Track Record

The England Group has established a 25-year track record of successful 'armchair investing.'

We have proven our capacity for outstanding performance in every economic climate. But just as important, we have earned a well deserved reputation for ethics and integrity-one that has allowed us to forge a unique and long term bond with our investors.

Offering Year	Project Name	Original Equity	Cash Distributions	Refinancing Distributions	Tax Savings	Total Investor Return	% of Original Capital Returned	Internal Rate of Return	Details
2004	Abbey at Vista Ridge	$13,744,630	$2,606,466	$0	$3,324,669	$5,931,135	43.2%	1.2%	MORE
1995	Arbor Valley	$4,875,255	$1,557,745	$5,337,468	$1,786,462	$8,681,675	178.1%	20.7%	MORE
1992	Bermuda Dunes	$9,298,083	$3,496,171	$4,790,590	$5,604,385	$25,755,915	277.0%	19.3%	MORE
1992	Briarcrest	$5,119,142	$4,086,706	$6,397,473	$692,688	$11,176,868	218.3%	26.2%	MORE
2001	Carrington Park	$15,483,419	$3,021,555	$0	$6,879,600	$9,901,155	63.9%	6.5%	MORE
1990	Castlewinds	$2,622,992	$1,165,015	$2,125,995	$2,348,477	$6,283,329	239.5%	17.4%	MORE
2000	Cypress Lake	$8,186,181	$3,709,638	$0	$2,965,367	$6,675,005	81.5%	‐0.8%	MORE
1995	Fieldcrest	$3,325,174	$2,709,567	$3,829,083	$1,124,787	$7,663,437	230.5%	50.7%	MORE
1991	Fossil Hill	$3,570,480	$3,503,065	$5,154,370	($351,862)	$8,305,573	232.6%	26.4%	MORE
1995	Huntington Glen	$4,312,017	$1,351,498	$3,387,737	$1,809,349	$6,548,583	151.9%	24.9%	MORE
2000	Lakeside Gardens	$3,746,400	$1,340,400	$0	$1,887,840	$7,504,560	200.3%	30.1%	MORE
1996	Lakeview Place	$3,604,370	$3,257,548	$7,129,370	$814,352	$11,201,270	310.8%	44.3%	MORE
1996	Maple Leaf Quay	$13,965,050	$21,303,411	$14,656,086	$2,400,290	$108,378,743	776%	35.1%	MORE
2002	Milano	$17,705,563	$2,230,156	$0	$5,553,824	$7,783,980	44.0%	‐3.3%	MORE
1991	Southern Hills	$4,010,352	$1,803,829	$2,711,100	$3,175,109	$10,727,937	267.5%	22.4%	MORE
1997	Southern Ontario	$9,528,000	$2,818,479	$2,134,535	$2,815,724	$19,149,728	201.0%	10.5%	MORE
1991	Sunset Oaks	$6,260,690	$3,406,731	$5,058,534	$2,548,161	$11,013,426	175.9%	18.2%	MORE
1993	Tallows	$5,087,053	$3,869,855	$3,883,519	$761,685	$8,515,058	167.4%	22.2%	MORE
1994	Tall Timbers	$5,268,028	$3,451,643	$3,381,076	$1,802,137	$8,634,856	163.9%	23.3%	MORE
1994	The Vanderbilt	$5,790,985	$3,011,841	$2,540,735	$3,952,807	$11,017,435	190.3%	18.9%	MORE

Average Internal Rate of Return for:
U.S. Properties	18.6%
Canadian Properties	39.2%

Important Notes and Assumptions

For US projects, Original Equity, Cash Flow, and Refinancing Distributions are translated into Canadian dollars using exchange rates in effect at transaction date.
Tax Savings are calculated using the actual Combined Top Marginal Tax Rates (on a leveraged basis).
Internal Rate of Return is the annual yield on the investment calculated on an unleveraged basis using various assumptions regarding property values, exchange rates, the calculation of incentive management interest, timing of cash flows, US Partnership taxes, US Partnership withholding taxes, and Canadian income taxes. Disposition of current properties are assumed to take place on January 1, 2012 using the estimated Current Value at January 1, 2012 and the exchange rate of 1.0205.
The above IRR is grossed-up to reflect an IRR that is the pre-tax rate of return an investor in the 43.7% tax bracket would have had to earn from an interest-bearing security to achieve the same after-tax return.
This analysis has been prepared using various assumptions regarding property values, exchange rates, the incentive management interest calculation, equity loan interest rates, timing of cash flows, US withholding taxes, and tax rates provided by The England Group. Some assumptions inevitably will not materialize and/or will not apply to all investors, therefore the actual results achieved will vary and the variations may be material.