ALT_A by jsk11664

VIEWS: 13 PAGES: 5

									9/3/2010                                                                                                                                          ALTERNATIVE "A" IRR PARTITION                                                                                                                                                ROGER J. BROWN




                                   A                         B                         C                       D            E                    F                    G           H                        I                         J            K          L           M        N          O         P        Q       R
           1    COMPUTE MONTHLY INCOME & VACANCY
           2
           3                  #UNITS                        TYPE                    POTENTIAL                              EXT                ACTUAL                            EXT              BEGINNING OF YEAR --->             1            2          3           4         5         6         7
           4                                                                          RENT                PER SF                               RENT                PER SF                                END OF YEAR --->                        1          2           3         4         5         6
           5                                                                                                                                                                            VALUE                                    650000        682719     717084    753180      791092    830913    872738
           6                       9                        1 BR                      540                                  4860                 525                             4725    LOANS                                    525000        521763     518204    514292      509992    505265    500069
           7                       1                        2 BR                      740                                  740                  725                              725    EQUITY                                   125000        160956     198880    238888      281100    325648    372669
           8                       3                        3 BR                      970                                  2910                 970                             2910
           9                                                                                                                                                                          GROSS SCHED INCOME                         102120        106278     110605    115108      119794    124671
           10   TOTAL MONTHLY RENT:                                                                                          8510                                               8360 LESS:VACANCY & CREDIT LOSS                    5106          5314       5530      5755        5990      6234
           11   ANNUAL RENT                                                                                                102120                                              ###### EFFECTIVE GROSS INCOME                      97014        100964     105074    109352      113804    118438
           12   VACANCY CALCULATION BY UNIT:                                                                                                                                          LESS: EXPENSES                              40848         42482      44181     45948       47786     49698
           13                                                                                                                                                                         NET OPERATING INCOME                        56166         58482      60893     63404       66018     68740
           14                 #UNITS                        TYPE                      RENT                VAC RT       OCC RT                                       VAC $      VAC % CAPITALIZATION RATE                          8.64%         8.57%      8.49%     8.42%       8.35%     8.27%
           15
           16   9                                    1 BR                                       540.00   5.00%      95.00%                                             243              NET OPERATING INCOME                       56166        58482      60893        63404    66018     68740
           17   1                                    2 BR                                       740.00   5.00%      95.00%                                              37              LESS: INTEREST PMTS                        49736        49415      49062        48674    48247     47778
           18   3                                    3 BR                                       970.00   5.00%      95.00%                                             146              LESS: DEPRECIATION                         20862        20862      20862        20862    20862     20862
           19                                                                                                                                                                           RE TAXABLE INCOME                         -14432       -11795      -9030        -6131    -3090       101
           20   TOTAL MONTHLY RENT:                                                                                                                     8510     426 5.000%
           21                                                                                                                                                                NET OPERATING INCOME                                56166            58482    60893        63404    66018     68740
           22   ANALYZE FOR NOI                               09/03/10                                              MARKET VAL                        650000 ######## FACTOR LESS: TOTAL LN PMTS                                 52974            52974    52974        52974    52974     52974
           23   RE 540 PROJECT                                             GR RENT MULT                     6.37    LOANS                             52500080.7692%         BEFORE TAX CASH FLOW                                  3192            5508     7919        10430    13044     15766
           24   SAMPLE APARTMENT PROJECT                                   PRICE/UNIT =                    50000    MV EQUITY                         12500019.2308%         INCOME TAX EFFECT                                     4041            3303     2529         1717      865       -28
           25                          # UNITS                       13                                                                                                      AFTER TAX CASH FLOW                                   7233            8811    10448        12147    13910     15738
           26                                                                       EX. LOANS             BALANCE      MO PMT                 INT RATE      CONSTANT TERM D:\Docstoc\Working\pdf\[32867778-9b74-42df-9f58-4745b2199415.xls]ALT _B
           27   ASSESSED LAND VALUE                         100000.00      1ST TD                        ########       4414.48                       9.50%           360.00
           28   ASSESSED IMPVMT VAL                         406000.00
           29                                                                                                                                                                                    BEGINNING OF YEAR --->             1            2          3           4         5         6         7
           30   % LAND                                           19.76%                                                                                                                                  END OF YEAR --->                        1          2           3         4         5         6
           31   % IMPROVEMENTS                                   80.24%                                                                                                                 VALUE                                    650000        682719     717084    753180      791092    830913    872738
           32                                                                                                                                                                           LOANS                                    525000        521763     518204    514292      509992    505265    500069
           33       BASIS CODE =                                   1.00                                                                                                                 EQUITY                                   125000        160956     198880    238888      281100    325648    372669
           34                          650000.00     ACB @ ACQ
           35                                                                                                                                                                        ACCRUED DEPRECIATION                                       20862      41723        62585    83447    104308    125170
           36   GROSS SCHED INCOME                               100.00%                                  ######## RENT SCHED             AVG RENT                  RENT      #UNITS SALE COST PERCENT:
           37   LESS:VACANCY                                       5.00%                                  5106.00 1 BR                                 540.00        4860          9                       7.00%                                47790      50196     52723       55376     58164     61092
           38   GROSS OPER INCOME                                 95.00%                                 97014.00 2 BR                                 740.00         740          1 B-TAX SALES PROCEEDS                                      113166     148684    186165      225724    267484    311577
           39   LESS: EXPENSES                                                                                      3 BR                               970.00        2910       3.00
           40    TAXES (% VALUE)                                                                                                                                                          BASIS CALCULATION:
           41    INSURANCE
           42    UTILITIES                                                                                                                                                              GROSS SALE PRICE                                       682719     717084    753180      791092     830913    872738
           43    JANITORIAL                                                                                                                                                             ORIGINAL COST                                          650000     650000    650000      650000     650000    650000
           44    LANDSCAPING                                                                                        TOTAL                                            8510         13    LESS DEPRECIATION                                      -20862     -41723    -62585      -83447    -104308   -125170
           45    SUPPLIES                                                                                           AVERAGE                            654.62                           PLUS COST OF SALE                                       47790      50196     52723       55376      58164     61092
           46    REPLACEMENTS                                                                                                                                                           OTHER BASIS ADJUST
           47    HVAC                                                                                                                                                                   ACB AT SALE                                            676929     658473    640138      621930    603856    585922
           48    MAINTENANCE                                                                                                                                                            CAPITAL GAIN                                             5790      58612    113042      169162    227057    286817
           49    PROF MGT. @ _%                                                                                                                                                         TAX RATE                                               28.00%     28.00%    28.00%      28.00%    28.00%    28.00%
           50    CAM REIMBURSEMENT                                                                                                                                                      TAX                                                      1621      16411     31652       47365     63576     80309
           51    ACCUMULATED EXP                                 42.11%                      40848.00                               REQUIRED RATE OF RETURN                   16.00%
           52                                                                                                                       PROJ RENTAL CHANGE                         4.07%        REVERSION CALCULATION:
           53   TOTAL EXPENSES                                   42.11%                                  40848.00                   PROJ VAC CHANGE
           54   NET OPERATING INCOME                                                                     56166.00                   PROJ OP EXP CHANGE                         4.00%    B-TAX SALES PROCEEDS                                   113166     148684    186165      225724    267484    311577
           55   MARKET VAL CAP RATE                                8.64%                                                            PROJ PROP VAL CHANGE                       5.03%    TAX                                                     -1621     -16411    -31652      -47365    -63576    -80309
           56                                                                                                                                                                           AFTER TAX EQ REVERSION                                 111545     132273    154513      178358    203908    231269
           57   ORIGINAL AMOUNT:                                                                         ######## PMNT AMT:                           4414.48    52973.82
           58   INTEREST RATE:                                                                             9.50% FA:                                   360.00
           59                                                                                                                                                                                    BEGINNING OF YEAR --->             1            2          3           4         5         6         7       YIELDS    NPV
           60 MO                                     PMT                   PRIN                          INT        BALANCE         ANN INT                      YEAR                                    END OF YEAR --->                        1          2           3         4         5         6
           61
           62                                        BEGINNING BALANCE                                               525000.00                                       1996               GPI                                                    102120     106278    110605      115108    119794    124671
           63                                    1            4414.48                          258.23     4156.25    524741.77                                                          EGI                                                     97014     100964    105074      109352    113804    118438
           64                                    2            4414.48                          260.28     4154.21    524481.49                                                          NOI                                      -650000        56166      58482     60893       63404     66018    880387    #######
           65                                    3            4414.48                          262.34     4152.15    524219.15                                                          BTCF                                     -125000         3192       5508      7919       10430     13044    327344    #######
           66                                    4            4414.48                          264.42     4150.07    523954.73                                                          ATCF                                     -125000         7233       8811     10448       12147     13910    247007    #######   9190
           67                                    5            4414.48                          266.51     4147.97    523688.22
           68                                    6            4414.48                          268.62     4145.87    523419.60                                                                                             PRESENT VALUE OF COMPONENTS OF OPERATING CASH FLOWS
           69                                    7            4414.48                          270.75     4143.74    523148.86
           70                                    8            4414.48                          272.89     4141.60    522875.97                                                                           1                          2           3             4        5           6       7       8       9
           71                                    9            4414.48                          275.05     4139.43    522600.92                                                                          YEAR                      PV @        ANNUAL       1st YR   PV YR 1     GROWTH PV GRWTH   TAX    PV TAX
           72                                   10            4414.48                          277.23     4137.26    522323.69                                                                                                  17.5754%        CF        CF LEVEL CF LEVEL      IN CF   IN CF  SHELTER SHELTER
           73                                   11            4414.48                          279.42     4135.06    522044.27
           74                                   12            4414.48                          281.63     4132.85    521762.63                         49736         1997                                1                        0.8505         7233       7233         6152                         4041     3437
           75                                   13            4414.48                          283.86     4130.62    521478.77                                                                           2                        0.7234         8811       7233         5232     1577      1141      3303     2389
           76                                   14            4414.48                          286.11     4128.37    521192.66                                                                           3                        0.6152        10448       7233         4450     1637      1007      2529     1556
           77                                   15            4414.48                          288.38     4126.11    520904.28                                                                           4                        0.5233        12147       7233         3785     1699       889      1717      898
           78                                   16            4414.48                          290.66     4123.83    520613.62                                                                           5                        0.4451        13910       7233         3219     1763       785       865      385
           79                                   17            4414.48                          292.96     4121.52    520320.66                                                                           6                        0.3785        15738       7233         2738     1828       692       -28      -11
           80                                   18            4414.48                          295.28     4119.21    520025.38                                                                         TOTAL                                                            25577               4514               8654
           81                                   19            4414.48                          297.62     4116.87    519727.77
           82                                   20            4414.48                          299.97     4114.51    519427.79                                                                                                           PRESENT VALUE OF PROCEEDS FROM SALE
           83                                   21            4414.48                          302.35     4112.14    519125.45
           84                                   22            4414.48                          304.74     4109.74    518820.70                                                                                                                                     AMOUNT        PV @
           85                                   23            4414.48                          307.15     4107.33    518513.55                                                                                                                                                  17.575%
           86                                   24            4414.48                          309.59     4104.90    518203.96                         49415         1998
           87                                   25            4414.48                          312.04     4102.45    517891.93                                                          NET PROCEEDS FROM SALE:                                                     231269       87542
           88                                   26            4414.48                          314.51     4099.98    517577.42                                                          RECAPTURE OF ORIGINAL EQUITY:                                               125000       47316
           89                                   27            4414.48                          317.00     4097.49    517260.42                                                          LOAN AMORTIZATION                                                            24931        9437
           90                                   28            4414.48                          319.51     4094.98    516940.92                                                          ANTICIPATED NET APPRECIATION:                                                81338       30789
           91                                   29            4414.48                          322.04     4092.45    516618.88
           92                                   30            4414.48                          324.59     4089.90    516294.30                                                                                                                        PARTITION TABLE
           93                                   31            4414.48                          327.15     4087.33    515967.14
           94                                   32            4414.48                          329.74     4084.74    515637.40                                                          COMPONENTS OF TOTAL RETURN
           95                                   33            4414.48                          332.36     4082.13    515305.04
           96                                   34            4414.48                          334.99     4079.50    514970.06                                                          YEAR 1 LEVEL OF CASH FLOW                                                       25577   20.25%
           97                                   35            4414.48                          337.64     4076.85    514632.42                                                          GROWTH IN CASH FLOW                                                              4514    3.57%
           98                                   36            4414.48                          340.31     4074.17    514292.11                         49062         1999               TOTAL CASH FLOW                                                                                    23.83%
           99                                   37            4414.48                          343.01     4071.48    513949.10                                                          TAX SAVINGS                                                                      8654    6.85%      6.85%
           100                                  38            4414.48                          345.72     4068.76    513603.38                                                          RECAPTURE OF ORIGINAL EQUITY                                                    47316   37.47%
           101                                  39            4414.48                          348.46     4066.03    513254.92                                                          LOAN AMORTIZATION                                                                9437    7.47%
           102                                  40            4414.48                          351.22     4063.27    512903.71                                                          EXPECTED NET APPRECIATION                                                       30789   24.38%
           103                                  41            4414.48                          354.00     4060.49    512549.71                                                          TOTAL CASH PROCEEDS                                                             87542              69.32%
           104                                  42            4414.48                          356.80     4057.69    512192.91
           105                                  43            4414.48                          359.62     4054.86    511833.29                                                          TOTAL RETURN                                                                126288      100.00%   100.00%
           106                                  44            4414.48                          362.47     4052.01    511470.81
           107                                  45            4414.48                          365.34     4049.14    511105.47
           108                                  46            4414.48                          368.23     4046.25    510737.24
           109                                  47            4414.48                          371.15     4043.34    510366.09
           110                                  48            4414.48                          374.09     4040.40    509992.01                         48674         2000
           111                                  49            4414.48                          377.05     4037.44    509614.96
           112                                  50            4414.48                          380.03     4034.45    509234.93
           113                                  51            4414.48                          383.04     4031.44    508851.88
           114                                  52            4414.48                          386.07     4028.41    508465.81
           115                                  53            4414.48                          389.13     4025.35    508076.68
           116                                  54            4414.48                          392.21     4022.27    507684.47
           117                                  55            4414.48                          395.32     4019.17    507289.15
           118                                  56            4414.48                          398.45     4016.04    506890.71
           119                                  57            4414.48                          401.60     4012.88    506489.11
           120                                  58            4414.48                          404.78     4009.71    506084.33
           121                                  59            4414.48                          407.98     4006.50    505676.35
           122                                  60            4414.48                          411.21     4003.27    505265.13                         48247         2001
           123                                  61            4414.48                          414.47     4000.02    504850.66
           124                                  62            4414.48                          417.75     3996.73    504432.91
           125                                  63            4414.48                          421.06     3993.43    504011.86
           126                                  64            4414.48                          424.39     3990.09    503587.46
           127                                  65            4414.48                          427.75     3986.73    503159.71
           128                                  66            4414.48                          431.14     3983.35    502728.58
           129                                  67            4414.48                          434.55     3979.93    502294.03
           130                                  68            4414.48                          437.99     3976.49    501856.04
           131                                  69            4414.48                          441.46     3973.03    501414.58
           132                                  70            4414.48                          444.95     3969.53    500969.63
           133                                  71            4414.48                          448.48     3966.01    500521.15
           134                                  72            4414.48                          452.03     3962.46    500069.13                         47778         2002
           135                                  73            4414.48                          455.60     3958.88    499613.52
           136                                  74            4414.48                          459.21     3955.27    499154.31
           137                                  75            4414.48                          462.85     3951.64    498691.47
           138                                  76            4414.48                          466.51     3947.97    498224.96
           139                                  77            4414.48                          470.20     3944.28    497754.75
           140                                  78            4414.48                          473.93     3940.56    497280.83
           141                                  79            4414.48                          477.68     3936.81    496803.15
           142                                  80            4414.48                          481.46     3933.02    496321.69
           143                                  81            4414.48                          485.27     3929.21    495836.42
           144                                  82            4414.48                          489.11     3925.37    495347.30
           145                                  83            4414.48                          492.99     3921.50    494854.32
           146                                  84            4414.48                          496.89     3917.60    494357.43                         47262         2003
           147                                  85            4414.48                          500.82     3913.66    493856.61
           148                                  86            4414.48                          504.79     3909.70    493351.82
           149                                  87            4414.48                          508.78     3905.70    492843.04
           150                                  88            4414.48                          512.81     3901.67    492330.23
           151                                  89            4414.48                          516.87     3897.61    491813.36
           152                                  90            4414.48                          520.96     3893.52    491292.40
           153                                  91            4414.48                          525.09     3889.40    490767.31
           154                                  92            4414.48                          529.24     3885.24    490238.07
           155                                  93            4414.48                          533.43     3881.05    489704.63
           156                                  94            4414.48                          537.66     3876.83    489166.98
           157                                  95            4414.48                          541.91     3872.57    488625.06
           158                                  96            4414.48                          546.20     3868.28    488078.86                         46695         2004
           159                                  97            4414.48                          550.53     3863.96    487528.33
           160                                  98            4414.48                          554.89     3859.60    486973.45
           161                                  99            4414.48                          559.28     3855.21    486414.17
           162                                 100            4414.48                          563.71     3850.78    485850.47
           163                                 101            4414.48                          568.17     3846.32    485282.30
           164                                 102            4414.48                          572.67     3841.82    484709.63
           165                                 103            4414.48                          577.20     3837.28    484132.43
           166                                 104            4414.48                          581.77     3832.72    483550.66
           167                                 105            4414.48                          586.38     3828.11    482964.29
           168                                 106            4414.48                          591.02     3823.47    482373.27
           169                                 107            4414.48                          595.70     3818.79    481777.57
           170                                 108            4414.48                          600.41     3814.07    481177.16                         46072         2005
           171                                 109            4414.48                          605.17     3809.32    480572.00
           172                                 110            4414.48                          609.96     3804.53    479962.04
           173                                 111            4414.48                          614.79     3799.70    479347.25
           174                                 112            4414.48                          619.65     3794.83    478727.60
           175                                 113            4414.48                          624.56     3789.93    478103.04
           176                                 114            4414.48                          629.50     3784.98    477473.54
           177                                 115            4414.48                          634.49     3780.00    476839.06
           178                                 116            4414.48                          639.51     3774.98    476199.55
           179                                 117            4414.48                          644.57     3769.91    475554.98
           180                                 118            4414.48                          649.67     3764.81    474905.30
           181                                 119            4414.48                          654.82     3759.67    474250.48
           182                                 120            4414.48                          660.00     3754.48    473590.48                         45387         2006
           183                                 121            4414.48                          665.23     3749.26    472925.26
           184                                 122            4414.48                          670.49     3743.99    472254.76
           185                                 123            4414.48                          675.80     3738.68    471578.96
           186                                 124            4414.48                          681.15     3733.33    470897.81
           187                                 125            4414.48                          686.54     3727.94    470211.27
           188                                 126            4414.48                          691.98     3722.51    469519.29
           189                                 127            4414.48                          697.46     3717.03    468821.83
           190                                 128            4414.48                          702.98     3711.51    468118.85
           191                                 129            4414.48                          708.54     3705.94    467410.31
           192                                 130            4414.48                          714.15     3700.33    466696.16
           193                                 131            4414.48                          719.81     3694.68    465976.35
           194                                 132            4414.48                          725.51     3688.98    465250.84                         44634         2007
           195                                 133            4414.48                          731.25     3683.24    464519.60
           196                                 134            4414.48                          737.04     3677.45    463782.56
           197                                 135            4414.48                          742.87     3671.61    463039.69
           198                                 136            4414.48                          748.75     3665.73    462290.93
           199                                 137            4414.48                          754.68     3659.80    461536.25
           200                                 138            4414.48                          760.66     3653.83    460775.59
           201                                 139            4414.48                          766.68     3647.81    460008.92
           202                                 140            4414.48                          772.75     3641.74    459236.17
           203                                 141            4414.48                          778.86     3635.62    458457.30
           204                                 142            4414.48                          785.03     3629.45    457672.27
           205                                 143            4414.48                          791.25     3623.24    456881.03
           206                                 144            4414.48                          797.51     3616.97    456083.52
           207                                 145            4414.48                          803.82     3610.66    455279.69
           208                                 146            4414.48                          810.19     3604.30    454469.51
           209                                 147            4414.48                          816.60     3597.88    453652.91
           210                                 148            4414.48                          823.07     3591.42    452829.84
           211                                 149            4414.48                          829.58     3584.90    452000.26
           212                                 150            4414.48                          836.15     3578.34    451164.11
           213                                 151            4414.48                          842.77     3571.72    450321.34
           214                                 152            4414.48                          849.44     3565.04    449471.90
           215                                 153            4414.48                          856.17     3558.32    448615.73
           216                                 154            4414.48                          862.94     3551.54    447752.79
           217                                 155            4414.48                          869.77     3544.71    446883.02
           218                                 156            4414.48                          876.66     3537.82    446006.36
           219                                 157            4414.48                          883.60     3530.88    445122.75
           220                                 158            4414.48                          890.60     3523.89    444232.16
           221                                 159            4414.48                          897.65     3516.84    443334.51
           222                                 160            4414.48                          904.75     3509.73    442429.76
           223                                 161            4414.48                          911.92     3502.57    441517.84
           224                                 162            4414.48                          919.13     3495.35    440598.71
           225                                 163            4414.48                          926.41     3488.07    439672.30
           226                                 164            4414.48                          933.75     3480.74    438738.55
           227                                 165            4414.48                          941.14     3473.35    437797.41
           228                                 166            4414.48                          948.59     3465.90    436848.83
           229                                 167            4414.48                          956.10     3458.39    435892.73
           230                                 168            4414.48                          963.67     3450.82    434929.06
           231                                 169            4414.48                          971.30     3443.19    433957.76
           232                                 170            4414.48                          978.99     3435.50    432978.78
           233                                 171            4414.48                          986.74     3427.75    431992.04
           234                                 172            4414.48                          994.55     3419.94    430997.49
           235                                 173            4414.48                         1002.42     3412.06    429995.07
           236                                 174            4414.48                         1010.36     3404.13    428984.72
           237                                 175            4414.48                         1018.36     3396.13    427966.36
           238                                 176            4414.48                         1026.42     3388.07    426939.94
           239                                 177            4414.48                         1034.54     3379.94    425905.40
           240                                 178            4414.48                         1042.73     3371.75    424862.67
           241                                 179            4414.48                         1050.99     3363.50    423811.68
           242                                 180            4414.48                         1059.31     3355.18    422752.37
           243                                 181            4414.48                         1067.69     3346.79    421684.67
           244                                 182            4414.48                         1076.15     3338.34    420608.53
           245                                 183            4414.48                         1084.67     3329.82    419523.86
           246                                 184            4414.48                         1093.25     3321.23    418430.61
           247                                 185            4414.48                         1101.91     3312.58    417328.70
           248                                 186            4414.48                         1110.63     3303.85    416218.06
           249                                 187            4414.48                         1119.42     3295.06    415098.64
           250                                 188            4414.48                         1128.29     3286.20    413970.35
           251                                 189            4414.48                         1137.22     3277.27    412833.13
           252                                 190            4414.48                         1146.22     3268.26    411686.91
           253                                 191            4414.48                         1155.30     3259.19    410531.61
           254                                 192            4414.48                         1164.44     3250.04    409367.17
           255                                 193            4414.48                         1173.66     3240.82    408193.51
           256                                 194            4414.48                         1182.95     3231.53    407010.56
           257                                 195            4414.48                         1192.32     3222.17    405818.24
           258                                 196            4414.48                         1201.76     3212.73    404616.48
           259                                 197            4414.48                         1211.27     3203.21    403405.21
           260                                 198            4414.48                         1220.86     3193.62    402184.35
           261                                 199            4414.48                         1230.53     3183.96    400953.83
           262                                 200            4414.48                         1240.27     3174.22    399713.56
           263                                 201            4414.48                         1250.09     3164.40    398463.47
           264                                 202            4414.48                         1259.98     3154.50    397203.49
           265                                 203            4414.48                         1269.96     3144.53    395933.54
           266                                 204            4414.48                         1280.01     3134.47    394653.53
           267                                 205            4414.48                         1290.14     3124.34    393363.38
           268                                 206            4414.48                         1300.36     3114.13    392063.02
           269                                 207            4414.48                         1310.65     3103.83    390752.37
           270                                 208            4414.48                         1321.03     3093.46    389431.34
           271                                 209            4414.48                         1331.49     3083.00    388099.86
           272                                 210            4414.48                         1342.03     3072.46    386757.83
           273                                 211            4414.48                         1352.65     3061.83    385405.18
           274                                 212            4414.48                         1363.36     3051.12    384041.82
           275                                 213            4414.48                         1374.15     3040.33    382667.66
           276                                 214            4414.48                         1385.03     3029.45    381282.63
           277                                 215            4414.48                         1396.00     3018.49    379886.63
           278                                 216            4414.48                         1407.05     3007.44    378479.59
           279                                 217            4414.48                         1418.19     2996.30    377061.40
           280                                 218            4414.48                         1429.42     2985.07    375631.98
           281                                 219            4414.48                         1440.73     2973.75    374191.25
           282                                 220            4414.48                         1452.14     2962.35    372739.11
           283                                 221            4414.48                         1463.63     2950.85    371275.48
           284                                 222            4414.48                         1475.22     2939.26    369800.26
           285                                 223            4414.48                         1486.90     2927.59    368313.36
           286                                 224            4414.48                         1498.67     2915.81    366814.69
           287                                 225            4414.48                         1510.53     2903.95    365304.16
           288                                 226            4414.48                         1522.49     2891.99    363781.66
           289                                 227            4414.48                         1534.55     2879.94    362247.12
           290                                 228            4414.48                         1546.69     2867.79    360700.42
           291                                 229            4414.48                         1558.94     2855.54    359141.48
           292                                 230            4414.48                         1571.28     2843.20    357570.20
           293                                 231            4414.48                         1583.72     2830.76    355986.48
           294                                 232            4414.48                         1596.26     2818.23    354390.22
           295                                 233            4414.48                         1608.90     2805.59    352781.33
           296                                 234            4414.48                         1621.63     2792.85    351159.69
           297                                 235            4414.48                         1634.47     2780.01    349525.22
           298                                 236            4414.48                         1647.41     2767.07    347877.81
           299                                 237            4414.48                         1660.45     2754.03    346217.36
           300                                 238            4414.48                         1673.60     2740.89    344543.76
           301                                 239            4414.48                         1686.85     2727.64    342856.92
           302                                 240            4414.48                         1700.20     2714.28    341156.72
           303                                 241            4414.48                         1713.66     2700.82    339443.06
           304                                 242            4414.48                         1727.23     2687.26    337715.83
           305                                 243            4414.48                         1740.90     2673.58    335974.93
           306                                 244            4414.48                         1754.68     2659.80    334220.24
           307                                 245            4414.48                         1768.57     2645.91    332451.67
           308                                 246            4414.48                         1782.58     2631.91    330669.10
           309                                 247            4414.48                         1796.69     2617.80    328872.41
           310                                 248            4414.48                         1810.91     2603.57    327061.50
           311                                 249            4414.48                         1825.25     2589.24    325236.25
           312                                 250            4414.48                         1839.70     2574.79    323396.55
           313                                 251            4414.48                         1854.26     2560.22    321542.29
           314                                 252            4414.48                         1868.94     2545.54    319673.35
           315                                 253            4414.48                         1883.74     2530.75    317789.61
           316                                 254            4414.48                         1898.65     2515.83    315890.96
           317                                 255            4414.48                         1913.68     2500.80    313977.28
           318                                 256            4414.48                         1928.83     2485.65    312048.45
9/3/2010                                                                                                                                                   ALTERNATIVE "A" IRR PARTITION                                           ROGER J. BROWN




                                             A                                             B                        C                   D          E       F              G        H       I   J   K   L   M   N   O   P   Q   R
           319                                                    257                          4414.48                   1944.10     2470.38   310104.35
           320                                                    258                          4414.48                   1959.49     2454.99   308144.85
           321                                                    259                          4414.48                   1975.00     2439.48   306169.85
           322                                                    260                          4414.48                   1990.64     2423.84   304179.21
           323                                                    261                          4414.48                   2006.40     2408.09   302172.81
           324                                                    262                          4414.48                   2022.28     2392.20   300150.53
           325                                                    263                          4414.48                   2038.29     2376.19   298112.24
           326                                                    264                          4414.48                   2054.43     2360.06   296057.81
           327                                                    265                          4414.48                   2070.69     2343.79   293987.11
           328                                                    266                          4414.48                   2087.09     2327.40   291900.03
           329                                                    267                          4414.48                   2103.61     2310.88   289796.42
           330                                                    268                          4414.48                   2120.26     2294.22   287676.15
           331                                                    269                          4414.48                   2137.05     2277.44   285539.10
           332                                                    270                          4414.48                   2153.97     2260.52   283385.14
           333                                                    271                          4414.48                   2171.02     2243.47   281214.12
           334                                                    272                          4414.48                   2188.21     2226.28   279025.91
           335                                                    273                          4414.48                   2205.53     2208.96   276820.38
           336                                                    274                          4414.48                   2222.99     2191.49   274597.39
           337                                                    275                          4414.48                   2240.59     2173.90   272356.81
           338                                                    276                          4414.48                   2258.33     2156.16   270098.48
           339                                                    277                          4414.48                   2276.20     2138.28   267822.27
           340                                                    278                          4414.48                   2294.22     2120.26   265528.05
           341                                                    279                          4414.48                   2312.39     2102.10   263215.66
           342                                                    280                          4414.48                   2330.69     2083.79   260884.97
           343                                                    281                          4414.48                   2349.15     2065.34   258535.82
           344                                                    282                          4414.48                   2367.74     2046.74   256168.08
           345                                                    283                          4414.48                   2386.49     2028.00   253781.59
           346                                                    284                          4414.48                   2405.38     2009.10   251376.21
           347                                                    285                          4414.48                   2424.42     1990.06   248951.79
           348                                                    286                          4414.48                   2443.62     1970.87   246508.17
           349                                                    287                          4414.48                   2462.96     1951.52   244045.21
           350                                                    288                          4414.48                   2482.46     1932.02   241562.75
           351                                                    289                          4414.48                   2502.11     1912.37   239060.64
           352                                                    290                          4414.48                   2521.92     1892.56   236538.72
           353                                                    291                          4414.48                   2541.89     1872.60   233996.83
           354                                                    292                          4414.48                   2562.01     1852.47   231434.82
           355                                                    293                          4414.48                   2582.29     1832.19   228852.53
           356                                                    294                          4414.48                   2602.74     1811.75   226249.79
           357                                                    295                          4414.48                   2623.34     1791.14   223626.45
           358                                                    296                          4414.48                   2644.11     1770.38   220982.34
           359                                                    297                          4414.48                   2665.04     1749.44   218317.30
           360                                                    298                          4414.48                   2686.14     1728.35   215631.16
           361                                                    299                          4414.48                   2707.40     1707.08   212923.76
           362                                                    300                          4414.48                   2728.84     1685.65   210194.92
           363                                                    301                          4414.48                   2750.44     1664.04   207444.48
           364                                                    302                          4414.48                   2772.22     1642.27   204672.26
           365                                                    303                          4414.48                   2794.16     1620.32   201878.10
           366                                                    304                          4414.48                   2816.28     1598.20   199061.82
           367                                                    305                          4414.48                   2838.58     1575.91   196223.24
           368                                                    306                          4414.48                   2861.05     1553.43   193362.19
           369                                                    307                          4414.48                   2883.70     1530.78   190478.49
           370                                                    308                          4414.48                   2906.53     1507.95   187571.96
           371                                                    309                          4414.48                   2929.54     1484.94   184642.42
           372                                                    310                          4414.48                   2952.73     1461.75   181689.69
           373                                                    311                          4414.48                   2976.11     1438.38   178713.58
           374                                                    312                          4414.48                   2999.67     1414.82   175713.91
           375                                                    313                          4414.48                   3023.42     1391.07   172690.49
           376                                                    314                          4414.48                   3047.35     1367.13   169643.14
           377                                                    315                          4414.48                   3071.48     1343.01   166571.67
           378                                                    316                          4414.48                   3095.79     1318.69   163475.87
           379                                                    317                          4414.48                   3120.30     1294.18   160355.57
           380                                                    318                          4414.48                   3145.00     1269.48   157210.57
           381                                                    319                          4414.48                   3169.90     1244.58   154040.67
           382                                                    320                          4414.48                   3195.00     1219.49   150845.67
           383                                                    321                          4414.48                   3220.29     1194.19   147625.38
           384                                                    322                          4414.48                   3245.78     1168.70   144379.60
           385                                                    323                          4414.48                   3271.48     1143.01   141108.12
           386                                                    324                          4414.48                   3297.38     1117.11   137810.74
           387                                                    325                          4414.48                   3323.48     1091.00   134487.26
           388                                                    326                          4414.48                   3349.79     1064.69   131137.47
           389                                                    327                          4414.48                   3376.31     1038.17   127761.15
           390                                                    328                          4414.48                   3403.04     1011.44   124358.11
           391                                                    329                          4414.48                   3429.98      984.50   120928.13
           392                                                    330                          4414.48                   3457.14      957.35   117470.99
           393                                                    331                          4414.48                   3484.51      929.98   113986.49
           394                                                    332                          4414.48                   3512.09      902.39   110474.39
           395                                                    333                          4414.48                   3539.90      874.59   106934.50
           396                                                    334                          4414.48                   3567.92      846.56   103366.58
           397                                                    335                          4414.48                   3596.17      818.32    99770.41
           398                                                    336                          4414.48                   3624.64      789.85    96145.78
           399                                                    337                          4414.48                   3653.33      761.15    92492.45
           400                                                    338                          4414.48                   3682.25      732.23    88810.19
           401                                                    339                          4414.48                   3711.40      703.08    85098.79
           402                                                    340                          4414.48                   3740.79      673.70    81358.00
           403                                                    341                          4414.48                   3770.40      644.08    77587.60
           404                                                    342                          4414.48                   3800.25      614.24    73787.35
           405                                                    343                          4414.48                   3830.33      584.15    69957.02
           406                                                    344                          4414.48                   3860.66      553.83    66096.36
           407                                                    345                          4414.48                   3891.22      523.26    62205.14
           408                                                    346                          4414.48                   3922.03      492.46    58283.11
           409                                                    347                          4414.48                   3953.08      461.41    54330.04
           410                                                    348                          4414.48                   3984.37      430.11    50345.66
           411                                                    349                          4414.48                   4015.91      398.57    46329.75
           412                                                    350                          4414.48                   4047.71      366.78    42282.04
           413                                                    351                          4414.48                   4079.75      334.73    38202.29
           414                                                    352                          4414.48                   4112.05      302.43    34090.24
           415                                                    353                          4414.48                   4144.60      269.88    29945.64
           416                                                    354                          4414.48                   4177.41      237.07    25768.22
           417                                                    355                          4414.48                   4210.49      204.00    21557.74
           418                                                    356                          4414.48                   4243.82      170.67    17313.92
           419                                                    357                          4414.48                   4277.42      137.07    13036.50
           420                                                    358                          4414.48                   4311.28      103.21     8725.22
           421                                                    359                          4414.48                   4345.41       69.07     4379.81
           422                                                    360                          4414.48                   4379.81       34.67
           423
           424   NET OPERATING INCOME                                                                                                 56166
           425   LESS: LOAN PAYMENTS                                                                         FIRST YEAR ONLY:
           426      INTEREST                                                                                               49736
           427      PRINCIPAL                                                                                               3237
           428      TOTAL DEBT SERVICE                                                                                     52974      -52974                   1.060
           429   CASH FLOW BEFORE TAXES                                                                                                 3192       3192        2.55%
           430   PLUS: PRIN PAYMENT                                                                                                     3237
           431   GROSS EQUITY INCOME                                                                                                    6430
           432   LESS: DEPRECIATION
           433                                                 LIFE =                          25.00     YEARS
           434                                                LAND =                       128458.50
           435   ANNUAL DEP'N DEDUCT                                                                                                  -20862
           436   RE TAXABLE INCOME                                                                                                    -14432
           437   INCOME TAXES                                                                            TAX BRACKET=___% COMB S&F     -4041       4041        28.00%
           438   NET AFTER TAX CF                                                                                                                  7233         5.79%
           439   D:\Docstoc\Working\pdf\[32867778-9b74-42df-9f58-4745b2199415.xls]ALT _B
9/3/2010                                                                                                                                     ALTERNATIVE "B" OPERATING STATEMENT                                                                                                                                                       ROGER J. BROWN




                                    A                        B                         C                         D               E                     F                    G           H                        I                          J            K          L           M         N         O         P        Q         R
           1    COMPUTE MONTHLY INCOME & VACANCY
           2
           3                   #UNITS                       TYPE                    POTENTIAL                                   EXT                ACTUAL                             EXT               BEGINNING OF YEAR --->             1            2          3           4         5         6         7
           4                                                                          RENT                 PER SF                                   RENT                 PER SF                                 END OF YEAR --->                        1          2           3         4         5         6
           5                                                                                                                                                                                  VALUE                                    1300000      1365000      1433250   1504913     1580158   1659166   1742124
           6                    12                          1 BR                      540                                       6480                 525                              6300    LOANS                                    1050000      1043525      1036408   1028584     1019984   1010530   1000138
           7                    4                           2 BR                      740                                       2960                 725                              2900    EQUITY                                    250000       321475       396842    476328      560174    648636    741986
           8                    8                           3 BR                      915                                       7320                 970                              7760
           9                                                                                                                                                                               GROSS SCHED INCOME                           201120       211176      221735    232822      244463    256686
           10   TOTAL MONTHLY RENT:                                                                                              16760                                              16960 LESS:VACANCY & CREDIT LOSS                     10056        10559       11087     11641       12223     12834
           11   ANNUAL RENT                                                                                                     201120                                              ###### EFFECTIVE GROSS INCOME                       191064       200617      210648    221180      232239    243851
           12   VACANCY CALCULATION BY UNIT:                                                                                                                                               LESS: EXPENSES                                80448        84470       88694     93129       97785    102674
           13                                                                                                                                                                              NET OPERATING INCOME                         110616       116147      121954    128052      134454    141177
           14                  #UNITS                       TYPE                      RENT                 VAC RT           OCC RT                                        VAC $     VAC % CAPITALIZATION RATE                            8.51%        8.51%       8.51%     8.51%       8.51%     8.51%
           15
           16   12                                   1 BR                                       540.00   5.00%           95.00%                                              324              NET OPERATING INCOME                      110616       116147      121954    128052      134454    141177
           17   4                                    2 BR                                       740.00   5.00%           95.00%                                              148              LESS: INTEREST PMTS                        99473        98830       98124     97347       96494     95556
           18   8                                    3 BR                                       915.00   5.00%           95.00%                                              366              LESS: DEPRECIATION                         41723        41723       41723     41723       41723     41723
           19                                                                                                                                                                                 RE TAXABLE INCOME                         -30580       -24407      -17893    -11019       -3763      3898
           20   TOTAL MONTHLY RENT:                                                                                                                          16760     838 5.000%
           21                                                                                                                                                                      NET OPERATING INCOME                               110616            116147   121954    128052      134454    141177
           22   ANALYZE FOR NOI                               09/03/10                                                   MARKET VAL                        1300000 ######## FACTOR LESS: TOTAL LN PMTS                                105948            105948   105948    105948      105948    105948
           23   RE 540 PROJECT                                             GR RENT MULT                          6.46    LOANS                             105000080.7692%         BEFORE TAX CASH FLOW                                  4668            10199    16007     22104       28507     35230
           24   SAMPLE APARTMENT PROJECT                                   PRICE/UNIT =                         54167    MV EQUITY                          25000019.2308%         INCOME TAX EFFECT                                     8562             6834     5010      3085        1054     -1092
           25                          # UNITS                       24                                                                                                            AFTER TAX CASH FLOW                                 13231             17033    21017     25190       29560     34138
           26                                                                       EX. LOANS              BALANCE          MO PMT                 INT RATE       CONSTANT TERM D:\Docstoc\Working\pdf\[32867778-9b74-42df-9f58-4745b2199415.xls]ALT _B
           27   ASSESSED LAND VALUE                         100000.00      1ST TD                          1050000           8828.97                        9.50%           360.00
           28   ASSESSED IMPVMT VAL                         406000.00
           29                                                                                                                                                                                           BEGINNING OF YEAR --->             1            2          3           4         5         6         7
           30   % LAND                                           19.76%                                                                                                                                         END OF YEAR --->                        1          2           3         4         5         6
           31   % IMPROVEMENTS                                   80.24%                                                                                                                       VALUE                                    1300000      1365000      1433250   1504913     1580158   1659166   1742124
           32                                                                                                                                                                                 LOANS                                    1050000      1043525      1036408   1028584     1019984   1010530   1000138
           33        BASIS CODE =                                  1.00                                                                                                                       EQUITY                                    250000       321475       396842    476328      560174    648636    741986
           34                           1300000.00   ACB @ ACQ
           35                                                                                                                                                                              ACCRUED DEPRECIATION                                        41723      83447    125170      166893    208617    250340
           36   GROSS SCHED INCOME                               100.00%                                  201120.00      RENT SCHED            AVG RENT                   RENT      #UNITS SALE COST PERCENT:
           37   LESS:VACANCY                                       5.00%                                   10056.00      1 BR                               540.00         6480         12                       7.00%                                95550      100328    105344      110611    116142    121949
           38   GROSS OPER INCOME                                 95.00%                                  191064.00      2 BR                               740.00         2960          4 B-TAX SALES PROCEEDS                                      225925      296515    370984      449563    532494    620037
           39   LESS: EXPENSES                                                                                           3 BR                               915.00         7320       8.00
           40    TAXES (% VALUE)                                                                                                                                                                BASIS CALCULATION:
           41    INSURANCE
           42    UTILITIES                                                                                                                                                                    GROSS SALE PRICE                                      1365000      1433250   1504913     1580158   1659166   1742124
           43    JANITORIAL                                                                                                                                                                   ORIGINAL COST                                         1300000      1300000   1300000     1300000   1300000   1300000
           44    LANDSCAPING                                                                                             TOTAL                                            16760         24    LESS DEPRECIATION                                      -41723       -83447   -125170     -166893   -208617   -250340
           45    SUPPLIES                                                                                                AVERAGE                            698.33                            PLUS COST OF SALE                                       95550       100328    105344      110611    116142    121949
           46    REPLACEMENTS                                                                                                                                                                 OTHER BASIS ADJUST
           47    HVAC                                                                                                                                                                         ACB AT SALE                                           1353827      1316881   1280174     1243718   1207525   1171609
           48    MAINTENANCE                                                                                                                                                                  CAPITAL GAIN                                            11173       116369    224739      336440    451641    570516
           49    PROF MGT. @ _%                                                                                                                                                               TAX RATE                                               28.00%       28.00%    28.00%      28.00%    28.00%    28.00%
           50    CAM REIMBURSEMENT                                                                                                                                                            TAX                                                      3129        32583     62927       94203    126459    159744
           51    ACCUMULATED EXP                                 42.11%                      80448.00                                    REQUIRED RATE OF RETURN                    16.00%
           52                                                                                                                            PROJ RENTAL CHANGE                          5.00%        REVERSION CALCULATION:
           53   TOTAL EXPENSES                                   42.11%                                    80448.00                      PROJ VAC CHANGE
           54   NET OPERATING INCOME                                                                      110616.00                      PROJ OP EXP CHANGE                          5.00%    B-TAX SALES PROCEEDS                                   225925      296515    370984      449563     532494    620037
           55   MARKET VAL CAP RATE                                8.51%                                                                 PROJ PROP VAL CHANGE                        5.00%    TAX                                                     -3129      -32583    -62927      -94203    -126459   -159744
           56                                                                                                                                                                                 AFTER TAX EQ REVERSION                                 222796      263931    308058      355360     406035    460293
           57   ORIGINAL AMOUNT:                                                                           1050000       PMNT AMT:                         8828.97      ########
           58   INTEREST RATE:                                                                               9.50%       FA:                                360.00
           59                                                                                                                                                                                           BEGINNING OF YEAR --->             1            2          3           4         5         6         7       YIELDS    NPV
           60 MO                                     PMT                   PRIN                          INT             BALANCE         ANN INT                       YEAR                                     END OF YEAR --->                        1          2           3         4         5         6
           61
           62                                        BEGINNING BALANCE                                                   1050000.00                                        1996               GPI                                                    201120      211176    221735      232822    244463     256686
           63                                    1            8828.97                          516.47          8312.50   1049483.53                                                           EGI                                                    191064      200617    210648      221180    232239     243851
           64                                    2            8828.97                          520.56          8308.41   1048962.97                                                           NOI                                     -1300000       110616      116147    121954      128052    134454    1761353   #######
           65                                    3            8828.97                          524.68          8304.29   1048438.29                                                           BTCF                                     -250000         4668       10199     16007       22104     28507     655267   #######
           66                                    4            8828.97                          528.83          8300.14   1047909.46                                                           ATCF                                     -250000        13231       17033     21017       25190     29560     494431   #######   18450
           67                                    5            8828.97                          533.02          8295.95   1047376.44
           68                                    6            8828.97                          537.24          8291.73   1046839.20                                                                                               PRESENT VALUE OF COMPONENTS OF OPERATING CASH FLOWS
           69                                    7            8828.97                          541.49          8287.48   1046297.71
           70                                    8            8828.97                          545.78          8283.19   1045751.93                                                                            1                           2           3             4        5           6       7       8       9
           71                                    9            8828.97                          550.10          8278.87   1045201.83                                                                           YEAR                       PV @        ANNUAL       1st YR   PV YR 1     GROWTH PV GRWTH   TAX    PV TAX
           72                                   10            8828.97                          554.45          8274.51   1044647.38                                                                                                    17.5754%        CF        CF LEVEL CF LEVEL      IN CF   IN CF  SHELTER SHELTER
           73                                   11            8828.97                          558.84          8270.13   1044088.53
           74                                   12            8828.97                          563.27          8265.70   1043525.27                          99473         1997                                 1                        0.8505        13231      13231        11253                          8562    7283
           75                                   13            8828.97                          567.73          8261.24   1042957.54                                                                             2                        0.7234        17033      13231         9571     3802      2750       6834    4944
           76                                   14            8828.97                          572.22          8256.75   1042385.32                                                                             3                        0.6152        21017      13231         8140     3983      2451       5010    3082
           77                                   15            8828.97                          576.75          8252.22   1041808.56                                                                             4                        0.5233        25190      13231         6923     4173      2184       3085    1614
           78                                   16            8828.97                          581.32          8247.65   1041227.25                                                                             5                        0.4451        29560      13231         5889     4371      1945       1054     469
           79                                   17            8828.97                          585.92          8243.05   1040641.33                                                                             6                        0.3785        34138      13231         5008     4578      1733      -1092    -413
           80                                   18            8828.97                          590.56          8238.41   1040050.77                                                                           TOTAL                                                            46784              11063              16979
           81                                   19            8828.97                          595.23          8233.74   1039455.53
           82                                   20            8828.97                          599.95          8229.02   1038855.59                                                                                                             PRESENT VALUE OF PROCEEDS FROM SALE
           83                                   21            8828.97                          604.70          8224.27   1038250.89
           84                                   22            8828.97                          609.48          8219.49   1037641.41                                                                                                                                        AMOUNT       PV @
           85                                   23            8828.97                          614.31          8214.66   1037027.10                                                                                                                                                    17.575%
           86                                   24            8828.97                          619.17          8209.80   1036407.93                          98830         1998
           87                                   25            8828.97                          624.07          8204.90   1035783.86                                                           NET PROCEEDS FROM SALE:                                                      460293      174235
           88                                   26            8828.97                          629.01          8199.96   1035154.84                                                           RECAPTURE OF ORIGINAL EQUITY:                                                250000       94633
           89                                   27            8828.97                          633.99          8194.98   1034520.85                                                           LOAN AMORTIZATION                                                             49862       18874
           90                                   28            8828.97                          639.01          8189.96   1033881.84                                                           ANTICIPATED NET APPRECIATION:                                                160431       60728
           91                                   29            8828.97                          644.07          8184.90   1033237.76
           92                                   30            8828.97                          649.17          8179.80   1032588.59                                                                                                                          PARTITION TABLE
           93                                   31            8828.97                          654.31          8174.66   1031934.28
           94                                   32            8828.97                          659.49          8169.48   1031274.80                                                           COMPONENTS OF TOTAL RETURN
           95                                   33            8828.97                          664.71          8164.26   1030610.09
           96                                   34            8828.97                          669.97          8159.00   1029940.11                                                           YEAR 1 LEVEL OF CASH FLOW                                                        46784    18.78%
           97                                   35            8828.97                          675.28          8153.69   1029264.84                                                           GROWTH IN CASH FLOW                                                              11063     4.44%
           98                                   36            8828.97                          680.62          8148.35   1028584.21                          98124         1999               TOTAL CASH FLOW                                                                                     23.23%
           99                                   37            8828.97                          686.01          8142.96   1027898.20                                                           TAX SAVINGS                                                                   16979        6.82%     6.82%
           100                                  38            8828.97                          691.44          8137.53   1027206.76                                                           RECAPTURE OF ORIGINAL EQUITY                                                  94633       38.00%
           101                                  39            8828.97                          696.92          8132.05   1026509.85                                                           LOAN AMORTIZATION                                                             18874        7.58%
           102                                  40            8828.97                          702.43          8126.54   1025807.41                                                           EXPECTED NET APPRECIATION                                                     60728       24.38%
           103                                  41            8828.97                          707.99          8120.98   1025099.42                                                           TOTAL CASH PROCEEDS                                                          174235                 69.96%
           104                                  42            8828.97                          713.60          8115.37   1024385.82
           105                                  43            8828.97                          719.25          8109.72   1023666.57                                                           TOTAL RETURN                                                                 249062      100.00%   100.00%
           106                                  44            8828.97                          724.94          8104.03   1022941.63
           107                                  45            8828.97                          730.68          8098.29   1022210.95
           108                                  46            8828.97                          736.47          8092.50   1021474.48
           109                                  47            8828.97                          742.30          8086.67   1020732.19
           110                                  48            8828.97                          748.17          8080.80   1019984.01                          97347         2000
           111                                  49            8828.97                          754.10          8074.87   1019229.92
           112                                  50            8828.97                          760.07          8068.90   1018469.85
           113                                  51            8828.97                          766.08          8062.89   1017703.77
           114                                  52            8828.97                          772.15          8056.82   1016931.62
           115                                  53            8828.97                          778.26          8050.71   1016153.36
           116                                  54            8828.97                          784.42          8044.55   1015368.94
           117                                  55            8828.97                          790.63          8038.34   1014578.31
           118                                  56            8828.97                          796.89          8032.08   1013781.42
           119                                  57            8828.97                          803.20          8025.77   1012978.22
           120                                  58            8828.97                          809.56          8019.41   1012168.66
           121                                  59            8828.97                          815.97          8013.00   1011352.69
           122                                  60            8828.97                          822.43          8006.54   1010530.26                          96494         2001
           123                                  61            8828.97                          828.94          8000.03   1009701.33
           124                                  62            8828.97                          835.50          7993.47   1008865.83
           125                                  63            8828.97                          842.11          7986.85   1008023.71
           126                                  64            8828.97                          848.78          7980.19   1007174.93
           127                                  65            8828.97                          855.50          7973.47   1006319.43
           128                                  66            8828.97                          862.27          7966.70   1005457.16
           129                                  67            8828.97                          869.10          7959.87   1004588.06
           130                                  68            8828.97                          875.98          7952.99   1003712.07
           131                                  69            8828.97                          882.92          7946.05   1002829.16
           132                                  70            8828.97                          889.90          7939.06   1001939.25
           133                                  71            8828.97                          896.95          7932.02   1001042.30
           134                                  72            8828.97                          904.05          7924.92   1000138.25                          95556         2002
           135                                  73            8828.97                          911.21          7917.76    999227.05
           136                                  74            8828.97                          918.42          7910.55    998308.62
           137                                  75            8828.97                          925.69          7903.28    997382.93
           138                                  76            8828.97                          933.02          7895.95    996449.91
           139                                  77            8828.97                          940.41          7888.56    995509.50
           140                                  78            8828.97                          947.85          7881.12    994561.65
           141                                  79            8828.97                          955.36          7873.61    993606.29
           142                                  80            8828.97                          962.92          7866.05    992643.37
           143                                  81            8828.97                          970.54          7858.43    991672.83
           144                                  82            8828.97                          978.23          7850.74    990694.61
           145                                  83            8828.97                          985.97          7843.00    989708.64
           146                                  84            8828.97                          993.78          7835.19    988714.86                          94524         2003
           147                                  85            8828.97                         1001.64          7827.33    987713.22
           148                                  86            8828.97                         1009.57          7819.40    986703.64
           149                                  87            8828.97                         1017.57          7811.40    985686.08
           150                                  88            8828.97                         1025.62          7803.35    984660.46
           151                                  89            8828.97                         1033.74          7795.23    983626.72
           152                                  90            8828.97                         1041.92          7787.04    982584.79
           153                                  91            8828.97                         1050.17          7778.80    981534.62
           154                                  92            8828.97                         1058.49          7770.48    980476.13
           155                                  93            8828.97                         1066.87          7762.10    979409.27
           156                                  94            8828.97                         1075.31          7753.66    978333.95
           157                                  95            8828.97                         1083.83          7745.14    977250.13
           158                                  96            8828.97                         1092.41          7736.56    976157.72                          93390         2004
           159                                  97            8828.97                         1101.05          7727.92    975056.67
           160                                  98            8828.97                         1109.77          7719.20    973946.90
           161                                  99            8828.97                         1118.56          7710.41    972828.34
           162                                 100            8828.97                         1127.41          7701.56    971700.93
           163                                 101            8828.97                         1136.34          7692.63    970564.59
           164                                 102            8828.97                         1145.33          7683.64    969419.26
           165                                 103            8828.97                         1154.40          7674.57    968264.86
           166                                 104            8828.97                         1163.54          7665.43    967101.32
           167                                 105            8828.97                         1172.75          7656.22    965928.57
           168                                 106            8828.97                         1182.03          7646.93    964746.54
           169                                 107            8828.97                         1191.39          7637.58    963555.15
           170                                 108            8828.97                         1200.82          7628.14    962354.32                          92144         2005
           171                                 109            8828.97                         1210.33          7618.64    961143.99
           172                                 110            8828.97                         1219.91          7609.06    959924.08
           173                                 111            8828.97                         1229.57          7599.40    958694.51
           174                                 112            8828.97                         1239.30          7589.66    957455.20
           175                                 113            8828.97                         1249.12          7579.85    956206.09
           176                                 114            8828.97                         1259.00          7569.96    954947.08
           177                                 115            8828.97                         1268.97          7560.00    953678.11
           178                                 116            8828.97                         1279.02          7549.95    952399.09
           179                                 117            8828.97                         1289.14          7539.83    951109.95
           180                                 118            8828.97                         1299.35          7529.62    949810.60
           181                                 119            8828.97                         1309.64          7519.33    948500.97
           182                                 120            8828.97                         1320.00          7508.97    947180.96                          90774         2006
           183                                 121            8828.97                         1330.45          7498.52    945850.51
           184                                 122            8828.97                         1340.99          7487.98    944509.53
           185                                 123            8828.97                         1351.60          7477.37    943157.92
           186                                 124            8828.97                         1362.30          7466.67    941795.62
           187                                 125            8828.97                         1373.09          7455.88    940422.53
           188                                 126            8828.97                         1383.96          7445.01    939038.58
           189                                 127            8828.97                         1394.91          7434.06    937643.66
           190                                 128            8828.97                         1405.96          7423.01    936237.71
           191                                 129            8828.97                         1417.09          7411.88    934820.62
           192                                 130            8828.97                         1428.31          7400.66    933392.31
           193                                 131            8828.97                         1439.61          7389.36    931952.70
           194                                 132            8828.97                         1451.01          7377.96    930501.69                          89268         2007
           195                                 133            8828.97                         1462.50          7366.47    929039.19
           196                                 134            8828.97                         1474.08          7354.89    927565.12
           197                                 135            8828.97                         1485.75          7343.22    926079.37
           198                                 136            8828.97                         1497.51          7331.46    924581.86
           199                                 137            8828.97                         1509.36          7319.61    923072.50
           200                                 138            8828.97                         1521.31          7307.66    921551.19
           201                                 139            8828.97                         1533.36          7295.61    920017.83
           202                                 140            8828.97                         1545.49          7283.47    918472.34
           203                                 141            8828.97                         1557.73          7271.24    916914.61
           204                                 142            8828.97                         1570.06          7258.91    915344.55
           205                                 143            8828.97                         1582.49          7246.48    913762.05
           206                                 144            8828.97                         1595.02          7233.95    912167.04
           207                                 145            8828.97                         1607.65          7221.32    910559.39
           208                                 146            8828.97                         1620.37          7208.60    908939.01
           209                                 147            8828.97                         1633.20          7195.77    907305.81
           210                                 148            8828.97                         1646.13          7182.84    905659.68
           211                                 149            8828.97                         1659.16          7169.81    904000.52
           212                                 150            8828.97                         1672.30          7156.67    902328.22
           213                                 151            8828.97                         1685.54          7143.43    900642.68
           214                                 152            8828.97                         1698.88          7130.09    898943.80
           215                                 153            8828.97                         1712.33          7116.64    897231.47
           216                                 154            8828.97                         1725.89          7103.08    895505.58
           217                                 155            8828.97                         1739.55          7089.42    893766.03
           218                                 156            8828.97                         1753.32          7075.65    892012.71
           219                                 157            8828.97                         1767.20          7061.77    890245.51
           220                                 158            8828.97                         1781.19          7047.78    888464.32
           221                                 159            8828.97                         1795.29          7033.68    886669.02
           222                                 160            8828.97                         1809.51          7019.46    884859.52
           223                                 161            8828.97                         1823.83          7005.14    883035.69
           224                                 162            8828.97                         1838.27          6990.70    881197.42
           225                                 163            8828.97                         1852.82          6976.15    879344.59
           226                                 164            8828.97                         1867.49          6961.48    877477.10
           227                                 165            8828.97                         1882.28          6946.69    875594.83
           228                                 166            8828.97                         1897.18          6931.79    873697.65
           229                                 167            8828.97                         1912.20          6916.77    871785.45
           230                                 168            8828.97                         1927.33          6901.63    869858.12
           231                                 169            8828.97                         1942.59          6886.38    867915.53
           232                                 170            8828.97                         1957.97          6871.00    865957.56
           233                                 171            8828.97                         1973.47          6855.50    863984.08
           234                                 172            8828.97                         1989.10          6839.87    861994.99
           235                                 173            8828.97                         2004.84          6824.13    859990.15
           236                                 174            8828.97                         2020.71          6808.26    857969.43
           237                                 175            8828.97                         2036.71          6792.26    855932.72
           238                                 176            8828.97                         2052.84          6776.13    853879.89
           239                                 177            8828.97                         2069.09          6759.88    851810.80
           240                                 178            8828.97                         2085.47          6743.50    849725.33
           241                                 179            8828.97                         2101.98          6726.99    847623.36
           242                                 180            8828.97                         2118.62          6710.35    845504.74
           243                                 181            8828.97                         2135.39          6693.58    843369.35
           244                                 182            8828.97                         2152.30          6676.67    841217.05
           245                                 183            8828.97                         2169.33          6659.64    839047.72
           246                                 184            8828.97                         2186.51          6642.46    836861.21
           247                                 185            8828.97                         2203.82          6625.15    834657.39
           248                                 186            8828.97                         2221.26          6607.70    832436.13
           249                                 187            8828.97                         2238.85          6590.12    830197.28
           250                                 188            8828.97                         2256.57          6572.40    827940.70
           251                                 189            8828.97                         2274.44          6554.53    825666.27
           252                                 190            8828.97                         2292.44          6536.52    823373.82
           253                                 191            8828.97                         2310.59          6518.38    821063.23
           254                                 192            8828.97                         2328.89          6500.08    818734.34
           255                                 193            8828.97                         2347.32          6481.65    816387.02
           256                                 194            8828.97                         2365.91          6463.06    814021.12
           257                                 195            8828.97                         2384.64          6444.33    811636.48
           258                                 196            8828.97                         2403.51          6425.46    809232.97
           259                                 197            8828.97                         2422.54          6406.43    806810.42
           260                                 198            8828.97                         2441.72          6387.25    804368.70
           261                                 199            8828.97                         2461.05          6367.92    801907.65
           262                                 200            8828.97                         2480.53          6348.44    799427.12
           263                                 201            8828.97                         2500.17          6328.80    796926.95
           264                                 202            8828.97                         2519.96          6309.01    794406.99
           265                                 203            8828.97                         2539.91          6289.06    791867.07
           266                                 204            8828.97                         2560.02          6268.95    789307.05
           267                                 205            8828.97                         2580.29          6248.68    786726.76
           268                                 206            8828.97                         2600.72          6228.25    784126.05
           269                                 207            8828.97                         2621.30          6207.66    781504.74
           270                                 208            8828.97                         2642.06          6186.91    778862.69
           271                                 209            8828.97                         2662.97          6166.00    776199.71
           272                                 210            8828.97                         2684.05          6144.91    773515.66
           273                                 211            8828.97                         2705.30          6123.67    770810.35
           274                                 212            8828.97                         2726.72          6102.25    768083.63
           275                                 213            8828.97                         2748.31          6080.66    765335.33
           276                                 214            8828.97                         2770.06          6058.90    762565.26
           277                                 215            8828.97                         2791.99          6036.97    759773.27
           278                                 216            8828.97                         2814.10          6014.87    756959.17
           279                                 217            8828.97                         2836.38          5992.59    754122.79
           280                                 218            8828.97                         2858.83          5970.14    751263.96
           281                                 219            8828.97                         2881.46          5947.51    748382.50
           282                                 220            8828.97                         2904.27          5924.69    745478.23
           283                                 221            8828.97                         2927.27          5901.70    742550.96
           284                                 222            8828.97                         2950.44          5878.53    739600.52
           285                                 223            8828.97                         2973.80          5855.17    736626.72
           286                                 224            8828.97                         2997.34          5831.63    733629.38
           287                                 225            8828.97                         3021.07          5807.90    730608.31
           288                                 226            8828.97                         3044.99          5783.98    727563.32
           289                                 227            8828.97                         3069.09          5759.88    724494.23
           290                                 228            8828.97                         3093.39          5735.58    721400.84
           291                                 229            8828.97                         3117.88          5711.09    718282.96
           292                                 230            8828.97                         3142.56          5686.41    715140.40
           293                                 231            8828.97                         3167.44          5661.53    711972.96
           294                                 232            8828.97                         3192.52          5636.45    708780.44
           295                                 233            8828.97                         3217.79          5611.18    705562.65
           296                                 234            8828.97                         3243.26          5585.70    702319.39
           297                                 235            8828.97                         3268.94          5560.03    699050.45
           298                                 236            8828.97                         3294.82          5534.15    695755.63
           299                                 237            8828.97                         3320.90          5508.07    692434.72
           300                                 238            8828.97                         3347.19          5481.77    689087.53
           301                                 239            8828.97                         3373.69          5455.28    685713.83
           302                                 240            8828.97                         3400.40          5428.57    682313.43
           303                                 241            8828.97                         3427.32          5401.65    678886.11
           304                                 242            8828.97                         3454.45          5374.52    675431.66
           305                                 243            8828.97                         3481.80          5347.17    671949.86
           306                                 244            8828.97                         3509.37          5319.60    668440.49
           307                                 245            8828.97                         3537.15          5291.82    664903.34
           308                                 246            8828.97                         3565.15          5263.82    661338.19
           309                                 247            8828.97                         3593.38          5235.59    657744.82
           310                                 248            8828.97                         3621.82          5207.15    654122.99
           311                                 249            8828.97                         3650.50          5178.47    650472.50
           312                                 250            8828.97                         3679.40          5149.57    646793.10
           313                                 251            8828.97                         3708.52          5120.45    643084.58
           314                                 252            8828.97                         3737.88          5091.09    639346.69
           315                                 253            8828.97                         3767.47          5061.49    635579.22
           316                                 254            8828.97                         3797.30          5031.67    631781.92
           317                                 255            8828.97                         3827.36          5001.61    627954.56
           318                                 256            8828.97                         3857.66          4971.31    624096.90
9/3/2010                                                                                                                                                   ALTERNATIVE "B" OPERATING STATEMENT                                           ROGER J. BROWN




                                             A                                             B                        C                  D           E            F              G        H        I   J   K   L   M   N   O   P   Q   R
           319                                                    257                          8828.97                   3888.20     4940.77   620208.69
           320                                                    258                          8828.97                   3918.98     4909.99   616289.71
           321                                                    259                          8828.97                   3950.01     4878.96   612339.70
           322                                                    260                          8828.97                   3981.28     4847.69   608358.42
           323                                                    261                          8828.97                   4012.80     4816.17   604345.62
           324                                                    262                          8828.97                   4044.57     4784.40   600301.06
           325                                                    263                          8828.97                   4076.59     4752.38   596224.47
           326                                                    264                          8828.97                   4108.86     4720.11   592115.61
           327                                                    265                          8828.97                   4141.39     4687.58   587974.22
           328                                                    266                          8828.97                   4174.17     4654.80   583800.05
           329                                                    267                          8828.97                   4207.22     4621.75   579592.83
           330                                                    268                          8828.97                   4240.53     4588.44   575352.31
           331                                                    269                          8828.97                   4274.10     4554.87   571078.21
           332                                                    270                          8828.97                   4307.93     4521.04   566770.28
           333                                                    271                          8828.97                   4342.04     4486.93   562428.24
           334                                                    272                          8828.97                   4376.41     4452.56   558051.83
           335                                                    273                          8828.97                   4411.06     4417.91   553640.77
           336                                                    274                          8828.97                   4445.98     4382.99   549194.79
           337                                                    275                          8828.97                   4481.18     4347.79   544713.61
           338                                                    276                          8828.97                   4516.65     4312.32   540196.96
           339                                                    277                          8828.97                   4552.41     4276.56   535644.55
           340                                                    278                          8828.97                   4588.45     4240.52   531056.10
           341                                                    279                          8828.97                   4624.78     4204.19   526431.32
           342                                                    280                          8828.97                   4661.39     4167.58   521769.93
           343                                                    281                          8828.97                   4698.29     4130.68   517071.64
           344                                                    282                          8828.97                   4735.49     4093.48   512336.16
           345                                                    283                          8828.97                   4772.97     4055.99   507563.18
           346                                                    284                          8828.97                   4810.76     4018.21   502752.42
           347                                                    285                          8828.97                   4848.85     3980.12   497903.58
           348                                                    286                          8828.97                   4887.23     3941.74   493016.35
           349                                                    287                          8828.97                   4925.92     3903.05   488090.42
           350                                                    288                          8828.97                   4964.92     3864.05   483125.50
           351                                                    289                          8828.97                   5004.23     3824.74   478121.28
           352                                                    290                          8828.97                   5043.84     3785.13   473077.43
           353                                                    291                          8828.97                   5083.77     3745.20   467993.66
           354                                                    292                          8828.97                   5124.02     3704.95   462869.64
           355                                                    293                          8828.97                   5164.58     3664.38   457705.06
           356                                                    294                          8828.97                   5205.47     3623.50   452499.59
           357                                                    295                          8828.97                   5246.68     3582.29   447252.91
           358                                                    296                          8828.97                   5288.22     3540.75   441964.69
           359                                                    297                          8828.97                   5330.08     3498.89   436634.61
           360                                                    298                          8828.97                   5372.28     3456.69   431262.33
           361                                                    299                          8828.97                   5414.81     3414.16   425847.52
           362                                                    300                          8828.97                   5457.68     3371.29   420389.84
           363                                                    301                          8828.97                   5500.88     3328.09   414888.96
           364                                                    302                          8828.97                   5544.43     3284.54   409344.53
           365                                                    303                          8828.97                   5588.32     3240.64   403756.20
           366                                                    304                          8828.97                   5632.57     3196.40   398123.64
           367                                                    305                          8828.97                   5677.16     3151.81   392446.48
           368                                                    306                          8828.97                   5722.10     3106.87   386724.38
           369                                                    307                          8828.97                   5767.40     3061.57   380956.98
           370                                                    308                          8828.97                   5813.06     3015.91   375143.92
           371                                                    309                          8828.97                   5859.08     2969.89   369284.84
           372                                                    310                          8828.97                   5905.46     2923.50   363379.37
           373                                                    311                          8828.97                   5952.22     2876.75   357427.16
           374                                                    312                          8828.97                   5999.34     2829.63   351427.82
           375                                                    313                          8828.97                   6046.83     2782.14   345380.99
           376                                                    314                          8828.97                   6094.70     2734.27   339286.29
           377                                                    315                          8828.97                   6142.95     2686.02   333143.33
           378                                                    316                          8828.97                   6191.58     2637.38   326951.75
           379                                                    317                          8828.97                   6240.60     2588.37   320711.15
           380                                                    318                          8828.97                   6290.01     2538.96   314421.14
           381                                                    319                          8828.97                   6339.80     2489.17   308081.34
           382                                                    320                          8828.97                   6389.99     2438.98   301691.35
           383                                                    321                          8828.97                   6440.58     2388.39   295250.77
           384                                                    322                          8828.97                   6491.57     2337.40   288759.20
           385                                                    323                          8828.97                   6542.96     2286.01   282216.24
           386                                                    324                          8828.97                   6594.76     2234.21   275621.48
           387                                                    325                          8828.97                   6646.97     2182.00   268974.52
           388                                                    326                          8828.97                   6699.59     2129.38   262274.93
           389                                                    327                          8828.97                   6752.63     2076.34   255522.31
           390                                                    328                          8828.97                   6806.08     2022.88   248716.22
           391                                                    329                          8828.97                   6859.97     1969.00   241856.26
           392                                                    330                          8828.97                   6914.27     1914.70   234941.98
           393                                                    331                          8828.97                   6969.01     1859.96   227972.97
           394                                                    332                          8828.97                   7024.18     1804.79   220948.79
           395                                                    333                          8828.97                   7079.79     1749.18   213869.00
           396                                                    334                          8828.97                   7135.84     1693.13   206733.16
           397                                                    335                          8828.97                   7192.33     1636.64   199540.82
           398                                                    336                          8828.97                   7249.27     1579.70   192291.55
           399                                                    337                          8828.97                   7306.66     1522.31   184984.89
           400                                                    338                          8828.97                   7364.51     1464.46   177620.39
           401                                                    339                          8828.97                   7422.81     1406.16   170197.58
           402                                                    340                          8828.97                   7481.57     1347.40   162716.01
           403                                                    341                          8828.97                   7540.80     1288.17   155175.21
           404                                                    342                          8828.97                   7600.50     1228.47   147574.71
           405                                                    343                          8828.97                   7660.67     1168.30   139914.04
           406                                                    344                          8828.97                   7721.32     1107.65   132192.72
           407                                                    345                          8828.97                   7782.44     1046.53   124410.28
           408                                                    346                          8828.97                   7844.05      984.91   116566.22
           409                                                    347                          8828.97                   7906.15      922.82   108660.07
           410                                                    348                          8828.97                   7968.74      860.23   100691.33
           411                                                    349                          8828.97                   8031.83      797.14    92659.50
           412                                                    350                          8828.97                   8095.41      733.55    84564.08
           413                                                    351                          8828.97                   8159.50      669.47    76404.58
           414                                                    352                          8828.97                   8224.10      604.87    68180.48
           415                                                    353                          8828.97                   8289.21      539.76    59891.27
           416                                                    354                          8828.97                   8354.83      474.14    51536.44
           417                                                    355                          8828.97                   8420.97      408.00    43115.47
           418                                                    356                          8828.97                   8487.64      341.33    34627.83
           419                                                    357                          8828.97                   8554.83      274.14    26073.00
           420                                                    358                          8828.97                   8622.56      206.41    17450.44
           421                                                    359                          8828.97                   8690.82      138.15     8759.62
           422                                                    360                          8828.97                   8759.62       69.35
           423
           424   NET OPERATING INCOME                                                                                                110616
           425   LESS: LOAN PAYMENTS                                                                         FIRST YEAR ONLY:
           426      INTEREST                                                                                               99473
           427      PRINCIPAL                                                                                               6475
           428      TOTAL DEBT SERVICE                                                                                    105948     -105948                         1.044
           429   CASH FLOW BEFORE TAXES                                                                                                 4668       4668              1.87%
           430   PLUS: PRIN PAYMENT                                                                                                     6475
           431   GROSS EQUITY INCOME                                                                                                   11143
           432   LESS: DEPRECIATION
           433                                                 LIFE =                          25.00     YEARS
           434                                                LAND =                       256917.00
           435   ANNUAL DEP'N DEDUCT                                                                                                  -41723
           436   RE TAXABLE INCOME                                                                                                    -30580
           437   INCOME TAXES                                                                            TAX BRACKET=___% COMB S&F     -8562       8562             28.00%
           438   NET AFTER TAX CF                                                                                                                 13231              5.29%
           439   D:\Docstoc\Working\pdf\[32867778-9b74-42df-9f58-4745b2199415.xls]ALT _B
                                                                                 RANK




        A       B              C            D            E              F           G           H                  I           J                 K           L             M           N           O            P
 1                       ALTERNATIVE A                           ALTERNATIVE B
 2     YR      ATCF          ATER        TOTAL CF       ATCF          ATER       TOTAL CF
 3     0       -125000.00                  -125000.00   -250000.00                 -250000.00                                              MUTUALLY EXCLUSIVE PROJECTS
 4     1             7233                        7233        13231                      13231    60,000
 5     2             8811                        8811        17033                      17033
 6     3            10448                       10448        21017                      21017    40,000
 7     4            12147                       12147        25190                      25190
 8     5            13910                       13910        29560                      29560
 9     6            15738     231269           247007        34138     460293          494431    20,000

10                                                                                                                                                                                                      NPV-A
11




                                                                                                NPV
                                                                                                      -                                                                                                 NPV-B
12
13     ke                                 NPV-A                                   NPV-B
                                                                                                (20,000)
14     14.0%                                  22,126                                  44,421
15     15.0%                                  15,470                                  31,058
                                                                                                (40,000)
16     16.0%                                   9,190                                  18,450
17     17.0%                                   3,261                                   6,547
18     18.0%                                  (2,339)                                 (4,697)   (60,000)
19     19.0%                                  (7,632)                                (15,323)




                                                                                                           14.0%




                                                                                                                       15.0%




                                                                                                                                   16.0%




                                                                                                                                             17.0%




                                                                                                                                                     18.0%




                                                                                                                                                                   19.0%




                                                                                                                                                                           20.0%




                                                                                                                                                                                   21.0%




                                                                                                                                                                                           22.0%




                                                                                                                                                                                                       23.0%
                                                                                                                                                             IRR
20     20.0%                                 (12,638)                                (25,372)
21     21.0%                                 (17,373)                                (34,879)
22     22.0%                                 (21,856)                                (43,879)
23     23.0%                                 (26,102)                                (52,403)
24 IRR                                        17.58%                                  17.58%

								
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