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TAX CREDIT ADVISORY GROUP

Carreden's Tax Credit Advisory Group ("TCAG") is a recognized market leader in structuring, marketing and closing Section 42 low-income housing tax credit ("LIHTC") investments and Section 48 renewable energy tax credit ("RETC") investments with institutional investors, having raised over $10 billion in tax credit equity since 1995. A key focus of TCAG is advising credit enhancers on the optimal portfolio build-up, financial/legal structure and placement strategy to maximize credit enhancer economics and minimize credit enhancer risk. Additional areas of emphasis include advising institutions on primary and secondary market sales, state tax credit offerings and capital relief structures.

TCAG's members have demonstrated expertise in advising clients on how to effectively and efficiently raise LIHTC and RETC tax credit equity, which has been validated by its market success. TCAG's value-added services stem from the following three qualities:

Experience
TCAG is comprised of six full-time tax credit specialists capable of assuming all day-to-day functions that are geared towards serving their clients in the most effective and efficient manner. These functions include conducting market surveys, providing pricing/structuring services, assisting with the management of counter-parties, preparation of term sheets, review of documentation, coordinating the management of the due diligence process and synchronizing all these activities collectively in a timely manner for closing the respective transactions.

Advisors, not Brokers
TCAG takes pride in its philosophy which emphasizes advocating the client's interest ahead of any transaction. We are long-term relationship-oriented advisors and this philosophy is well regarded by our clients. Our aim is to understand our client's goals and objectives so as to assist them in achieving their financial targets.

Institutional Relationships
TCAG enjoys very high transaction confidence with institutional tax credit investors which, we believe, generates efficient pricing and promotes successfully executed transactions. Given the length of our collective experience with institutional investors and credit enhancers we have the depth of relationships necessary to achieve smooth closings.