.00%
Total Amount Funded                                          $    3,123,750          Total Recpature at Time of Disposition                           $         -
Fixed Interest Rate (If applicable)                                   5.50%          Total Recpature Tax at Time of Disposition                       $   1,187,599
Term (months)                                                    360 months
Prepayment Penalties                                                  2.00%          Tax Rates
End of Yield Maintenance                                          Dec. 2026                                                         Include?              Rate                  Rate
Start Date                                                         Jan. 2012         Federal Income Tax Rate                          Yes                    35.00%            35.00%
Maturity Date                                                      Jan. 2042         Federal Capital Gains Tax Rate                   Yes                    15.00%            15.00%
                                                                                     Federal Recapture Tax Rate                       Yes                    25.00%            25.00%
Loan #2                                                          Junior Loan
Fixed or Variable interest rate?                                       Fixed         State Tax Rate (CA)                              Yes                       9.33%          9.33%
Loan-to-Value (LTV)                                                   0.00%
Loan Amount                                                  $           -           Discount Rate & Reinvestment Rate
Loan Points/Origination Fee                                           2.00%          10 Year Treasury Note                                                      3.50%
Total Amount Funded                                          $           -           Risk Premium*                                                              6.95% Vanguard REIT Index Fund
Fixed Interest Rate (If applicable)                                   0.00%          Discount Rate                     (Used for NPV & MIRR)                   10.45%         10.45%
Term - Months                                                    360 months
Prepayment Penalties                                                  0.00%           * Based on Vanguard's REIT Index Fund, 10 year performance
End of Yield Maintenance                                          Dec. 2026
Start Date                                                         Jan. 2012         Reinvestment/Savings Rate**                 (Used for MIRR)                1.35%
Maturity Date                                                            N/A
                                                                                      ** Based on 1 year CD as quoted by BankRate.com
                                                                           METRICS

Sources             (Includes All Junior Financing)                                  Performance Analysis
Debt                                                         $    3,187,500          Acquisition Price                                                $   4,250,000
Equity Invested                                              $    1,062,500
Estimated Acquisition Price                                  $    4,250,000          Acquisition Closing Costs & Due Dilligence                       $      15,000
                                                                                     Rehab at Acquisition                                             $     122,500
LTV %                                                                75.00%          Total Acqusition Reserves                                        $     137,500

Loan Amount                                                  $    3,187,500          Total Acquisition Cost (TAC)                                     $   4,387,500
Loan Points/Origination Fee                                  $      (63,750)
Total Debt Financing                                         $    3,123,750          Net Present Value (NPV)                                          $    (810,534)

Equity Investment                                            $    1,062,500          Internal Rates of Return
Loan Points/Origination Fee                                  $       63,750                                                           IRR                 MIRR
Acquisition Reserves (Includes Closing & Rehab Costs)        $      137,500          10 Year (Unleveraged)                                   7.75%            6.28%
Total Out of Pocket                                          $    1,263,750          10 Year (Leveraged)                                    10.43%            8.88%
                                                                                     10 Year After-Tax (Leveraged)                           7.85%            6.63%
Total Annual Debt Service Payment                            $      207,188
Consolidated Loan Constant                                           6.500%
Consolidated Debt Service Coverage (Year 1)                             1.24         Partition of Cash Flows
                                                                                     (Unleveraged)                                  Amount                 %
Effective Cost of Debt (Includes Points & PPP)                                       PV of Pre-Sale Cash Flows              $         1,766,672              49.39%
Loan #1                                                               7.80%          PV of Net Sale Proceeds                $         1,810,294              50.61%
Loan #2                                                                  N/A         Total PV of Cash Flows                 $         3,576,966             100.00%
Loan #3                                                                  N/A
                                                                                     (After-Tax, Leveraged)                         Amount                 %
Residual Value & Disposition                                                         PV of Pre-Sale Cash Flows              $           442,282              43.00%
                                                                  Dec. 2021          PV of Net Sale Proceeds                $           586,270              57.00%
Average % Increase in NOI                                             2.76%          Total PV of Cash Flows                 $         1,028,552             100.00%
% Increase in Sale Year NOI (to capitalize Year + 1 NOI)              3.00%
Terminal Cap Rate (year 10 )                                          6.50%          Effective Duration (Macaulay Duration)
Estimated Sales Price                                        $    5,179,469          Actual Duration of Cash Flows                                            10 yrs
                                                                                     Effective Duration                                                     7.49 yrs
Transaction Costs (% of Sales Price)                                  5.50%
Other Closing Costs ($)                                      $        3,500




Loan #3                                                       Carryback Loan
 Fixed or Variable interest rate?                                       Fixed
Loan-to-Value (LTV)                                                    0.00%
Loan Amount                                                  $            -
Loan Points/Origination Fee                                            2.00%
Total Amount Funded                                          $            -
Fixed Interest Rate (If applicable)                                    0.00%
Term - Months                                                     360 months
Prepayment Penalties                                                   0.00%
End of Yield Maintenance                                           Dec. 2026
Start Date                                                          Jan. 2012
Maturity Date                                                             N/A
Loan #1                                                                          Loan #2                                                                          Loan #3

Loan Amount                3,187,500                     Start        1/1/2012   Loan Amount                      0                       Start        1/1/2012   Loan Amount                      0                       Start        1/1/2012
Fixed Rate                     5.50%                   Maturity       1/1/2042   Rate                         0.00%                     Maturity            N/A   Rate                         0.00%                     Maturity            N/A
Fixed Pmt (mo)              18,098.27                                            Fixed Pmt (mo)                 0.00                                              Fixed Pmt (mo)                 0.00
Amortization                360 mos.                                             Amortization               360 mos.                                              Amortization               360 mos.
Principal Reduction         336 mos.                                             Amortization               360 mos.                                              Amortization               360 mos.


Annual Summary - Loan #1                                                         Annual Summary - Loan #2                                                         Annual Summary - Loan #3

Payments 1st Year                                                 $   207,188    Payments 1st Year                                                           -    Payments 1st Year                                                           -
Loan Constant 1st Year                                                  6.50%    Loan Constant 1st Year                                                  0.00%    Loan Constant 1st Year                                                  0.00%
Interest Only for Period?                                                 Yes    Interest Only for Period?                                                  No    Interest Only for Period?                                                  No
             If yes, what is the applicable Interest Only rate?         6.50%                 If yes, what is the applicable Interest Only rate?                               If yes, what is the applicable Interest Only rate?
             If yes, when does amortization resume?                   1/1/2014                If yes, when does amortization resume?                                           If yes, when does amortization resume?

Variable Rate for Period?*                                                 No    Variable Rate for Period?                                                  No    Variable Rate for Period?                                                  No
            If yes, when does fixed/Interest Only rate resume?                               If yes, when does fixed/Interest Only rate resume?                               If yes, when does fixed/Interest Only rate resume?        1/1/2015




Amortization - Loan #1                                                           Amortization - Loan #2                                                           Amortization - Loan #3

  Pmt. #       Month             Pmt.     Interest   Principal      Balance        Pmt. #       Month           Pmt.      Interest    Principal        Balance      Pmt. #       Month           Pmt.      Interest    Principal        Balance
001            Jan. '12     $   17,266   $ 17,266    $    -       $3,187,500     001            Jan. '12    $     -      $     -      $    -       $        -     001            Jan. '12    $     -      $     -      $    -       $        -
002            Feb. '12     $   17,266   $ 17,266    $    -       $3,187,500     002            Feb. '12    $     -      $     -      $    -       $        -     002            Feb. '12    $     -      $     -      $    -       $        -
003            Mar. '12     $   17,266   $ 17,266    $    -       $3,187,500     003            Mar. '12    $     -      $     -      $    -       $        -     003            Mar. '12    $     -      $     -      $    -       $        -
004            Apr. '12     $   17,266   $ 17,266    $    -       $3,187,500     004            Apr. '12    $     -      $     -      $    -       $        -     004            Apr. '12    $     -      $     -      $    -       $        -
005            May. '12     $   17,266   $ 17,266    $    -       $3,187,500     005            May. '12    $     -      $     -      $    -       $        -     005            May. '12    $     -      $     -      $    -       $        -
006            Jun. '12     $   17,266   $ 17,266    $    -       $3,187,500     006            Jun. '12    $     -      $     -      $    -       $        -     006            Jun. '12    $     -      $     -      $    -       $        -
007             Jul. '12    $   17,266   $ 17,266    $    -       $3,187,500     007             Jul. '12   $     -      $     -      $    -       $        -     007             Jul. '12   $     -      $     -      $    -       $        -
008            Aug. '12     $   17,266   $ 17,266    $    -       $3,187,500     008            Aug. '12    $     -      $     -      $    -       $        -     008            Aug. '12    $     -      $     -      $    -       $        -
009            Sep. '12     $   17,266   $ 17,266    $    -       $3,187,500     009            Sep. '12    $     -      $     -      $    -       $        -     009            Sep. '12    $     -      $     -      $    -       $        -
010            Oct. '12     $   17,266   $ 17,266    $    -       $3,187,500     010            Oct. '12    $     -      $     -      $    -       $        -     010            Oct. '12    $     -      $     -      $    -       $        -
011            Nov. '12     $   17,266   $ 17,266    $    -       $3,187,500     011            Nov. '12    $     -      $     -      $    -       $        -     011            Nov. '12    $     -      $     -      $    -       $        -
012            Dec. '12     $   17,266   $ 17,266    $    -       $3,187,500     012            Dec. '12    $     -      $     -      $    -       $        -     012            Dec. '12    $     -      $     -      $    -       $        -
013            Jan. '13     $   17,266   $ 17,266    $    -       $3,187,500     013            Jan. '13    $     -      $     -      $    -       $        -     013            Jan. '13    $     -      $     -      $    -       $        -
014            Feb. '13     $   17,266   $ 17,266    $    -       $3,187,500     014            Feb. '13    $     -      $     -      $    -       $        -     014            Feb. '13    $     -      $     -      $    -       $        -
015            Mar. '13     $   17,266   $ 17,266    $    -       $3,187,500     015            Mar. '13    $     -      $     -      $    -       $        -     015            Mar. '13    $     -      $     -      $    -       $        -
016            Apr. '13     $   17,266   $ 17,266    $    -       $3,187,500     016            Apr. '13    $     -      $     -      $    -       $        -     016            Apr. '13    $     -      $     -      $    -       $        -
017            May. '13     $   17,266   $ 17,266    $    -       $3,187,500     017            May. '13    $     -      $     -      $    -       $        -     017            May. '13    $     -      $     -      $    -       $        -
018            Jun. '13     $   17,266   $ 17,266    $    -       $3,187,500     018            Jun. '13    $     -      $     -      $    -       $        -     018            Jun. '13    $     -      $     -      $    -       $        -
019             Jul. '13    $   17,266   $ 17,266    $    -       $3,187,500     019             Jul. '13   $     -      $     -      $    -       $        -     019             Jul. '13   $     -      $     -      $    -       $        -
020            Aug. '13     $   17,266   $ 17,266    $    -       $3,187,500     020            Aug. '13    $     -      $     -      $    -       $        -     020            Aug. '13    $     -      $     -      $    -       $        -
021            Sep. '13     $   17,266   $ 17,266    $    -       $3,187,500     021            Sep. '13    $     -      $     -      $    -       $        -     021            Sep. '13    $     -      $     -      $    -       $        -
022            Oct. '13     $   17,266   $ 17,266    $    -       $3,187,500     022            Oct. '13    $     -      $     -      $    -       $        -     022            Oct. '13    $     -      $     -      $    -       $        -
023            Nov. '13     $   17,266   $ 17,266    $    -       $3,187,500     023            Nov. '13    $     -      $     -      $    -       $        -     023            Nov. '13    $     -      $     -      $    -       $        -
024            Dec. '13     $   17,266   $ 17,266    $    -       $3,187,500     024            Dec. '13    $     -      $     -      $    -       $        -     024            Dec. '13    $     -      $     -      $    -       $        -
025            Jan. '14     $   18,098   $ 14,609    $ 3,489      $3,184,011     025            Jan. '14    $     -      $     -      $    -       $        -     025            Jan. '14    $     -      $     -      $    -       $        -
026            Feb. '14     $   18,098   $ 14,593    $ 3,505      $3,180,506     026            Feb. '14    $     -      $     -      $    -       $        -     026            Feb. '14    $     -      $     -      $    -       $        -
027            Mar. '14     $   18,098   $ 14,577    $ 3,521      $3,176,985     027            Mar. '14    $     -      $     -      $    -       $        -     027            Mar. '14    $     -      $     -      $    -       $        -
028            Apr. '14     $   18,098   $ 14,561    $ 3,537      $3,173,448     028            Apr. '14    $     -      $     -      $    -       $        -     028            Apr. '14    $     -      $     -      $    -       $        -
029            May. '14     $   18,098   $ 14,545    $ 3,553      $3,169,895     029            May. '14    $     -      $     -      $    -       $        -     029            May. '14    $     -      $     -      $    -       $        -
030            Jun. '14     $   18,098   $ 14,529    $ 3,570      $3,166,325     030            Jun. '14    $     -      $     -      $    -       $        -     030            Jun. '14    $     -      $     -      $    -       $        -
031             Jul. '14    $   18,098   $ 14,512    $ 3,586      $3,162,739     031             Jul. '14   $     -      $     -      $    -       $        -     031             Jul. '14   $     -      $     -      $    -       $        -
032            Aug. '14     $   18,098   $ 14,496    $ 3,602      $3,159,137     032            Aug. '14    $     -      $     -      $    -       $        -     032            Aug. '14    $     -      $     -      $    -       $        -
033            Sep. '14     $   18,098   $ 14,479    $ 3,619      $3,155,518     033            Sep. '14    $     -      $     -      $    -       $        -     033            Sep. '14    $     -      $     -      $    -       $        -
034            Oct. '14     $   18,098   $ 14,463    $ 3,635      $3,151,883     034            Oct. '14    $     -      $     -      $    -       $        -     034            Oct. '14    $     -      $     -      $    -       $        -
035            Nov. '14     $   18,098   $ 14,446    $ 3,652      $3,148,230     035            Nov. '14    $     -      $     -      $    -       $        -     035            Nov. '14    $     -      $     -      $    -       $        -
036            Dec. '14     $   18,098   $ 14,429    $ 3,669      $3,144,562     036            Dec. '14    $     -      $     -      $    -       $        -     036            Dec. '14    $     -      $     -      $    -       $        -
037            Jan. '15     $   18,098   $ 14,413    $ 3,686      $3,140,876     037            Jan. '15    $     -      $     -      $    -       $        -     037            Jan. '15    $     -      $     -      $    -       $        -
038            Feb. '15     $   18,098   $ 14,396    $ 3,703      $3,137,173     038            Feb. '15    $     -      $     -      $    -       $        -     038            Feb. '15    $     -      $     -      $    -       $        -
039            Mar. '15     $   18,098   $ 14,379    $ 3,720      $3,133,454     039            Mar. '15    $     -      $     -      $    -       $        -     039            Mar. '15    $     -      $     -      $    -       $        -
040            Apr. '15     $   18,098   $ 14,362    $ 3,737      $3,129,717     040            Apr. '15    $     -      $     -      $    -       $        -     040            Apr. '15    $     -      $     -      $    -       $        -
041            May. '15     $   18,098   $ 14,345    $ 3,754      $3,125,963     041            May. '15    $     -      $     -      $    -       $        -     041            May. '15    $     -      $     -      $    -       $        -
042            Jun. '15     $   18,098   $ 14,327    $ 3,771      $3,122,192     042            Jun. '15    $     -      $     -      $    -       $        -     042            Jun. '15    $     -      $     -      $    -       $        -
043             Jul. '15    $   18,098   $ 14,310    $ 3,788      $3,118,404     043             Jul. '15   $     -      $     -      $    -       $        -     043             Jul. '15   $     -      $     -      $    -       $        -
044            Aug. '15     $   18,098   $ 14,293    $ 3,806      $3,114,599     044            Aug. '15    $     -      $     -      $    -       $        -     044            Aug. '15    $     -      $     -      $    -       $        -
045            Sep. '15     $   18,098   $ 14,275    $ 3,823      $3,110,776     045            Sep. '15    $     -      $     -      $    -       $        -     045            Sep. '15    $     -      $     -      $    -       $        -
046            Oct. '15     $   18,098   $ 14,258    $ 3,841      $3,106,935     046            Oct. '15    $     -      $     -      $    -       $        -     046            Oct. '15    $     -      $     -      $    -       $        -
047            Nov. '15     $   18,098   $ 14,240    $ 3,858      $3,103,077     047            Nov. '15    $     -      $     -      $    -       $        -     047            Nov. '15    $     -      $     -      $    -       $        -
048            Dec. '15     $   18,098   $ 14,222    $ 3,876      $3,099,201     048            Dec. '15    $     -      $     -      $    -       $        -     048            Dec. '15    $     -      $     -      $    -       $        -
049            Jan. '16     $   18,098   $ 14,205    $ 3,894      $3,095,307     049            Jan. '16    $     -      $     -      $    -       $        -     049            Jan. '16    $     -      $     -      $    -       $        -
050            Feb. '16     $   18,098   $ 14,187    $ 3,911      $3,091,396     050            Feb. '16    $     -      $     -      $    -       $        -     050            Feb. '16    $     -      $     -      $    -       $        -
051            Mar. '16     $   18,098   $ 14,169    $ 3,929      $3,087,467     051            Mar. '16    $     -      $     -      $    -       $        -     051            Mar. '16    $     -      $     -      $    -       $        -
052            Apr. '16     $   18,098   $ 14,151    $ 3,947      $3,083,519     052            Apr. '16    $     -      $     -      $    -       $        -     052            Apr. '16    $     -      $     -      $    -       $        -
053            May. '16     $   18,098   $ 14,133    $ 3,965      $3,079,554     053            May. '16    $     -      $     -      $    -       $        -     053            May. '16    $     -      $     -      $    -       $        -
054            Jun. '16     $   18,098   $ 14,115    $ 3,984      $3,075,570     054            Jun. '16    $     -      $     -      $    -       $        -     054            Jun. '16    $     -      $     -      $    -       $        -
055             Jul. '16    $   18,098   $ 14,096    $ 4,002      $3,071,568     055             Jul. '16   $     -      $     -      $    -       $        -     055             Jul. '16   $     -      $     -      $    -       $        -
056            Aug. '16     $   18,098   $ 14,078    $ 4,020      $3,067,548     056            Aug. '16    $     -      $     -      $    -       $        -     056            Aug. '16    $     -      $     -      $    -       $        -
057            Sep. '16     $   18,098   $ 14,060    $ 4,039      $3,063,509     057            Sep. '16    $     -      $     -      $    -       $        -     057            Sep. '16    $     -      $     -      $    -       $        -
058            Oct. '16     $   18,098   $ 14,041    $ 4,057      $3,059,452     058            Oct. '16    $     -      $     -      $    -       $        -     058            Oct. '16    $     -      $     -      $    -       $        -
059            Nov. '16     $   18,098   $ 14,022    $ 4,076      $3,055,376     059            Nov. '16    $     -      $     -      $    -       $        -     059            Nov. '16    $     -      $     -      $    -       $        -
060            Dec. '16     $   18,098   $ 14,004    $ 4,094      $3,051,282     060            Dec. '16    $     -      $     -      $    -       $        -     060            Dec. '16    $     -      $     -      $    -       $        -
061            Jan. '17     $   18,098   $ 13,985    $ 4,113      $3,047,169     061            Jan. '17    $     -      $     -      $    -       $        -     061            Jan. '17    $     -      $     -      $    -       $        -
062            Feb. '17     $   18,098   $ 13,966    $ 4,132      $3,043,036     062            Feb. '17    $     -      $     -      $    -       $        -     062            Feb. '17    $     -      $     -      $    -       $        -
063            Mar. '17     $   18,098   $ 13,947    $ 4,151      $3,038,885     063            Mar. '17    $     -      $     -      $    -       $        -     063            Mar. '17    $     -      $     -      $    -       $        -
064            Apr. '17     $   18,098   $ 13,928    $ 4,170      $3,034,715     064            Apr. '17    $     -      $     -      $    -       $        -     064            Apr. '17    $     -      $     -      $    -       $        -
065            May. '17     $   18,098   $ 13,909    $ 4,189      $3,030,526     065            May. '17    $     -      $     -      $    -       $        -     065            May. '17    $     -      $     -      $    -       $        -
066            Jun. '17     $   18,098   $ 13,890    $ 4,208      $3,026,318     066            Jun. '17    $     -      $     -      $    -       $        -     066            Jun. '17    $     -      $     -      $    -       $        -
067             Jul. '17    $   18,098   $ 13,871    $ 4,228      $3,022,090     067             Jul. '17   $     -      $     -      $    -       $        -     067             Jul. '17   $     -      $     -      $    -       $        -
068            Aug. '17     $   18,098   $ 13,851    $ 4,247      $3,017,843     068            Aug. '17    $     -      $     -      $    -       $        -     068            Aug. '17    $     -      $     -      $    -       $        -
069            Sep. '17     $   18,098   $ 13,832    $ 4,266      $3,013,577     069            Sep. '17    $     -      $     -      $    -       $        -     069            Sep. '17    $     -      $     -      $    -       $        -
070            Oct. '17     $   18,098   $ 13,812    $ 4,286      $3,009,291     070            Oct. '17    $     -      $     -      $    -       $        -     070            Oct. '17    $     -      $     -      $    -       $        -
071            Nov. '17     $   18,098   $ 13,793    $ 4,306      $3,004,985     071            Nov. '17    $     -      $     -      $    -       $        -     071            Nov. '17    $     -      $     -      $    -       $        -
072            Dec. '17     $   18,098   $ 13,773    $ 4,325      $3,000,659     072            Dec. '17    $     -      $     -      $    -       $        -     072            Dec. '17    $     -      $     -      $    -       $        -
073            Jan. '18     $   18,098   $ 13,753    $ 4,345      $2,996,314     073            Jan. '18    $     -      $     -      $    -       $        -     073            Jan. '18    $     -      $     -      $    -       $        -
074            Feb. '18     $   18,098   $ 13,733    $ 4,365      $2,991,949     074            Feb. '18    $     -      $     -      $    -       $        -     074            Feb. '18    $     -      $     -      $    -       $        -
075            Mar. '18     $   18,098   $ 13,713    $ 4,385      $2,987,564     075            Mar. '18    $     -      $     -      $    -       $        -     075            Mar. '18    $     -      $     -      $    -       $        -
076            Apr. '18     $   18,098   $ 13,693    $ 4,405      $2,983,159     076            Apr. '18    $     -      $     -      $    -       $        -     076            Apr. '18    $     -      $     -      $    -       $        -
077            May. '18     $   18,098   $ 13,673    $ 4,425      $2,978,733     077            May. '18    $     -      $     -      $    -       $        -     077            May. '18    $     -      $     -      $    -       $        -
078            Jun. '18     $   18,098   $ 13,653    $ 4,446      $2,974,287     078            Jun. '18    $     -      $     -      $    -       $        -     078            Jun. '18    $     -      $     -      $    -       $        -
079             Jul. '18    $   18,098   $ 13,632    $ 4,466      $2,969,821     079             Jul. '18   $     -      $     -      $    -       $        -     079             Jul. '18   $     -      $     -      $    -       $        -
080            Aug. '18     $   18,098   $ 13,612    $ 4,487      $2,965,335     080            Aug. '18    $     -      $     -      $    -       $        -     080            Aug. '18    $     -      $     -      $    -       $        -
081            Sep. '18     $   18,098   $ 13,591    $ 4,507      $2,960,828     081            Sep. '18    $     -      $     -      $    -       $        -     081            Sep. '18    $     -      $     -      $    -       $        -
082            Oct. '18     $   18,098   $ 13,570    $ 4,528      $2,956,300     082            Oct. '18    $     -      $     -      $    -       $        -     082            Oct. '18    $     -      $     -      $    -       $        -
083            Nov. '18     $   18,098   $ 13,550    $ 4,549      $2,951,751     083            Nov. '18    $     -      $     -      $    -       $        -     083            Nov. '18    $     -      $     -      $    -       $        -
084            Dec. '18     $   18,098   $ 13,529    $ 4,569      $2,947,182     084            Dec. '18    $     -      $     -      $    -       $        -     084            Dec. '18    $     -      $     -      $    -       $        -
085            Jan. '19     $   18,098   $ 13,508    $ 4,590      $2,942,591     085            Jan. '19    $     -      $     -      $    -       $        -     085            Jan. '19    $     -      $     -      $    -       $        -
086            Feb. '19     $   18,098   $ 13,487    $ 4,611      $2,937,980     086            Feb. '19    $     -      $     -      $    -       $        -     086            Feb. '19    $     -      $     -      $    -       $        -
087            Mar. '19     $   18,098   $ 13,466    $ 4,633      $2,933,347     087            Mar. '19    $     -      $     -      $    -       $        -     087            Mar. '19    $     -      $     -      $    -       $        -
088            Apr. '19     $   18,098   $ 13,445    $ 4,654      $2,928,694     088            Apr. '19    $     -      $     -      $    -       $        -     088            Apr. '19    $     -      $     -      $    -       $        -
089            May. '19     $   18,098   $ 13,423    $ 4,675      $2,924,019     089            May. '19    $     -      $     -      $    -       $        -     089            May. '19    $     -      $     -      $    -       $        -
090            Jun. '19     $   18,098   $ 13,402    $ 4,697      $2,919,322     090            Jun. '19    $     -      $     -      $    -       $        -     090            Jun. '19    $     -      $     -      $    -       $        -
091             Jul. '19    $   18,098   $ 13,380    $ 4,718      $2,914,604     091             Jul. '19   $     -      $     -      $    -       $        -     091             Jul. '19   $     -      $     -      $    -       $        -
092            Aug. '19     $   18,098   $ 13,359    $ 4,740      $2,909,864     092            Aug. '19    $     -      $     -      $    -       $        -     092            Aug. '19    $     -      $     -      $    -       $        -
093            Sep. '19     $   18,098   $ 13,337    $ 4,761      $2,905,103     093            Sep. '19    $     -      $     -      $    -       $        -     093            Sep. '19    $     -      $     -      $    -       $        -
094            Oct. '19     $   18,098   $ 13,315    $ 4,783      $2,900,320     094            Oct. '19    $     -      $     -      $    -       $        -     094            Oct. '19    $     -      $     -      $    -       $        -
095            Nov. '19     $   18,098   $ 13,293    $ 4,805      $2,895,515     095            Nov. '19    $     -      $     -      $    -       $        -     095            Nov. '19    $     -      $     -      $    -       $        -
096            Dec. '19     $   18,098   $ 13,271    $ 4,827      $2,890,687     096            Dec. '19    $     -      $     -      $    -       $        -     096            Dec. '19    $     -      $     -      $    -       $        -
097            Jan. '20     $   18,098   $ 13,249    $ 4,849      $2,885,838     097            Jan. '20    $     -      $     -      $    -       $        -     097            Jan. '20    $     -      $     -      $    -       $        -
098            Feb. '20     $   18,098   $ 13,227    $ 4,872      $2,880,967     098            Feb. '20    $     -      $     -      $    -       $        -     098            Feb. '20    $     -      $     -      $    -       $        -
099            Mar. '20     $   18,098   $ 13,204    $ 4,894      $2,876,073     099            Mar. '20    $     -      $     -      $    -       $        -     099            Mar. '20    $     -      $     -      $    -       $        -
100            Apr. '20     $   18,098   $ 13,182    $ 4,916      $2,871,156     100            Apr. '20    $     -      $     -      $    -       $        -     100            Apr. '20    $     -      $     -      $    -       $        -
101            May. '20     $   18,098   $ 13,159    $ 4,939      $2,866,218     101            May. '20    $     -      $     -      $    -       $        -     101            May. '20    $     -      $     -      $    -       $        -
102            Jun. '20     $   18,098   $ 13,137    $ 4,961      $2,861,256     102            Jun. '20    $     -      $     -      $    -       $        -     102            Jun. '20    $     -      $     -      $    -       $        -
103             Jul. '20    $   18,098   $ 13,114    $ 4,984      $2,856,272     103             Jul. '20   $     -      $     -      $    -       $        -     103             Jul. '20   $     -      $     -      $    -       $        -
104            Aug. '20     $   18,098   $ 13,091    $ 5,007      $2,851,265     104            Aug. '20    $     -      $     -      $    -       $        -     104            Aug. '20    $     -      $     -      $    -       $        -
105            Sep. '20     $   18,098   $ 13,068    $ 5,030      $2,846,235     105            Sep. '20    $     -      $     -      $    -       $        -     105            Sep. '20    $     -      $     -      $    -       $        -
106            Oct. '20     $   18,098   $ 13,045    $ 5,053      $2,841,182     106            Oct. '20    $     -      $     -      $    -       $        -     106            Oct. '20    $     -      $     -      $    -       $        -
107            Nov. '20     $   18,098   $ 13,022    $ 5,076      $2,836,106     107            Nov. '20    $     -      $     -      $    -       $        -     107            Nov. '20    $     -      $     -      $    -       $        -
108            Dec. '20     $   18,098   $ 12,999    $ 5,099      $2,831,006     108            Dec. '20    $     -      $     -      $    -       $        -     108            Dec. '20    $     -      $     -      $    -       $        -
109            Jan. '21     $   18,098   $ 12,975    $ 5,123      $2,825,884     109            Jan. '21    $     -      $     -      $    -       $        -     109            Jan. '21    $     -      $     -      $    -       $        -
110            Feb. '21     $   18,098   $ 12,952    $ 5,146      $2,820,737     110            Feb. '21    $     -      $     -      $    -       $        -     110            Feb. '21    $     -      $     -      $    -       $        -
111            Mar. '21     $   18,098   $ 12,928    $ 5,170      $2,815,567     111            Mar. '21    $     -      $     -      $    -       $        -     111            Mar. '21    $     -      $     -      $    -       $        -
112            Apr. '21     $   18,098   $ 12,905    $ 5,194      $2,810,374     112            Apr. '21    $     -      $     -      $    -       $        -     112            Apr. '21    $     -      $     -      $    -       $        -
113            May. '21     $   18,098   $ 12,881    $ 5,217      $2,805,156     113            May. '21    $     -      $     -      $    -       $        -     113            May. '21    $     -      $     -      $    -       $        -
114            Jun. '21     $   18,098   $ 12,857    $ 5,241      $2,799,915     114            Jun. '21    $     -      $     -      $    -       $        -     114            Jun. '21    $     -      $     -      $    -       $        -
115             Jul. '21    $   18,098   $ 12,833    $ 5,265      $2,794,650     115             Jul. '21   $     -      $     -      $    -       $        -     115             Jul. '21   $     -      $     -      $    -       $        -
116            Aug. '21     $   18,098   $ 12,809    $ 5,289      $2,789,360     116            Aug. '21    $     -      $     -      $    -       $        -     116            Aug. '21    $     -      $     -      $    -       $        -
117            Sep. '21     $   18,098   $ 12,785    $ 5,314      $2,784,047     117            Sep. '21    $     -      $     -      $    -       $        -     117            Sep. '21    $     -      $     -      $    -       $        -
118            Oct. '21     $   18,098   $ 12,760    $ 5,338      $2,778,708     118            Oct. '21    $     -      $     -      $    -       $        -     118            Oct. '21    $     -      $     -      $    -       $        -
119            Nov. '21     $   18,098   $ 12,736    $ 5,363      $2,773,346     119            Nov. '21    $     -      $     -      $    -       $        -     119            Nov. '21    $     -      $     -      $    -       $        -
120            Dec. '21     $   18,098   $ 12,711    $ 5,387      $2,767,959     120            Dec. '21    $     -      $     -      $    -       $        -     120            Dec. '21    $     -      $     -      $    -       $        -
121            Jan. '22     $   18,098   $ 12,686    $ 5,412      $2,762,547     121            Jan. '22    $     -      $     -      $    -       $        -     121            Jan. '22    $     -      $     -      $    -       $        -
122            Feb. '22     $   18,098   $ 12,662    $ 5,437      $2,757,110     122            Feb. '22    $     -      $     -      $    -       $        -     122            Feb. '22    $     -      $     -      $    -       $        -
123            Mar. '22     $   18,098   $ 12,637    $ 5,462      $2,751,649     123            Mar. '22    $     -      $     -      $    -       $        -     123            Mar. '22    $     -      $     -      $    -       $        -
124            Apr. '22     $   18,098   $ 12,612    $ 5,487      $2,746,162     124            Apr. '22    $     -      $     -      $    -       $        -     124            Apr. '22    $     -      $     -      $    -       $        -
125            May. '22     $   18,098   $ 12,587    $ 5,512      $2,740,651     125            May. '22    $     -      $     -      $    -       $        -     125            May. '22    $     -      $     -      $    -       $        -
126            Jun. '22     $   18,098   $ 12,561    $ 5,537      $2,735,114     126            Jun. '22    $     -      $     -      $    -       $        -     126            Jun. '22    $     -      $     -      $    -       $        -
127             Jul. '22    $   18,098   $ 12,536    $ 5,562      $2,729,551     127             Jul. '22   $     -      $     -      $    -       $        -     127             Jul. '22   $     -      $     -      $    -       $        -
128            Aug. '22     $   18,098   $ 12,510    $ 5,588      $2,723,964     128            Aug. '22    $     -      $     -      $    -       $        -     128            Aug. '22    $     -      $     -      $    -       $        -
129            Sep. '22     $   18,098   $ 12,485    $ 5,613      $2,718,350     129            Sep. '22    $     -      $     -      $    -       $        -     129            Sep. '22    $     -      $     -      $    -       $        -
130            Oct. '22     $   18,098   $ 12,459    $ 5,639      $2,712,711     130            Oct. '22    $     -      $     -      $    -       $        -     130            Oct. '22    $     -      $     -      $    -       $        -
131            Nov. '22     $   18,098   $ 12,433    $ 5,665      $2,707,046     131            Nov. '22    $     -      $     -      $    -       $        -     131            Nov. '22    $     -      $     -      $    -       $        -
132            Dec. '22     $   18,098   $ 12,407    $ 5,691      $2,701,355     132            Dec. '22    $     -      $     -      $    -       $        -     132            Dec. '22    $     -      $     -      $    -       $        -
133            Jan. '23     $   18,098   $ 12,381    $ 5,717      $2,695,638     133            Jan. '23    $     -      $     -      $    -       $        -     133            Jan. '23    $     -      $     -      $    -       $        -
134            Feb. '23     $   18,098   $ 12,355    $ 5,743      $2,689,895     134            Feb. '23    $     -      $     -      $    -       $        -     134            Feb. '23    $     -      $     -      $    -       $        -
135            Mar. '23     $   18,098   $ 12,329    $ 5,770      $2,684,125     135            Mar. '23    $     -      $     -      $    -       $        -     135            Mar. '23    $     -      $     -      $    -       $        -
136            Apr. '23     $   18,098   $ 12,302    $ 5,796      $2,678,329     136            Apr. '23    $     -      $     -      $    -       $        -     136            Apr. '23    $     -      $     -      $    -       $        -
137            May. '23     $   18,098   $ 12,276    $ 5,823      $2,672,506     137            May. '23    $     -      $     -      $    -       $        -     137            May. '23    $     -      $     -      $    -       $        -
138            Jun. '23     $   18,098   $ 12,249    $ 5,849      $2,666,657     138            Jun. '23    $     -      $     -      $    -       $        -     138            Jun. '23    $     -      $     -      $    -       $        -
139             Jul. '23    $   18,098   $ 12,222    $ 5,876      $2,660,781     139             Jul. '23   $     -      $     -      $    -       $        -     139             Jul. '23   $     -      $     -      $    -       $        -
140            Aug. '23     $   18,098   $ 12,195    $ 5,903      $2,654,878     140            Aug. '23    $     -      $     -      $    -       $        -     140            Aug. '23    $     -      $     -      $    -       $        -
141            Sep. '23     $   18,098   $ 12,168    $ 5,930      $2,648,948     141            Sep. '23    $     -      $     -      $    -       $        -     141            Sep. '23    $     -      $     -      $    -       $        -
142            Oct. '23     $   18,098   $ 12,141    $ 5,957      $2,642,991     142            Oct. '23    $     -      $     -      $    -       $        -     142            Oct. '23    $     -      $     -      $    -       $        -
143            Nov. '23     $   18,098   $ 12,114    $ 5,985      $2,637,006     143            Nov. '23    $     -      $     -      $    -       $        -     143            Nov. '23    $     -      $     -      $    -       $        -
144            Dec. '23     $   18,098   $ 12,086    $ 6,012      $2,630,994     144            Dec. '23    $     -      $     -      $    -       $        -     144            Dec. '23    $     -      $     -      $    -       $        -
145            Jan. '24     $   18,098   $ 12,059    $ 6,040      $2,624,955     145            Jan. '24    $     -      $     -      $    -       $        -     145            Jan. '24    $     -      $     -      $    -       $        -
146            Feb. '24     $   18,098   $ 12,031    $ 6,067      $2,618,887     146            Feb. '24    $     -      $     -      $    -       $        -     146            Feb. '24    $     -      $     -      $    -       $        -
147            Mar. '24     $   18,098   $ 12,003    $ 6,095      $2,612,792     147            Mar. '24    $     -      $     -      $    -       $        -     147            Mar. '24    $     -      $     -      $    -       $        -
148            Apr. '24     $   18,098   $ 11,975    $ 6,123      $2,606,669     148            Apr. '24    $     -      $     -      $    -       $        -     148            Apr. '24    $     -      $     -      $    -       $        -
149            May. '24     $   18,098   $ 11,947    $ 6,151      $2,600,518     149            May. '24    $     -      $     -      $    -       $        -     149            May. '24    $     -      $     -      $    -       $        -
150            Jun. '24     $   18,098   $ 11,919    $ 6,179      $2,594,339     150            Jun. '24    $     -      $     -      $    -       $        -     150            Jun. '24    $     -      $     -      $    -       $        -
151             Jul. '24    $   18,098   $ 11,891    $ 6,208      $2,588,131     151             Jul. '24   $     -      $     -      $    -       $        -     151             Jul. '24   $     -      $     -      $    -       $        -
152            Aug. '24     $   18,098   $ 11,862    $ 6,236      $2,581,895     152            Aug. '24    $     -      $     -      $    -       $        -     152            Aug. '24    $     -      $     -      $    -       $        -
153            Sep. '24     $   18,098   $ 11,834    $ 6,265      $2,575,631     153            Sep. '24    $     -      $     -      $    -       $        -     153            Sep. '24    $     -      $     -      $    -       $        -
154            Oct. '24     $   18,098   $ 11,805    $ 6,293      $2,569,338     154            Oct. '24    $     -      $     -      $    -       $        -     154            Oct. '24    $     -      $     -      $    -       $        -
155            Nov. '24     $   18,098   $ 11,776    $ 6,322      $2,563,015     155            Nov. '24    $     -      $     -      $    -       $        -     155            Nov. '24    $     -      $     -      $    -       $        -
156            Dec. '24     $   18,098   $ 11,747    $ 6,351      $2,556,664     156            Dec. '24    $     -      $     -      $    -       $        -     156            Dec. '24    $     -      $     -      $    -       $        -
157            Jan. '25     $   18,098   $ 11,718    $ 6,380      $2,550,284     157            Jan. '25    $     -      $     -      $    -       $        -     157            Jan. '25    $     -      $     -      $    -       $        -
158            Feb. '25     $   18,098   $ 11,689    $ 6,409      $2,543,875     158            Feb. '25    $     -      $     -      $    -       $        -     158            Feb. '25    $     -      $     -      $    -       $        -
159            Mar. '25     $   18,098   $ 11,659    $ 6,439      $2,537,436     159            Mar. '25    $     -      $     -      $    -       $        -     159            Mar. '25    $     -      $     -      $    -       $        -
160            Apr. '25     $   18,098   $ 11,630    $ 6,468      $2,530,967     160            Apr. '25    $     -      $     -      $    -       $        -     160            Apr. '25    $     -      $     -      $    -       $        -
161            May. '25     $   18,098   $ 11,600    $ 6,498      $2,524,469     161            May. '25    $     -      $     -      $    -       $        -     161            May. '25    $     -      $     -      $    -       $        -
162            Jun. '25     $   18,098   $ 11,570    $ 6,528      $2,517,942     162            Jun. '25    $     -      $     -      $    -       $        -     162            Jun. '25    $     -      $     -      $    -       $        -
163             Jul. '25    $   18,098   $ 11,541    $ 6,558      $2,511,384     163             Jul. '25   $     -      $     -      $    -       $        -     163             Jul. '25   $     -      $     -      $    -       $        -
164            Aug. '25     $   18,098   $ 11,511    $ 6,588      $2,504,796     164            Aug. '25    $     -      $     -      $    -       $        -     164            Aug. '25    $     -      $     -      $    -       $        -
165            Sep. '25     $   18,098   $ 11,480    $ 6,618      $2,498,178     165            Sep. '25    $     -      $     -      $    -       $        -     165            Sep. '25    $     -      $     -      $    -       $        -
166            Oct. '25     $   18,098   $ 11,450    $ 6,648      $2,491,530     166            Oct. '25    $     -      $     -      $    -       $        -     166            Oct. '25    $     -      $     -      $    -       $        -
167            Nov. '25     $   18,098   $ 11,420    $ 6,679      $2,484,851     167            Nov. '25    $     -      $     -      $    -       $        -     167            Nov. '25    $     -      $     -      $    -       $        -
168            Dec. '25     $   18,098   $ 11,389    $ 6,709      $2,478,142     168            Dec. '25    $     -      $     -      $    -       $        -     168            Dec. '25    $     -      $     -      $    -       $        -
169            Jan. '26     $   18,098   $ 11,358    $ 6,740      $2,471,402     169            Jan. '26    $     -      $     -      $    -       $        -     169            Jan. '26    $     -      $     -      $    -       $        -
170            Feb. '26     $   18,098   $ 11,327    $ 6,771      $2,464,631     170            Feb. '26    $     -      $     -      $    -       $        -     170            Feb. '26    $     -      $     -      $    -       $        -
171            Mar. '26     $   18,098   $ 11,296    $ 6,802      $2,457,829     171            Mar. '26    $     -      $     -      $    -       $        -     171            Mar. '26    $     -      $     -      $    -       $        -
172            Apr. '26     $   18,098   $ 11,265    $ 6,833      $2,450,995     172            Apr. '26    $     -      $     -      $    -       $        -     172            Apr. '26    $     -      $     -      $    -       $        -
173            May. '26     $   18,098   $ 11,234    $ 6,865      $2,444,131     173            May. '26    $     -      $     -      $    -       $        -     173            May. '26    $     -      $     -      $    -       $        -
174            Jun. '26     $   18,098   $ 11,202    $ 6,896      $2,437,235     174            Jun. '26    $     -      $     -      $    -       $        -     174            Jun. '26    $     -      $     -      $    -       $        -
175             Jul. '26    $   18,098   $ 11,171    $ 6,928      $2,430,307     175             Jul. '26   $     -      $     -      $    -       $        -     175             Jul. '26   $     -      $     -      $    -       $        -
176            Aug. '26     $   18,098   $ 11,139    $ 6,959      $2,423,348     176            Aug. '26    $     -      $     -      $    -       $        -     176            Aug. '26    $     -      $     -      $    -       $        -
177            Sep. '26     $   18,098   $ 11,107    $ 6,991      $2,416,357     177            Sep. '26    $     -      $     -      $    -       $        -     177            Sep. '26    $     -      $     -      $    -       $        -
178            Oct. '26     $   18,098   $ 11,075    $ 7,023      $2,409,333     178            Oct. '26    $     -      $     -      $    -       $        -     178            Oct. '26    $     -      $     -      $    -       $        -
179            Nov. '26     $   18,098   $ 11,043    $ 7,055      $2,402,278     179            Nov. '26    $     -      $     -      $    -       $        -     179            Nov. '26    $     -      $     -      $    -       $        -
180            Dec. '26     $   18,098   $ 11,010    $ 7,088      $2,395,190     180            Dec. '26    $     -      $     -      $    -       $        -     180            Dec. '26    $     -      $     -      $    -       $        -
181            Jan. '27     $   18,098   $ 10,978    $ 7,120      $2,388,070     181            Jan. '27    $     -      $     -      $    -       $        -     181            Jan. '27    $     -      $     -      $    -       $        -
182            Feb. '27     $   18,098   $ 10,945    $ 7,153      $2,380,917     182            Feb. '27    $     -      $     -      $    -       $        -     182            Feb. '27    $     -      $     -      $    -       $        -
183            Mar. '27     $   18,098   $ 10,913    $ 7,186      $2,373,731     183            Mar. '27    $     -      $     -      $    -       $        -     183            Mar. '27    $     -      $     -      $    -       $        -
184            Apr. '27     $   18,098   $ 10,880    $ 7,219      $2,366,512     184            Apr. '27    $     -      $     -      $    -       $        -     184            Apr. '27    $     -      $     -      $    -       $        -
185            May. '27     $   18,098   $ 10,847    $ 7,252      $2,359,260     185            May. '27    $     -      $     -      $    -       $        -     185            May. '27    $     -      $     -      $    -       $        -
186            Jun. '27     $   18,098   $ 10,813    $ 7,285      $2,351,975     186            Jun. '27    $     -      $     -      $    -       $        -     186            Jun. '27    $     -      $     -      $    -       $        -
187             Jul. '27    $   18,098   $ 10,780    $ 7,318      $2,344,657     187             Jul. '27   $     -      $     -      $    -       $        -     187             Jul. '27   $     -      $     -      $    -       $        -
188            Aug. '27     $   18,098   $ 10,746    $ 7,352      $2,337,305     188            Aug. '27    $     -      $     -      $    -       $        -     188            Aug. '27    $     -      $     -      $    -       $        -
189            Sep. '27     $   18,098   $ 10,713    $ 7,386      $2,329,919     189            Sep. '27    $     -      $     -      $    -       $        -     189            Sep. '27    $     -      $     -      $    -       $        -
190            Oct. '27     $   18,098   $ 10,679    $ 7,419      $2,322,500     190            Oct. '27    $     -      $     -      $    -       $        -     190            Oct. '27    $     -      $     -      $    -       $        -
191            Nov. '27     $   18,098   $ 10,645    $ 7,453      $2,315,047     191            Nov. '27    $     -      $     -      $    -       $        -     191            Nov. '27    $     -      $     -      $    -       $        -
192            Dec. '27     $   18,098   $ 10,611    $ 7,488      $2,307,559     192            Dec. '27    $     -      $     -      $    -       $        -     192            Dec. '27    $     -      $     -      $    -       $        -
193            Jan. '28     $   18,098   $ 10,576    $ 7,522      $2,300,037     193            Jan. '28    $     -      $     -      $    -       $        -     193            Jan. '28    $     -      $     -      $    -       $        -
194            Feb. '28     $   18,098   $ 10,542    $ 7,556      $2,292,480     194            Feb. '28    $     -      $     -      $    -       $        -     194            Feb. '28    $     -      $     -      $    -       $        -
195            Mar. '28     $   18,098   $ 10,507    $ 7,591      $2,284,889     195            Mar. '28    $     -      $     -      $    -       $        -     195            Mar. '28    $     -      $     -      $    -       $        -
196            Apr. '28     $   18,098   $ 10,472    $ 7,626      $2,277,264     196            Apr. '28    $     -      $     -      $    -       $        -     196            Apr. '28    $     -      $     -      $    -       $        -
197            May. '28     $   18,098   $ 10,437    $ 7,661      $2,269,603     197            May. '28    $     -      $     -      $    -       $        -     197            May. '28    $     -      $     -      $    -       $        -
198            Jun. '28     $   18,098   $ 10,402    $ 7,696      $2,261,907     198            Jun. '28    $     -      $     -      $    -       $        -     198            Jun. '28    $     -      $     -      $    -       $        -
199             Jul. '28    $   18,098   $ 10,367    $ 7,731      $2,254,176     199             Jul. '28   $     -      $     -      $    -       $        -     199             Jul. '28   $     -      $     -      $    -       $        -
200            Aug. '28     $   18,098   $ 10,332    $ 7,767      $2,246,409     200            Aug. '28    $     -      $     -      $    -       $        -     200            Aug. '28    $     -      $     -      $    -       $        -
201            Sep. '28     $   18,098   $ 10,296    $ 7,802      $2,238,607     201            Sep. '28    $     -      $     -      $    -       $        -     201            Sep. '28    $     -      $     -      $    -       $        -
202            Oct. '28     $   18,098   $ 10,260    $ 7,838      $2,230,769     202            Oct. '28    $     -      $     -      $    -       $        -     202            Oct. '28    $     -      $     -      $    -       $        -
203            Nov. '28     $   18,098   $ 10,224    $ 7,874      $2,222,895     203            Nov. '28    $     -      $     -      $    -       $        -     203            Nov. '28    $     -      $     -      $    -       $        -
204            Dec. '28     $   18,098   $ 10,188    $ 7,910      $2,214,985     204            Dec. '28    $     -      $     -      $    -       $        -     204            Dec. '28    $     -      $     -      $    -       $        -
205            Jan. '29     $   18,098   $ 10,152    $ 7,946      $2,207,039     205            Jan. '29    $     -      $     -      $    -       $        -     205            Jan. '29    $     -      $     -      $    -       $        -
206            Feb. '29     $   18,098   $ 10,116    $ 7,983      $2,199,056     206            Feb. '29    $     -      $     -      $    -       $        -     206            Feb. '29    $     -      $     -      $    -       $        -
207            Mar. '29     $   18,098   $ 10,079    $ 8,019      $2,191,037     207            Mar. '29    $     -      $     -      $    -       $        -     207            Mar. '29    $     -      $     -      $    -       $        -
208            Apr. '29     $   18,098   $ 10,042    $ 8,056      $2,182,981     208            Apr. '29    $     -      $     -      $    -       $        -     208            Apr. '29    $     -      $     -      $    -       $        -
209            May. '29     $   18,098   $ 10,005    $ 8,093      $2,174,888     209            May. '29    $     -      $     -      $    -       $        -     209            May. '29    $     -      $     -      $    -       $        -
210            Jun. '29     $   18,098   $ 9,968     $ 8,130      $2,166,758     210            Jun. '29    $     -      $     -      $    -       $        -     210            Jun. '29    $     -      $     -      $    -       $        -
211             Jul. '29    $   18,098   $ 9,931     $ 8,167      $2,158,590     211             Jul. '29   $     -      $     -      $    -       $        -     211             Jul. '29   $     -      $     -      $    -       $        -
212            Aug. '29     $   18,098   $ 9,894     $ 8,205      $2,150,386     212            Aug. '29    $     -      $     -      $    -       $        -     212            Aug. '29    $     -      $     -      $    -       $        -
213            Sep. '29     $   18,098   $ 9,856     $ 8,242      $2,142,143     213            Sep. '29    $     -      $     -      $    -       $        -     213            Sep. '29    $     -      $     -      $    -       $        -
214            Oct. '29     $   18,098   $ 9,818     $ 8,280      $2,133,863     214            Oct. '29    $     -      $     -      $    -       $        -     214            Oct. '29    $     -      $     -      $    -       $        -
215            Nov. '29     $   18,098   $ 9,780     $ 8,318      $2,125,545     215            Nov. '29    $     -      $     -      $    -       $        -     215            Nov. '29    $     -      $     -      $    -       $        -
216            Dec. '29     $   18,098   $ 9,742     $ 8,356      $2,117,189     216            Dec. '29    $     -      $     -      $    -       $        -     216            Dec. '29    $     -      $     -      $    -       $        -
217            Jan. '30     $   18,098   $ 9,704     $ 8,394      $2,108,794     217            Jan. '30    $     -      $     -      $    -       $        -     217            Jan. '30    $     -      $     -      $    -       $        -
218            Feb. '30     $   18,098   $ 9,665     $ 8,433      $2,100,361     218            Feb. '30    $     -      $     -      $    -       $        -     218            Feb. '30    $     -      $     -      $    -       $        -
219            Mar. '30     $   18,098   $ 9,627     $ 8,472      $2,091,890     219            Mar. '30    $     -      $     -      $    -       $        -     219            Mar. '30    $     -      $     -      $    -       $        -
220            Apr. '30     $   18,098   $ 9,588     $ 8,510      $2,083,379     220            Apr. '30    $     -      $     -      $    -       $        -     220            Apr. '30    $     -      $     -      $    -       $        -
221            May. '30     $   18,098   $ 9,549     $ 8,549      $2,074,830     221            May. '30    $     -      $     -      $    -       $        -     221            May. '30    $     -      $     -      $    -       $        -
222            Jun. '30     $   18,098   $ 9,510     $ 8,589      $2,066,241     222            Jun. '30    $     -      $     -      $    -       $        -     222            Jun. '30    $     -      $     -      $    -       $        -
223             Jul. '30    $   18,098   $ 9,470     $ 8,628      $2,057,613     223             Jul. '30   $     -      $     -      $    -       $        -     223             Jul. '30   $     -      $     -      $    -       $        -
224            Aug. '30     $   18,098   $ 9,431     $ 8,668      $2,048,946     224            Aug. '30    $     -      $     -      $    -       $        -     224            Aug. '30    $     -      $     -      $    -       $        -
225            Sep. '30     $   18,098   $ 9,391     $ 8,707      $2,040,238     225            Sep. '30    $     -      $     -      $    -       $        -     225            Sep. '30    $     -      $     -      $    -       $        -
226            Oct. '30     $   18,098   $ 9,351     $ 8,747      $2,031,491     226            Oct. '30    $     -      $     -      $    -       $        -     226            Oct. '30    $     -      $     -      $    -       $        -
227            Nov. '30     $   18,098   $ 9,311     $ 8,787      $2,022,704     227            Nov. '30    $     -      $     -      $    -       $        -     227            Nov. '30    $     -      $     -      $    -       $        -
228            Dec. '30     $   18,098   $ 9,271     $ 8,828      $2,013,876     228            Dec. '30    $     -      $     -      $    -       $        -     228            Dec. '30    $     -      $     -      $    -       $        -
229            Jan. '31     $   18,098   $ 9,230     $ 8,868      $2,005,008     229            Jan. '31    $     -      $     -      $    -       $        -     229            Jan. '31    $     -      $     -      $    -       $        -
230            Feb. '31     $   18,098   $ 9,190     $ 8,909      $1,996,100     230            Feb. '31    $     -      $     -      $    -       $        -     230            Feb. '31    $     -      $     -      $    -       $        -
231            Mar. '31     $   18,098   $ 9,149     $ 8,949      $1,987,150     231            Mar. '31    $     -      $     -      $    -       $        -     231            Mar. '31    $     -      $     -      $    -       $        -
232            Apr. '31     $   18,098   $ 9,108     $ 8,991      $1,978,160     232            Apr. '31    $     -      $     -      $    -       $        -     232            Apr. '31    $     -      $     -      $    -       $        -
233            May. '31     $   18,098   $ 9,067     $ 9,032      $1,969,128     233            May. '31    $     -      $     -      $    -       $        -     233            May. '31    $     -      $     -      $    -       $        -
234            Jun. '31     $   18,098   $ 9,025     $ 9,073      $1,960,055     234            Jun. '31    $     -      $     -      $    -       $        -     234            Jun. '31    $     -      $     -      $    -       $        -
235             Jul. '31    $   18,098   $ 8,984     $ 9,115      $1,950,940     235             Jul. '31   $     -      $     -      $    -       $        -     235             Jul. '31   $     -      $     -      $    -       $        -
236            Aug. '31     $   18,098   $ 8,942     $ 9,156      $1,941,784     236            Aug. '31    $     -      $     -      $    -       $        -     236            Aug. '31    $     -      $     -      $    -       $        -
237            Sep. '31     $   18,098   $ 8,900     $ 9,198      $1,932,585     237            Sep. '31    $     -      $     -      $    -       $        -     237            Sep. '31    $     -      $     -      $    -       $        -
238            Oct. '31     $   18,098   $ 8,858     $ 9,241      $1,923,345     238            Oct. '31    $     -      $     -      $    -       $        -     238            Oct. '31    $     -      $     -      $    -       $        -
239            Nov. '31     $   18,098   $ 8,815     $ 9,283      $1,914,062     239            Nov. '31    $     -      $     -      $    -       $        -     239            Nov. '31    $     -      $     -      $    -       $        -
240            Dec. '31     $   18,098   $ 8,773     $ 9,325      $1,904,736     240            Dec. '31    $     -      $     -      $    -       $        -     240            Dec. '31    $     -      $     -      $    -       $        -
241            Jan. '32     $   18,098   $ 8,730     $ 9,368      $1,895,368     241            Jan. '32    $     -      $     -      $    -       $        -     241            Jan. '32    $     -      $     -      $    -       $        -
242            Feb. '32     $   18,098   $ 8,687     $ 9,411      $1,885,957     242            Feb. '32    $     -      $     -      $    -       $        -     242            Feb. '32    $     -      $     -      $    -       $        -
243            Mar. '32     $   18,098   $ 8,644     $ 9,454      $1,876,503     243            Mar. '32    $     -      $     -      $    -       $        -     243            Mar. '32    $     -      $     -      $    -       $        -
244            Apr. '32     $   18,098   $ 8,601     $ 9,498      $1,867,005     244            Apr. '32    $     -      $     -      $    -       $        -     244            Apr. '32    $     -      $     -      $    -       $        -
245            May. '32     $   18,098   $ 8,557     $ 9,541      $1,857,464     245            May. '32    $     -      $     -      $    -       $        -     245            May. '32    $     -      $     -      $    -       $        -
246            Jun. '32     $   18,098   $ 8,513     $ 9,585      $1,847,879     246            Jun. '32    $     -      $     -      $    -       $        -     246            Jun. '32    $     -      $     -      $    -       $        -
247             Jul. '32    $   18,098   $ 8,469     $ 9,629      $1,838,250     247             Jul. '32   $     -      $     -      $    -       $        -     247             Jul. '32   $     -      $     -      $    -       $        -
248            Aug. '32     $   18,098   $ 8,425     $ 9,673      $1,828,577     248            Aug. '32    $     -      $     -      $    -       $        -     248            Aug. '32    $     -      $     -      $    -       $        -
249            Sep. '32     $   18,098   $ 8,381     $ 9,717      $1,818,860     249            Sep. '32    $     -      $     -      $    -       $        -     249            Sep. '32    $     -      $     -      $    -       $        -
250            Oct. '32     $   18,098   $ 8,336     $ 9,762      $1,809,098     250            Oct. '32    $     -      $     -      $    -       $        -     250            Oct. '32    $     -      $     -      $    -       $        -
251            Nov. '32     $   18,098   $ 8,292     $ 9,807      $1,799,291     251            Nov. '32    $     -      $     -      $    -       $        -     251            Nov. '32    $     -      $     -      $    -       $        -
252            Dec. '32     $   18,098   $ 8,247     $ 9,852      $1,789,440     252            Dec. '32    $     -      $     -      $    -       $        -     252            Dec. '32    $     -      $     -      $    -       $        -
253            Jan. '33     $   18,098   $ 8,202     $ 9,897      $1,779,543     253            Jan. '33    $     -      $     -      $    -       $        -     253            Jan. '33    $     -      $     -      $    -       $        -
254            Feb. '33     $   18,098   $ 8,156     $ 9,942      $1,769,601     254            Feb. '33    $     -      $     -      $    -       $        -     254            Feb. '33    $     -      $     -      $    -       $        -
255            Mar. '33     $   18,098   $ 8,111     $ 9,988      $1,759,614     255            Mar. '33    $     -      $     -      $    -       $        -     255            Mar. '33    $     -      $     -      $    -       $        -
256            Apr. '33     $   18,098   $ 8,065     $ 10,033     $1,749,580     256            Apr. '33    $     -      $     -      $    -       $        -     256            Apr. '33    $     -      $     -      $    -       $        -
257            May. '33     $   18,098   $ 8,019     $ 10,079     $1,739,501     257            May. '33    $     -      $     -      $    -       $        -     257            May. '33    $     -      $     -      $    -       $        -
258            Jun. '33     $   18,098   $ 7,973     $ 10,126     $1,729,375     258            Jun. '33    $     -      $     -      $    -       $        -     258            Jun. '33    $     -      $     -      $    -       $        -
259             Jul. '33    $   18,098   $ 7,926     $ 10,172     $1,719,203     259             Jul. '33   $     -      $     -      $    -       $        -     259             Jul. '33   $     -      $     -      $    -       $        -
260            Aug. '33     $   18,098   $ 7,880     $ 10,219     $1,708,985     260            Aug. '33    $     -      $     -      $    -       $        -     260            Aug. '33    $     -      $     -      $    -       $        -
261            Sep. '33     $   18,098   $ 7,833     $ 10,265     $1,698,719     261            Sep. '33    $     -      $     -      $    -       $        -     261            Sep. '33    $     -      $     -      $    -       $        -
262            Oct. '33     $   18,098   $ 7,786     $ 10,312     $1,688,407     262            Oct. '33    $     -      $     -      $    -       $        -     262            Oct. '33    $     -      $     -      $    -       $        -
263            Nov. '33     $   18,098   $ 7,739     $ 10,360     $1,678,047     263            Nov. '33    $     -      $     -      $    -       $        -     263            Nov. '33    $     -      $     -      $    -       $        -
264            Dec. '33     $   18,098   $ 7,691     $ 10,407     $1,667,640     264            Dec. '33    $     -      $     -      $    -       $        -     264            Dec. '33    $     -      $     -      $    -       $        -
265            Jan. '34     $   18,098   $ 7,643     $ 10,455     $1,657,185     265            Jan. '34    $     -      $     -      $    -       $        -     265            Jan. '34    $     -      $     -      $    -       $        -
266            Feb. '34     $   18,098   $ 7,595     $ 10,503     $1,646,682     266            Feb. '34    $     -      $     -      $    -       $        -     266            Feb. '34    $     -      $     -      $    -       $        -
267            Mar. '34     $   18,098   $ 7,547     $ 10,551     $1,636,131     267            Mar. '34    $     -      $     -      $    -       $        -     267            Mar. '34    $     -      $     -      $    -       $        -
268            Apr. '34     $   18,098   $ 7,499     $ 10,599     $1,625,532     268            Apr. '34    $     -      $     -      $    -       $        -     268            Apr. '34    $     -      $     -      $    -       $        -
269            May. '34     $   18,098   $ 7,450     $ 10,648     $1,614,884     269            May. '34    $     -      $     -      $    -       $        -     269            May. '34    $     -      $     -      $    -       $        -
270            Jun. '34     $   18,098   $ 7,402     $ 10,697     $1,604,187     270            Jun. '34    $     -      $     -      $    -       $        -     270            Jun. '34    $     -      $     -      $    -       $        -
271             Jul. '34    $   18,098   $ 7,353     $ 10,746     $1,593,441     271             Jul. '34   $     -      $     -      $    -       $        -     271             Jul. '34   $     -      $     -      $    -       $        -
272            Aug. '34     $   18,098   $ 7,303     $ 10,795     $1,582,646     272            Aug. '34    $     -      $     -      $    -       $        -     272            Aug. '34    $     -      $     -      $    -       $        -
273            Sep. '34     $   18,098   $ 7,254     $ 10,844     $1,571,802     273            Sep. '34    $     -      $     -      $    -       $        -     273            Sep. '34    $     -      $     -      $    -       $        -
274            Oct. '34     $   18,098   $ 7,204     $ 10,894     $1,560,908     274            Oct. '34    $     -      $     -      $    -       $        -     274            Oct. '34    $     -      $     -      $    -       $        -
275            Nov. '34     $   18,098   $ 7,154     $ 10,944     $1,549,964     275            Nov. '34    $     -      $     -      $    -       $        -     275            Nov. '34    $     -      $     -      $    -       $        -
276            Dec. '34     $   18,098   $ 7,104     $ 10,994     $1,538,969     276            Dec. '34    $     -      $     -      $    -       $        -     276            Dec. '34    $     -      $     -           -
                                                                     Rent Roll
                                                                    Acquisition Date         1/1/2012
                                                   Unit Breakdown                                                                                Turnovers
                                                 Lease
                                               Begin/Most                                               Proforma      Proforma
                                                Recent                       Previous    Current            (Yr 1)        Rents                                Turnover
     Unit #      Bedroom Bathroom    Sq.Ft      Renewal     Lease End    Year Rents          Rents          Rents     Annualized    Turnover %   $/Turnover        $/yr

       1            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       2            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       3            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       4            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       5            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       6            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       7            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       8            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
       9            2        1       1,000      1/1/2012    12/31/2012   $       1,000   $     1,100    $     1,325   $    13,200      15%       $      500    $          75
      10            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      11            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      12            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      13            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      14            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      15            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      16            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      17            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      18            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      19            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      20            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      21            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      22            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      23            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      24            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      25            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      26            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      27            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      28            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      29            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      30            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      31            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      32            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      33            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      34            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      35            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      36            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      37            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      38            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      39            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      40            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      41            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      42            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      43            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      44            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      45            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      46            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      47            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      48            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      49            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75
      50            2        1        850       1/1/2012    12/31/2012   $         950   $     1,000    $     1,200   $    12,000      15%       $      500    $          75

                                                 Lease                                                  Proforma      Proforma
                                               Begin/Most                    Previous    Current            (Yr 1)        Rents                                Turnover
     Type        Bedroom Bathroom    Sq.Ft      Recent      Lease End    Year Rents          Rents          Rents   Annualized Turnover %        $/Turnover        $/yr
Total                  54       55    43,850     N/A           N/A       $    47,950     $    50,900    $    61,125 $ 610,800      N/A           $ 132,500     $     3,750
Minimum               N/A      N/A       850     N/A           N/A       $       950     $     1,000    $     1,200 $ 12,000      15%            $       500   $         75
Maximum               N/A      N/A     1,000     N/A           N/A       $     1,000     $     1,100    $     1,325 $ 13,200      15%            $       500   $         75
Average/Unit          N/A      N/A       877     N/A           N/A       $       959     $     1,018    $     1,223 $ 12,216      15%            $     2,500   $         71
Average/Sq.Ft.        N/A      N/A    N/A        N/A           N/A       $      1.09     $      1.16    $      1.39 $   13.93      0%            $      3.02   $       0.09
                                                                                        Income & Expenses
Acquisition Date:             Jan. 2012
Sale Date:                    Dec. 2021

Number of Units:                  54
                                                  Previous Year                                        Current Year*                                           Pro Forma (Yr 1)
                                                                                                   * Figures Annualized
                                                                                                                                                 Pro Forma
Results from Operations                                 2011              Per Unit      Note               2012             Per Unit      Note       %              2013              Per Unit     Note

Market Rent                                       $          575,400       10,656        1         $             630,000     11,667        2                   $           610,800     11,311       3
            Loss to Lease %                                        4.1%                                              2.7%                                                     2.5%
   Loss to Lease                                  $          (23,850)        (442)                 $             (17,000)      (315)                  2.50%    $           (15,270)      (283)
Gross Potential Rent                              $          551,550       10,214                  $             613,000     11,352                            $           595,530     11,028
            Vacancy Loss %                                      10.9%                                                9.8%                                                     7.5%
      Vacancy                                     $          (60,000)       (1,111)                $             (60,000)     (1,111)                 7.50%    $           (44,665)      (827)
            Other Rental Loss %                                    1.7%                                              1.2%                                                    1.25%
   Bad Debt                                       $           (2,758)          (51)                $              (1,166)        (22)                 0.50%    $            (2,978)       (55)
   Concessions                                    $           (6,500)        (120)                 $              (6,000)      (111)                  0.75%    $            (4,466)       (83)
  Total Rent Loss                                 $          (69,258)       (1,283)                $             (67,166)     (1,244)                 1.25%    $           (52,109)      (965)


      Damages/Cleaning/Forfeited Deposits         $             7,586                              $               2,500         46                   1.50%    $             8,933        165
      Late Fees                                   $            31,528         584                  $               3,000         56                   5.00%    $            29,777        551
      Reimbursements                              $               -             -                  $               2,000         37                   0.00%    $               -           -
      Misc. Items                                 $             1,265          23                  $               5,000         93                   0.25%    $             1,489         28
      Total Other Income                          $            40,379         748                  $              12,500        231                   6.75%    $            40,198        744


      EGI                                         $          522,671        9,679                  $             558,334     10,340                            $           583,619     10,808


      Mgt. Fee                                    $            27,500         509                  $              27,000        500                   5.00%    $            29,181        540


         Payroll                                  $          115,098        2,131                  $             130,000      2,407                            $           146,460      2,712
         Payroll Taxes & Benefits                 $            8,654          160                  $               9,000        167                   7.50%    $            10,985        203


         Bookkeeping & Accounting                 $            18,500         343                  $              11,796        218                            $            20,000        370
         Legal & Professional                     $             3,675          68                  $                 -            -                            $             2,500         46
         Office Supplies & Other                  $               968          18                  $                 516         10                            $               850         16
         Total Administrative                     $            23,143         429                  $              12,312        228                            $            23,350        432


         Turnover                                 $             4,580          85                  $               1,736         32                            $             3,750         69
         Plumbing / HVAC                          $             2,245          42                  $               2,800         52                            $             2,523         47
         Janitorial                               $             3,157          58                  $               4,000         74                            $             3,800         70
         Landscaping                              $               -             -                  $                 -            -                            $               -           -
         Pest Control                             $             1,985          37                  $               2,000         37                            $             2,500         46
         Fire & Safety                            $             1,786          33                  $               1,000         19                            $             2,000         37
         Security                                 $             4,589          85                  $               1,500         28                            $             5,000         93
         Total Repairs & Maintenance              $            18,342         340                  $              13,036        241                            $            19,573        362
                                                                                -                                                 -                                                        -
         Promotional & Advertising                $                526         10                  $               2,000         37                            $             5,000         93


         Electricity     (vacant and/or common)   $             1,658          31                  $               1,700         31                            $             1,250         23
         Gas             (vacant and/or common)   $               -             -                  $                 -            -                            $               -           -
         Water                                    $             2,586          48                  $               3,000         56                            $             3,500         65
         Sewer                                    $             3,487          65                  $               3,500         65                            $             4,200         78
         Cable                                    $               -             -                  $                 -            -                            $               -           -
         Garbage Collection                       $             6,215      115.09                  $               7,000     129.63                            $             7,500     138.89
         Total Utilities                          $            13,946         258                  $              15,200        281                            $            16,450        305


         Real Estate Taxes                        $            65,328       1,210                  $              64,000      1,185                            $            53,729        995
         Property Insurance                       $            11,538         214                  $              12,000        222                            $            12,000        222


      Operating Expenses                          $          284,075        5,261                  $             284,548      5,269                            $           316,727      5,865
      Replacement Reserves                        $              -                  -              $                 -                -          $200 PUPY     $            10,800        200
      Total Expenses                              $          284,075        5,261                  $             284,548      5,269                            $           327,527      6,065
      Total Expenses as % of EGI                                54.4%               0                               51.0%             0                                      56.1%             0


NOI                                                          238,596        4,418                                273,786      5,070                                        256,092      4,742




                                                                                                                                                  Compared
                                                      Jun-11 YTD                                                                                 to Previous
Results from Operations                                                                                                                             Year
                                                                                                         Annualized
      Market Rent                                            315,000                                            630,000                            575,400
      Loss to Lease                                           (8,500)                                            (17,000)                          (23,850)

      Gross Potential Rent                                   306,500                                             613,000                           551,550

      Vacancy                                                (30,000)                                            (60,000)                           (60,000)

      Bad Debt                                                  (583)                                             (1,166)                            (2,758)
      Concessions                                             (3,000)                                             (6,000)                            (6,500)
        Total Rent Loss                                      (33,583)                                            (67,166)                           (69,258)

      Damages/Cleaning/Forfeited Deposits                       1,250                          -                   2,500                              7,586
      Late Fees                                                 1,500                                              3,000                             31,528
      Reimbursements                                            1,000                                              2,000                                  -
      Misc. Items                                               2,500                                              5,000                              1,265
      Total Other Income                                        6,250                                             12,500                             40,379

      EGI                                                    279,167                                             558,334                           522,671
                                                                                                                                                         -
                                                                                                                                                     #REF!
      Mgt. Fee                                                 13,500                                             27,000                            27,500
                                                                                                                                                         -
      Payroll                                                  65,000                                            130,000                           115,098
      Payroll Taxes & Benefits                                  4,500                                              9,000                             8,654
                                                                                                                                                         -
      Bookkeeping & Accounting                                  5,898                          -                  11,796                            18,500
      Legal & Professional                                         -                                                   -                             3,675
      Office Supplies & Other                                     258                          -                     516                               968
      Total Administrative                                      6,156                                             12,312                            23,143
                                                                                                                                                         -
      Turnover                                                    868                          -                   1,736                             4,580
      Plumbing / HVAC                                           1,400                                              2,800                             2,245
      Janitorial                                                2,000                                              4,000                             3,157
      Landscaping                                                  -                                                   -                                 -
      Pest Control                                              1,000                                              2,000                             1,985
      Fire & Safety                                               500                                              1,000                             1,786
      Security                                                    750                                              1,500                             4,589
      Total Repairs & Maintenance                               6,518                                             13,036                            18,342
                                                                                                                                                         -
      Promotional & Advertising                                 1,000                                              2,000                               526
                                                                                                                                                         -
                                                                                                                                                     #REF!
      Electricity                                                 850                                              1,700                             1,658
      Gas                                                          -                                                   -                                 -
      Water                                                     1,500                                              3,000                             2,586
      Sewer                                                     1,750                                              3,500                             3,487
      Cable                                                        -                                                   -                                 -
      Garbage Collection                                        3,500                                              7,000                             6,215
      Total Utilities                                           7,600                                             15,200                            13,946
                                                                                                                                                         -
      Real Estate Taxes                                        32,000                                             64,000                            65,328
      Property Insurance                                        6,000                                             12,000                            11,538
                                                                                                                                                         -
      Operating Expenses                                     128,774                                             257,548                           284,075
      Replacement Reserves                                         -                                                   -                                 -
      Total Expenses                                         142,274                                             284,548                           284,075
      Total Expenses as % of EGI                                51.0%                                             101.9%                                 1
                                                                                                                                                         -
      NOI                                                    136,893                                             273,786                           238,596
                                    Income & Expenses - Notes
Note #


    1    Example Comment…..
    2    Second Example Comment….
    3
    4
    5
    6
    7
    8
    9
   10
                                                                                  Growth Rates
Market Rent Forecast                                                                                                 Annual Growth Rates
                                                                  yr. 1        yr. 2        yr. 3        yr. 4        yr. 5        yr. 6         yr. 7     yr. 8     yr. 9     yr. 10
                                           Pro Forma = Yr 1       N/A           2.00%        2.50%        3.00%         3.00%       3.00%         3.00%     3.00%     3.00%      3.00%
                                              "Pro Forma"
Market Rent                                        610,800       610,800      623,016      638,591      657,749       677,482     697,806        718,740   740,302   762,512   785,387



Vacancies, Concessions & Write-Offs                                                                              Percentage (%) of Market Rent
                                                                  yr. 1        yr. 2        yr. 3        yr. 4         yr. 5        yr. 6        yr. 7     yr. 8     yr. 9     yr. 10
                                               "Pro Forma"
Loss To Lease                                         2.50%        2.50%        2.50%         2.50%        1.50%       1.50%        1.50%        1.50%       1.50%     1.50%     1.50%
                                                                                                            Percentage (%) of Gross Potential Rent
Vacancy                                               7.50%        7.50%        6.50%         5.50%        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%        0.50%       0.50%        0.25%        0.25%       0.25%     0.25%     0.25%



Other Income Forecast                                                                                                Annual Growth Rates
                                                                  yr. 1        yr. 2        yr. 3        yr. 4        yr. 5        yr. 6         yr. 7     yr. 8     yr. 9     yr. 10
                                                                  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                        8,933        8,933        9,112        9,294         9,480        9,669        9,863        10,060    10,261    10,466    10,676
     Late Fees                                       29,777       29,777       30,372       30,979        31,599       32,231       32,876        33,533    34,204    34,888    35,586
     Reimbursements                                      -             -            -            -             -            -            -             -         -         -         -
     Misc. Items                                      1,489        1,489        1,519        1,549         1,580        1,612        1,644         1,677     1,710     1,744     1,779
Other Income                                         40,198       40,198       41,002       41,822        42,659       43,512       44,382        45,270    46,175    47,099    48,041



Operating Expenses Forecast                                                                                          Annual Growth Rates

Management Fee               5.00% of EGI            29,181       29,181       30,068       31,121        32,583       33,540       34,610        35,626    36,672    37,749    38,858
Payroll Tax & Benefits      7.50% of Payroll         10,985       10,985       11,259       11,541        11,887       12,303       12,764        13,275    13,839    14,462    15,149

                                                                  yr. 1        yr. 2        yr. 3        yr. 4         yr. 5       yr. 6         yr. 7     yr. 8     yr. 9     yr. 10
                                                                  N/A           2.50%        2.50%        3.00%         3.50%       3.75%         4.00%     4.25%     4.50%      4.75%
                                               "Pro Forma"
 Payroll                                            146,460      146,460      150,122      153,875      158,491       164,038     170,189        176,997   184,519   192,823   201,982
 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                                850          850          871          893          920           952         988          1,027     1,071     1,119     1,172
 Turnover                                             3,750        3,750        3,844        3,940        4,058         4,200       4,358          4,532     4,724     4,937     5,172
 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                           327,527      327,527      335,873      344,571      355,437       367,693     381,294        396,177   412,547   430,538   450,305


                                                                                 Terminal Capitalization Rate
                                                   yr. 0          yr. 1        yr. 2       yr. 3        yr. 4          yr. 5       yr. 6         yr. 7     yr. 8     yr. 9     yr. 10
Terminal CAP Rate*                                     6.03%       6.07%        6.12%       6.17%         6.22%         6.26%       6.31%         6.36%     6.41%     6.45%      6.50%


                                                                                 Terminal Capitalization Rate
                                                   yr. 0          yr. 1        yr. 2       yr. 3        yr. 4          yr. 5       yr. 6         yr. 7     yr. 8     yr. 9     yr. 10
Variable Interest Rates**                              5.75%       6.00%        6.25%       6.50%         6.75%         7.00%       7.25%         7.50%     7.50%     7.75%      8.00%


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
** The Variable Interest Rate you expect to prevail by the end of each year
                                                                                           10-Year Cash Flow
Acquisition Date:                     Jan. 2012                                        yr. 1          yr. 2          yr. 3          yr. 4          yr. 5          yr. 6          yr. 7          yr. 8          yr. 9          yr. 10
Sale Date:                            Dec. 2021                                       12 mos.        12 mos.        12 mos.        12 mos.        12 mos.        12 mos.        12 mos.        12 mos.        12 mos.        11 mos.
                                                                        Year Begins   Jan. '12       Jan. '13       Jan. '14       Jan. '15       Jan. '16       Jan. '17       Jan. '18       Jan. '19       Jan. '20       Jan. '21
Number of Units:                         54

Results from Operations                               Pro Forma (Yr 1) Per Unit
Market Rent                                                   610,800      11,311      610,800        623,016        638,591        657,749        677,482        697,806        718,740        740,302        762,512        785,387
       Loss to Lease %                                           2.5%                      2.5%           2.5%           2.5%           1.5%           1.5%           1.5%           1.5%           1.5%           1.5%           1.5%
   Loss to Lease                              2.50%           (15,270)       (283)     (15,270)       (15,575)       (15,965)        (9,866)       (10,162)       (10,467)       (10,781)       (11,105)       (11,438)       (11,781)
Gross Potential Rent                                          595,530      11,028      595,530        607,441        622,627        647,883        667,319        687,339        707,959        729,198        751,074        773,606

       Vacancy Loss %                                            7.5%                      7.5%           6.5%           5.5%           5.0%           5.0%           5.0%           5.0%           5.0%           5.0%           5.0%
   Vacancy (blended)                          7.50%           (44,665)       (827)      (44,665)       (39,484)       (34,244)       (32,394)       (33,366)       (34,367)       (35,398)       (36,460)       (37,554)       (38,680)
       Other Rental Loss %                                       1.3%                      1.3%           1.3%           1.3%           1.0%           1.0%           0.8%           0.8%           0.8%           0.8%           0.8%
   Bad Debt                                   0.50%            (2,978)        (55)       (2,978)        (3,037)        (3,113)        (3,239)        (3,337)        (3,437)        (3,540)        (3,646)        (3,755)        (3,868)
   Concessions                                0.75%            (4,466)        (83)       (4,466)        (4,556)        (4,670)        (3,239)        (3,337)        (1,718)        (1,770)        (1,823)        (1,878)        (1,934)
  Total Rent Loss                                             (52,109)      (965)       (52,109)       (47,077)       (42,027)       (38,873)       (40,039)       (39,522)       (40,708)       (41,929)       (43,187)       (44,482)

   Damages/Cleaning/Deposits                  1.50%             8,933         165        8,933          9,112          9,294          9,480          9,669          9,863         10,060         10,261         10,466          10,676
   Late Fees                                  5.00%            29,777         551       29,777         30,372         30,979         31,599         32,231         32,876         33,533         34,204         34,888          35,586
   Reimbursements                             0.00%                -           -             -              -              -              -              -              -              -              -              -               -
   Misc. Items                                0.25%             1,489          28        1,489          1,519          1,549          1,580          1,612          1,644          1,677          1,710          1,744           1,779
   Total Other Income                         6.75%            40,198         744       40,198         41,002         41,822         42,659         43,512         44,382         45,270         46,175         47,099          48,041

   EGI                                                        583,619      10,808      583,619        601,366        622,422        651,669        670,792        692,199        712,521        733,444        754,986        777,164

   Mgt. Fee                                   5.00%            29,181         540       29,181         30,068         31,121         32,583         33,540         34,610         35,626         36,672         37,749          38,858

      Payroll                                                 146,460       2,712      146,460        150,122        153,875        158,491        164,038        170,189        176,997        184,519        192,823        201,982
      Payroll Taxes & Benefits                7.50%            10,985         203       10,985         11,259         11,541         11,887         12,303         12,764         13,275         13,839         14,462         15,149

      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                                     850                      850            871            893            920            952            988          1,027          1,071          1,119           1,172
      Total Administrative                                     23,350         432       23,350         23,934         24,532         25,268         26,152         27,133         28,218         29,418         30,742          32,202

      Turnover                                                  3,750                    3,750          3,844          3,940          4,058          4,200          4,358          4,532          4,724          4,937           5,172
      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                              19,573         362       19,573         20,062         20,564         21,181         21,922         22,744         23,654         24,659         25,769          26,993
                                                                               -
      Promotional & Advertising                                 5,000          93        5,000          5,125          5,253          5,411          5,600          5,810          6,043          6,299          6,583           6,895

      Electricity (vacant and/or common)                        1,250          23        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          65        3,500          3,588          3,677          3,788          3,920          4,067          4,230          4,410          4,608           4,827
      Sewer                                                     4,200          78        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         139        7,500          7,688          7,880          8,116          8,400          8,715          9,064          9,449          9,874          10,343
      Total Utilities                                          16,450         305       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         995       53,729         55,072         56,449         58,142         60,177         62,434         64,931         67,690         70,737          74,097
      Property Insurance                                       12,000         222       12,000         12,300         12,608         12,986         13,440         13,944         14,502         15,118         15,799          16,549

   Operating Expenses                      3.64%              316,727       5,865      316,727        324,803        333,224        343,750        355,597        368,744        383,125        398,940        416,319        435,411
   Replacement Reserves               $200 PU/PY               10,800         200       10,800         11,070         11,347         11,687         12,096         12,550         13,052         13,607         14,219         14,894
   Total Operating Expenses                                   327,527       6,065      327,527        335,873        344,571        355,437        367,693        381,294        396,177        412,547        430,538        450,305
   Total Expenses as % of EGI                                   56.1%                     56.1%          55.9%          55.4%          54.5%          54.8%          55.1%          55.6%          56.2%          57.0%          57.9%

NOI                                                           256,092       4,742      256,092        265,493        277,851        296,232        303,099        310,905        316,344        320,897        324,447        326,860

Debt Service
Loan #1
   Total Debt Service                                                                  207,188        207,188        217,179        217,179        217,179        217,179        217,179        217,179        217,179        217,179

   Beginning Balance                                                                  3,187,500      3,187,500      3,187,500      3,144,562      3,099,201      3,051,282      3,000,659      2,947,182      2,890,687      2,831,006
   Principal                                                                                  -              -         42,938         45,361         47,919         50,622         53,478         56,494         59,681         63,048
   Ending Balance                                                                     3,187,500      3,187,500      3,144,562      3,099,201      3,051,282      3,000,659      2,947,182      2,890,687      2,831,006      2,767,959
   Debt Service Coverage Ratio (DSCR) Loan #1                                              1.24           1.28           1.28           1.36           1.40           1.43           1.46           1.48           1.49           1.51

Loan #2
   Interest                                                                                      -              -              -              -              -              -              -              -              -              -
   Principal                                                                                     -              -              -              -              -              -              -              -              -              -
   Total Debt Service                                                                            -              -              -              -              -              -              -              -              -              -

   Beginning Balance                                                                             -              -              -              -              -              -              -              -              -              -
   Principal                                                                                     -              -              -              -              -              -              -              -              -              -
   Ending Balance                                                                                -              -              -              -              -              -              -              -              -              -
   Debt Service Coverage Ratio (DSCR) Loan #1 + #2                                         1.24           1.28           1.28           1.36           1.40           1.43           1.46           1.48           1.49           1.51

Loan #3
   Interest                                                                                      -              -              -              -              -              -              -              -              -              -
   Principal                                                                                     -              -              -              -              -              -              -              -              -              -
   Total Debt Service                                                                            -              -              -              -              -              -              -              -              -              -

   Beginning Balance                                                                             -              -              -              -              -              -              -              -              -              -
   Principal                                                                                     -              -              -              -              -              -              -              -              -              -
   Ending Balance                                                                                -              -              -              -              -              -              -              -              -              -

   Debt Service Coverage Ratio (DSCR) Loan #1 + #2 + #3                                    1.24           1.28           1.28           1.36           1.40           1.43           1.46           1.48           1.49           1.51

Before Tax Cash Flow (BTCF)                                                             48,905         58,306         60,671         79,053         85,920         93,726         99,165        103,718        107,268        109,680

Residual Analysis
   Cap Rate                                   6.50%
   Gross Sale Proceeds                                                                       -              -              -              -              -              -              -              -              -       5,179,469
      Less: Transaction Costs                 5.50%                                          -              -              -              -              -              -              -              -              -        (284,871)
      Less: Other Costs                       3,500                                          -              -              -              -              -              -              -              -              -          (3,500)
   Net Sale Proceeds                                                                         -              -              -              -              -              -              -              -              -       4,891,098

                         Balance        PPP
   Loan #1                2,767,959      55,359                                              -              -              -              -              -              -              -              -              -       2,823,318
   Loan #2                       -            -                                              -              -              -              -              -              -              -              -              -               -
   Loan #3                       -            -                                              -              -              -              -              -              -              -              -              -               -
   Total                  2,767,959      55,359                                              -              -              -              -              -              -              -              -              -       2,823,318

Net Sale Proceeds After Debt                                                                 -              -              -              -              -              -              -              -              -       2,067,780
                                                                                             Pre-Tax IRR

                                                                  UNLEVERAGED ("ALL CASH") INTERNAL RATE OF RETURN
                                        Equity Invested =   4,387,500
                                            Total Debt =                              -

                                                                                                      POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR
                                                               yr. 1         yr. 2           yr. 3           yr. 4       yr. 5      yr. 6        yr. 7       yr. 8                yr. 9         yr. 10
                                            Year Begins      Jan. '12      Jan. '13        Jan. '14        Jan. '15    Jan. '16    Jan. '17    Jan. '18    Jan. '19              Jan. '20      Jan. '21
                                                                               3.7%            4.7%            6.6%          2.3%          2.6%          1.7%          1.4%          1.1%          0.7%
               (A)                              NOI           256,092       265,493         277,851         296,232       303,099       310,905       316,344       320,897       324,447       326,860
                                     Terminal Cap Rate          6.07%         6.12%           6.17%            6.22%        6.26%         6.31%         6.36%         6.41%         6.45%         6.50%
                                   Gross Sale Proceeds      4,371,602     4,539,627       4,802,729        4,876,570    4,964,277     5,013,152     5,047,372     5,065,423     5,065,573     5,179,469
                                       Total Cost of Sale    (243,938)     (253,179)       (267,650)        (271,711)    (276,535)     (279,223)     (281,105)     (282,098)     (282,107)     (288,371)
               (B)                  Net Sale Proceeds       4,127,664     4,286,448       4,535,079        4,604,858    4,687,741     4,733,928     4,766,267     4,783,325     4,783,467     4,891,098

                          Total Distributable (A+B)         4,383,756     4,551,941       4,812,929        4,901,090    4,990,841     5,044,834     5,082,611     5,104,222     5,107,914     5,217,958

                                                                                            POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR
                      All Cash                  yr. 0          yr. 1         yr. 2           yr. 3        yr. 4       yr. 5       yr. 6       yr. 7                  yr. 8         yr. 9        yr. 10
Year of Sale            IRR                   Dec. '11       Jan. '12      Jan. '13       Jan. '14     Jan. '15     Jan. '16    Jan. '17    Jan. '18               Jan. '19      Jan. '20      Jan. '21
      yr. 1               -0.09%             (4,387,500)    4,383,756               -              -            -            -           -           -                      -             -                 -
      yr. 2                4.94%             (4,387,500)      256,092     4,551,941                -            -            -           -           -                      -             -                 -
      yr. 3                7.30%             (4,387,500)      256,092       265,493       4,812,929             -            -           -           -                      -             -                 -
      yr. 4                7.53%             (4,387,500)      256,092       265,493         277,851    4,901,090             -           -           -                      -             -                 -
      yr. 5                7.72%             (4,387,500)      256,092       265,493         277,851      296,232   4,990,841             -           -                      -             -                 -
      yr. 6                7.74%             (4,387,500)      256,092       265,493         277,851      296,232     303,099   5,044,834             -                      -             -                 -
      yr. 7                7.72%             (4,387,500)      256,092       265,493         277,851      296,232     303,099     310,905   5,082,611                        -             -                 -
      yr. 8                7.68%             (4,387,500)      256,092       265,493         277,851      296,232     303,099     310,905     316,344              5,104,222               -                 -
      yr. 9                7.62%             (4,387,500)      256,092       265,493         277,851      296,232     303,099     310,905     316,344                320,897     5,107,914                   -
     yr. 10                7.75%             (4,387,500)      256,092       265,493         277,851      296,232     303,099     310,905     316,344                320,897       324,447     5,217,958



                                                                               LEVERAGED INTERNAL RATE OF RETURN
                                        Equity Invested =   1,263,750
                                            Total Debt =    3,123,750

                                                                                                      POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR
                                                               yr. 1         yr. 2           yr. 3           yr. 4       yr. 5      yr. 6        yr. 7       yr. 8                yr. 9         yr. 10
                                            Year Begins      Jan. '12      Jan. '13        Jan. '14        Jan. '15    Jan. '16    Jan. '17    Jan. '18    Jan. '19              Jan. '20      Jan. '21

                                                NOI           256,092       265,493         277,851         296,232       303,099       310,905       316,344       320,897       324,447       326,860
                                   Total Debt Service        (207,188)     (207,188)       (217,179)        (217,179)    (217,179)     (217,179)     (217,179)     (217,179)     (217,179)     (217,179)
               (C)     Before Tax Cash Flow (BTCF)             48,905        58,306          60,671           79,053       85,920        93,726        99,165       103,718       107,268       109,680

                                   Gross Sale Proceeds      4,371,602     4,539,627       4,802,729        4,876,570    4,964,277     5,013,152     5,047,372     5,065,423     5,065,573     5,179,469
                                       Total Cost of Sale    (243,938)     (253,179)       (267,650)        (271,711)    (276,535)     (279,223)     (281,105)     (282,098)     (282,107)     (288,371)
                           Total Balance Outstanding        (3,187,500)   (3,187,500)     (3,144,562)     (3,099,201)   (3,051,282)   (3,000,659)   (2,947,182)   (2,890,687)   (2,831,006)   (2,767,959)
                          Total Prepayment Penalties          (63,750)      (63,750)        (62,891)         (61,984)     (61,026)      (60,013)      (58,944)      (57,814)      (56,620)      (55,359)
               (D)                Net Sale Proceeds           876,414     1,035,198       1,327,626        1,443,673    1,575,434     1,673,256     1,760,142     1,834,824     1,895,840     2,067,780

               Total Before-Tax Distributable (C+D)           925,319     1,093,503       1,388,297        1,522,726    1,661,354     1,766,982     1,859,306     1,938,542     2,003,108     2,177,460


                                                                                            POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR
                     Leveraged                  yr. 0          yr. 1         yr. 2          yr. 3         yr. 4       yr. 5       yr. 6       yr. 7                  yr. 8         yr. 9        yr. 10
Year of Sale            IRR                   Dec. '11       Jan. '12      Jan. '13       Jan. '14     Jan. '15     Jan. '16    Jan. '17    Jan. '18               Jan. '19      Jan. '20      Jan. '21
      yr. 1            -27.23%               (1,263,750)      925,319               -              -            -            -           -           -                      -             -                 -
      yr. 2              -5.12%              (1,263,750)        48,905    1,093,503                -            -            -           -           -                      -             -                 -
      yr. 3               6.11%              (1,263,750)        48,905        58,306      1,388,297             -            -           -           -                      -             -                 -
      yr. 4               8.14%              (1,263,750)        48,905        58,306         60,671    1,522,726             -           -           -                      -             -                 -
      yr. 5               9.43%              (1,263,750)        48,905        58,306         60,671        79,053  1,661,354             -           -                      -             -                 -
      yr. 6               9.87%              (1,263,750)        48,905        58,306         60,671        79,053      85,920  1,766,982             -                      -             -                 -
      yr. 7              10.06%              (1,263,750)        48,905        58,306         60,671        79,053      85,920      93,726  1,859,306                        -             -                 -
      yr. 8              10.09%              (1,263,750)        48,905        58,306         60,671        79,053      85,920      93,726      99,165             1,938,542               -                 -
      yr. 9              10.03%              (1,263,750)        48,905        58,306         60,671        79,053      85,920      93,726      99,165               103,718     2,003,108                   -
     yr. 10              10.43%              (1,263,750)        48,905        58,306         60,671        79,053      85,920      93,726      99,165               103,718       107,268     2,177,460
                                                                                                      After-Tax IRR *
                                                 Amortization of Loan Points
                                                               Loan #1       Loan #2            Loan #3
                                  Amortization Period (yrs)      30 yrs       30 yrs             30 yrs

                              Total Amortized Loan Points       $21,250                $0             $0
                            Total Unamortized Loan Points       $42,500                $0             $0
                             Total Amortizable Loan Points      $63,750                $0             $0


                                                                                                        INCOME TAXES FROM OPERATIONS
                                                                                                                             Income Tax Calculations

                                                                 yr. 1           yr. 2            yr. 3           yr. 4        yr. 5         yr. 6         yr. 7          yr. 8         yr. 9        yr. 10
                                                               Jan. '12         Jan. '13        Jan. '14        Jan. '15      Jan. '16      Jan. '17      Jan. '18      Jan. '19      Jan. '20      Jan. '21

                                                      NOI       256,092          265,493         277,851         296,232       303,099        310,905      316,344       320,897       324,447       326,860
                                  Less: Interest Expenses      (207,188)        (207,188)       (174,241)       (171,819)     (169,260)      (166,557)    (163,702)     (160,685)     (157,498)     (154,132)
                              Less: Amortized Loan Points        (2,125)          (2,125)         (2,125)         (2,125)       (2,125)        (2,125)      (2,125)       (2,125)       (2,125)       (2,125)
                                      Less: Depreciation       (114,349)        (119,250)       (119,250)       (119,250)     (119,250)      (119,250)    (119,250)     (119,250)     (119,250)     (119,250)
                       Taxable Base (Before Carryforward)       (67,569)         (63,069)        (17,765)          3,038        12,464         22,973       31,267        38,837        45,574        51,353
                            Cumulative Carryforward Loss         (5,631)          (5,256)         (1,390)              -             -              -            -             -             -                   -
                        Taxable Base (After Carryforward)             -                -               -           3,038        12,464         22,973       31,267        38,837        45,574        51,353

                                  Income Taxes @ 35.0%                    -                -               -       1,063         4,363          8,041       10,944        13,593        15,951        17,974

                                                     NOI        256,092          265,493         277,851         296,232       303,099        310,905      316,344       320,897       324,447       326,860
                                      Less: Debt Service       (207,188)        (207,188)       (217,179)       (217,179)     (217,179)      (217,179)    (217,179)     (217,179)     (217,179)     (217,179)
                            Before Tax Cash Flow (BTCF)          48,905           58,306          60,671          79,053        85,920         93,726       99,165       103,718       107,268       109,680
                                                e
                                     Less: Incom Taxes                -                -               -          (1,063)       (4,363)        (8,041)     (10,944)      (13,593)      (15,951)      (17,974)
                            After Tax Cash Flow (ATCF)           48,905           58,306          60,671          77,989        81,558         85,685       88,221        90,125        91,317        91,707

                                                                               CAPITAL GAINS FROM DISPOSITION & RECAPUTRE OF DEPRECIATION
                                                                 yr. 1           yr. 2            yr. 3           yr. 4        yr. 5         yr. 6         yr. 7          yr. 8         yr. 9        yr. 10
                                                               Jan. '12         Jan. '13        Jan. '14        Jan. '15      Jan. '16      Jan. '17      Jan. '18      Jan. '19      Jan. '20      Jan. '21

                     Cummulative Depreciation / Recapture       114,349          233,599         352,849         472,099       591,349       710,599       829,849       949,099     1,068,349     1,187,599

               (A)            Recapture Taxes @ 25.0%                     -                -               -     118,025       147,837       177,650       207,462       237,275       267,087       296,900

                                         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       15,000           15,000          15,000          15,000        15,000         15,000       15,000        15,000         15,000        15,000
                                Plus: Capital Expenditures      122,500          122,500         122,500         122,500       122,500        122,500      122,500       122,500        122,500       122,500
                                                     Basis    4,387,500        4,387,500       4,387,500       4,387,500     4,387,500      4,387,500    4,387,500     4,387,500      4,387,500     4,387,500
                          Less: Cummulative Depreciation       (114,349)        (233,599)       (352,849)       (472,099)     (591,349)      (710,599)    (829,849)     (949,099)    (1,068,349)   (1,187,599)
                                           Adjusted Basis     4,273,151        4,153,901       4,034,651       3,915,401     3,796,151      3,676,901    3,557,651     3,438,401      3,319,151     3,199,901

                                              Sales Value      4,371,602        4,539,627       4,802,729       4,876,570     4,964,277     5,013,152     5,047,372     5,065,423     5,065,573     5,179,469
                                  Less: Total Cost of Sale      (243,938)        (253,179)       (267,650)       (271,711)     (276,535)     (279,223)     (281,105)     (282,098)     (282,107)     (288,371)
                           Less: Unamortized Loan Points         (61,625)         (59,500)        (57,375)        (55,250)      (53,125)      (51,000)      (48,875)      (46,750)      (44,625)      (42,500)
                                  Less: Accumulated Loss         (67,569)        (130,639)       (148,404)       (148,404)     (148,404)     (148,404)     (148,404)     (148,404)     (148,404)     (148,404)
                                     Less: Adjusted Basis     (4,273,151)      (4,153,901)     (4,034,651)     (3,915,401)   (3,796,151)   (3,676,901)   (3,557,651)   (3,438,401)   (3,319,151)   (3,199,901)
                                     Taxable Gain/ (Loss)       (274,681)         (57,592)        294,649         485,804       690,062       857,624     1,011,337     1,149,771     1,271,287     1,500,294

               (B)   State Capital Gains Taxes @ 9.3%                     -                -      27,491          45,325        64,383        80,016        94,358       107,274       118,611       139,977

                                     Taxable Gain/ (Loss)      (274,681)         (57,592)        294,649         485,804       690,062        857,624    1,011,337     1,149,771      1,271,287     1,500,294
                                         Less: Recapture       (114,349)        (233,599)       (352,849)       (472,099)     (591,349)      (710,599)    (829,849)     (949,099)    (1,068,349)   (1,187,599)
                                     Capital Gain/ (Loss)      (389,031)        (291,191)        (58,200)         13,705        98,713        147,025      181,488       200,671        202,938       312,694

               (C)    Fed. Capital Gains Taxes @ 15.0%                    -                -               -       2,056        14,807        22,054        27,223        30,101        30,441        46,904

                      Total Taxes Due at Sale (A+B+C)                     -                -      27,491         165,406       227,027       279,720       329,043       374,649       416,139       483,781


                                                                              AFTER-TAX INTERNAL RATE OF RETURN (ATIRR)
                                          Equity Invested =   1,263,750
                                              Total Debt =    3,123,750

                                                                                                         POTENTIAL RETURN FROM INVESTMENT AT END OF EACH YEAR
                                                                 yr. 1           yr. 2            yr. 3         yr. 4       yr. 5      yr. 6        yr. 7       yr. 8                   yr. 9        yr. 10
                                            Year Begins        Jan. '12         Jan. '13        Jan. '14      Jan. '15    Jan. '16    Jan. '17    Jan. '18    Jan. '19                Jan. '20      Jan. '21

               (D)         After-Tax Cash Flow (ATCF)            48,905           58,306          60,671          77,989        81,558        85,685        88,221        90,125        91,317        91,707

                                    Gross Sale Proceeds       4,371,602        4,539,627       4,802,729       4,876,570     4,964,277      5,013,152    5,047,372     5,065,423     5,065,573     5,179,469
                                        Total Cost of Sale     (243,938)        (253,179)       (267,650)       (271,711)     (276,535)      (279,223)    (281,105)     (282,098)     (282,107)     (288,371)
                                       Net Sale Proceeds      4,127,664        4,286,448       4,535,079       4,604,858     4,687,741      4,733,928    4,766,267     4,783,325     4,783,467     4,891,098
                               Total Balance Outstanding      (3,187,500)      (3,187,500)     (3,144,562)     (3,099,201)   (3,051,282)   (3,000,659)   (2,947,182)   (2,890,687)   (2,831,006)   (2,767,959)
                              Total Prepayment Penalties         (63,750)         (63,750)        (62,891)        (61,984)      (61,026)      (60,013)      (58,944)      (57,814)      (56,620)      (55,359)
                                  State Capital Gains Tax              -                -         (27,491)        (45,325)      (64,383)      (80,016)      (94,358)     (107,274)     (118,611)     (139,977)
                                   Federal Recapture Tax               -                -               -        (118,025)     (147,837)     (177,650)     (207,462)     (237,275)     (267,087)     (296,900)
                              Federal Capital Gains Taxes              -                -               -          (2,056)      (14,807)      (22,054)      (27,223)      (30,101)      (30,441)      (46,904)
                                After-Tax Sale Proceeds         876,414        1,035,198       1,300,135       1,278,267     1,348,407      1,393,536    1,431,098     1,460,175     1,479,701     1,583,999

               (E) Total After-Tax Distributable (D+E)          925,319        1,093,503       1,360,807       1,356,257     1,429,965      1,479,221    1,519,319     1,550,300     1,571,018     1,675,705

                                                                                               POTENTIAL RETURN ON INVESTMENT AT END OF EACH YEAR
                     Leveraged                  yr. 0            yr. 1           yr. 2           yr. 3        yr. 4      yr. 5       yr. 6        yr. 7                   yr. 8         yr. 9        yr. 10
Year of Sale           ATIRR                  Dec. '11         Jan. '12         Jan. '13       Jan. '14    Jan. '15    Jan. '16    Jan. '17     Jan. '18                Jan. '19      Jan. '20      Jan. '21
      yr. 1             -27.23%                (1,263,750)      925,319                  -              -           -           -           -            -                     -             -                   -
      yr. 2              -5.12%                (1,263,750)        48,905       1,093,503                -           -           -           -            -                     -             -                   -
      yr. 3               5.42%                (1,263,750)        48,905          58,306       1,360,807            -           -           -            -                     -             -                   -
      yr. 4               5.20%                (1,263,750)        48,905          58,306          60,671   1,356,257            -           -            -                     -             -                   -
      yr. 5               6.42%                (1,263,750)        48,905          58,306          60,671       77,989  1,429,965            -            -                     -             -                   -
      yr. 6               6.93%                (1,263,750)        48,905          58,306          60,671       77,989     81,558   1,479,221             -                     -             -                   -
      yr. 7               7.21%                (1,263,750)        48,905          58,306          60,671       77,989     81,558      85,685   1,519,319                       -             -                   -
      yr. 8               7.35%                (1,263,750)        48,905          58,306          60,671       77,989     81,558      85,685       88,221              1,550,300             -                   -
      yr. 9               7.39%                (1,263,750)        48,905          58,306          60,671       77,989     81,558      85,685       88,221                 90,125     1,571,018                   -
     yr. 10               7.85%                (1,263,750)        48,905          58,306          60,671       77,989     81,558      85,685       88,221                 90,125        91,317     1,675,705
                                  Graphic Representation (1 of 4)

                                                                                                                                          Year     IRR      LIRR     ATIRR      Equity      EGI     Expenses     NOI
                                                   Internal Rates of Return                                                                 1    -0.09%   -27.23%   -27.23%    876,414    583,619    534,714   256,092   Equity     876,414   1,035,198   1,327,626   1,443,673   1,575,434   1,673,256   1,760,142   1,834,824   1,895,840   2,067,780
                12.0%                                                                                                                       2     4.94%    -5.12%    -5.12%   1,035,198   601,366    543,060   265,493   EGI        583,619     601,366     622,422     651,669     670,792     692,199     712,521     733,444     754,986     777,164
                                                                                                                                            3     7.30%     6.11%     5.42%   1,327,626   622,422    561,750   277,851   Expenses   534,714     543,060     561,750     572,616     584,872     598,473     613,357     629,726     647,718     667,484
                10.0%                                                                                                                       4     7.53%     8.14%     5.20%   1,443,673   651,669    572,616   296,232   NOI        256,092     265,493     277,851     296,232     303,099     310,905     316,344     320,897     324,447     326,860
                                                                                                                                            5     7.72%     9.43%     6.42%   1,575,434   670,792    584,872   303,099
                                                                                                                                            6     7.74%     9.87%     6.93%   1,673,256   692,199    598,473   310,905
                   8.0%                                                                                                                     7     7.72%   10.06%      7.21%   1,760,142   712,521    613,357   316,344
                                                                                                                                            8     7.68%   10.09%      7.35%   1,834,824   733,444    629,726   320,897
                   6.0%                                                                                                                     9     7.62%   10.03%      7.39%   1,895,840   754,986    647,718   324,447
After-Tax IRR




                                                                                                                                           10     7.75%   10.43%      7.85%   2,067,780   777,164    667,484   326,860
                   4.0%


                   2.0%


                   0.0%
                               yr. 1     yr. 2     yr. 3      yr. 4           yr. 5       yr. 6      yr. 7     yr. 8    yr. 9   yr. 10
                IRR           -0.09%     4.94%    7.30%      7.53%        7.72%           7.74%     7.72%     7.68%    7.62%    7.75%
                Lev. IRR -27.23% -5.12%           6.11%      8.14%        9.43%           9.87%     10.06%   10.09%    10.03%   10.43%
                ATIRR     -27.23% -5.12%          5.42%      5.20%        6.42%           6.93%     7.21%     7.35%    7.39%    7.85%

                                                               Holding Period



                                                  Income vs. Expenses
        $850,000



        $750,000


        $650,000                                                                                                        Effectove Gross
                                                                                                                        Income
        $550,000                                                                                                        Expenses + Debt
                                                                                                                        Service
        $450,000                                                                                                        Net Operating
                                                                                                                        Income
        $350,000


        $250,000
                      yr. 1      yr. 2    yr. 3   yr. 4    yr. 5      yr. 6       yr. 7     yr. 8    yr. 9   yr. 10
             Graphic Representation (2 of 4)

             Partition of Cash Flows (All Cash)




                             $1,766,672
$1,810,294
                                            PV of Pre-Sale Cash Flows
                                            PV of Net Sale Proceeds




     Partition of Cash Flows (After-Tax, Leveraged)




                              $442,282

 $586,270                                    PV of Pre-Sale Cash Flows
                                             PV of Net Sale Proceeds
                                  Graphic Representation (3 of 4)

                             Net Operating Income & Rent Loss
  $350,000                                                                                     12.00%


  $300,000                                                                                                   Net
                                                                                               10.00%        Operating
                                                                                                             Income
  $250,000
                                                                                               8.00%
                                                                                                             Vacancy %
  $200,000
                                                                                               6.00%
  $150,000
                                                                                                             Total Rent
                                                                                               4.00%
  $100,000                                                                                                   Loss %

                                                                                               2.00%
   $50,000


        $-                                                                                     0.00%
             yr. 1   yr. 2    yr. 3   yr. 4   yr. 5   yr. 6   yr. 7   yr. 8   yr. 9   yr. 10




                                              Equity vs Debt                                   Debt Coverage Ratio
$3,500,000                                                                                     1.60


$3,000,000                                                                                     1.40


                                                                                               1.20       Total Equity
$2,500,000

                                                                                               1.00
$2,000,000
                                                                                                          Principal
                                                                                               0.80
                                                                                                          Balance
$1,500,000
                                                                                               0.60
                                                                                                          Debt Coverage
$1,000,000
                                                                                               0.40       (DCR)

 $500,000                                                                                      0.20


        $-                                                                                     0.00
             yr. 1   yr. 2    yr. 3   yr. 4   yr. 5   yr. 6   yr. 7   yr. 8   yr. 9   yr. 10
Year      IRR          LIRR         ATIRR      Net Sale Proceeds
  1     -0.09%       -27.23%       -27.23%          876,414
  2      4.94%        -5.12%        -5.12%         1,035,198
  3      7.30%         6.11%         5.42%         1,327,626
  4      7.53%         8.14%         5.20%         1,443,673
  5      7.72%         9.43%         6.42%         1,575,434
  6      7.74%         9.87%         6.93%         1,673,256
  7      7.72%        10.06%         7.21%         1,760,142
  8      7.68%        10.09%         7.35%         1,834,824
  9      7.62%        10.03%         7.39%         1,895,840
 10      7.75%        10.43%         7.85%         2,067,780




       Total Equity Loan Balance        DCR
 1      1,062,500      3,187,500        1.24
 2      1,062,500      3,187,500        1.28
 3      1,105,438      3,144,562        1.28
 4      1,150,799      3,099,201        1.36
 5      1,198,718      3,051,282        1.40
 6      1,249,341      3,000,659        1.43
 7      1,302,818      2,947,182        1.46
 8      1,359,313      2,890,687        1.48
 9      1,418,994      2,831,006        1.49
10      1,482,041      2,767,959        1.51
                                                        1            2            3            4            5
  EGI     Expenses     NOI
583,619    534,714   256,092    Equity            876,414    1,035,198    1,327,626    1,443,673    1,575,434
601,366    543,060   265,493    EGI               583,619      601,366      622,422      651,669      670,792
622,422    561,750   277,851    Expenses          534,714      543,060      561,750      572,616      584,872
651,669    572,616   296,232    NOI               256,092      265,493      277,851      296,232      303,099
670,792    584,872   303,099    Vacancy             7.50%        6.50%        5.50%        5.00%        5.00%
692,199    598,473   310,905    Total Rent Loss    11.25%       10.25%        9.25%        7.50%        7.50%
712,521    613,357   316,344
733,444    629,726   320,897
754,986    647,718   324,447
777,164    667,484   326,860




                                 Total Equity   1,062,500    1,062,500    1,105,438    1,150,799    1,198,718
                               Loan Balance     3,187,500    3,187,500    3,144,562    3,099,201    3,051,282
                                        DCR           1.24         1.28         1.28         1.36         1.40
        6            7            8            9           10

1,673,256    1,760,142    1,834,824    1,895,840    2,067,780
  692,199      712,521      733,444      754,986      777,164
  598,473      613,357      629,726      647,718      667,484
  310,905      316,344      320,897      324,447      326,860
    5.00%        5.00%        5.00%        5.00%        5.00%
    7.25%        7.25%        7.25%        7.25%        7.25%




1,249,341    1,302,818    1,359,313    1,418,994    1,482,041
3,000,659    2,947,182    2,890,687    2,831,006    2,767,959
      1.43         1.46         1.48         1.49         1.51
                             Graphic Representation (4 of 4)

                     Drivers of Value & Gross Sale Projections
$5,500,000                                                                                    7.00%


$5,000,000                                                                                    6.00%
                                                                                                        Gross Sale
                                                                                                        Proceeds
$4,500,000                                                                                    5.00%

                                                                                                        Rent
$4,000,000                                                                                    4.00%     Growth %

$3,500,000                                                                                    3.00%     Expense
                                                                                                        Growth %
$3,000,000                                                                                    2.00%
                                                                                                        Terminal
$2,500,000                                                                                    1.00%     CAP %           1
                                                                                                                        2
                                                                                                                        3
$2,000,000                                                                                    0.00%
                                                                                                                        4
             yr. 1   yr. 2    yr. 3   yr. 4   yr. 5   yr. 6   yr. 7   yr. 8   yr. 9 yr. 10                              5
                                                                                                                        6
                                                                                                                        7
                                                                                                                        8
                                         Historic vs Projected                                                          9
 $700,000                                                                                    65.00%                     10

                                                                                             60.00%   Effective
 $600,000
                                                                                                      Gross
                                                                                             55.00%
                                                                                                      Income
 $500,000
                                                                                             50.00%   Total
 $400,000                                                                                             Expenses
                                                                                             45.00%


 $300,000                                                                                    40.00%   Net
                                                                                                      Operating
                                                                                             35.00%
 $200,000
                                                                                                      Income
                                                                                                                     EGI
                                                                                             30.00%   Expense        Expenses
 $100,000                                                                                             Ratio (% of    NOI
                                                                                             25.00%
                                                                                                      EGI)
       $-                                                                                    20.00%
                     2011                      2012               Pro Forma (Yr 1)
  Year        IRR          LIRR         ATIRR          Net Sale Proceeds     EGI     Expenses     NOI
   1        -0.09%       -27.23%       -27.23%              876,414        583,619    534,714   256,092
   2         4.94%        -5.12%        -5.12%             1,035,198       601,366    543,060   265,493
   3         7.30%         6.11%         5.42%             1,327,626       622,422    561,750   277,851
   4         7.53%         8.14%         5.20%             1,443,673       651,669    572,616   296,232
   5         7.72%         9.43%         6.42%             1,575,434       670,792    584,872   303,099
   6         7.74%         9.87%         6.93%             1,673,256       692,199    598,473   310,905
   7         7.72%        10.06%         7.21%             1,760,142       712,521    613,357   316,344
   8         7.68%        10.09%         7.35%             1,834,824       733,444    629,726   320,897
   9         7.62%        10.03%         7.39%             1,895,840       754,986    647,718   324,447
   10        7.75%        10.43%         7.85%             2,067,780       777,164    667,484   326,860




           Total Equity Loan Balance          DCR
   1         1,062,500     3,187,500          1.24                                                        Loan Balance
   2         1,062,500     3,187,500          1.28
   3         1,105,438     3,144,562          1.28
   4         1,150,799     3,099,201          1.36
   5         1,198,718     3,051,282          1.40
   6         1,249,341     3,000,659          1.43
   7         1,302,818     2,947,182          1.46
   8         1,359,313     2,890,687          1.48
   9         1,418,994     2,831,006          1.49
   10        1,482,041     2,767,959          1.51



                                                                                                     Rent Growth Rate
                                                                                                 Expense Growth Rate
                                                                                                    Terminal Cap Rate
                                                                                                  Gross Sale Proceeds




                 2011          2012 Pro Forma (Yr 1)
EGI            522671        558334       583619.4
Expenses       284075        284548      327526.97
NOI            238596        273786      256092.43
               54.35%        50.96%        56.12%
                                1            2            3            4            5            6            7            8

        Equity            876,414    1,035,198    1,327,626    1,443,673    1,575,434    1,673,256    1,760,142    1,834,824
        EGI               583,619      601,366      622,422      651,669      670,792      692,199      712,521      733,444
        Expenses          534,714      543,060      561,750      572,616      584,872      598,473      613,357      629,726
        NOI               256,092      265,493      277,851      296,232      303,099      310,905      316,344      320,897
        Vacancy             7.50%        6.50%        5.50%        5.00%        5.00%        5.00%        5.00%        5.00%
        Total Rent Loss    11.25%       10.25%        9.25%        7.50%        7.50%        7.25%        7.25%        7.25%




         Total Equity   1,062,500    1,062,500    1,105,438    1,150,799    1,198,718    1,249,341    1,302,818    1,359,313
       Loan Balance     3,187,500    3,187,500    3,144,562    3,099,201    3,051,282    3,000,659    2,947,182    2,890,687
                DCR           1.24         1.28         1.28         1.36         1.40         1.43         1.46         1.48




    Rent Growth Rate                     2.00%        2.50%        3.00%        3.00%        3.00%        3.00%        3.00%
Expense Growth Rate                      2.50%        2.50%        3.00%        3.50%        3.75%        4.00%        4.25%
   Terminal Cap Rate        6.07%        6.12%        6.17%        6.22%        6.26%        6.31%        6.36%        6.41%
 Gross Sale Proceeds    4,371,602    4,539,627    4,802,729    4,876,570    4,964,277    5,013,152    5,047,372    5,065,423
        9           10

1,895,840    2,067,780
  754,986      777,164
  647,718      667,484
  324,447      326,860
    5.00%        5.00%
    7.25%        7.25%




1,418,994    1,482,041
2,831,006    2,767,959
      1.49         1.51




    3.00%        3.00%
    4.50%        4.75%
    6.45%        6.50%
5,065,573    5,179,469

				
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