Before Tax Cash Flow Projection

Investment and Sale

($1,565,500)

$1,995,213

$429,713

Effective Income

$190,380

$199,899

$209,894

$220,389

$231,408

$242,978

$255,127

$267,884

$281,278

$295,342

$2,394,579

Operating Expense

($55,469)

($57,780)

($60,203)

($62,743)

($65,405)

($68,197)

($71,126)

($74,198)

($77,421)

($80,803)

($673,344)

Cash Flow Before Debt

($1,565,500)

$134,911

$142,119

$149,691

$157,646

$166,003

$174,781

$184,002

$193,686

$203,857

$214,539

$1,995,213

$2,150,948

Debt Service

$1,221,400

($130,583)

($1,127,631)

($1,212,058)

Cash Flow Before Tax

($344,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$73,275

$83,956

$867,582

$938,890

Source and Use of Proceeds

Working Capital

$10,228

$6,923

$8,185

$9,511

$10,903

$12,366

$13,903

$15,517

$17,212

$18,993

Interest Income

Members' Investment

$350,000

Cash Flow Before Tax

($344,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$73,275

$83,956

$867,582

$938,890

Distributed To Members

($14,842)

($17,846)

($25,738)

($32,454)

($37,688)

($45,006)

($52,692)

($60,764)

($69,241)

($352,917)

($709,186)

Distributed To Manager

($1,574)

($5,047)

($6,876)

($8,798)

($10,816)

($12,935)

($533,658)

($579,704)

Group Taxable Income Projection

Taxable Revenue

$190,380

$199,899

$209,894

$220,389

$231,408

$242,978

$255,127

$267,884

$281,278

$295,342

$2,394,579

Interest Income

Taxable Expense

($55,469)

($57,780)

($60,203)

($62,743)

($65,405)

($68,197)

($71,126)

($74,198)

($77,421)

($80,803)

($673,344)

Interest Expense

($124,310)

($123,588)

($122,791)

($121,910)

($120,937)

($119,862)

($118,674)

($117,362)

($115,913)

($114,312)

($12,400)

($1,212,058)

Depreciation

($44,833)

($46,782)

($44,833)

($463,920)

Ordinary Income

($34,231)

($28,251)

($19,882)

($11,045)

($1,716)

$8,138

$18,546

$29,542

$41,163

$55,394

($12,400)

$45,258

Group Member Projection (per Unit)

Distributed Cash

($10,000)

$424

$510

$735

$927

$1,077

$1,286

$1,505

$1,736

$1,978

$10,083

$10,262

Ordinary Income

($196)

($161)

($114)

($63)

($10)

$47

$106

$169

$235

$317

$9,933

$10,262

Capital Gains

Taxable Income

$13

$317

$9,933

$10,262

Taxes

($4)

($98)

($3,079)

($3,181)

Cash Flow After Tax

($10,000)

$424

$510

$735

$927

$1,077

$1,286

$1,505

$1,732

$1,880

$7,004

$7,081

Managing Member Cash Flow Projection

Manager Fees

Distributed Cash

$1,574

$5,047

$6,876

$8,798

$10,816

$12,935

$533,658

$579,704

Total Cash Flow

$1,574

$5,047

$6,876

$8,798

$10,816

$12,935

$533,658

$579,704

Taxable Income

($27,385)

($22,601)

($15,905)

($8,836)

($1,372)

$6,510

$14,837

$23,634

$32,930

$44,316

$533,578

$579,704

Taxes

$9,585

$7,910

$5,567

$3,093

$480

($2,279)

($5,193)

($8,272)

($11,526)

($15,510)

($106,716)

($122,860)

Cash Flow After Tax

$9,585

$7,910

$5,567

$3,093

$2,054

$2,769

$1,684

$526

($710)

($2,575)

$426,942

$456,844


Rate of Return Before Debt (IRR)	12.7%
Rate of Return Before Tax (IRR)	16.7%
Member's Rate of Return Before Tax (IRR)	9.3%
Member's Rate of Return After Tax (IRR)	7.2%
Managing Member's Present Value Before Tax @12%	191,196
Managing Member's Present Value After Tax @12%	162,221