Case Study #1	TVG solves problem for institutional clients with large lists of unpriced limited partnership interests
	During 1993, TVG was approached by two Wall Street brokerage firms to provide a cost-effective solution to a difficult problem. The firms were seeking to provide their customers with annual, independent valuations of limited partnership interests maintained in accounts over which the firms served in a custodial capacity. Prior to providing the firms with a proposal, each firm provided TVG with lists containing hundreds of limited partnership names. The lists were then consolidated and closely scrutinized to exclude liquidated partnerships, duplicates, and otherwise erroneous entries. TVG, now working with an accurate list of limited partnerships, proposed a pricing structure which allowed the firms to share project costs for jointly held partnership interests. The firms requested that TVG complete the project, which included the valuation of several hundred partnership interests, by December 1st - so as to allow each firm sufficient time to process the valuation results for reporting on year-end customer statements. TVG proposed commencing the valuation process in August (using information then available) so as to allow adequate time to collect and analyze information necessary to meet this aggressive deadline. This case study demonstrates the ability of TVG to deliver cost-effective and time sensitive valuation solutions for institutional clients responsible for large pools of unpriced securities. TVG continues to provide valuations to these firms on an annual basis.
Case Study #2	TVG assists seller of large pool of partnership interests in evaluating disposition alternatives
	During 1994, TVG was approached by a company to provide assistance in evaluating liquidity alternatives for a large pool of partnership interests held in its pension plan. Although the company was actively engaged in the real estate business, the company had little experience in dealing with the market for illiquid, non-traded real estate limited partnership interests and had no idea as to the value of its holdings or its disposition alternatives. TVG analyzed the portfolio of investments, providing the client with an assessment of the portfolio's "break-up value" or "liquidation value", as well as a determination of the likely amount it could expect to realize in a sale of its minority interest positions. The client ultimately elected to sell the investments rather than hold the investments through to liquidation. This case study demonstrates the ability of TVG to guide an investor holding a large and highly illiquid partnership interest through complex valuation and asset disposition matters.
Case Study #3	TVG assists a federal government agency in evaluating portfolio dispositions
	During 1994, TVG was contacted by a representative of the Federal Deposit Insurance Corporation ("FDIC") to assist it in evaluating the sale of several interests in a portfolio of privately- offered, low income housing tax credit limited partnerships. These partnerships, which were acquired by the FDIC following the takeover of failed financial institutions in the Northeast, were highly illiquid and had no history of active trading in a secondary market. TVG provided the FDIC with a detailed response to its Request for Proposal and was subsequently retained by the institution to provide disposition and advisory services. To complete its valuations, TVG conducted extensive interviews with partnership management, analyzed partnership financial statements and projections of future tax credit streams, and evaluated the client's various options for liquidating the investments. This case study demonstrates the ability of TVG to apply its expertise in a highly regulated, institutional setting to the resolution of complex partnership related matters.
Case Study #4	TVG provides valuations suitable for estate tax return
	TVG was contacted to assist with the valuation of a portfolio of illiquid assets for federal estate tax purposes. The client was faced with a fast approaching deadline and required immediate assistance. Upon review, the illiquid assets held in the estate consisted of various limited partnerships. TVG's knowledge of the partnership market permitted it to quickly assess and begin the evaluation process. The valuation was performed based on information available at the time of the decedent's death. Information obtained by TVG included historical financial statements, investor K-1 statements, and the limited partnership agreement. The information was analyzed and documented in accordance with IRS Revenue Ruling 59-60. Through TVG's efforts, the client filed its estate tax return in a timely and complete manner. This case study demonstrates TVG's responsiveness to client demands due to their knowledge and experience in the partnership market and awareness of pertinent IRS valuation guidelines. TVG continues to provide estate tax valuations to a variety of clients, including attorneys and trust companies throughout the United States.
Case Study #5	TVG assists institutions with their annual pension plan reporting
	A Midwest institutional client responsible for administering a pension plan contacted TVG. The plan administrator was having difficulty identifying a large number of assets and ultimately assessing the value of those assets. Upon review of the administrator's list, TVG concluded that a majority of the list consisted of limited partnerships. Assets identified as limited partnerships were assigned to TVG for valuation. TVG was asked to complete the project subject to the client's fast approaching internal auditing deadlines. Due to the large number of partnerships on the client's list which had previously been evaluated by TVG, a significant number of valuations were available for immediate delivery to the client. The remainder of the client's list was completed in an expedited manner to meet the client's very tight deadline. This case study demonstrates the ability of TVG to provide its clients with cost-effective and timely solutions. TVG's large "inventory" of completed partnership valuations made it possible to meet a tight deadline without the client incurring excessive fees. TVG continues to provide the client with valuations to meet its annual pension reporting requirements.
Case Study #6	TVG assists trust officer with review of limited partnership tender offer
	During 2001, a trust officer working for a major U.S. banking institution contacted TVG requesting a review as to the adequacy of a tender offer received for a partnership interest held in a clients trust account. The trust officer requested a response in less than one week. TVG accepted the assignment. The subject partnership interest consisted of ownership in a commercial real estate property located in southern California. The partnership had no relevant trading history other than the previously accepted tender offers of other limited partners. Upon review of partnership financial statements, the limited partnership agreement, property lease terms, and real estate market data, TVG determined that the tender offer was substantially lower than fair value and advised the client to decline the tender offer proposal. The client considered this advice and, along with a handful of other limited partners, elected to decline the tender offer. Approximately one year later, the limited partner successfully liquidated its interest in the partnership and, as a result, realized net proceeds equal to approximately 200% of the tender offer price. The cost of the service provided by TVG was less than one percent of the dollar value saved by the client and less than one-half of one percent of the total proceeds received by the client upon liquidation. This case study demonstrates TVG's expertise in the valuation of real estate assets as well as its knowledge of partnership pricing in the highly illiquid secondary market. TVG continues to serve this client on a consulting basis.