Depaul Properties Inc.

“A copy of the 990 was made available to the Board of Directors for their review prior to the filing of the return.”

“Members of the Board, officers and key employees are required to review the conflict of interest policy annually and complete a form to determine possible conflicts of interest. Upon completion these forms are reviewed by the Corporate Compliance Officer, CFO and Vice President of Human Resources. Any potential conflicts are presented to the President and Board of Directors for their review and response.”

“The Compensation Committee of DePaul Board of Directors meets annually to review and determine the compensation of the President and Vice Presidents of DePaul. This review includes analysis of the education and experience of this group, past compensation decisions, outside market research by an independent firm, comparison with similar positions at other regional agencies and budgetary issues. Minutes of these meetings and copies of the materials used and maintained by the Vice President of Human Resources”

“The organization makes its governing documents, conflict of interest policy and financial reports available to the public through mandated reporting to various regulatory bodies, as well as by request.”

“Election under irc sec. 168(h)(6)(f)(ii) entity a: depaul properties, inc. 1931 buffalo road rochester, ny 14624 ein: 22-2389620 entity b: aero development, inc. 1931 buffalo road rochester, ny 14624 ein: entity a, a tax-exempt entity, is the 100% sole member of entity b. Accordingly, entity b is a tax-exempt controlled entity as defined in irc sec. 168(h)(6)(f)(iii). Accordingly, entities a & b hereby elect under irc sec. 168(h)(6)(f)(ii) for entity b to not be treated as a tax exempt controlled entity under this paragraph and paragraph (5). Further, any gain recognized by entity a on any disposition of an interest in entity b (and any dividend or interest received or accrued by entity a from entity b) will be treated as unrelated business taxable income for purposes of irc sec. 511. Entity a and b understand that this election is irrevocable and fully binding. Further, for the purposes of irc sec. 168(h)(6)(f)(ii), only dividends properly allocable to the income of entity b which are not subject to tax under this section will be included.”

“Election under irc sec. 168(h)(6)(f)(ii) entity a: depaul properties, inc. 1931 buffalo road rochester, ny 14624 ein: 22-2389620 entity b: jla development, inc. 1931 buffalo road rochester, ny 14624 ein: 47-4871419 entity a, a tax-exempt entity, is the 100% member of entity b. Accordingly, entity b is a tax exempt controlled entity as defined in irc sec. 168(h)(6)(f)(iii). Accordingly, entities a & b hereby elect under irc sec. 168 (h)(6)(f)(ii) for entity b to not be treated as a tax exempt controlled entity under this paragraph and paragraph (5). Further, any gain recognized by entity a on any disposition of an interest in entity b (and any dividend or interest received or accrued by entity a from entity b) will be treated as unrelated business taxable income for purposes of irc sec. 511. Entity a and b understand that this election is irrevocable and fully binding. Further, for the purposes of irc sec. 168 (h)(6)(f)(ii), only dividends properly allocable to the income of entity b which are not subject to tax under this section, will be included.”

“Contribution to affiliates, loss on impairment property & equip, write-off of project development costs”