• The Property is a 66-unit, 55+ apartment complex in St. Albans, VT.
• It was developed as a tax credit deal in 2004 and has rent restrictions in place until 2034 with 47-units under Housing Assistance Payment (HAP) contract, subsidized by the Vermont State Housing Authority (VSHA).
• The Property is currently 100% occupied with a 5-year waitlist and the majority of units renovated, presenting an opportunity to raise rents to market levels and affordability maximums.
• 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 drive 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>