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<p><a name="note_a_organization"></a>NOTE A - ORGANIZATION</p><p>Boston Capital Tax Credit Fund II Limited Partnership (the "Partnership") was<br />formed under the laws of the State of Delaware as of September 28, 1989, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Partnership''s general partner was reorganized as follows. The general partner of the Partnership continues to be Boston Capital Associates II Limited Partnership, a Delaware limited partnership. The general partner of the general partner is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC II Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.</p><p>Pursuant to the Securities Act of 1933, the Partnership filed a Form S-11<br />Registration Statement with the Securities and Exchange Commission, effective<br />October 25, 1989, which covered the offering (the "Public Offering") of the<br />Partnership''s beneficial assignee certificates ("BACs") representing<br />assignments of units of the beneficial interest of the limited partnership<br />interest of the assignor limited partner. The Partnership registered<br />20,000,000 BACs at $10 per BAC for sale to the public in six series. The<br />Partnership sold 1,036,100 of Series 7 BACs, 4,178,029 of Series 9 BACs,<br />2,428,925 of Series 10 BACs, 2,489,599 of Series 11 BACs, 2,972,795 of Series<br />12 BACs, and 5,574,290 of Series 14 BACs. As of September 30, 2012 1,036,100 BACs in Series 7, 4,176,329 BACs in Series 9, 2,423,225 BACs in Series 10, 2,489,599 BACs in Series 11, 2,971,795 BACs in Series 12, and 5,574,290 BACs in Series 14 are outstanding. The Partnership issued the last BACs in Series 14 on January 27, 1992. This concluded the Public Offering of the Partnership.</p>
<p><a name="note_b_accounting_financial_reporting"></a>NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES </p><p>The condensed financial statements included herein as of September 30, 2012 and for the six months then ended have been prepared by the Partnership, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. No BACs with respect to Series 8 and Series 13 were offered. The Partnership accounts for its investments in Operating Partnerships using the equity method, whereby the Partnership adjusts its investment cost for its share of each Operating Partnership''s results of operations and for any distributions received or accrued.</p><p><a name="note_c_related_party_transaction"></a>Costs incurred by the Partnership in acquiring the investments in Operating Partnerships were capitalized to the investment account. The Partnership''s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Partnership''s Annual Report on Form 10-K.</p>
<div>
<p><a name="note_c_related_party_transaction">NOTE C - RELATED PARTY TRANSACTIONS</a> </p>
<p>The Partnership has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings, L.P. and Boston Capital Asset Management Limited Partnership, or BCAMLP, as follows:</p>
<p>Accounts payable - affiliates at September 30, 2012 and 2011 represents<br />accrued general and administrative expenses, accrued partnership management fees, and advances from an affiliate of the general partner, which are payable to Boston Capital Holdings, L.P. and Boston Capital Asset Management Limited<br />Partnership.</p>
<p>An annual partnership management fee based on .5 percent of the aggregate<br />cost of all apartment complexes owned by the Operating Partnerships has been<br />accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received.</p>
<p>The partnership management fee accrued for the quarters ended September 30, 2012 and 2011 are as follows:</p>
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<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2012</u></font></font></p>
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<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><a name="_hlk181689810">Series 7</a></font></font></p>
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<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$         -</font></font></p>
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<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
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<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
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<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     30,519</font></font></p>
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<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     23,094</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     24,222</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     29,658</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     29,658</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     31,910</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     32,628</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new">Series 14</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u> 75,559</u></font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u> 87,075</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></p>
</td>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$   <u>190,740</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$   <u>220,371</u></font></font></p>
</td>
</tr>
</table>
<div>
<p>The partnership management fee paid for the quarters ended September 30, 2012 and 2011 are as follows:</p>
</div>
<table style="width: 414px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2012</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td height="19" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td height="19" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$         -</font></font></p>
</td>
<td height="19" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         368,125</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      85,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         415,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          50,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2"
style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>  52,625</u></font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>   375,000</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  <u> 885,750</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> 1,060,000</u></font></font></p>
</td>
</tr>
</table>
<div><font size="2" style="font-family:courier,courier new"><font size="2" style="font-family:courier,courier new"></font></font>
<p>The partnership management fee paid for the six months ended September 30, 2012 and 2011 are as follows:</p>
</div>
<table style="width: 414px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2012</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td height="19" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td height="19" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$         -</font></font></p>
</td>
<td height="19" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         368,125</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      85,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         415,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          50,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p
align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>  52,625</u></font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>   375,000</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  <u> 885,750</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> 1,060,000</u></font></font></p>
</td>
</tr>
</table>
<p>NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS</p>
<p>At September 30, 2012 and 2011 the Partnership had limited partnership interests in 105 and 126 Operating Partnerships, respectively, which own apartment complexes. The number of Operating Partnerships in which the Partnership had limited partnership interests at September 30, 2012 and 2011 by series is as follows:</p>
<table style="width: 360px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2012</u></font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><a name="_hlk173900979"></a>Series 7</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">12</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">22</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">15</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">16</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">16</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">16</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">22</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">23</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="top" width="35%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 40</u></font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 49</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font
size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>105</u></font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>126</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"> </td>
<td valign="top" width="33%"> </td>
</tr>
</table>
<p>Under the terms of the Partnership's investment in each Operating Partnership, the Partnership is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.</p>
<p>The contributions payable at September 30, 2012 and 2011 by series are as<br />follows:</p>
<table style="width: 396px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2012</u></font></font></p>
</td>
<td valign="top" width="30%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">9,241</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">9,241</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2"
style="font-family:courier new"><u>160,733</u></font></font></p>
</td>
<td valign="top" width="30%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>160,733</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
<td valign="top" width="30%"> </td>
</tr>
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>169,974</u></font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>169,974</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
<td valign="top" width="30%"> </td>
</tr>
</table>
<p>During the six months ended September 30, 2012 the Partnership disposed of thirteen Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the disposition by Series for September 30, 2012 is as follows:</p>
<p align="center"></p>
<center>
<table style="width: 584px;" dir="ltr" border="1" cellspacing="1">
<tr>
<td valign="bottom" width="15%"> </td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating Partnership Interest Transferred</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Sale of Underlying Operating Partnership</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="19%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Partnership Proceeds from Disposition </font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="21%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Gain/(Loss) on Disposition</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">5</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">197,944</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">197,944</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font
size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">17,292</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">17,292</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">5</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">85,214</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">85,214</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Total</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new">11</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">300,450</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">300,450</font></font></p>
</td>
</tr>
</table>
</center>
<p></p>
<p>During the six months ended September 30, 2011 the Partnership disposed of four Operating Partnerships and received additional proceeds from two Operating Partnerships disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as foll</p>
<center>
<table style="width: 584px;" dir="ltr" border="1" cellspacing="1">
<tr>
<td valign="bottom" width="15%"> </td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating Partnership Interest Transferred</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Sale of Underlying Operating Partnership</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="19%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Partnership Proceeds from Disposition </font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="21%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Gain/(Loss) on Disposition</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">140,000</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p
align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">140,000</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">54,381</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">54,381</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">44,097</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">44,097</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">397,317</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">397,317</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Total</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier
new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">3</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">635,795</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">635,795</font></font></p>
</td>
</tr>
</table>
</center>
<p></p>
<p>The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As such, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.</p>
<p>The Partnership's fiscal year ends March 31 of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership agreement, financial results for each of the Operating Partnerships are provided to the Partnership within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2012.</p>
<p align="center">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,</p>
<p align="center">(Unaudited)</p>
<p align="center"></p>
<center>
<table style="width: 723px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  10,472,321</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  10,503,663</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     373,856</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     262,881</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  10,846,177</u></font></font></p>
</td>
<td valign="top"
width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  10,766,544</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,806,262</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,603,312</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2,483,137</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2,537,255</font></font></p>
</td>
</tr>
<tr>
<td height="9" valign="top" width="4%">
<p></p>
</td>
<td height="9" valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td height="9" valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  7,641,326</u></font></font></p>
</td>
<td height="9" valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  7,813,466</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  11,930,725</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 11,954,033</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (1,084,548) </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>(1,187,489) </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited <br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u> (1,073,703) </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2"
style="font-family:courier new"><br /><br />$<u>(1,175,614)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (10,845)</u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (11,875)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $1,073,703 and $1,175,614 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<p>COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,</p>
<p align="center">(Unaudited)</p>
<p align="center">Series 7</p>
<center>
<table style="width: 723px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$          -</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$          -</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td height="9" valign="top" width="4%">
<p></p>
</td>
<td height="9" valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td height="9" valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td height="9" valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>          - </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br
/>$<u>          - </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $0 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<p align="center">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p align="center">Series 9</p>
<p align="center"></p>
<center>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                 <u>2012</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,474,694</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,119,363</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    73,207</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    32,037</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,547,901</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,151,400</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top"
width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">270,180</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">179,679</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">360,443</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">306,567</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,132,971</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   955,372</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,763,594</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,441,618</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (215,693)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (290,218)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (213,536)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (287,316)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (2,157)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (2,902)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $213,536 and $287,316 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<p align="center">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p align="center">Series 10</p>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                 <u>2012</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,206,910</font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,265,265</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     17,362</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     17,250</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,224,272</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,282,515</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2"
style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">168,569</font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">184,352</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">284,101</font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">298,070</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    939,589</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   967,561</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,392,259</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 1,449,983</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (167,987)</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (167,468)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (166,307)</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u> (165,793)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (1,680)</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font
size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (1,675)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
</table>
<p>*Amounts include $166,307 and $165,793 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<p>COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p><br />Series 11</p>
<center>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td height="16" valign="top" width="4%">
<p></p>
</td>
<td height="16" valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td height="16" valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$    1,692,018</font></font></p>
</td>
<td height="16" valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,534,367</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>      67,891</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     24,416</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   1,759,909</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,558,783</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">287,263</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">192,321</font></font></p>
</td>
</tr>
<tr>
<td valign="top"
width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">430,015</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">395,888</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   1,198,269</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,090,166</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   1,915,547</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,678,375</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (155,638)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (119,592)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>   (154,082)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (118,396)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>     (1,556)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (1,196)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $154,082 and $118,396 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the
Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<p><br />COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p align="center">Series 12</p>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">               <u>2012</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,786,959</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,790,313</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     96,846</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     94,413</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,883,805</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,884,726</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">314,426</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">302,893</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">397,877</font></font></p>
</td>
<td valign="top" width="24%"><font
size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">377,869</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,275,195</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,298,269</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,987,498</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,979,031</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (103,693)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (94,305)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"> </font></font></p>
</td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (102,656)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>   (93,362)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (1,037)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>     (943)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
</table>
<p>*Amounts include $102,656 and $93,362 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<p><br />COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months
Ended June 30,<br />(Unaudited)</p>
<p><br />Series 14</p>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  4,311,740</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  4,794,355</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    118,550</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     94,765</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  4,430,290</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  4,889,120</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td height="11" valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td height="11" valign="top" width="27%">
<p></p>
</td>
<td height="11" valign="top" width="24%">
<p></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">765,824</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">744,067</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,010,701</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,158,861</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  3,095,302</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  3,502,098</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  4,871,827</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  5,405,026</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (441,537)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (515,906)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (437,122)</u></font></font></p>
</td>
<td valign="top" width="24%">
<p align="right"></p>
<p align="right"> </p>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (510,747)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (4,415)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (5,159)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
</table>
<p>*Amounts include $437,122 and $510,747 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>The Partnership accounts for its investments using the equity method of<br />accounting. Under the equity method of accounting, the Partnership adjusts<br />its investment cost for its share of each Operating Partnership’s results of<br />operations and for any distributions received or accrued. However, the<br />Partnership recognizes individual operating losses only to the extent of<br />capital contributions. Excess losses are suspended for use in future years to<br />offset excess income.</p>
<div> </div>
<p><b><u>NOTE E - TAXABLE LOSS</u></b></p><p>The taxable loss for the calendar year ended December 31, 2012 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.</p>
<p><b><u>NOTE F - INCOME TAXES</u></b></p><div>The Partnership has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure.</div>
<p><b><u>NOTE G - PLAN OF LIQUIDATION</u></b></p><p>On March 3, 2010, our General Partner recommended that the BAC holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the BAC holders on July 1, 2010, and was adopted by the General Partner on July 1, 2010. Pursuant to the Plan, the General Partner is able to, without further action by the BAC holders:</p><ul type="disc"><li style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in;" class="msonormal">liquidate the assets and wind up the business of the Partnership;</li><li style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in;" class="msonormal">make liquidating distributions in cancellation of the BACs;</li><li style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in;" class="msonormal">dissolve the Partnership after the sale of all of the Partnership''s assets; and</li><li style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level2 lfo1; tab-stops: list 1.0in;" class="msonormal">take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership.</li></ul><p>Since the approval of the Plan by the BAC holders, we have continued to seek to sell the assets of the Partnership and use the sale proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees, and unpaid loans to the General Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was July 1, 2010. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distribution may occur months after all of the apartment complexes have been sold.</p><p>For additional information regarding the sale of Partnership assets, see "Management''s Discussion and Analysis of Financial Condition and Results of Operations" in the Annual Report on Form 10-K.</p>
<p>The partnership management fee accrued for the quarters ended September 30, 2012 and 2011 are as follows:</p>
<table style="width: 414px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="30%"></td>
<td valign="top" width="36%">
<p align="center"><u>2012</u></p>
<p align="center"></p>
</td>
<td valign="top" width="33%">
<p align="center"><u>2011</u></p>
<p align="center"></p>
</td>
</tr>
<tr>
<td height="19" valign="top" width="30%">
<p><a name="_hlk181689810">Series 7</a></p>
<p><a name="_hlk181689810"></a></p>
<p><a name="_hlk181689810"></a></p>
</td>
<td height="19" valign="top" width="36%">
<p align="right">$ -</p>
<p align="right"></p>
</td>
<td height="19" valign="top" width="33%">
<p align="right">$ -</p>
<p align="right"></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%">
<p>Series 9</p>
<p></p>
</td>
<td height="18" valign="top" width="36%">
<p align="right">30,519</p>
<p align="right"></p>
</td>
<td height="18" valign="top" width="33%">
<p align="right">46,788</p>
<p align="right"></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%">
<p>Series 10</p>
<p></p>
</td>
<td height="18" valign="top" width="36%">
<p align="right">23,094</p>
<p align="right"></p>
</td>
<td height="18" valign="top" width="33%">
<p align="right">24,222</p>
<p align="right"></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%">
<p>Series 11</p>
<p></p>
</td>
<td height="18" valign="top" width="36%">
<p align="right">29,658</p>
<p align="right"></p>
</td>
<td height="18" valign="top" width="33%">
<p align="right">29,658</p>
<p align="right"></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%">
<p>Series 12</p>
<p></p>
</td>
<td height="18" valign="top" width="36%">
<p align="right">31,910</p>
<p align="right"></p>
</td>
<td height="18" valign="top" width="33%">
<p align="right">32,628</p>
<p align="right"></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%">
<p>Series 14</p>
<p></p>
</td>
<td height="18" valign="top" width="36%">
<p align="right"><u> 75,559</u></p>
<p align="right"></p>
</td>
<td height="18" valign="top" width="33%">
<p align="right"><u> 87,075</u></p>
<p align="right"></p>
</td>
</tr>
<tr>
<td valign="top" width="30%">
<p></p>
<p></p>
</td>
<td valign="top" width="36%"></td>
<td valign="top" width="33%"></td>
</tr>
<tr>
<td valign="top" width="30%"></td>
<td valign="top" width="36%">
<p align="right">$ <u>190,740</u></p>
<p align="right"></p>
</td>
<td valign="top" width="33%">
<p align="right">$ <u>220,371</u></p>
<p align="right"></p>
</td>
</tr>
</table>
<div>The partnership management fee paid for the quarters ended September 30, 2012 and 2011 are as follows:</div>
<table style="width: 414px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2012</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td height="19" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td height="19" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$         -</font></font></p>
</td>
<td height="19" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         368,125</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      85,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         415,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          50,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>  52,625</u></font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>   375,000</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2"
style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  <u> 885,750</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> 1,060,000</u></font></font></p>
</td>
</tr>
</table>
<div><font size="2" style="font-family:courier,courier new"><font size="2" style="font-family:courier,courier new"></font></font>
<p>The partnership management fee paid for the six months ended September 30, 2012 and 2011 are as follows:</p>
</div>
<table style="width: 414px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2012</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td height="19" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td height="19" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$         -</font></font></p>
</td>
<td height="19" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         368,125</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">      85,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">         415,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          50,000</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">          -</font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">     300,000</font></font></p>
</td>
</tr>
<tr>
<td height="18" valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td height="18" valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u> 
52,625</u></font></font></p>
</td>
<td height="18" valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">    <u>   375,000</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="30%"> </td>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  <u> 885,750</u></font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> 1,060,000</u></font></font></p>
</td>
</tr>
</table>
<p>The number of Operating Partnerships in which the Partnership had limited partnership interests at September 30, 2012 and 2011 by series is as follows:<br /><br /></p>
<table style="width: 360px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2012</u></font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><a name="_hlk173900979"></a>Series 7</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">12</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">22</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">15</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">16</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">16</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">16</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="top" width="35%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">22</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">23</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="top" width="35%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 40</u></font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 49</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"> </td>
<td valign="top" width="33%"> </td>
</tr>
<tr>
<td valign="top" width="32%"> </td>
<td valign="top" width="35%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>105</u></font></font></p>
</td>
<td
valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>126</u></font></font></p>
</td>
</tr>
</table>
<p>The contributions payable at September 30, 2012 and 2011 by series are as<br />follows:</p>
<table style="width: 396px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2012</u></font></font></p>
</td>
<td valign="top" width="30%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$      -</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">9,241</font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">9,241</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="top" width="33%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>160,733</u></font></font></p>
</td>
<td valign="top" width="30%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>160,733</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"> </td>
<td valign="top" width="30%"> </td>
</tr>
<tr>
<td valign="top" width="36%"> </td>
<td valign="top" width="33%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>169,974</u></font></font></p>
</td>
<td valign="top" width="30%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p
align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>169,974</u></font></font></p>
</td>
</tr>
</table>
<p>During the six months ended September 30, 2012 the Partnership disposed of thirteen Operating Partnerships and received additional proceeds from one Operating Partnership disposed of in the prior year. A summary of the disposition by Series for September 30, 2012 is as follows</p>
<center>
<table style="width: 584px;" dir="ltr" border="1" cellspacing="1">
<tr>
<td valign="bottom" width="15%"> </td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating Partnership Interest Transferred</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Sale of Underlying Operating Partnership</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="19%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Partnership Proceeds from Disposition </font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="21%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Gain/(Loss) on Disposition</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">5</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">197,944</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">197,944</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">17,292</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">17,292</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">5</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">85,214</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">85,214</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Total</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">11</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">300,450</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p
align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">300,450</font></font></p>
</td>
</tr>
</table>
</center>
<p></p>
<p>During the six months ended September 30, 2011 the Partnership disposed of four Operating Partnerships and received additional proceeds from two Operating Partnerships disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as follows:</p>
<p align="center"></p>
<center>
<table style="width: 584px;" dir="ltr" border="1" cellspacing="1">
<tr>
<td valign="bottom" width="15%"> </td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating Partnership Interest Transferred</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Sale of Underlying Operating Partnership</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="19%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Partnership Proceeds from Disposition </font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="21%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Gain/(Loss) on Disposition</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 7</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 9</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">140,000</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">140,000</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 10</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td
valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 11</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">54,381</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">54,381</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 12</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">44,097</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">44,097</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Series 14</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">397,317</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">397,317</font></font></p>
</td>
</tr>
<tr>
<td valign="bottom" width="15%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Total</font></font></p>
</td>
<td valign="bottom" width="19%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">3</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="16%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">635,795</font></font></p>
</td>
<td valign="bottom" width="3%"> </td>
<td valign="bottom" width="3%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2"
style="font-family:courier new">$</font></font></p>
</td>
<td valign="bottom" width="18%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="justify"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">635,795</font></font></p>
</td>
</tr>
</table>
</center>
<p align="center">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,</p>
<p align="center">(Unaudited)</p>
<p align="center"></p>
<center>
<table style="width: 723px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  10,472,321</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  10,503,663</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     373,856</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     262,881</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  10,846,177</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  10,766,544</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,806,262</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,603,312</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2,483,137</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">2,537,255</font></font></p>
</td>
</tr>
<tr>
<td height="9" valign="top" width="4%">
<p></p>
</td>
<td height="9"
valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td height="9" valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  7,641,326</u></font></font></p>
</td>
<td height="9" valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  7,813,466</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  11,930,725</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 11,954,033</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (1,084,548) </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>(1,187,489) </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited <br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u> (1,073,703) </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>(1,175,614)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (10,845)</u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (11,875)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $1,073,703 and $1,175,614 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,</p>
<p align="center">(Unaudited)</p>
<p align="center">Series 7</p>
<p align="center"></p>
<center>
<table style="width: 723px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td
valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$          -</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$          -</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">-</font></font></p>
</td>
</tr>
<tr>
<td height="9" valign="top" width="4%">
<p></p>
</td>
<td height="9" valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td height="9" valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td height="9" valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
<td valign="top" width="25%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>          -</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>          - </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>          - </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="43%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
<td valign="top" width="25%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>          - </u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="47%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="25%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $0 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p align="center">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p align="center">Series 9</p>
<center>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                 <u>2012</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td
valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,474,694</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,119,363</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    73,207</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    32,037</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,547,901</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,151,400</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">270,180</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">179,679</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">360,443</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">306,567</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,132,971</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   955,372</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,763,594</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2"
style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,441,618</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (215,693)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (290,218)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (213,536)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (287,316)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (2,157)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (2,902)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $213,536 and $287,316 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p>COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p><br />Series 10</p>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                 <u>2012</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,206,910</font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,265,265</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new">Interest and other</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     17,362</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     17,250</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,224,272</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,282,515</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">168,569</font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">184,352</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">284,101</font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">298,070</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    939,589</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   967,561</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,392,259</u></font></font></p>
</td>
<td valign="top" width="23%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u> 1,449,983</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (167,987)</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2"
style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (167,468)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (166,307)</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u> (165,793)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (1,680)</u></font></font></p>
</td>
<td valign="top" width="23%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (1,675)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="23%"> </td>
</tr>
</table>
<p>*Amounts include $166,307 and $165,793 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p align="center">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p align="center">Series 11</p>
<p align="center"></p>
<center>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td height="16" valign="top" width="4%">
<p></p>
</td>
<td height="16" valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td height="16" valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$    1,692,018</font></font></p>
</td>
<td height="16" valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,534,367</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>      67,891</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     24,416</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   1,759,909</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,558,783</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">287,263</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">192,321</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">430,015</font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">395,888</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   1,198,269</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,090,166</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>   1,915,547</u></font></font></p>
</td>
<td valign="top" width="22%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,678,375</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (155,638)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (119,592)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br
/><br />$<u>   (154,082)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (118,396)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="28%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>     (1,556)</u></font></font></p>
</td>
<td valign="top" width="22%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (1,196)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="28%"> </td>
<td valign="top" width="22%"> </td>
</tr>
</table>
</center>
<p></p>
<p>*Amounts include $154,082 and $118,396 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p><br />COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p><br />Series 12</p>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">               <u>2012</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,786,959</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  1,790,313</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     96,846</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     94,413</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,883,805</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,884,726</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td valign="top"
width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">314,426</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">302,893</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">397,877</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">377,869</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,275,195</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,298,269</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,987,498</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  1,979,031</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (103,693)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>   (94,305)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"> </font></font></p>
</td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (102,656)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>   (93,362)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (1,037)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>     (943)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
</table>
<p>*Amounts include $102,656 and $93,362 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
<p> COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br />Six Months Ended June 30,<br />(Unaudited)</p>
<p><br />Series 14</p>
<table style="width: 679px;" dir="ltr" border="0" cellspacing="0" cellpadding="7">
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">                <u>2012</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="center"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">            <u>2011</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Revenues</font></font></p>
</td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Rental</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  4,311,740</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$  4,794,355</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest and other</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>    118,550</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>     94,765</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  4,430,290</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  4,889,120</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td height="11" valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Expenses</font></font></p>
</td>
<td height="11" valign="top" width="27%">
<p></p>
</td>
<td height="11" valign="top" width="24%">
<p></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Interest</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">765,824</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier
new">744,067</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Depreciation and amortization</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,010,701</font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">1,158,861</font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Operating expenses</font></font></p>
</td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  3,095,302</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  3,502,098</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  4,871,827</u></font></font></p>
</td>
<td valign="top" width="24%"><u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font></u><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><u>  5,405,026</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">NET LOSS</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>  (441,537)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (515,906)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to Boston Capital<br />Tax Credit Fund II Limited<br />Partnership*</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"><br /><br />$<u>  (437,122)</u></font></font></p>
</td>
<td valign="top" width="24%">
<p align="right"></p>
<p align="right"> </p>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u> (510,747)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
<tr>
<td valign="top" width="4%"> </td>
<td valign="top" width="46%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">Net loss allocated to other partners</font></font></p>
</td>
<td valign="top" width="27%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (4,415)</u></font></font></p>
</td>
<td valign="top" width="24%"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new"></font></font>
<p align="right"><font size="2" style="font-family:courier new"><font size="2" style="font-family:courier new">$<u>    (5,159)</u></font></font></p>
</td>
</tr>
<tr>
<td valign="top" width="50%" colspan="2"> </td>
<td valign="top" width="27%"> </td>
<td valign="top" width="24%"> </td>
</tr>
</table>
<p>*Amounts include $437,122 and $510,747 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.</p>
220371
87075
46788
29658
32628
24222
0
190740
75559
30519
29658
31910
23094
0
1060000
375000
85000
300000
300000
0
0
1060000
375000
85000
300000
300000
0
0
885750
52625
368125
50000
0
415000
0
885750
52625
368125
50000
0
415000
0
0.005
126
49
22
16
23
16
0
105
40
12
16
22
15
0
3
1
2
0
0
0
0
11
5
5
0
1
0
0
1
1
0
0
0
0
0
2
1
1
0
0
0
0
10503663
4794355
1119363
1534367
1790313
1265265
0
10472321
4311740
1474694
1692018
1786959
1206910
0
262881
94765
32037
24416
94413
17250
0
373856
118550
73207
67891
96846
17362
0
10766544
4889120
1151400
1558783
1884726
1282515
0
10846177
4430290
1547901
1759909
1883805
1224272
0
1603312
744067
179679
192321
302893
184352
0
1806262
765824
270180
287263
314426
168569
0
2537255
1158861
306567
395888
377869
298070
0
2483137
1010701
360443
430015
397877
284101
0
7813466
3502098
955372
1090166
1298269
967561
0
7641326
3095302
1132971
1198269
1275195
939589
0
11954033
5405026
1441618
1678375
1979031
1449983
0
11930725
4871827
1763594
1915547
1987498
1392259
0
-1187489
-515906
-290218
-119592
-94305
-167468
0
-1084548
-441537
-215693
-155638
-103693
-167987
0
-11875
-5159
-2902
-1196
-943
-1675
0
-10845
-4415
-2157
-1556
-1037
-1680
0
1175614
510747
287316
118396
93362
165793
0
1073703
437122
213536
154082
102656
166307
0
Amounts include $1,073,703 and $1,175,614 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
Amounts include $0 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
Amounts include $213,536 and $287,316 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
Amounts include $166,307 and $165,793 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
Amounts include $154,082 and $118,396 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
Amounts include $102,656 and $93,362 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
Amounts include $437,122 and $510,747 for 2012 and 2011, respectively, of loss not recognized under the equity method of accounting.
0
0