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Lifetime Connolly Properties Estimated Returns 2008 CPI Net Returns# Monthly

Estimated payments Estimated % of EstimatedEstimated Final Average through Total Capital Estimated Actual Net After

Inceptio Sales Price Investment Rate % Rate % May 2009 Distribution Returned Distribution Cash Flow DistributionCrescent Ave Inv. Group Oct-96 357,500 143,000 30 21.0 151 377,878 264 42,900 4,620 -38,280Cypress House Sep-98 2,150,000 860,000 30 21.0 128 741,664 86 99,330 n/a n/aTudor Arms Aug-99 1,006,000 402,400 26 19.0 117 745,446 185 104,624 10,556 -94,068Beacon Village LLC Jan-00 2,475,000 990,000 20 16.0 112 1,478,400 149 198,000 40,467 -157,533Settles Place Oct-00 1,350,000 540,000 20 16.0 103 741,600 137 108,000 -149,244 -257,244Washington Crossing Jun-01 3,000,000 1,200,000 20 16.0 95 1,520,000 127 240,000 -31,328 -271,328Sterling Apartments Aug-01 2,020,000 808,000 21 16.5 93 1,033,230 128 169,680 9,644 -160,036Allentown Apartments Apr-02 6,780,020 2,712,008 18 15.0 85 2,881,509 106 488,161 95,417 -392,744Parkside Village Trust Apr-02 1,780,000 712,000 17 14.5 85 731,283 103 121,040 -393,660 -514,700Plainfield Apartments Mar-03 16,225,600 6,490,240 15 13.5 74 5,403,125 83 973,536 -638,652 -1,612,188Prospect Harrison Trust Sep-03 10,845,100 4,338,040 15 13.5 68 3,318,601 77 650,706 n/a n/aRitz Court Dec-03 1,854,000 741,600 15 13.5 65 542,295 73 111,240 8,370 -102,870243 S Harrison Apr-04 2,050,000 820,000 15 13.5 61 562,725 69 123,000 n/a n/a179 S Harrison Apr-04 2,150,000 860,000 18 15.0 61 403,286 47 95,202 n/a n/aWilliamsburg Hickory Arm Oct-04 1,383,550 553,420 12 12.0 55 304,381 55 66,410 -89,819 -156,229Fulton Towers Trust Jan-05 12,600,000 5,040,000 15 13.5 52 2,948,400 59 756,000 -522,048 -1,278,048Cornell Pingry Arms Jun-05 8,650,000 3,460,000 12 12.0 47 1,626,200 47 415,200 30,057 -385,143Central Ave Apts Trust Jul-05 1,450,000 580,000 12 12.0 46 266,800 46 69,600 11,468 -58,132Green Brook Village Nov-05 5,835,000 2,334,000 12 12.0 42 980,280 42 280,080 7,631 -272,449Liberty Arms Mar-06 6,275,000 2,510,000 12 12.0 38 953,800 38 301,200 20,540 -280,660Mayfair Hall Trust Apr-06 2,050,000 820,000 12 12.0 37 303,400 37 98,400 -322,472 -420,872Milton Terrace Sep-06 1,300,000 520,000 12 12.0 32 166,400 32 62,400 n/a n/aExecutive Arms Jan-07 1,695,000 678,000 13 12.5 28 197,750 29 88,140 662 -87,478Park Regency Feb-07 910,000 364,000 12 12.0 27 98,280 27 43,680 9,232 -34,448Watchung Gardens May-07 7,500,000 3,000,000 12 12.0 24 720,000 24 360,000 5,080 -354,920Livingston Apartments Jun-07 3,475,000 1,390,000 12 12.0 23 319,700 23 166,800 -119,051 -285,851Netherwood Village Jul-08 8,100,000 3,240,000 12 12.0 10 324,000 10 388,800 142,486 -246,314Grand Court Villas Jul-08 6,150,000 2,460,000 12 12.0 10 246,000 10 123,000 -13,262 -136,262Siesta Park Sep-08 2,400,000 960,000 12 12.0 8 76,800 8 38,400 585 -37,815Marshall Woods/Newport Jan-09 - 7,900,000 12 12.0 6 474,000 6Hampshire Court Feb-09 - 2,200,000 12 - 0 0 0

Total $121,666,770 $58,065,112 $30,487,232 $6,066,530 -$1,893,479 -$7,960,009Estimated distributions to David & Donna Connolly 3,300,000

Estimated investor distributions $27,187,232

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