Disclosure of Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2011

Disclosure of Fair Value of Financial Instruments

(13)

Disclosure of Fair Value of Financial Instruments

In addition to the disclosures in Note 14 for assets which are recorded at fair value, GAAP also requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. The following disclosure of estimated fair value was determined by NPAMLP using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts NPAMLP could realize on disposition of the financial instruments at December 31, 2011 and 2010. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

NATIONAL PROPERTY ANALYSTS MASTER LIMITED PARTNERSHIP 10-K