Roundtable: Regional Investment Possibilities in Targeted Investing

1. Roundtable: Regional Investment Possibilities in Targeted Investing Access Capital Strategies LLC December 6, 2006 This draft presentation is not an offer or solicitation of the Access Capital Strategies Community Investment Fund, Inc. (“Fund”)and is not a complete description of the Fund and the risks associated with an investment. The offering of the Fund can only be made through the current version of the Fund’s Prospectus, which fully describes the Fund, including investment strategies, risk factors, charges and expenses and must accompany this presentation.

2. Access Capital Strategies LLC • Outstanding track record in Community Investing • Seeks competitive, risk-adjusted, high-credit quality taxable fixed income returns through an economically targeted investment vehicle. • Manages the Access Capital Strategies Community Investment Fund, which is sub-managed by Voyageur Asset Management Inc. • To date, the Fund has helped to provide financing for 7,997 low- and moderate-income homebuyers, 3,224 affordable rental housing units, 146 Small Business Administration loans, and 10 economic development loans in communities in 44 states, including Washington, D.C. and Guam. • The geographies of Fund investments are targeted by Fund Investors.

3. Identified the need for a community development investment vehicle that would create specialized mortgage-backed securities targeted by income and region and other government guaranteed loan programs. Created the first Fund of its kind to satisfy this need in 1998. Works as the manager to provide knowledge and skills in sourcing community investment opportunities. Access Capital Strategies LLC’s History

4. Access Capital Strategies, LLC Team Access Capital provides expertise in the area of Community Development investing. We are innovators at the forefront of identifying and creating economically targeted investments while allowing Investors to target specific geographic regions. • Ronald A. Homer, Chief Executive Officer, 35 years as a national leader in community development, 13 years as a bank CEO. • David F. Sand, President and CIO, 25 years as an investment banker and portfolio manager. • Kathlean Nunnally, VP Finance and Administration, 20 years in commercial and community banking, 7 years in community and economic development. • Melissa C. Quattrucci, Marketing & Client Service Manager, 12 years as a project, account, and database manager.

5. Voyageur Asset Management Inc. • Mid Size “Boutique” Firm Backed by Royal Bank of Canada • Strong Fixed Income Management Capabilities • Extensive Public Fund Investment Management Experience Across Pension, Operating Funds and Insurance Mandates • Niche Fixed Income Manager with Unique Expertise in the Asset Class • Dedicated Portfolio Management and Client Service Executives

6. Voyageur Asset Management Assets As of 6.30.06 • Established in 1983, Voyageur Asset Management Inc. Has Over 20 Years of Investment Experience • $28.2 Billion in Total Firm Assets Under Management* • $18.2 Billion in Voyageur Fixed Income Assets • $26.2 Billion in Voyageur Institutional Services • Voyageur is Headquartered in Minneapolis, Minnesota • 117 Professional Staff Firm Wide • Wholly Owned Subsidiary of the Royal Bank of Canada • 7th Largest Financial Institution in North America • *Please review the “Performance Presentation and Disclosures” appendix to these materials for a full description of the organization and its two divisions.

7. Voyageur Asset Management Team Voyageur Personnel Have Extensive Experience Working with Community Investment-Based Securities, through Work in the Banking Sector. John M. Huber, CFA, Chief Investment Officer - Fixed Income John directs Voyageur's fixed income group. John joined Voyageur in 2004 from Galliard Capital Management where he was a principal and senior portfolio manager, responsible for the firm’s total return fixed income effort. John received a BA from the University of Iowa and an MBA in Finance from the University of Minnesota, Carlson School of Management. John is a CFA charterholder and a member of the CFA Society of Minnesota. Jennifer P. Hunt, Managing Director, Public Funds Jennifer is responsible for institutional public fund sales and client service. In 2004, Jennifer was distinguished as Money Management Letter's Public Funds Marketer of the Year, a highly coveted honor. Jennifer joined Voyageur in 2004 from Loomis, Sayles & Company where she was the director of public fund sales and marketing. Jennifer received a BS in Finance from Boston College and is an Advisory Board Member for NASRA. Brian Svendahl, Director of Portfolio Analytics, Portfolio Manager Brian leads Voyageur’s Portfolio Analytics Team which conducts analysis of our investment process and security risks in a consistent framework. Brian joined Voyageur in 2005 from Wells Fargo Brokerage Services, where he served as senior vice president and risk manager. Brian received a BS in Economics from the University of Minnesota. He also received a BBA in Finance and an MBA from the University of Minnesota, Carlson School of Management. Brian is a Level III candidate for the Chartered Financial Analyst designation. Steve Eldredge – Senior Portfolio Manager Steve has actively managed bank investment portfolios for the past 25 years, including advising banks regarding community development structures. Steve currently advises our national financial institution client base regarding fixed income and community investment strategies.

8. Investment Objectives • Invest in geographically specific, private placement debt securities located in the portions of the United States designated by Investors • Generate a competitive return relative to higher balance mortgage investments • Only invest in AAA/agency credit quality debt securities targeted to support community development activities including: • Single-family affordable housing • Multi-family affordable housing • Small business lending • Job creation • Community Health Centers

9. Investment Philosophy We believe that superior investment results in a community investment fixed income security portfolio can be achieved by: • Utilizing a proprietary model to identify the investments that represent the best value • Relying on a micro view of the fixed income market • Adhering to risk-controlled active management • Top-performing total return managers take too much risk in pursuing larger returns and enhanced index managers leave too much return on the table • Tactics: • Strategic allocation to spread sectors • Utilize option-adjusted spread (OAS) to identify value • Broad diversification to control risk • Call-protected assets to manage convexity • Focus on consistent series of value-added decisions – no big “bets”

10. Access Capital Strategies LLC Expertise • Manages the Access Capital Strategies Community Investment Fund, Inc. • Separate Account : New York City Employees Retirement System

11. High Impact Transactions: Example 1 Community Reinvestment Fund (CRF) • CRF, a Minnesota nonprofit corporation, promotes economic development by creating jobs, affordable housing, and revitalizing communities innovative capital markets transactions. • Since 1988, CRF has purchased more than $400 million in development and affordable housing loans from lenders nationwide, enabling additional investments in low-income and economically disadvantaged communities in 38 states

12. CRF (continued) • In November 2004, Access Capital Strategies invested $3MM in the AAA-Rated CRF Series 17 Class A-3 Notes • This loan pool consists of 128 economic development loans, including affordable multi-family housing loans, from 40 state and local community-focused originators in 19 states • This transaction created liquidity to support new lending by non-traditional originators

13. CRF Geographic Distribution of Development Loans

14. High Impact Transaction: Example 2 Holyoke Health Center, Inc. • A Community Health Center established in 1970, located in a federally designated Medically Underserved Area and a Health Professional Shortage Area • A state-licensed 501 (c) (3) organization that offers primary care and health education, community outreach, and support services to the Holyoke, MA Community • Their Mission is to improve the health of their patients by providing affordable and quality health care and supporting comprehensive community-based programs to populations in Holyoke, MA • In 2004, the Center treated 18,984 patients who live below the poverty level and 8,024 patients who are uninsured

15. Holyoke Health Center, Inc. (continued) • Holyoke, MA, has the highest state rate of mortality, teen births, AIDS/HIV-related deaths, alcohol and drug related deaths, and deaths from homicide and suicide • The Center serves one-third of the total population of Holyoke which is 39,838 • The Center is located in a Low Income Census Tract where 72% of the population is minority and 49% fall below the poverty line • Staff members speak English and Spanish • The Center will treat anyone regardless of age, residency, citizenship, or ability to pay • As of February 2006, the Center has added 300 new jobs

16. Our Investment in the Holyoke Health Center (continued) • In March 2005, Access Capital Strategies made a $9,375,000 loan to the Holyoke Health Center, which is guaranteed by the US Department of Health and Human Services and was made in collaboration with the Massachusetts Housing Investment Corporation (MHIC) • Through the use of New Markets Tax Credits, MHIC provided the Holyoke Health Center with multiple layers of financing to enable the Center to expand health care and services while giving them a more efficient capital structure • These funds will also be used for building rehabilitation and other Holyoke Health Center initiatives • Additional benefits include job creation, increased dollars spent in the community, and expansion of a daytime workforce, all of which are critical to the economic stabilization of Holyoke