LIMITED PARNTERSHIP INVESTMENT OFFERING - WikiLeaks I Limited... · making a decision whether to purchase a limited partnership interest in the Partnership. In all cases, interested

ARK I LIMITED PARNTERSHIP INVESTMENT OFFERING

ST. MARYS AND NUEVA ST.RIVERWALK PARKING

LOTS ACQUISITION

CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUMARK I, LTD., a Texas limited partnership

This Confidential Private Placement Memorandum (“Memorandum”) has been prepared and presented on a confidential basis solely for the benefit of a limited number of sophisticated prospective investors in connection with a private placement of limited partnership interests in ARK I, Ltd., a Texas limited partnership (the “Partnership”). The offering represented hereby is limited to accredited investors (as defined in the SEC’s Regulation D) and the recipient has represented to the Partnership that it is such an accredited investor.

The information contained herein has been prepared to assist interested parties in making their own evaluation of the Partnership and does not purport to contain all of the information that a prospective investor may require. Prospective investors and their representatives will have the opportunity to review such documents and information and to ask questions and receive answers thereto as they, in their sole discretion, deem necessary or advisable in making a decision whether to purchase a limited partnership interest in the Partnership. In all cases, interested parties should conduct their own investi-gation and analysis of the Partnership and the data set forth in this Memorandum. The Company makes no representation or warranty as to the accuracy or completeness of this Memorandum, and shall have no liability for any misrepresentations (expressed or implied) contained in, or for any omissions from, this Memorandum or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Partnership. Rep-resentations or warranties by the Partnership with respect to any investment will be made only by the definitive Limited Partnership Agreement for the Partnership. It should be noted that any estimates and projections contained herein or subsequently communicated to the recipient have been prepared by the Partnership based on information available at the time of their preparation. Such estimates and projections involve significant subjective judgment and, accordingly, no representations are made as to their attainability.If you decide that you do not wish to proceed with an investment in the Partnership, please promptly inform the Partnership of that decision. In such case, or at any time upon the request of the Partnership for any reason, you will promptly deliver to the Partnership this Memorandum (and all copies thereof) furnished to you. In the event of such a decision or request, all other evaluation material prepared by you shall be destroyed and no copy thereof shall be retained. Notwithstanding the return or destruction of this Memorandum, you will continue to be bound by your obligations of confidentiality and other obligations hereunder.

The Partnership reserves the right to negotiate with one or more prospective investors at any time and enter into a definitive agreement for the private placement of limited partnership interests of the Partnership without prior notice to any recipient of this Memorandum or any other prospective investor.

The Partnership reserves the right to terminate, at any time, further participation in the investigation and proposal process by any party and to modify procedures for the private placement without attributing any reason therefor. In addition, the Partnership reserves the right to take any action, whether or not in the ordinary course of business, which it deems necessary or prudent in the conduct of its business.For further information, please write or call:

ARK I, Ltd.c/o Caliburn Capital LLC, its General Partner

Kevin Covey, Manager(210) 240-1827

IMPORTANT NOTICES

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE LAWS OF ANY JURISDICTION (INCLUDING THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SE-CURITIES ACT”), THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR THE LAWS OF ANY NON-U.S. JURISDICTION) AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. PARTNERSHIP INTERESTS MAY BE OFFERED (1) IN THE UNITED STATES ONLY TO “ACCREDITED INVESTORS,” AS DEFINED IN RULE 501 OF REGULATION D UNDER THE SECURITIES ACT AND SIMILAR EXEMPTIONS UNDER THE LAWS OF CERTAIN STATES, AND (2) OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS PURSUANT TO REGULATIONS UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC MARKET FOR THE PARTNER-SHIP INTERESTS. EACH PROSPECTIVE INVESTOR WILL BE REQUIRED TO REPRESENT THAT SUCH INVESTOR IS ACQUIRING THE PARTNERSHIP INTERESTS PURCHASED BY SUCH INVESTOR FOR INVESTMENT AND NOT WITH A VIEW TO RESALE OR DISTRIBUTION.

THE PARTNERSHIP INTERESTS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE PARTNERSHIP INTERESTS IN ANY JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION IN SUCH JURISDICTION. NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN TO PERMIT A PUBLIC OFFERING IN ANY JURISDICTION WHERE ACTION WOULD BE REQUIRED FOR THAT PURPOSE. ACCORDINGLY, THE PARTNERSHIP INTERESTS MAY NOT BE ALTERED OR SOLD, DIRECTLY OR IN-DIRECTLY, AND THIS MEMORANDUM MAY NOT BE DISTRIBUTED, IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE IN SUCH JURISDIC-TION. THE PARTNERSHIP RESERVES THE RIGHT TO MODIFY ANY OF THE TERMS OF THE OFFERING DESCRIBED HEREIN. PROSPECTIVE INVESTORS SHOULD NOT CONSTRUE THE CONTENTS OF THIS MEMORANDUM AS LEGAL, TAX, INVESTMENT OR OTHER ADVICE. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE PARTNERSHIP AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. AN INVESTMENT IN PARTNERSHIP INTERESTS INVOLVES CERTAIN RISKS AND CONFLICTS OF INTEREST.

PARTICIPATION IN THE PARTNERSHIP REQUIRES THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THE HIGH RISK AND LACK OF LIQUIDITY INHERENT IN INVESTING IN ACTIVI-TIES OF THE TYPE IN WHICH THE PARTNERSHIP EXPECTS TO INVEST. NO ASSURANCE CAN BE GIVEN THAT THE PARTNERSHIP WILL ACHIEVE ITS INVESTMENT OBJECTIVES OR THAT INVESTORS WILL RECEIVE A RETURN OF THEIR CAPITAL.

IN CONSIDERING THE PRIOR PERFORMANCE AND TRACK RECORD INFORMATION CONTAINED HEREIN, PROSPECTIVE INVESTORS SHOULD BEAR IN MIND THAT PAST PERFOR-MANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT THE PARTNERSHIP WILL ACHIEVE COMPARABLE RESULTS OR ITS INVEST-MENT OBJECTIVES.

THE PARTNERSHIP WILL NOT BE REGISTERED AS AN “INVESTMENT COMPANY” UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT’), IN RELIANCE UPON THE REPRESENTATIONS AND WARRANTIES PROVIDED BY EACH PROSPECTIVE INVESTOR IN SUCH PROSPECTIVE INVESTOR’S SUBSCRIPTION AGREEMENT OR THE PARTNERSHIP AGREEMENT, AS APPLICABLE.

THIS MEMORANDUM CONTAINS FORWARD-LOOKING STATEMENTS AND DESCRIPTIONS OF GOALS AND OBJECTIVES. ALTHOUGH THESE FORWARD-LOOKING STATEMENTS AND STATED GOALS AND OBJECTIVES ARE BASED UPON ASSUMPTIONS AND RESEARCH THAT THE PARTNERSHIP BELIEVES ARE REASONABLE, ACTUAL RESULTS OF OPERATIONS AND ACHIEVEMENTS MAY DIFFER MATERIALLY FROM THE STATEMENTS, GOALS AND OBJECTIVES SET FORTH IN THIS MEMORANDUM. INVESTMENT IN THE PARTNERSHIP INTERESTS INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR INVESTORS THAT HAVE SUBSTANTIAL FINANCIAL RESOURCES IN RE-LATION TO THEIR INVESTMENT IN THE PARTNERSHIP INTERESTS AND THAT UNDERSTAND BOTH THE TAX CONSEQUENCES AND PARTICULAR RISK FACTORS OF THIS INVESTMENT. THE TRANSFERABILITY OF THE PARTNERSHIP INTERESTS IS SUBJECT TO CERTAIN RESTRICTIONS. ACCORDINGLY, AN INVESTMENT IN PARTNERSHIP INTERESTS IS SUITABLE ONLY FOR INVESTORS THAT ARE WILLING TO ACCEPT THE SUBSTANTIAL RESTRICTIONS ON THE TRANSFER OF THE PARTNERSHIP INTERESTS.

PROPERTY INFORMATIONBackground:

AIG and Central Parking have owned in a joint venture various surface parking lots throughout the United States. Over the last three years most of these lots have been sold. Recently, two adjacent parking lots located in downtown San Antonio along the Riverwalk at the corner of Nueva and St. Mary’s Street were offered for sale via sealed bid. These lots are among the final assets owned by the AIG/Central Parking joint venture. Ithaca Investments, LTD has been selected as the successful bidder and has placed both lots under contract for an aggregate purchase price of $2,750,000.00. Ithaca Investments, which is owned by the Covey family, previously purchased a parking lot in downtown San Antonio from the AIG/Central Parking joint venture. Ithaca desires to form an investment limited partnership to be known as “ARK I” which will acquire the Nueva/St. Mary’s lots pursuant to the existing contract, with Ithaca’s rights as buyer under the contract being assigned to ARK I at no additional cost.

Location : 457 S St. Mary’s (38,459 sq ft) and 231 E Nueva (18,165 sq ft). The Nueva property is located along the Riverwalk and has approximately 150 feet of frontage on the Riverwalk. These lots are separated by Jack White Street.

Size: Approximately 56,621 sq ft, with 181 parking spaces combined in the two lots

Price: $2,750,000.00 (approximately $48.56 per square foot)

Current Income: Approximately $ 226,000 per year gross.

Current Assessed Values: 457 St. Mary Street $1,730,000

231 Nueva $1,816,000

Total Assessed Value: $3,546,000

CAPITAL STRUCTURECaliburn Capital LLC will be the General Partner of ARK I, a Texas Limited Partnership. The partnership shall further consist of 24 limited partnership shares of $50,000 each, totaling $1,200,000 of capital. At closing, Caliburn will be reimbursed its reasonable out of pocket expenses related to formation of the partnership, the negotiation of the contract, due diligence and closing of the purchase of the properties, all pursuant to an acquisition budget to be attached to the ARK I Partnership Agreement – it is not anticipated that these costs will exceed $35,000 in the aggregate. During the holding period described below, each Limited Partner will receive a quarterly pro-rata distribution of his share of net cash flow after all expenses and escrows. The general partner, Caliburn, shall not participate in the distributions of net cash flow from operations or from sale of the property until each of the limited partners has received back all of his capital contributions and a 6.5% cumulative annual preferred return, compounded annually, on the outstanding capital contributions.

The operating income shall be applied first to the payment (or escrow for) property taxes, operating expenses, escrows and mortgage payments. Our plan would be to secure at closing a loan from a lending institution in the amount of $1,750,000.00, which will be secured by a first lien against the property. A preliminary commitment has been secured from a local bank for a 5 year term loan but the exact terms remain subject to negotiation. This loan would be personally guaranteed by Kevin Covey and Paul Covey, and the limited partners will not be called upon to guarantee the mortgage. The additional capital contributions from the limited partners remaining after payment of the purchase price and expenses would be retained as reserves and working capital.

LOAN INFORMATION

Amount: $1,750,000

Term: 5-7 years

Interest Rate: TBD

Term: 2 years interest only, 5 - 7 year balloon

All limited partner capital contributions will be held in an interest bearing escrow account until the closing date. In the event that the acquisition does not occur, all limited partner capital contributions with accrued interest will be returned to all investors.

REFINANCING

It is expected that the initial mortgage will be in the amount of $1,750,000 with a term of 5 to 7 years and will have no prepayment penalty. During the term of the loan, the partnership may seek a longer term loan to refinance any mortgage balance. In the event favorable long term financing is not placed, it is anticipated that at maturity either the existing note will be renewed or it will be replaced with similar financing through another bank.

OPERATION OF THE PARKING LOTSCaliburn will operate the parking lots and does not intend to lease the lot to a parking company. Caliburn will be responsible for overseeing the maintenance of the parking lots, and on a daily basis will pick up all parking proceeds, maintain bank accounts and provide all necessary accounting services including filing necessary tax returns and other filings. For this service Caliburn will receive an annual management fee equal to 3% of the gross revenue of the parking lots. The cost of capital improvements and repairs to the lots will be paid by the partnership. The partnership shall initially make several capital improvements including removing an abandoned temporary office structure, restriping and repairing potholes and adding digital pricing signage and electronic parking kiosks in order to dynamically price the parking according to demand. The cost of these items is included in the acquisition budget and will be paid out of the partnership reserves remaining from the initial capital contributions.

INVESTMENT HORIZONThe intention of ARK I is to hold the properties until we are approached by a third party developer who wants to buy the properties for a substantial downtown Riverwalk development. At present the financing market for large developments is weak in general. However, we believe this to be an anomaly and we also think the ability for large development projects to get financing will improve in the near term. Accordingly, the anticipated holding period for the properties is 5 to 10 years.

DISTRIBUTIONS FROM OPERATIONSQUARTERLY DISTRIBUTIONS

Each quarter after the acquisition of the parking lots distributions of cash flow from operations to the partners shall adhere to the following schedule of priority:1. Property Taxes2. Mortgage Payments3. Operating Expenses 4. Capital Improvement Escrow 5. Limited Partners distributions for preferred return6. Limited Partners distributions for return of capital contributions

PREFERRED RETURN TO LIMITED PARTNERS

Limited Partners will be entitled to a cumulative preferred return of 6.50% per annum, compounded annually, on all of their capital contributions to the Partnership. If there is not enough cash at the end of each year to meet the preferred return, the deficiency will accrue from year-to-year and be payable out of cash flow as and when available.

Distributions of cash flow shall be made quarterly, subject to payment of Partnership expenses and reasonable reserves for payment of anticipated future expenses.

DISTRIBUTIONS UPON SALE

The preferred return along with the return of the limited partners’ net invested capital (i.e. capital contributions made by the limited partners and not yet returned) will take priority to general partner participation upon sale of the parking lots.

Upon sale of the lots, the total sales proceeds net of closing costs shall be applied first to all unpaid taxes, mortgage balances, and other unpaid expenses of the Partnership. Then the proceeds will be distributed as follows:

1) First, 100% to the limited partners (on a pro rata basis) until there has been distributed to the limited partners a cumulative 6.5% per annum preferred return, compounded annually, on their net invested capital.

2) Second, to the limited partners until all of their net invested capital has been returned.

3) Third, 85% to the limited partners (on a pro rata basis) and 15% to Caliburn until the limited partners have received a 15% internal rate of return on their investment, calculated based upon all distributions made to the limited partners during the term of the Partnership.

4) Fourth, 80% to the limited partners (on a pro rata basis) and 20% to Caliburn until the limited partners have received a 20% internal rate of return on their investment, calculated based upon all distributions made to the limited partners during the term of the Partnership.

5) Thereafter,

a. 25% to Caliburn

b. 75% to the limited partners (on a pro rata basis)

RELEVANT EXTERNAL FACTORSA new Federal Courthouse complex is expected to be built in the next two or three years within three blocks of this property. The existing Federal Courthouse is approximately one mile from this site and may be relocated adjacent to the Bexar County Courthouse complex. This will attract thousands of additional people to the immediate vicinity of these lots during the week. Another major factor that we believe will contribute to both an increase in parking revenue and an increase in property value is the 90 Acre redevelopment of Hemisfair Park. It is in the initial phases of a City initiated master-planned redevelopment. The City of San Antonio’s goals for the Hemisfair Redevelopment include substantial residential and commercial development on the city owned land.

Bexar County is currently building a new parking garage approximately 4 blocks to the southwest of these lots. This is the initial phase of the Federal Courthouse relocation plan. While this parking garage may initially have some minimal negative impact on the two ARK I lots, we believe the two ARK I lots will be less affected than those to the west of the Courthouse since most of the current parking activity on the ARK 1 lots is not currently related to the Courthouse.

INVESTMENT STRATEGY

ACTIVE PLAN TO INCREASE REVENUE

The initial plan to increase revenue from the property is to increase the average daily rate of transient parking through dynamic pricing throughout the day and week. Currently the price for parking is a flat $5 at all times. At certain times during the week, demanded parking lots exceed the supply, and the price can be raised to as much as $ 10 per day. At times when demand is low, the price can be dropped to $3, increasing overall revenue.

All other surface parking lots in the immediate area are at higher average per daily rates. Immediately after purchasing the lots we plan to increase the average price per day for the Nueva and St. Mary’s lot to $7 per day and $8 per day on the lot at Nueva and the River.

ACTIVE PLAN TO INCREASE VALUE

It is the intent of Caliburn to lobby the City to close the underutilized road that splits the two lots. Closing this road should increase the value of these lots tremendously. This block is one of the closest blocks to the core of downtown San Antonio which has not been developed with high value uses such as high rise hotels and office buildings. Recent transactions for sites for hotels have sold at much higher prices per foot than our purchase price. We believe if the site can be assembled into a large contiguous site that is not bisected by a street, it would sell at a far higher price per square foot than the current purchase price.

This a map with prices of nearby lots. The lots in blue are the ARK I lots, the lots in green are open to the public for daily park-ing, and the lots in red are private lots not open to the public. The average daily price is depicted above for each lot. It is evi-dent that the ARK I lots are under priced and immediately after closing we will raise the daily rates.

EXPERIENCE

Ithaca Investments, owned by the Covey family, has previously owned the Jordan Ford site, consisting of approximately 6.5 acres along the Riverwalk, two blocks south of the ARK I property. The Jordan Ford site was purchased in a sealed bid sale in 1995. The entire site was sold for a Hyatt Place Hotel within 90 days of closing at a price in excess of twice the purchase price. Hyatt sold the excess land to Univision for their San Antonio studios. In 2005, Ithaca Investments bought in a sealed bid from Central Parking a lot in downtown San Antonio. In the first year revenue doubled due to raising the price and monitoring the lot more efficiently. Ithaca still owns and operates this lot. Ithaca Investments, of which Kevin Covey is a principal, has experience operating parking lots since 1968.

PROJECTIONS

Legend

Description Input Cell Formula

3/22/2011 by Kevin Covey

Name

Location

Type

Size

Assessed Value

Acquisition Price

Working Capital

Share Price

Total Shares

Equity

Income Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Projected Income $301,300 $330,200 $343,650 $354,650 $371,875 $384,725 $392,200

Operating Expenses Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Total Operating Expenses excluding Prop Taxes $24,089 $24,156 $24,560 $24,940 $25,656 $26,067 $26,291

Mortgage

Loan Amount $1,750,000

Loan To Value Ratio 0.64

Interest Rate 5.50%

Interest Only Period (Years) 2

Amortization Period (Years) 25

Loan Terms (Years) 7

Annual Mortgage Payments $96,250

Debt Service Coverage 2.88

Anticipated Holding Period 7

Acquisition Price per foot $48.57

Disposition Price per foot $100

Disposition Total Price $5,662,100

Disposition Costs of Sale $170,000

Limited Partner Preferred Return 6.50%

Sale Assumptions

Distribution Assumptions

$200,000

$1,200,000

ARK I, Ltd. Parking Lots

457 St. Marys and 231 Nueva St.

Parking Lot

56,621

$3,561,000

$2,750,000

Financing Assumptions

Property Assumptions

$50,000

24

$1,750,000

5.50%

25

7

2

$96,250$70,000

1 2 3 4 5 6 7

$301,300 $330,200 $343,650 $354,650 $371,875 $384,725 $392,200

$24,089 $24,156 $24,560 $24,940 $25,656 $26,067 $26,291

-Property Taxes $82,500 $82,500 $82,500 $82,500 $82,500 $95,000 $95,000

$96,250 $96,250 $96,250 $92,400 $88,550 $84,700 $80,850

$70,000 $70,000 $70,000 $70,000 $70,000 66000

$2,546 $1,407 $1,696 $2,103 $2,179 $2,401 135000

-Reserves $12,000 $36,500 145000

Applied Reserves $20,000 $8,000 155000

NET CASH FLOW $86,461 $88,248 $88,933 $91,114 $103,066 $106,779 $117,658

St.Marys@Nueva

ARK I, Ltd. Parking Lots Acquisition Price

Size

Property Name

Location

Type of Property

Date

Amount

Interest

Minus Mortgage

3/22/2011

56,621

Parking Lot

Acquisition Price

$2,750,000

$200,000

$1,200,000

Working Capital

Total Initial Investment

-Maintenance Escrow

INCOME

Gross Parking Income

Total Acquisition Basis

-Principal Payment

Cash Flow Analysis

MORTGAGE DATA BASIS DATA

End of Year

-Total Operating Expenses

-Interest Payment

$1,750,000

$2,750,000

$2,750,000

Loan Term

Interest Only Period

Interest Payment per YearPrincipal Payment per Year

Amortization Period

1 2 3 4 5 6 7 8 9 10

$1,750,000 $1,750,000 $1,680,000 $1,610,000 $1,540,000 $1,470,000 $1,404,000 $1,334,000 $1,264,000 $1,194,000

1 2 3 4 5 6 7 10

$4,756,164 $5,662,100 $6,907,762

$4,756,164 $5,662,100 $6,907,762

$142,685 $170,000 $207,233$2,750,000 $2,750,000 $2,750,000

$1,863,479 $2,742,100 $3,950,529

$4,756,164 $5,662,100 $6,907,762

$142,685 $170,000 $207,233

$1,540,000 $1,404,000 $1,194,000

$200,000 $220,000 $250,000

$3,273,479 $4,308,100 $5,756,529

-Mortgage Balance

+Working Capital

=SALE PROCEEDS

-Costs of Sale-Basis

Capital Gain from Appreciation

Cash Sale Scenario

Sale ProceedsSale Price

-Costs of Sale

Mortgage Balances

Sale Proceeds

Capital Gain on Sale

End of Year

Unpaid Principal Balance

End of Year

PROJECTED SALES PRICE

Sale Price

End of Year Flows

## 0 ($1,200,000)

## 1 $86,461

## 2 $88,248

## 3 $88,933

## 4 $91,114

## 5 $103,066

## 6 $106,779

## 7 $117,658 + $4,308,100

Total Return = 24.97%

1 2 3 4 5 6 7

$2,750,000 $3,157,000 $3,341,000 $3,491,000 $3,725,000 $3,724,000 $3,826,000

$1,750,000 $1,750,000 $1,680,000 $1,610,000 $1,540,000 $1,470,000 $1,404,000

63.64% 55.43% 50.28% 46.12% 41.34% 39.47% 36.70%

2.02 2.32 1.42 1.52 1.66 1.70 1.80

7.21% 7.35% 7.41% 7.59% 8.59% 8.90% 9.80%

7.08%

Investment Performance

End of Year

Acquisition Cap Rate

Value using Acquisition Cap Rate

Loan Balance

Loan to Value

Debt Service Coverage Ratio

Annual Distribution

(1,200,000) 86,461 88,248 88,933 91,114 103,066 106,779 117,658 3,609,187

1 2 3 4 5 6 7 7 - Sale

$86,461 $88,248 $88,933 $91,114 $103,066 $106,779 $117,658 $4,308,100

$3,603 $3,677 $3,706 $3,796 $4,294 $4,449 $4,902 $179,504-$1,063,539 $88,248 $88,933 $91,114 $103,066 $106,779 $117,658 $3,609,187

$4,990,358 Pref + initial cap 1,696,000

6.5% $546,000 After Pref and initial 3,294,358

$1,150,000 Total Payout 4,990,35815% IRR on Initial capital 3,429,181

$3,294,358 20% IRR on Initial capital 4,866,240LP pay of 15% tranche 3,429,181

$698,913 GP pay out of 0-15% tranche 514,377$ GP pay +15% tranche 3,943,559

$4,291,445 15 to 20% tranche 922,681GP pay of above tranche 184,536

LP pay of 20% tranche $738,145Returns to Limited Partners

258% Total LP pay 4,167,326

36.80%19.67%

Distribution Analysis

End of Year

Per Share

Distribution to Limited Partners

Total Distributions to LPs

Dividends and Sale Proceeds

Return on Investment per Year

Total Dividends and Distributions

Compounded Rate of Return

-General Partner Distribution

-Limited Partner Preffered Return

-Limited Partner Initial Capital

Total after Pref and Return of Capital

Return on Investment

Shares 2 24.97%

Investment $100,000

Holding Period (Years) 5

Sale Price psf $84

Total Price $4,756,164

-$100,000 $7,205 $7,354 $7,411 $7,593 $8,589 $229,925

1 2 3 4 5 5 - Sale

$7,205 $7,354 $7,411 $7,593 $8,589 $272,790

7.2% 7.4% 7.4% 7.6% 8.6% 272.8%

-$92,795 $7,354 $7,411 $7,593 $8,589

$310,942 Pref + initial cap $132,500

6.5% $32,500 After Pref and initial $178,442

$100,000 Total Payout $310,942

$178,442 15% IRR on Initial capital 285,765

20% IRR on Initial capital 405,520

$42,865 LP pay of 15% tranche 285,765

GP pay out of 0-15% tranche 42864.76676

$268,077 GP pay +15% tranche

15 to 20% tranche

GP pay of above tranche

Returns to Limited Partners LP pay of 20% tranche

168%

33.6% Total LP pay $268,077

19.9%


Return on Investment/Holding Period

Distribution to Limited Partners

Investment Scenario





End of Year



General Partner Interest

Total Distribution

Shares 2 24.97%

Investment $100,000

Sale Price $90


Sale Price psf $100

Total Price 5,662,100

-$100,000 $7,205 $7,354 $7,411 $7,593 $8,589 $8,898 $9,805 $300,766

1 2 3 4 5 6 7 7 - Sale

$7,205 $7,354 $7,411 $7,593 $8,589 $8,898 $9,805 $359,008

7.2% 7.4% 7.4% 7.6% 8.6% 8.9% 9.8% 359.0%

$415,863 pref + initial $145,500

6.5% $45,500 total after pref + initial270,363

$100,000 15% IRR on Initial capital285,76520% IRR on Initial capital405,520

$270,363 LP pay of 15% tranche285,765GP pay out of 0-15% tranche42,865$

$58,243 GP pay +15% tranche328,63015 to 20% tranche76,890

$357,620 GP pay of above tranche15,378LP pay of 20% tranche$61,512

Returns to Limited Partners Total LP pay ##########

258%

36.8%

19.7%Compounded Rate of Return






Total Distribution




Investment Scenario

Distribution to Limited PartnersEnd of Year

Shares 2 24.97%

Investment $100,000


Sale Price psf $122

Total Price $6,907,762

1 2 3 4 5 6 7 8 9 10 10 - Sale

$7,205 $7,354 $7,411 $7,593 $8,589 $8,898 $9,805 $11,250 $12,083 $12,917 $575,647

7.2% 7.4% 7.4% 7.6% 8.6% 8.9% 9.8% 11.3% 12.1% 12.9% 575.6%

-$100,000 $7,205 $7,354 $7,411 $7,593 $8,589 $8,898 $9,805 $11,250 $12,083 $12,917 $508,831

$668,752

6.5% $65,000

$100,000

$503,752

$66,816

$601,936

Returns to Limited Partners502%

50.2%

20.5%

total $668,752

total after pref + initial 503,752



LP pay of 15% tranche 285,765

GP pay out of 0-15% tranche 42,865$

GP pay +15% tranche 328,630

15 to 20% tranche 119,755

GP pay of above tranche 23,951

LP pay of 20% tranche $119,755

GP pay +15-20 tran $143,706

Total LP pay ##########







Total Distribution




Investment Scenario

Distribution to Limited PartnersEnd of Year

Documents

LIMITED PARNTERSHIP INVESTMENT OFFERING - WikiLeaks I Limited... · making a decision whether to purchase a limited partnership interest in the Partnership. In all cases, interested