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I I I I I I II I I I I I I I I I I I I THE SHELTEP/CAN-AMERICAN GROUP PRIOR PERFORMANCE PUBLIC LIMITED PARTNERSHIP The Shelter/Can-Amprican Group working in c~nJunction with Merrill Lynch Pierce, Fenne, and Smlth, Inc. formulated the SeA Tax Exempt Fund Limited partnership. The Part~ership was organized in January of 1986 and marketed by Merrlll Lynch. Merrill Lynch raised $27R,SOO,000 through tne sale of approximately 278,500 Beneficial ASSignee Certificates (Limited partnershlP Interests) pursuant to a prospectus and Prospectus Supplements dated June 3, 1986, October 6, 1986 and November 28, 1986. The proceeds from the offering were used to acquire a portfolio of tax-exempt Mortgage Revenue Bonds issued by various ~tate or local governmeats. Non-recourse, participating mortgage loans will be assigned to the Partnershlp to secure the payment of principal and interest on the Mortgage Revenue Bonds. The Mortgage Revenue Bonds prOVide for additional contingent interest over and above the base rate, 2ayable from available cash flow and res1dual proceeds, but in no case, Will the combined base and contingent interest rate exceed 16%. The mortgaged propprties are primarlly multi-family residential rental developments incl1Jding several r~t1rement communities, located across and throughout th~ United States. seA REAL~Y !N~ The principals of The Shelte; Development Group {Messrs. Carlson, Joseph, Thorsteinson and Lount) formed SCA Realty Inc. in January 1986 to act as the Managlr~ General Partner of the SeA Ta~ Exempt Fund Limited part~ership. In this capacity, SeA Realty Inc. was responsible for the seJectlon and evaluat10n of the ~crtgage Revenue Bond acqulred by the PartnerShip. Associat~s of seA ReaJty Inc. underwrote and closed each loan and will monltor the construction, rent-up, and ongo1ng performance of each project. seA Realty Inc. is also responsible for inveslor reports dnd cdsh dlstrlbutions or the Fund over the life of each mortgage loan.