Epic Associates 84-III, William C. Griffith, Jr. - Page 4

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             income and expenses on a calendar year basis and used the                
             accrual method of accounting.                                            

             EA 83-XII                                                                
                  EA 83-XII was formed on December 3, 1982, pursuant to               
             the Uniform Limited Partnership Act of the Commonwealth of               
             Virginia for a 10-year term ending on December 3, 1992.                  
             The Amended and Restated Certificate and Agreement of                    
             Limited Partnership dated June 1, 1983 (referred to herein               
             as the 83 partnership agreement) describes the business of               
             EA 83-XII in the following terms:                                        

                  Business of the Partnership                                         
                  The business of the Partnership shall be to                         
                  acquire, directly or indirectly, and finance,                       
                  fee interests in certain improved residential                       
                  real properties and to operate, manage, lease                       
                  or otherwise deal with such properties with                         
                  the objective of distributing income generated                      
                  thereby among the Partners as provided for                          
                  herein; and to hold such properties for invest-                     
                  ment with the objective of capital appreciation                     
                  therein and to engage in and perform all acts                       
                  and activities required in connection with or                       
                  incident to the foregoing.                                          

                  The partnership's sole general partner was Equity                   
             Programs Investment Corp. (EPIC), a corporation that was                 
             originally incorporated in Virginia in 1974 and was                      
             reincorporated in Maryland in 1983.  EPIC's business                     
             involved the purchase, lease, and sale of residential                    

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