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              Social Investment Partners for Sandtown-Winchester             
                                                                             
                    (assumes investment of $  40,000,000)                    
                                                                             
                                                                             
                     Estimated Public Costs                                  
                                                                             
                         /W with        /W with                              
        Investor         Housing        Housing                              
         Pay-ins         Program        Program     Estimated     Estimated  
      (or Social      (Balt.City     (Balt.City      Annual      Cumulative  
     Investment)        profile)       profile)      Savings       Savings   
                                                                             
1996   8,000,000      66,974,791     66,974,791                              
1997   8,000,000      66,626,952     66,626,952                              
1998   7,500,000      69,853,621     69,853,621                              
1999   4,500,000      71,986,671     71,986,671                              
2000   3,500,000      75,267,778     75,267,778                              
2001   2,000,000      74,727,421     74,727,421                              
2002   1,500,000      74,230,466     74,230,466                              
2003   1,000,000      73,535,078     73,535,078                              
2004   1,000,000      72,801,351     72,801,351                              
2005     500,000      72,003,969     72,003,969                              
2006     250,000      71,584,490     71,584,490                              
2007     250,000      70,804,278     70,804,278                              
2008     250,000      70,553,065     70,553,065                              
2009     250,000      70,092,638     70,092,638                              
2010     250,000      69,448,106     69,448,106                              
2011     250,000      69,292,797     69,292,797                              
2012     250,000      69,769,868     69,769,868                              
2013     250,000      69,963,777     69,963,777                              
2014     250,000      70,156,433     70,156,433                              
2015     250,000      70,274,142     70,274,142                              
2016                  71,128,179     71,128,179                              
2017                  71,851,848     71,851,848                              
2018                  72,509,198     72,509,198                              
2019                  73,110,914     73,110,914                              
2020                  73,938,104     73,938,104                              
Total 40,000,000   1,782,485,935  1,782,485,935                              
P.V.  31,054,394     829,038,796    829,038,796                              
                                                                             
                        Current Projected IRR          0%                    
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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