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              Social Investment Partners for Sandtown-Winchester             
                                                                             
                    (assumes investment of $  40,000,000)                    
                                                                             
                                                                             
                     Estimated Public Costs                                  
                                                                             
                         /W with                                             
        Investor         Housing                                             
         Pay-ins         Program     /W with 10     Estimated     Estimated  
      (or Social      (Balt.City Year Transform      Annual      Cumulative  
     Investment)        profile)          ation      Savings       Savings   
                                                                             
1996   8,000,000      66,974,791     63,606,381      3,368,410      3,368,410
1997   8,000,000      66,626,952     62,635,823      3,991,129      7,359,539
1998   7,500,000      69,853,621     64,857,151      4,996,470     12,356,009
1999   4,500,000      71,986,671     65,972,782      6,013,889     18,369,898
2000   3,500,000      75,267,778     68,044,220      7,223,558     25,593,456
2001   2,000,000      74,727,421     65,923,739      8,803,682     34,397,138
2002   1,500,000      74,230,466     64,006,875     10,223,591     44,620,729
2003   1,000,000      73,535,078     61,828,967     11,706,111     56,326,840
2004   1,000,000      72,801,351     59,463,822     13,337,529     69,664,369
2005     500,000      72,003,969     56,888,428     15,115,541     84,779,910
2006     250,000      71,584,490     56,065,930     15,518,560    100,298,470
2007     250,000      70,804,278     54,907,530     15,896,748    116,195,218
2008     250,000      70,553,065     54,119,037     16,434,028    132,629,246
2009     250,000      70,092,638     53,208,400     16,884,238    149,513,484
2010     250,000      69,448,106     52,084,281     17,363,825    166,877,309
2011     250,000      69,292,797     51,432,083     17,860,714    184,738,023
2012     250,000      69,769,868     51,347,282     18,422,586    203,160,609
2013     250,000      69,963,777     50,950,307     19,013,470    222,174,079
2014     250,000      70,156,433     50,617,222     19,539,211    241,713,290
2015     250,000      70,274,142     50,362,290     19,911,852    261,625,142
2016                  71,128,179     50,716,350     20,411,829    282,036,971
2017                  71,851,848     51,150,131     20,701,717    302,738,688
2018                  72,509,198     51,592,607     20,916,591    323,655,279
2019                  73,110,914     52,007,259     21,103,655    344,758,934
2020                  73,938,104     52,460,142     21,477,962    366,236,896
Total 40,000,000   1,782,485,935  1,416,249,039    366,236,896               
P.V.  31,054,394     829,038,796    690,322,619    138,716,177               
                                                                             
                        Current Projected IRR       39.3%                    
assumptions:                                                                 
   Transformation Funds plus Equity for Physical Development $  40,000,000   
   Years Projected                                                      25   
                                                                             
   Years Included in Annual Display                                     25   
   Discount Rate for Calculating Capitalized Cost ("P.V.")               0.07
       (While savings do continue after "Years Projected",                   
        this analysis does not value savings after that point.)              
                                                                             
note: This analysis represents interim conclusions from work in process      
      and will be revised.  This analysis is as of  2/22/96.                 
      The $40 million "social investment" shown above is for illustrative    
      purposes only and will be revised when the "transformation plan"       
      is updated.                                                            


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