• The two Properties (1999 and 2002), 60 and 65 units, were developed in Williston, VT, as tax credit deals and have affordability restrictions in place until 2029 & 2032, respectively.
• Amenitized, senior (55+) communities have been well maintained with the majority of units renovated by prior ownership and are currently 98% occupied with waitlists longer than 1 year.
• Located directly across from each other, the Properties present an opportunity to raise both market rate rents and the LIHTC rents.
• These Properties are located in close proximity to the University of Vermont, local retail and ~10 minutes from Burlington International Airport.
• Burlington currently has a population of 226,000 with ~27% of the population age 55 and over.
• Due to state land use regulation, development throughout the state is limited which is driving low vacancy and rent growth within the market.

* EXAMPLES OF PROPERTIES THROUGHOUT THIS PRESENTATION, INCLUDING THE ABOVE, ARE PROPERTIES IN WHICH ONLY A NON-CONTROLLING EQUITY INVESTMENT (TYPICALLY AS A LIMITED PARTNER) HAS BEEN MADE, AND ARE BEING PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY IN ORDER TO PROVIDE EXAMPLES OF THE KINDS OF INVESTMENTS THAT HAVE RESULTED HISTORICALLY FORM THE INVESTING PROCESSES AND METHODOLOGY OF NPC. The properties selected in these examples do not represent all of the properties that have been or will be identified by NPC as likely investments of the Fund. No representation is made as to whether or if the examples represented above have been or will be profitable. There is no guarantee that the Fund will actually invest in any of these projects. It should not be assumed that NPC will seek, and that if it seeks it will be able, to identify similar investment opportunities for the Fund in the future or that any such future investment opportunities will be profitable. Past performance is not a guarantee of, and is not necessarily indicative of, future results. << /p>