February, 2003

A NOTE FROM THE GENERAL PARTNER

Dear Limited Partners:

We are pleased to report that 2002 was a relatively successful year for the partnership. The partnership was able to maintain the distribution amount to Limited Partners at $12.00 per unit held for the year 2002. The General Partner has continued to monitor cash flow and it intends to maintain the distribution at $12.00 per unit for the year 2003.

Operations during the fourth quarter of 2002 generated sufficient cash to enable the partnership to distribute $90,000 to the Limited Partners. Enclosed is your fourth quarter distribution check. For custodial accounts, a credit was posted to your account and a confirmation notice is enclosed.

As in prior years, BDO Seidman, LLP will conduct its annual audit and an independent national appraisal firm, Cushman & Wakefield, will appraise the partnership’s four communities as of March 2003. We will report the appraised value of the communities as well as the net asset value of your units in the 2002 annual report, which should be available on or before April 15, 2003.

As part of our on going effort to reduce administrative costs for the Partnership, the General Partner will be sending a summary of the year-end operating results, rather than the entire annual report filed with the SEC. The annual report, like the quarterly reports, will be posted on our website at www.Uniprop.com. If you would like a hardcopy mailed to you, please feel free to write us or call us at 1-800-541-7767.

Sincerely,

P.I. Associates,

The General Partner

Paul M. Zlotoff,

It’s General Partner