---------------------------------------------------------------------------







                            BLESSED ROCK OF EL MONTE
                        A California Limited Partnership



                               ANNUAL EXAMINATION



                                DECEMBER 31, 2002







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<PAGE>

                                    CONTENTS


                                                                           Page
                                                                           ----

INDEPENDENT AUDITOR'S REPORT                                                  1
FINANCIAL STATEMENTS:
    Balance Sheets                                                          2-3
    Statements of Operations and Changes in Partners' Equity                  4
    Statements of Cash Flows                                                5-6
    Notes to Financial Statements                                          7-11
SUPPLEMENTARY INFORMATION:
    Supplemental Schedule of Expenses                                        12
    Supplemental Schedule of Changes in Partners' Equity                     13

<PAGE>

1730 Havens Point Place                                       Jack Gilk
Carlsbad, California 92008-3611                     Certified Public Accountant

Telephone: 760.434.8845
Facsimile: 760.434.8865
Email: jack@gilkcpa.com


Partners
Blessed Rock of El Monte Costa
Mesa, California


                          INDEPENDENT AUDITOR'S REPORT

      I have audited the accompanying balance sheet of Blessed Rock of El Monte,
a  California  Limited  Partnership  as of December  31, 2001 and 2002,  and the
related  statements of operations and changes in partners' equity, and operating
cash  flows  for the  years  then  ended.  These  financial  statements  are the
responsibility of the partnership's  management. My responsibility is to express
an opinion on these financial statements based on my audits.

      I conducted my audits in  accordance  with  auditing  standards  generally
accepted in the United States.  Those standards  require that I plan and perform
the audit to obtain reasonable  assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.  An
audit also includes  assessing the accounting  principles  used and  significant
estimates  made by  management,  as well as  evaluating  the  overall  financial
statement presentation.  I believe that my audits provide a reasonable basis for
my opinion.

      In my opinion,  the financial statements referred to above present fairly,
in all material respects,  the financial position of Blessed Rock of El Monte as
of  December  31,  2001 and  2002  and the  results  of its  operations  and its
operating  cash  flows for the years then ended in  conformity  with  accounting
principles generally accepted in the United States.

      My audit was  conducted  for the  purpose  of  forming  an  opinion on the
financial   statements  taken  as  a  whole.   The  accompanying   supplementary
information  shown on page 12 and 13 is presented  for the purpose of additional
analysis and is not a required part of the basic financial statements of Blessed
Rock of El Monte. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial  statements  and, in my opinion,  is
fairly stated in all material  respects in relation to the financial  statements
taken as a whole.


                                                       /s/ Jack Gilk
                                                       -------------

January 14, 2003                                                      33-0724657

<PAGE>
<TABLE>
<CAPTION>

                                 BLESSED ROCK OF EL MONTE
                            (A California Limited Partnership)
-----------------------------------------------------------------------------------------
                        BALANCE SHEETS, DECEMBER 31, 2001 AND 2002
-----------------------------------------------------------------------------------------


                                          ASSETS


                                                           2002               2001
                                                       -------------      -------------
<S>                                                    <C>                <C>
Current Assets:
   Operating cash and equivalents                      $      46,102      $      27,108
   Security deposit cash                                      24,823             24,620
   Tenant accounts receivable                                  1,742              1,609
   Prepaid expenses                                           30,075             11,344
                                                       -------------      -------------
         Total current assets                                102,742             64,681
                                                       -------------      -------------

Property, Building, and Equipment, At Cost:
   Land                                                    1,271,162          1,271,162
   Building and improvements                               7,982,536          7,982,536
   Equipment                                                  54,657             46,190
                                                       -------------      -------------
                                                           9,308,355          9,299,888
   Accumulated depreciation                              ( 1,108,894 )        ( 900,818 )
                                                       -------------      -------------
         Property, building, and equipment - net           8,199,461          8,399,070
                                                       -------------      -------------

Other Assets:
   Replacement reserve                                        93,475             72,260
   Tax and insurance restricted accounts                      53,541             28,524
   Unamortized deferred costs                                 24,572             58,164
                                                       -------------      -------------
         Total other assets                                  171,588            158,948
                                                       -------------      -------------

                                                       $   8,473,791      $   8,622,699
                                                       =============      =============


                    See the accompanying notes to financial statements.
-----------------------------------------------------------------------------------------
                                            2

<PAGE>

Blessed Rock of El Monte
Balance Sheets, December 31, 2001 and 2002
Page 2
-----------------------------------------------------------------------------------------


                             LIABILITIES AND PARTNERS' EQUITY


                                                           2002               2001
                                                       -------------      -------------
Current Liabilities:
   Current portion of long-term debt                   $      37,547      $      34,998
   Accounts payable                                           12,627              6,703
   Security trust liability                                   24,560             24,560
   Accrued interest                                           15,158             15,364
   Other accruals                                                  -              8,608
   Unearned rental income                                      1,189              1,536
                                                       -------------      -------------
         Total current liabilities                            91,081             91,769
                                                       -------------      -------------

Long-term Debt:
    Mortgage payable, less current portion
        included above                                     2,542,639          2,580,186
   Notes payable                                             706,213            706,213
   Accrued interest payable                                  195,453            172,619
   Grant loan payable                                        400,000            400,000
   Advance payable to general partner                          1,000              1,000
   Developer fee payable                                      98,719            182,719
                                                       -------------      -------------
         Total long-term debt                              3,944,024          4,042,737
                                                       -------------      -------------

Partners' equity                                           4,438,686          4,488,193
                                                       -------------      -------------

                                                       $   8,473,791      $   8,622,699
                                                       -------------      -------------


                    See the accompanying notes to financial statements.
-----------------------------------------------------------------------------------------
                                            3

<PAGE>

                                 BLESSED ROCK OF EL MONTE
                            (A California Limited Partnership)
-----------------------------------------------------------------------------------------
                           STATEMENTS OF OPERATIONS AND CHANGES
            IN PARTNERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
-----------------------------------------------------------------------------------------


                                                           2002               2001
                                                       -------------      -------------
Revenue:
   Gross potential rents                               $     711,504      $     657,912
   Excess rents                                               85,938             87,052
   Less vacancies                                            ( 1,855 )          ( 2,702 )
                                                       -------------      -------------
   Net rental income                                         795,587            742,262
   Laundry and vending                                        12,146             11,122
   Tenant charges                                              1,217                961
   Interest income                                             1,571              2,731
   Other income                                                  229                  -
                                                       -------------      -------------
         Total revenues                                      810,750            757,076
                                                       -------------      -------------

Expenses:                                                    143,592            179,102
   Administrative
   Utilities                                                  55,162             56,044
   Operating and maintenance                                  64,248             49,233
   Taxes and insurance                                       141,226            119,286
   Interest                                                  214,361            216,750
   Depreciation and amortization                             241,668            239,295
                                                       -------------      -------------
         Total expenses                                      860,257            859,710
                                                       -------------      -------------

Net loss                                                    ( 49,507 )        ( 102,634 )

Partners' equity - beginning                               4,488,193          4,590,827
                                                       -------------      -------------

Partners' equity - ending                              $   4,438,686      $   4,488,193
                                                       -------------      -------------


                    See the accompanying notes to financial statements.
-----------------------------------------------------------------------------------------
                                            4

<PAGE>

                                 BLESSED ROCK OF EL MONTE
                            (A California Limited Partnership)
-----------------------------------------------------------------------------------------
                                 STATEMENTS OF CASH FLOWS
                      FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2002
-----------------------------------------------------------------------------------------


Cash flows from operating activities:
   Rental receipts                                     $     783,655      $     733,529
   Operating interest receipts                                   790              1,300
   Other operating receipts                                   13,592             12,083
   Payments to suppliers and employees:
        Administrative expenses                            ( 32,612 )         ( 15,247 )
        Management fees                                    ( 59,553 )         ( 89,358 )
        Utilities                                          ( 53,047 )         ( 54,877 )
        Salaries and wages                                 ( 47,711 )         ( 53,116 )
        Operating and maintenance                          ( 50,322 )         ( 35,799 )
        Real estate taxes                                   112,101 )         ( 99,496 )
        Payroll taxes                                       ( 5,000 )          ( 5,069 )
        Property insurance                                 ( 25,180 )         ( 16,901 )
        Miscellaneous taxes and insurance                  ( 28,665 )         ( 14,604 )
        Interest on mortgage                                183,255 )        ( 185,629 )
        Interest on other notes                             ( 8,478 )                -
        Funding security deposit account                      ( 203 )            1,158
                                                       -------------      -------------
             Net cash provided by (used in)
               operating activities                          191,910            177,974
                                                       -------------      -------------

Cash flows from investing activities:
   Net tax and insurance impounds                           ( 25,017 )          ( 7,631 )
   Net reserve deposits, including interest                 ( 21,215 )          ( 8,949 )
   Reserve interest                                              781              1,168
   Capital expenditures                                      ( 8,467 )                -
                                                       -------------      -------------
         Net cash used in investing activities              ( 53,918 )         ( 15,412 )
                                                       -------------      -------------

Cash flows from financing activities:
   Mortgage principal payments                              ( 34,998 )         ( 32,622 )
   Developer fee payments                                   ( 84,000 )        ( 163,737 )
                                                       -------------      -------------
         Net cash used in financing activities             ( 118,998 )        ( 196,359 )
                                                       -------------      -------------
Net increase (decrease) in cash                               18,994           ( 33,797 )
Cash at beginning of year                                     27,108             60,905
                                                       -------------      -------------

 Cash at end of year                                   $      46,102      $      27,108
                                                       =============      =============


                    See the accompanying notes to financial statements.
-----------------------------------------------------------------------------------------
                                             5

<PAGE>

Blessed Rock of El Monte
Statements of Cash Flow, December 31, 2001 and 2002
Page 2
-----------------------------------------------------------------------------------------


                                Reconciliation of Net Loss
                  to Net Cash Provided by (Used in) Operating Activities


                                                           2002               2001
                                                       -------------      -------------
Net Loss                                               $    ( 49,507 )    $   ( 102,634 )
Adjustments to reconcile net loss to net cash
    Provided by (used in) operating activities:
         Depreciation and amortization                       241,668            239,294
         Decrease (increase) in:
             Security deposit cash                             ( 203 )            1,184
             Receivables                                       ( 133 )            1,257
             Prepaids                                       ( 18,731 )              787
         Increase (decrease) in:
             Payables                                          5,216              ( 967 )
             Security deposit liability                            -               ( 25 )
             Accrued expenses                                 14,728             38,973
             Unearned rental income                            ( 347 )            1,536
         Reserve interest earned                               ( 781 )           (1,431 )
                                                       -------------      -------------

Net cash provided by (used in) operating activities    $     191,910      $     177,974
                                                       =============      =============



                    See the accompanying notes to financial statements.
-----------------------------------------------------------------------------------------
                                             6
</TABLE>

<PAGE>

                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
--------------------------------------------------------------------------------
                          NOTES TO FINANCIAL STATEMENTS
                                DECEMBER 31, 2002
--------------------------------------------------------------------------------

1.    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      ORGANIZATION:  Blessed Rock of El Monte, a California limited partnership,
      was  formed  on  November  22,  1995  by and  between  Everland,  Inc.,  a
      California  Corporation,  as the  general  partner  and Tom Y.  Lee as the
      limited  partner.  The  Partnership  Agreement was amended and restated on
      September  17, 1996 to replace Tom Y. Lee with WNC Housing Tax Credit Fund
      V, L.P.  Series 3 and 4 as limited  partners  and WNC  Housing,  L.P. as a
      special limited partner.

      The  Partnership  was  formed to  acquire,  construct,  own and  operate a
      137-unit elderly facility apartment complex for low income residents in El
      Monte,  California.  The  Partnership  also  generates  tax credits to the
      partners in  accordance  with the  provisions  of the code and  applicable
      Treasury regulations. The Partnership has qualified for low income housing
      tax  credits as  currently  allowable  under  Section  42 of the  Internal
      Revenue Code.

      The  Partnership  received  HOME  funds  from  the  City of El  Monte  and
      redevelopment  funds from the El Monte Community  Redevelopment  Agency as
      part of a public program to ensure  affordable  housing for senior citizen
      tenants.  In addition,  the El Monte Community  Redevelopment  Agency paid
      various  project impact fees to the City of El Monte  associated  with the
      construction and development of the Project on behalf of the Partnership.

      CAPITALIZATION   AND  DEPRECIATION:   Assets  are  recorded  at  cost  and
      depreciated  for financial  accounting  purposes  using the  straight-line
      method over their estimated useful lives.  The principal  estimated useful
      lives used in computing the depreciation provisions are 10 to 40 years for
      building and  improvements,  and 3 to 10 years for equipment The policy of
      the project is to charge amounts  expended for maintenance,  repairs,  and
      minor  replacements to expense,  and to capitalize  expenditures for major
      replacements and betterments.

      CASH AND CASH  EQUIVALENTS:  For  purposes of reporting  cash flows,  cash
      includes  unrestricted cash in bank, cash on hand,  savings accounts,  and
      all  certificates  of deposit with original  maturities of three months or
      less.

      The  Partnership  maintains  its cash in bank deposit  accounts,  which at
      times  may  exceed  federally  insured  limits.  The  Partnership  has not
      experienced any losses in such accounts.  The  Partnership  believes it is
      not exposed to any significant credit risk on cash and cash equivalents.

      DEFERRED  COSTS:  Deferred  costs,   comprised  of  tax  credit  fees  and
      organization costs are being amortized over five years.

--------------------------------------------------------------------------------
                                       7

<PAGE>

Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 2
--------------------------------------------------------------------------------

      ESTIMATES:  The  preparation  of financial  statements in conformity  with
      generally  accepted  accounting  principles  requires  management  to make
      estimates and assumptions that affect:  (1) the reported amounts of assets
      and  liabilities  and  disclosure  of  contingencies  at the  date  of the
      financial  statements,  and (2)  the  reported  amounts  of  revenues  and
      expenses  during the reporting  period.  Actual  results could differ from
      those estimates.

      RENTAL INCOME AND UNEARNED RENTS: The Partnership rents apartment units on
      a month to month  basis  and  recognizes  revenues  when  earned.  Advance
      receipts of rents are classified as liabilities until earned.

      INCOME TAXES:  No provision is made for income taxes since such taxes,  if
      any, are the liability of the individual partners.

2.    RESTRICTED FUNDS

      The  Partnership  is required to make  monthly  impound  deposits to cover
      insurance  premiums,   property  taxes  and  to  maintain  a  reserve  for
      replacements.  These  restricted  funds are held by, and  expenditures are
      subject to supervision and approval by, GMAC Commercial Mortgage.

3.    MORTGAGE PAYABLE

      Mortgage payable consists of a 7.05% real estate
      mortgage, payable to GMAC Commercial Mortgage,
      collateralized by a deed of trust on the real property.
      The obligation is payable in aggregate monthly principal
      and interest installments of $18,188 beginning July 1,
      1998 with a balloon payment in the amount of $2,017,000
      payable June 1, 2013.                                     $    2,580,186

      Less current portion                                            ( 37,547 )
                                                                --------------
                                                                $    2,542,639
                                                                ==============

      The amounts maturing for the next five years are:

           2003          $37,547
           2004           40,281
           2005           43,214
           2006           46,361
           2007           49,737

--------------------------------------------------------------------------------
                                       8
<PAGE>

Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 3
--------------------------------------------------------------------------------

4.    NOTES PAYABLE

      Notes payable at December 31, 2002 consist of the following:

      4% note payable with a term of 15 years, payable to El
      Monte Community Redevelopment Agency (RDA), secured by
      deed of trust and rents from Project. Note subject to
      prepayment in whole or in part based on events
      constituting default under terms of promissory note
      agreement. No events of default have occurred through
      December 31, 2002. Payments of interest and principal
      made annually beginning on April 1, 2003, and thereafter
      on April 1 until outstanding principal balance of note
      and all accrued interest paid in full. Payments paid
      from 50% of the residual rental income, as defined in
      the promissory note agreement. Payments, if any, applied
      first to accrued interest and second to principal of
      note. No payments made on note through 2002. At December
      31, 2002, accrued interest on note was $75,303.                $   275,000

      1% note payable with a term of 30 years beginning April
      3, 1996, payable to RDA for various development fees,
      secured by a deed of trust and rents from the Project.
      Commencing April 3, 1997, and thereafter on April 3 for
      the following 6 succeeding years, payment of $4,239 due
      each year. Payment increases to $8,478 April 3, 2004 and
      continues the next 7 succeeding years. April 3, 2012,
      payment increases to $32,534 and continues the next 14
      succeeding years, or until paid in full. Payments to be
      paid from 50% of residual rental income, as defined in
      promissory note agreement. Payments first applied to
      interest. $8,478 paid in 1999 for 1997 and 1998. $8,478
      paid in 2000 for 1999 and 2000. No payments were made in
      2002. At December 31, 2002 accrued interest on note was
      $12,150.                                                           431,213
                                                                     -----------

                                                                     $   706,213
                                                                     ===========

--------------------------------------------------------------------------------
                                       9
<PAGE>

Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 4
--------------------------------------------------------------------------------

5.    GRANT LOAN PAYABLE

      The Partnership received a loan of $400,000 on April 3, 1996 from the City
      of El Monte as part of a public program to ensure  affordable  housing for
      senior citizen  tenants.  Interest  accrues on the principal amount at 4%,
      with a term of 55 years. Loan is secured by a deed of trust and rents from
      the Project. At maturity, the principal amount of the loan and all accrued
      interest shall be deemed discharged and waived by the City unless there is
      an  occurrence  of an  event  of  default,  as  specified  under  the loan
      agreement. If default occurs, the City of El Monte is entitled to exercise
      its rights and the entire  principal  amount  outstanding  and any accrued
      interest  could  become  due and  payable  at the option of the City of El
      Monte. Accrued interest at December 31, 2002 was $108,000.

6.    RELATED PARTY TRANSACTIONS

      CAPITAL  CONTRIBUTIONS:  The limited partners, WNC Housing Tax Credit Fund
      V, L.P. Series III and IV, 49.495% limited partners,  are required to make
      a capital contribution of $5,162,171,  which shall be made equally between
      them,  in  amounts  and at  times as  stated  in the  Limited  Partnership
      Agreement.  The limited  partners'  cash  contributions  may be reduced to
      account for reduced tax  benefits,  if any.  At  December  31,  2002,  the
      limited partners have contributed $5,021,578.

      PROJECT OR LOSS  ALLOCATIONS:  All items  included in the  calculation  of
      income  or  loss  not  arising  from a sale  or  refinancing,  and all tax
      credits,  shall be allocated 98.99% to the limited  partners,  .01% to the
      special limited partner and 1% to the general partner.

      DEVELOPER FEE PAYABLE AND ADVANCE  PAYABLE TO GENERAL  PARTNER:  Under the
      terms of the Partnership Agreement,  Everland,  Inc., the developer, is to
      receive a developer fee totaling  $1,050,416.  This developer fee bears no
      interest  and is payable  upon  additional  capital  contributions  by the
      limited  partners.  During the periods  ended  December 31, 2002 and 2001,
      $84,000  and  $163,737  of  payments  of the  developer  fees  were  made,
      respectively.

      MANAGEMENT FEE: A monthly property management fee in an amount computed at
      5% of the  collected  gross  revenue is payable to the  management  agent.
      Property  management  services  to  the  Partnership  are  provided  by an
      affiliate of the limited partners.  Property  management fees were $39,920
      and $37,113 for the years 2002 and 2001, respectively.


--------------------------------------------------------------------------------
                                       10

<PAGE>

Blessed Rock of El Monte
Notes to Financial Statements, December 31, 2002
Page 5
--------------------------------------------------------------------------------

      INCENTIVE  MANAGEMENT  AND OTHER  FEES:  Under  the  terms of the  Limited
      Partnership  Agreement,  incentive  management  fees  shall be paid to the
      general  partner for  services  incidental  to the  administration  of the
      business  and affairs of the  Partnership,  reporting  fees to the limited
      partners  for services  performed  in  monitoring  the  operations  of the
      Partnership,  services in  connection  with the  Partnership's  accounting
      matters and assisting with the preparation of tax returns. $60,442 of fees
      for the years 1998,  1999 and 2000 were  recorded for year ended  December
      31,  2001.  $55,013 of the fees were paid in year 2001.  None were paid in
      prior years. The general partner earned $12,000 in reporting fees for 2002
      and was paid $29,647, resulting in $12,218 in prepaid fees.

7.    CURRENT VULNERABILITY DUE TO CERTAIN CONCENTRATIONS

      The  Partnership's  sole  asset  is  a  137-unit  apartment  complex.  The
      Partnership's  operations are  concentrated in the multifamily real estate
      market In  addition,  the  Partnership  operates  in a  heavily  regulated
      environment.   The   operations   of  the   project  are  subject  to  the
      administrative  directives,  rules  and  regulations  of local  regulatory
      agencies.  Such  administrative  directives,  rules  and  regulations  are
      subject to change. Such changes may occur with little notice or inadequate
      funding to pay for related costs, including the additional  administrative
      burden, to comply with a change.






--------------------------------------------------------------------------------
                                       11
<PAGE>







                            SUPPLEMENTARY INFORMATION


<PAGE>

                            BLESSED ROCK OF EL MONTE
                       (A California Limited Partnership)
--------------------------------------------------------------------------------
                        SUPPLEMENTAL SCHEDULE OF EXPENSES
                      FOR THE YEAR ENDED DECEMBER 31, 2002
--------------------------------------------------------------------------------

Site management payroll                                              $    36,698
Manager's rent-free apartment                                             11,452
Management fee                                                            39,920
Reporting fee                                                             12,000
Audit fee                                                                  5,200
Advertising                                                                   40
Telephone and answering service                                            3,612
Office supplies                                                            3,101
Educational and social programs                                           11,520
Health insurance and other employee benefits                               7,439
Payroll taxes                                                              5,000
Workers' compensation                                                      5,063
Other administration                                                       2,547
                                                                     -----------
       Subtotal administrative expenses                              $   143,592
                                                                     -----------

Electricity                                                               20,709
Water and sewer                                                           17,185
Fuel                                                                      12,518
Garbage and trash removal                                                  4,750
                                                                     -----------
       Subtotal utilities                                                 55,162
                                                                     -----------

Maintenance and repairs payroll                                           13,565
Maintenance and repairs supply                                             5,277
Maintenance and repairs contract                                          13,705
Painting and decorating                                                    6,969
Grounds                                                                   10,673
Services                                                                   2,276
Furniture and furnishings replacement                                      9,186
Other maintenance expenses                                                 2,597
                                                                     -----------
       Subtotal maintenance expenses                                      64,248
                                                                     -----------

Property taxes                                                           112,101
Other taxes and licenses                                                   3,945
Property and liability insurance                                          25,180
                                                                     -----------
       Subtotal tax and insurance                                        141,226
                                                                     -----------

Interest                                                                 214,361
                                                                     -----------

Depreciation and amortization                                            241,668
                                                                     -----------
       Total expenses                                                $   860,257
                                                                     ===========

--------------------------------------------------------------------------------
                                       12

<PAGE>

<TABLE>
<CAPTION>
                                                   BLESSED ROCK OF EL MONTE
                                              (A California Limited Partnership)
----------------------------------------------------------------------------------------------------------------------------
                                     SUPPLEMENTAL SCHEDULE OF CHANGES IN PARTNERS' EQUITY
                                        FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2002
----------------------------------------------------------------------------------------------------------------------------


                                    WNC Housing       WNC Housing
                                     Tax Credit        Tax Credit
                                    Fund V, L.P.      Fund V, L.P.           WNC              Everland
                                      Series 3          Series 4          Housing L.P.          Inc.            Total
                                 -------------------------------------------------------------------------------------------
<S>                                 <C>                <C>               <C>                <C>               <C>
Balance - December 31, 2000         $ 2,272,486        $ 2,272,486       $       ( 47 )     $     45,902      $ 4,590,827
Net Loss - 2001                        ( 50,799 )         ( 50,799 )             ( 10 )          ( 1,026 )      ( 102,634 )
                                 -------------------------------------------------------------------------------------------

Balance - December 31, 2001           2,221,687          2,221,687               ( 57 )           44,876        4,488,193

Net Loss - 2002                        ( 24,503 )         ( 24,503 )              ( 6 )            ( 495 )       ( 49,507 )
                                 -------------------------------------------------------------------------------------------

Balance - December 31, 2002         $ 2,197,184        $ 2,197,184       $       ( 63 )     $     44,381      $ 4,438,686
                                 -------------------------------------------------------------------------------------------

Profit and loss percentage at
      December 31, 2002                  49.495%            49.495%             0.010%             1.000%         100.000%



----------------------------------------------------------------------------------------------------------------------------
                                                             13
</TABLE>