What is the value of my investments?

The per unit Liquidation Value is estimated once a year, as of the last day of the year, and has generally been arrived at by estimating the amount of net sale proceeds which would result from the sale of the properties owned by the investment entity based upon each property's perceived fair market value as of said date, and calculating the portion thereof which would be distributable to the holder of one unit.

The Liquidation Value is adjusted downward, from time to time, by the amount of any subsequent special distributions made since the date of valuation.

Fair market value means the most probable price for which a property would sell after reasonable exposure (up to one year) in a competitive market under all conditions requisite to a fair sale, with a buyer and seller acting prudently, knowledgeably and for self-interest, and assuming that neither is under undue duress. In connection with the determination of the Liquidation Value of a unit, no discount is taken into account for the facts that: (i) the assets of the subject entities, consisting of real estate or interests in real estate, are generally not "liquid", (ii) an isolated sale of these units (representing minority interests) in a manner which is separate from the remaining interests, would result in a significant discount from their pro rata share of the value of the underlying assets, and (iii) there is no public trading market for these units.

In addition, most of the properties are encumbered by significant debt. It is not always possible to predict how a given lender will respond upon the scheduled maturity of property debt. Significant equity paydowns, fees, guarantees or other security may be necessary in order to refinance property level debt. The impact of refinancing issues, which cannot be projected at this time, could have a material impact on cash flow and property valuations.

You may request a current Liquidation Value Statement for your investments by contacting us in writing at:

Cheryl Pala
Director of Investor Services
M & J Wilkow, Ltd.
20 South Clark Street
Suite 3000
Chicago, Illinois 60603

Please note that for security reasons, we cannot accept e-mail requests for these Statements, and can only honor requests made by the registered owner of the interests. Estimates of Liquidation Value are generally completed in April of each year as of the last day of the immediately preceding calendar year (e.g. Liquidation Values as of December 31, 2009 should be determined sometime in April 2010).