Financing of $65'5 million plus issuance costs

1
Bear Creek Apartments Funding and Financing Plan

• Financing of 65.5 million plus issuance costs
• Financing to be accomplished in two phases
• Short Term Loan
• Permanent Financing
• No expected impact on debt capacity
• No expected impact on credit rating

2
An Investment Today for a Future Debt
Payment (Individual Defeasance Accounts)

• Investing gift receipts today, allows for future
  bond payments to be made
• Accounts would be managed internally
• Earnings would stay with account
• Yield limitations