Introduction to NTCIC [add your own title]

1. Introduction to NTCIC [add your own title]

2. NTCIC: A brief history • NTCIC is the successor to the National Trust’s Heritage Property Services (HPS) program which structured deals for first-time HTC developers and connected them with investment sources. • Organized as a for profit, wholly-owned subsidiary of the National Trust for Historic Preservation in August 2000. • NTCIC’s primary objectives: making equity investments in real estate projects that qualify for federal and state historic and New Markets Tax Credits and provide financial support through profit sharing with the National Trust. First HPS Project – West Village, Durham, NC. (Before) West Village (After)

3. NTCIC: A brief history • Partnership with Bank of America led to organization of the Banc of America Historic Tax Credit Fund in 2000. • NTCIC financed its first project, Dalton • Building, in May 2001. • NTCIC received its first New Markets • Tax Credit allocation in October 2003. • $423.5 million in gross equity/debt invested to date. • $1.7 billion in total development costs to date. Dalton Building Rock Hill, SC First NTCIC Investment of $1million

4. NTCIC Project Locations

5. The Tax Credit BusinessThe basic LLC legal structure Managing Member (.01%) (Developer) Transferable Tax Credits $ Cash NTCIC Investment Fund .01% NTCIC 99.99% Investor Investor Member (99.99%) (NTCIC Investment Fund) credits equity NTCIC fee

6. Total # of HTC Transactions by Deal Size in 2010 593 Total Transactions – data based on NPS quarterly reports

7. HTC Dollar Value by Deal Size in 2010 *Data based on NPS quarterly reports

8. History of NTCIC financial support to National Trust *Changed to calendar year (CY) in 2010

9. Snapshot of New Markets Tax Credits Activity

10. Total Investments by use

11. Total NTCIC Investments by Investment Type

12. Economic Impact Since Inception Economic impact of NTCIC’s investments Total direct and indirect/induced jobs: 26,347 • Construction: 11,960 • Non-Construction: 14,387 Total tax impacts: $112.8MM • State taxes: $57.8MM • Local taxes: $55MM Total household and business income generated: $1B Total gross state product: $1.23B NTCIC uses the Preservation Economic Impact Model (“PEIM”), created by Rutgers University, to forecast direct and indirect/induced job creation, state and local taxes, and income generated from the rehabilitation of historic buildings. NSO Bell Building, Detroit MI

13. Total Effects of Direct and Indirect/Induced Jobs by Industry (projected as of Q2 FY11)

14. NTCIC staff organization President Executive Assistant COO Marketing & Communications Director Managing Director, Acquisitions Office Manager Asset Management Finance & Controller Senior Acquisitions Manager Senior Acquisitions Manager Project Coordinator Senior Acquisitions Manager Acquisition Project Manager Senior Asset Manager & NMTC Compliance Manager Senior Asset Manager Assistant Controller Fund Accountant Staff Accountant Acquisition Project Manager Asset Manager Asset Manager Asset Manager

15. Senior Acquisition Manager Territories

16. Single-Entity Structure for Historic Tax Credit Investment

17. Master Tenant Structure for Historic and New Markets Tax Credit Investment

18. Leverage Structure for Historic and New Markets Tax Credit Investment

19. Asset Management Tasks and Services • Manage construction reports and/or draw requests monthly. • Manage, review operations and cash flow on quarterly basis. • Gather and collect benchmarks required for • funding of investor capital. • Monitor Historic Tax Credit and New • Markets Tax Credit compliance. • Perform site visits during construction • and stabilization. NSO Bell Building, Detroit MI

20. Asset Management Tasks and Services • Review, comment and collect lower tier audits and tax returns. • Prepare required fund audits and tax returns. • Review and collect guarantor financials. • Collect and distribute priority returns to investors. • Provide investor reporting and compliance certifications, as needed. Fox Oakland, Oakland CA

21. National Trust Insurance Services, LLC • Established in 2004 as a National Trust subsidiary to provide and promote insurance solutions for historic buildings of all types and related organizations. • Managed by Maury Donnelly and Parr, exclusive licensed insurance agency. • Offers a full range of property and casualty insurance for commercial and residential customers. • Work with and through all National Trust networks (Members, Donors, State & Local Partners, Main Street, Historic Sites, Museums, Hotels, Theaters, Churches, Tax Credit Projects, etc.) to educate and to grow the business. • Revenue is generated in the form of commissions. • Great blend of mission and market. Insurance for Newport Mansions became part of NTIS in April, 2011

22. Premiums by Category

23. Heritage Travel • In 2011, NTCIC acquired the National Trust’s travel subsidiary, HT, LLC. The company operates a website at www.gozaic.com which provides information on heritage travel destinations and tours offered by the National Trust and other tour operators.

24. NTCIC Public Policy Priorities • Win Passage of CAPP Act. • Protect federal HTC from changes due to deficit reduction and tax reform. • Promote growth of HTC. • Strengthen federal HTC program within NPS. • Strengthen state HTC programs.

25. Harmony Mills Cohoes, NY Property Use: Residential (96 units) Credits used: HTC Net Investment: $2,696,588 Total Development Cost: $18,328,024

26. Carpenter Theater Richmond, VA Property Use: Theatre Credits used: HTC & NMTC Net Investment: $5,365,269 Total Development Cost: $50,144,804

27. American Brewery Baltimore. MD Property Use: Office headquarters for non-profit group Humanim Credits used: HTC & NMTC Net Investment: $5,337,101 Total Development Cost: $23,989,027

28. Town Hall Theater Middlebury, VT Property Use: Theater and community center Credits used: Federal Historic Net Investment: $585,651 Total Development Cost: $5,912,300

29. Fox Oakland Theater Oakland, CA Property Use: Performing arts charter high school Credits used: Federal Historic and New Markets Tax Credits Net Investment: $15,687,989 Total Development Cost: $88,232,316

30. Atlas Life BuildingTulsa, OK Property Use: Hotel Credits used: Federal and State Historic Net Investment: $5,891,495 Total Development Cost: $25,577,689

31. Woolworth BuildingSt. Louis, MO Property Use: Mixed use office, gallery and restaurant Credits used: Federal and State Historic and New Markets Tax Credits Net Investment: $6,178,250 Total Development Cost: $14,642,433

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