Supporting Healthy, Vibrant and Sustainable Communities

Macroeconomics (Investor Outlook) 2

Introductions and Welcome 3

Speakers 4 Paul Henley VP Portfolio Management, Fifth Third CDC Yianni Vitellas VP – Portfolio / Risk Specialist Senior, Huntington CDC Marge Novak VP – Investor Relations, Great Lakes Capital Fund

5 State of the industry including the tax credit investment market. How the current market affects investment decisions. What the future holds. Investors share their concerns for the industry, as well as investor outlook, market demand, allocating agencies and underwriting.

Market 6

7 Current Market – Return Levels Current Market – Lower Tier Pricing What Drives Investment Levels? CRA Yield CRA Recent Changes – Interagency Q&A CohnReznick Low-Income Housing Tax Credit Study

Market 8 The Financial Accounting Standards Board (FASB) issued ASU , “Accounting for Investments in Qualified Affordable Housing Projects,” which sets forth new accounting for qualifying investments. The primary provisions allow for the cost of an investment in an affordable housing project to be amortized and the resulting expense to be reflected as a component of the investor’s income tax provision rather than its operating income. The new accounting method, referred to as the “proportional amortization method”, will allow amortization of the tax credit investment to be reflected along with the primary benefits, the tax credits and other tax benefits, on a “net, net basis” on the income tax expense line of the income statement.

Investor – Syndicator Review 9

10 Syndicator Track Record Investor Reporting Credit Committee Process Watch List Quarterly Reviews Syndicator Rating Process

Deal Side 11

Deal Side 12 Investor Hot Buttons RAD (Rental Assistance Demonstration Program) 4% Credit / 9% Credit High Profile Market / Market Study Cost Containment Developer Track Record DCR in Year 15

Other 13

Other 14 Regulatory Oversight and Reporting Additional reporting requirements CRA Examinations OFAC (Office of Foreign Assets Control) Federal Reserve – Affiliate Transactions (Regulation W) SCRA (Servicemembers Civil Relief Act) Public Welfare Investments – 12 CFR 24 Limits

Questions and Answers 15