WEST OAK APARTMENT HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 AND INDEPENDENT ACCOUNTANTS' COMPILATION REPORT

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1 WEST OAK APARTMENT HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2016 AND INDEPENDENT ACCOUNTANTS' COMPILATION REPORT

2 WEST OAK APARTMENT HOMES CONTENTS INDEPENDENT ACCOUNTANTS' COMPILATION REPORT FINANCIAL STATEMENTS Balance Sheet Income Statement

3 190 Southeast 19th Avenue Pompano Beach, Florida Business and Financial Consultants Certified Public Accountants Chartered Toll Free Phone Fax INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT To the Owners West Oaks Apartment Homes Orlando, Florida Management is responsible for the accompanying financial statements of West Oaks Apartment Homes which comprise the balance sheet as of March 31, 2016 and the related income statement for the year then ended in accordance with accounting principles generally accepted in the United States of America. We have performed compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Management has elected to omit substantially all of the disclosures ordinarily and the statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disclosures and the statement of cash flows were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. AHEARN, J CO + COMPANY, Certified Public Accountants Pompano Beach, Florida May 12, 2016 American Institute of Certified Public Accountants PCAOB Registered Private Companies Practice Section

4 Balance Sheet As of March 31, 2016 Current Assets Bank Accounts Cash - Security Deposits Cash - Operating Account Petty Cash Total Bank Accounts ASSETS $ 38, , , Other current assets Accounts Receivable Allowance For Doubtful Accounts Prepaid Insurance Total Other current assets Total Current Assets 10, (4,015.00) 18, , , Fixed Assets Land Structures Building Improvements Accumulated Depreciation Carpet & Vinyl Equipment Total Fixed Assets 2,140,00 8,286, , (3,759,718.61) 130, , ,570, Other Assets General Fund Replacement Reserve Operating Reserve Fees Account Insurance Escrow Total Other Assets TOTAL ASSETS $ 116, , , , , , ,381, Liabilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable LIABILITIES AND EQUITY 82, , Other Current Liabilities Accrued Bond Interest Accrued Expenses Prepaid Rents Security Deposits Total Other Current Liabilities Total Current Liabilities 63, , , , , , See lndepdendent Accountants' Compilation Report

5 Balance Sheet As of March 31, 2016 Long-Term Liabilities Bond Discount Accumulated Amort. - Discount Bonds Payable Bond Principal Total Long-Term Liabilities Total Liabilities Equity Advance to/from OHA Retained Earnings Net Income Total Equity TOTAL LIABILITIES AND EQUITY $ (121,000.20) 51, ,875,00 (2,299,999.69) 7,505, ,793, , , , , ,381, See lndepdendent Accountants' Compilation Report

6 Income Statement For The Year Ended March 31, 2016 Income 5120 Rental Income Gross Potential Rental Income Gross Potential Housing Assistance Total Gross Potential Rental Income $ 1,910, , ,215, Vacancies Vacancy Loss Total Vacancies (59, ) (59,730.31) Rental Allowances Office I Model Total Rental Allowances (25,665.00) (25,665.00) Change in Delinquncies Change in Prepaid Rent Write Off Uncollectible Total 5120 Rental Income 5, (954.48) (47,713.21) 2,086, Miscellaneous Fees Month To Month Leases Laundry Income Cleaning, Damages, Lock Changes Late Fees NSF Check Fees Insufficient Notice Penalty Application Fees Escrow Deposit Forfeited Other Income Attorney Fees Electric Charge To Tenant Termination Fees Total 5190 Miscellaneous Fees 3, , , , , ,99 11, , , , Investment I nco me Total Income 2, , 186, Expenses 6300 Taxes 6325 Personal Property Taxes 6330 Licenses & Permits Total 6300 Taxes 1, , See Independent Accountants' Compilation Report

7 Income Statement For The Year Ended March 31, Insurance 6410 Hazard I Liability Total 6400 Insurance 53, , Utilities 6510 Electricity - Common Areas 6520 Gas 6530 Water I Sewer 6540 Trash Removal Total 6500 Utilities 74, , , , , Administrative Expenses 6610 Travel Expense 6620 Legal Fees 6625 Audit Fees 6630 Office Supplies 6635 Office Services 6640 Training 6645 Answering Service 6650 Telephone 6655 Bank Fees 6660 Credit Reports 6662 Postage 6666 Licenses & Permits 6670 Miscellaneous 6678 Alarm 6680 Computer License 6690 Professional Fees Total 6600 Administrative Expenses 5 6,37 7,00 5, , , , , ,30 54, Marketing 6705 Referrals 6710 Paid Advertising 6730 Signs I Banners Total 6700 Marketing , , Payroll 6745 Commissions 6820 Office Staff 6830 Maintenance Staff 6840 Taxes & Related Expenses Total 6800 Payroll , , , , See Independent Accountants' Compilation Report

8 Income Statement For The Year Ended March 31, Maintenance & Services 6905 Appliances Repair 6910 Building Interior 6913 Uniforms 6915 Security 6917 Equipment I Tools 6918 Plumbing 6919 Building Exterior 6921 Electrical 6935 Landscaping I Grounds 6948 Golf Cart I Trucks 6950 HVAC 6955 Pool 6960 Exterminating 6984 Fire Alarm Inspection 6986 Fire Equipment 6987 Maintenance Supplies Total 6900 Maintenance & Services 3, , , , , , , , , , , , , , , Unit Turnover Costs 7010 Carpet Cleaning 7020 Interior Cleaning 7030 Interior Painting 7040 Utilities 7050 Turnover Repairs 7125 Water Heaters 7130 Appliances 7145 AIC Compressors & Handlers 7150 Carpet! Vinyl 7151 Cabinets 7152 Tub Resurface 7155 W indow Coverings 7160 Counter Tops Total 7000 Unit Turnover Costs 10,33 7, , , , , , , ,60 13, , , , Management Fees Total Expenses 61, ,273, Net Operating Income 913, Other Expenses Depreciation 336, See Independent Accountants' Compilation Report

9 I nco me Statement For The Year Ended March 31, Amortization 4, Debt Service 8610 Bond Interest 8630 Credit Enhancement 8640 Trustee Fees 8650 Servicing Fees Total 8600 Debt Service 389, , , , , Loss on Disposal of Assets Total Other Expenses Net Other Expense Net Income $ 3, , (798,943.05) 114, See Independent Accountants' Compilation Report

10 The following accounting information has been prepared by Ahearn, Jasco & Company, P.A. as a service separate from the preceding compilation. This information has not been audited, reviewed or compiled by us and, accordingly, we do not express an opinion or any other form of assurance on it.

11 TRIAL BALANCE As of March 31, Cash - Security Deposits Cash - Operating Account Cash - Escrow Petty Cash Cash - Construction Accounts Receivable Allowance For Doubtful Accounts Prepaid Insurance Prepaid Expense Due From OHA Other Receivables Land Structures Building Improvements Accumulated Depreciation Carpet & Vinyl Equipment General Fund Replacement Reserve Operating Reserve Fees Account Insurance Escrow Other Escrow Suspense Intangible Assets Accumulated Amort. - Intangible Accounts Payable Accrued Bond Interest Accrued Expenses Prepaid Rents Security Deposits Other Payable Bond Discount Accumulated Amort. - Discount Bonds Payable Bond Principal Advance to/from OHA Retained Earnings Investment Income Rentallncome:Gross Potential Rentallncome:Gross Potential Rentallncome:Gross Potential Rentallncome:Loss To Old Lease Rentallncome:Gross Potential Rentallncome:Gain To Old Lease Rentallncome:Gross Potential Rentallncome:Housing Assistance Accrual Basis Thu. May 12 9:53AM GMT-7 Debit 38, , , , ,140,00 8,286, , , , , , , , , , ,299, Credit 4, ,759, , , , , , , ,875,00 277, , , ,91 0, ,392.06

12 Rentallncome:Vacancies:Vacancy Loss Rentallncome:Rental Allowances:Office I Model Rental lncome:change in Delinquncies Rental lncome:change in Prepaid Rent Rentallncome:Write Off Uncollectible Miscellaneous Fees:Month To Month Leases Miscellaneous Fees:Laundry Income Miscellaneous Fees:Cieaning, Damages, Lock Changes Miscellaneous Fees:Late Fees Miscellaneous Fees:NSF Check Fees Miscellaneous Fees:lnsufficient Notice Penalty Miscellaneous Fees:Application Fees Miscellaneous Fees:Escrow Deposit Forfeited Miscellaneous Fees:Other Income Miscellaneous Fees:Attorney Fees Miscellaneous Fees:Eiectric Charge To Tenant Miscellaneous Fees:Termination Fees 6310 Taxes:Real Estate Taxes 6325 Taxes: Personal Property Taxes 6330 Taxes:Licenses & Permits 6410 Insurance: Hazard I Liability 6510 Utilities: Electricity- Common Areas 6520 Utilities:Gas 6530 Utilities:Water I Sewer 6540 Utilities:Trash Removal 6610 Administrative Expenses:Travel Expense 6620 Administrative Expenses: Legal Fees 6625 Administrative Expenses:Audit Fees 6630 Administrative Expenses:Office Supplies 6635 Administrative Expenses:Office Services 6640 Administrative Expenses:Training 6645 Administrative Expenses:Answering Service 6650 Administrative Expenses:Telephone 6655 Administrative Expenses:Bank Fees 6660 Administrative Expenses:Credit Reports 6662 Administrative Expenses:Postage 6666 Administrative Expenses:Licenses & Permits 6670 Administrative Expenses: Miscellaneous 6678 Administrative Expenses:Aiarm 6680 Administrative Expenses:Computer License 6690 Administrative Expenses:Professional Fees 6705 Marketing:Referrals 6710 Marketing:Paid Advertising 6730 Marketing:Signs I Banners 6745 Payroii:Commissions 6820 Payroii:Office Staff 6830 Payroii:Maintenance Staff 6840 Payroii:Taxes & Related Expenses Accrual Basis Thu, May 12 9:53AM GMT-7 Debit 59, , , , , , , , , ,37 7,00 5, , , , , , , , , , Credit 5, , , , , , ,99 11, , ,139.14

13 6905 Maintenance & Services:Appliances Repair 6910 Maintenance & Services: Building Interior 6913 Maintenance & Services:Uniforms 6915 Maintenance & Services:Security 6917 Maintenance & Services:Equipment I Tools 6918 Maintenance & Services: Plumbing 6919 Maintenance & Services:Building Exterior 6921 Maintenance & Services: Electrical 6935 Maintenance & Services:Landscaping I Grounds 6948 Maintenance & Services:Golf Cart I Trucks 6950 Maintenance & Services:HVAC 6955 Maintenance & Services: Pool 6960 Maintenance & Services: Exterminating 6984 Maintenance & Services: Fire Alarm Inspection 6986 Maintenance & Services: Fire Equipment 6987 Maintenance & Services:Maintenance Supplies 7010 Unit Turnover Costs:Carpet Cleaning 7020 Unit Turnover Costs: Interior Cleaning 7030 Unit Turnover Costs: Interior Painting 7040 Unit Turnover Costs:Utilities 7050 Unit Turnover Costs: Turnover Repairs 7125 Unit Turnover Costs:Water Heaters 7130 Unit Turnover Costs:Appliances 7145 Unit Turnover Costs:AIC Compressors & Handlers 7150 Unit Turnover Costs:Carpet I Vinyl 7151 Unit Turnover Costs:Cabinets 7152 Unit Turnover Costs:Tub Resurface 7155 Unit Turnover Costs:Window Coverings 7160 Unit Turnover Costs:Counter Tops 7110 Management Fees Depreciation Amortization 8610 Debt Service: Bond Interest 8630 Debt Service:Credit Enhancement 8640 Debt Service:Trustee Fees 8650 Debt Service:Servicing Fees 9000 Loss on Disposal of Assets TOTAL Debit 3, , , , , , , , , , , , , , ,33 7, , , , , , , ,60 13, , , , , , , , , , , $16,772, Credit $16,772, Accrual Basis Thu, May 12 9:53AM GMT-7

Cash Cash - Tenant Deposits 23, Cash-Property Operating-Outside Mgnt 16, Petty Cash Fund Total Cash 40,081.24

Balance Sheet Period = Mar 2014 Current Balance Assets Current Assets Cash Cash - Tenant Deposits 23,298.02 Cash-Property Operating-Outside Mgnt 16,333.22 Petty Cash Fund 450.00 Total Cash 40,081.24 Accounts