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www.mimginvestment.com EXECUTIVE SUMMARY Monarch specializes in the acquisition and management of investment grade income producing properties, primarily multi-family apartment communities.

1 EXECUTIVE SUMMARY Monarch specializes in the acquisition and management of investment grade income producing properties, primarily multi-family apartment communities. Our goal is to provide an array of real estate services which will ultimately benefit both our investors and our residents. Our plan is to combine the knowledge and strengths of our employees with local market expertise to achieve maximum benefit for our residents and our investors. Monarch currently manages over 36,000 apartment units in addition to a nationally franchised hotel and a ski and snowboard area. Providing innovative services and solutions to the multi-family sector is the core of our foundation. Monarch manages all its income producing properties with the principal focus of its efforts on maintaining high occupancy and collections along with keeping expenses at or below budgeted amounts. Monarch prides itself on its ability to react in a timely and efficient manner to changes in the real estate marketplace. MANAGEMENT PORTFOLIO Monarch presently owns and manages income producing properties in Arizona, Arkansas, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Mexico, Ohio, Oklahoma, Texas, and Wisconsin. The Regional Property Managers and Asset Managers conduct site visits, which include a thorough review of leasing activities, operations, and management procedures along with a physical inspection of the property and all special projects. During each property visit goals are reviewed and evaluated to track the progress of each property and its community management team. Monarch Investment & Management Group

2 SERVICES PROVIDED Monarch understands the importance of providing accurate and timely reports to our investors and management team. Each of our sites utilize Yardi Systems state of the art asset and property management software system. Yardi is an exceptionally flexible web-based property management system designed to centralize property activity. Our management team has continuous access via the Internet to current and complete business data to evaluate the productivity of each property. Management & Financial Reports Weekly: A summary report which addresses occupancy data, budget comparison, traffic information, leasing results, renewal results, and a brief maintenance summary. Monthly: Month-to-Date Actual vs. Budget with Variance Explanation Quarterly: Investor s Report: An operational report package, which includes the following: Ø Operational Narrative Ø Balance Sheet Ø Profit and Loss Statement with Budget Variance Ø Owners Distribution Schedule Annually: Partnership Form 1065 Schedule K-1 MANAGEMENT TEAM Bob Nicolls, CPA, Owner: Responsible for the overall operations of the company. Mr. Nicolls has over 30 years commercial real estate experience and handles acquisitions, dispositions, property financings and asset manager duties. He was a Certified Public Accountant with auditing experience with a Big Eight accounting firm and financial reporting responsibilities with a Fortune 500 Company. He has also been involved in real estate lending, focusing on workouts and turnarounds on apartment buildings nationwide. Andy Newell, CPA, MBA, CEO and CFO: Andy directs the accounting and reporting of all assets within the Monarch Investment s portfolio. Before joining Monarch, Andy spent 11 years as CFO for 2 Denver area Real Estate Development Companies. Andy has a BA in Economics from The Colorado College and a Master of Business Administration and a Master of Public Accounting from the University of Washington. He also holds an active CPA license in Colorado. Chuck Lavezzi, MBA, COO: Mr. Lavezzi has over 27 years commercial real estate experience and handles acquisitions, dispositions, property financings and asset manager duties. He earned his BS in Finance and HR Management from Northern Illinois University and his MBA from DePaul University in Chicago. His background includes property management, loan brokerage and direct real estate lending as well as loan administration and servicing for various Chicago based real estate companies and banks. Neal Cusick, MBA, Asset Manager: Mr. Cusick handles asset management, property financing, due diligence and acquisition duties. He holds a BS in Civil engineering from Northeastern University and an MBA from the University of Wisconsin in Madison. His experience includes design, development, acquisitions, asset

3 management, and the sourcing, structuring and negotiation of debt and joint venture equity financing. Commercial real estate experience includes the midwest, southwest, northwest and western parts of the U.S. Jack Vere Nicoll, Asset Manager: Mr. Vere Nicoll handles asset management duties, acquisitions, dispositions, and property financing. He spent 3 years as an analyst with Monarch primarily focusing on underwriting and due diligence as well as analyzing income and expense trends across the portfolio. He earned his BSBA in Real Estate Finance from the University of Denver. Andy Miller, Asset Manager: Mr. Miller handles asset management duties, acquisitions, dispositions, and property financing. He spent 3 years as an analyst with Monarch primarily focusing on underwriting and due diligence as well as analyzing income and expense trends across the portfolio. Prior to Monarch, he spent two years as a Marketing Specialist for Dish Network. Andy earned his BSBA in Real Estate/Construction Management from the University of Denver. Michael Breiner, Asset Manager: Mr. Breiner He holds a BA in Economics from Colorado College and an MS in Real Estate & Construction Management from the University of Denver. Prior to Monarch, he was an active duty Army officer, a small business owner, and a multifamily property manager for several communities. His commercial real estate experience also consists of two and a half years as an analyst with Monarch focusing on acquisitions, financing, and operations in the Ohio and New Mexico markets. Bobby Nicolls, Asset Manager: Mr. Nicolls handles asset management duties, property financing, due diligence and acquisition. He also helps with special project crew management for the portfolio. Bob started with the company in 2007 as a summer worker prior to becoming a full-time analyst in He earned his BS in Business Finance and Accounting from the University of Minnesota in 2013, and a Masters of Accounting in While in school Bob fulfilled a variety of site level roles with Monarch during the summer including leading the Colorado parking lot crew. Ron Skelton, MBA, Contract Asset Manager: Mr. Skelton handles due diligence research, property financings and asset manager duties. His experience includes property acquisitions and dispositions, asset management, financing and strategy implementation. Prior to real estate, he worked six years in the tax and internal audit departments of PricewaterhouseCoopers, LLP. Mr. Skelton holds an MBA from the University of Colorado and a BSBA in Accounting from Creighton University in Omaha, NE. Geoff Frazier, J.D., General Counsel of Operations: Mr. Frazier oversees claims, litigation, insurance and employment matters related to Monarch properties. He also helps implement best practices throughout Monarch to minimize legal expenses and ensure compliance with federal and state laws. Before joining Monarch, Mr. Frazier worked in private practice where he represented businesses, individuals and governmental entities in a wide array of civil litigation. He earned his B.A. from the University of Vermont and his law degree from the University of Denver Sturm College of Law. M. Ande Yahr, J.D., General Counsel of Real Estate: Ms. Yahr oversees acquisitions, sales and financing of portfolio properties and advises managers regarding real estate and land use matters and compliance with applicable federal, state and local law. Prior to joining Monarch, Ms. Yahr practiced as an associate at Faegre & Benson LLP and Jester Gibson & Moore, LLP in Denver, Colorado and at Kantor Taylor Nelson Evatt & Decina PC in Seattle, Washington, where she represented clients in the purchase, sale, financing and use of a broad range of commercial properties, including office buildings, industrial properties, shopping centers, rural agricultural properties, energy production and transmission facilities, and multifamily communities. Ms. Yahr earned her B.B.A. from The University of Texas McCombs School of Business and her J.D. from the University Of Denver Sturm College Of Law. Curtis Pottle, Database Coordinator: Mr. Pottle works with the CFO on various analysis projects and quarterly reporting and is also responsible for managing roving crews and assisting Asset and Regional Managers with a variety of human resources and accounting related projects. He studied the Chinese Language and Geography at

4 the University of Denver. Mr. Pottle first started at Monarch in 2007 as summer help on the properties prior to becoming a full-time analyst in Blake Shannon, Senior Multifamily Analyst: Mr. Shannon handles asset management duties, acquisitions, dispositions, and property financing. He spent 3 years as an analyst with Monarch primarily focusing on underwriting and due diligence as well as analyzing income and expense trends across the portfolio. He earned his BSBA in Finance from the University of Denver. David Shaffer, Senior Multifamily Analyst: Mr. Shaffer contributes to the underwriting of potential deals for acquisition with an eye towards new and emerging markets. He also actively oversees an existing portfolio of acquired properties to ensure that operations and cash flow are following plan. David s background includes commercial real estate mezz/equity lending, asset management, and distressed asset workouts while with a national bank. He then spent four years as a commercial assets auditor, with the FDIC as his largest client. David earned his BS in Finance from Colorado State University. Alex Balsiger, Senior Multifamily Analyst: Mr. Balsiger works with the asset managers in analyzing new multifamily deals for acquisition, analyzing operations and trends of our current national portfolio, and many other special projects in the corporate office. Alex started with the company in 2008 as a summer worker prior to becoming a full-time analyst in Mr. Balsiger earned his BS in Mechanical Engineering from Colorado State University. Quentin Mege, Senior Multifamily Analyst: Mr. Mege works with the asset managers in analyzing new deals for acquisition, and analyzing the operations and trends of our existing properties looking for cost savings. He is also responsible for Monarch's special project crews. Quentin earned his BS in Mechanical Engineering from the University of Minnesota and his MS in Mechanical Engineering from the National Institute of Applied Science in Lyon, France. Matt Rutherford, Senior Multifamily Analyst: Mr. Rutherford works with the asset managers in analyzing new multifamily deals for acquisition, analyzing operations and trends to improve performance, and oversees Monarch s utility billing program. Prior to Monarch, Matt started his career as a leasing consultant and has held other positions including Auditor, Trainer, Project Manager, and Business Analyst. He earned his BA in Philosophy from Sewanee: The University of the South and his MS in Internet Marketing from Full Sail University. Matt Ensing, Senior Multifamily Analyst: Mr. Ensing assists the asset team in analyzing the operations and trends of our Michigan portfolio. Matt joined the Monarch Team in November 2016 and brings with him the CAM & CAPS designations, as well as 4 years of direct site experience, managing 890 units. He also spent 2.5 years as the Director of Operations, with oversite of units. Matt received his BS dual major in Business Administration & Sports Management from Aquinas College in Grand Rapids, MI. Peggy Applebaum, Controller: Mrs. Applebaum is responsible for the overall management of the accounting department, including the accurate and timely reporting of financial information and investor reports. She earned her Bachelor of Science in accounting from Metropolitan State College in Denver, CO. She has over 18 years of diversified accounting experience. Jane Smith, Accountant and Consultant: Jane Smith has over 17 years of property management experience and specializes in due diligence audits, property reviews, Yardi software property set up and staff training and property management accounting. She holds a BFA from University of Miami, an MFA from University of Texas and has completed and is continuing course work at University of California, Berkeley in the areas of accounting, human resource management and financial planning. She is founder of Jane Smith Inc., a consulting firm with experience in residential property management, leasing, acquisitions, and accounting in 11 states.

5 REGIONAL MANAGERS / ANALYSTS: Maureen Damon / Regional Manager Betsy Hoffman / Regional Manager Lori Watkins-Gurule / Regional Manager Connie Bryan-Painter / Regional Manager Emily Heyen / Regional Manager Kristi Endelman / Regional Manager Lucy Fernandez / Regional Manager Cheri Loudenbeck / Regional Manager Leslie Chase / Regional Manager Heather Faulkner / Regional Manager Brian Hamilton / Regional Manager Mindy Baxter / Regional Manager Brandy Stallworth / Regional Manager Brenda Barmann / Regional Manager Brenda Conway / Regional Manager Leslie Murray / Regional Manager Thomas Pikula / Regional Manager Julie Bailey / Regional Manager Kim Wauters / Regional Manager Misty Johnson / Regional Manager Monique James / Regional Manager Jonas Hoedebecke / Regional Manager Sheila Gayheart / Regional Manager Tiffany Gonzales / Assistant Regional Manager Katie Chick / Assistant Regional Manager Suzette Davenport / Assistant Regional Manager Johnna Bailey / Assistant Regional Manager Krystle Wegeler / Assistant Regional Manager Kate Wyland-Wheeler / Assistant Regional Manager Laura Radetski / Assistant Regional Manager Ryan Murphy / Multifamily Analyst Jacob Guyski / Multifamily Analyst Mike Sullivan / Multifamily Analyst Greg Hidlay / Database & Reporting Analyst Dave DiMarco / Multifamily Analyst Cooper Jacobs / Multifamily Analyst Carly Lenderts / Multifamily Analyst Jermaine Yates / Multifamily Analyst Alex Fletcher / Multifamily Analyst Stephen Stanis / Multifamily Analyst Aaron Brownell / Database & Reporting Analyst Bryan Jensen / Operations Analyst Ryan Metz / Multifamily Analyst Jordyn Michaud / Multifamily Analyst Richard DiBianca / Multifamily Analyst Chris Chang / Database & Reporting Analyst Greg Gerken / Multifamily Analyst Cheryl Richmond / Assistant Regional Manager Sarah Winters / Assistant Regional Manager Lori Griffith / Assistant Regional Manager Natalie Gibson / Assistant Regional Manager Charity Roundtree / Assistant Regional Manager Betty Benavente / Assistant Regional Manager

6 Multifamily Properties Presently Owned and Managed by Monarch Investment and/or First Pacific Investment Block 2 Lofts 145 units Little Rock, AR Vantage Point Apartments 228 units Little Rock, AR Little Rock Portfolio 1,039 units Little Rock, AR Tucson 5 Portfolio 1,004 units Tucson,AZ Country Green Apartments 136 units Canon City, CO Fox Hill Apartments 153 units Golden, CO Meadow Lark Apartments 200 units Aurora, CO Mesa Gardens Apartments 140 units Pueblo, CO Mountaineer Village Apartments 87 units Gunnison, CO Pines at Southmoor Apartments 342 units Greeley, CO Village Green Apartments 120 units Greeley, CO Ramblewood Apartments 281 units Fort Collins, CO The Tower at Speer Apartments 172 units Denver, CO Granite Valley Apartments 166 units Cedar Rapids, IA Eagle s Pointe Apartments 88 units Cedar Rapids, IA Hampton at Coral Ridge Apts. 102 units Coralville, IA Sherwood Forest Apartments 216 units Council Bluffs, IA Gray s Lake Apartments 304 units Des Moines, IA Valley Park Apartments 149 units Sioux City, IA Central Pointe Apartments 200 units Boise, ID Arbors at Eastland 449 units Bloomington, IL Town & Country Apartments 662 units Urbana, IL Northgate Apartments 363 units Waukegan, IL LeClaire Apartments 110 units Moline, IL Golfview Apartments 524 units Rantoul, IL Waukegan Portfolio 659 units Waukegan, IL Timber Cove Apartments 272 units Decatur, IL Villages at Spring Mill 400 units Carmel, IN Brookwood Apartments 404 units Indianapolis, IN Wichita 2 Portfolio 310 units Wichita, KS The Retreat at Woodridge 248 units Lenexa, KS The Retreat at Mill Creek 119 units Lenexa, KS Alexandria Portfolio 319 units Alexandria, LA Chelsea Park Apartments 160 units Taylor, MI Concorde Club Apartments 160 units Romulus, MI Gateway Townhomes 344 units Romulus, MI Warren Club Apartments 216 units Warren, MI Camelot Place Apartments 282 units Saginaw, MI Shoreline Landing Apartments 210 units Norton Shores, MI Crown Pointe Apartments 184 units Holland, MI Eastland Apartments 456 units Kentwood, MI Tiffany Woods Apartments 302 units Muskegon, MI Timber Ridge Apartments 180 units Wyoming, MI Hidden Cove Apartments 54 units Norton Shores, MI Rolling Pines Apartments 152 units Grand Rapids, MI Drakes Pond Apartments 497 units Kalamazoo, MI Michigan Six Portfolio 1,612 units Eastern MI Woodland Ridge Apartments 390 units Spring Lake, MI

7 River Oaks Apartments 380 units Kentwood, MI Castle Bluffs Apartments 241 units Kentwood, MI Old Farm Shores Apartments 344 units Kentwood, MI Fairlane East Apartments 244 units Dearborn, MI Bronco Club Apartments 151 units Kalamazoo, MI Burwick Farms Apartments 262 units Howell, MI Waterford West Apartments 210 units Waterford, MI Eden Park Apartments 324 units Brooklyn Park, MN Stone Grove Apartments 228 units Burnsville, MN City Limits Apartments 198 units Minneapolis, MN Les Chateaux Apartments 141 units Duluth, MN Meadows of Coon Rapids 148 units Coon Rapids, MN Knollwood Apartments 315 units Kansas City, MO The Oaks at Prairie View Apts. 228 units Kansas City, MO Suson Pines Apartments 336 units St. Louis, MO Knolls Townhomes 112 units St. Louis, MO Greenmar Apartments 370 units Fenton, MO Walnut Creek Apartments 350 units Kansas City, MO Cedar Trace Apartments 372 units St. Louis, MO Prairie Walk Apartments 128 units Kansas City, MO The Hills Apartments 207 units Kansas City, MO River Chase Apartments 418 units St. Louis, MO The Retreat at Seven Trails 532 units St. Louis, MO St. Louis 3 Portfolio 778 units St. Louis, MO South County Portfolio 390 units St. Louis, MO The Retreat at Woodlands 116 units Kansas City, MO Jackson 2 Portfolio 336 units Jackson, MS Country Estates Townhomes 230 units Omaha, NE Interstate Apartments 102 units South Sioux City, NE Omaha Portfolio 894 units Omaha, NE Colonial Apartments 258 units Omaha, NE Canyon Point Apartments 136 units Albuquerque, NM Canyon Ridge Apartments 124 units Albuquerque, NM Canyon Vista Apartments 180 units Albuquerque, NM La Vida Buena Apartments 154 units Albuquerque, NM Mesa Ridge Apartments 264 units Albuquerque, NM Mission Hill Apartments 448 units Albuquerque, NM Wyoming Place Apartments 196 units Albuquerque, NM Sedona Ridge Apartments 339 units Albuquerque, NM Commodore Perry Apartments 156 units Toledo, OH Executive Towers Apartments 149 units Toledo, OH McMillen Woods Apartments 391 units Newark, OH Valley Stream Apartments 387 units Maumee, OH Three Rivers Townhomes 150 units Columbus, OH Wake Robin Apartments 296 units Columbus, OH West Tech Lofts 189 units Cleveland, OH Heritage Knoll Apartments 124 units Kettering, OH Stonebridge Apartments 336 units Beavercreek, OH Breckenridge Apartments 208 units Fairborn, OH LaSalle Apartments 131 units Toledo,OH Central Square Apartments 376 units Columbus, OH Woodman Park Apartments 520 units Dayton, OH The Brookville Apartments 424 units Columbus, OH Van Buren Apartments 500 units Dayton, OH

8 Village at Symmes Crossing 295 units Cincinnati, OH Walnut Creek Apartments 268 units Florence, KY 300 At The Circle 300 units Lexington, KY Apache Trace Apartments 144 units Guymon, OK Sheridan Square Apartments 276 units Lawton, OK Victoria Square Apartments 119 units Lawton, OK Willowpark Apartments 160 units Lawton, OK Palo Duro Place Apartments 194 units Amarillo, TX Camelot Apartments 137 units Wichita Falls, TX Stephenville Portfolio 675 units Stephenville, TX Country Club Villas Apartments 282 units Amarillo, TX Summit on the Lake Apartments 198 units Fort Worth, TX River Ranch Apartments 192 units San Angelo, TX Mill Creek Apartments 176 units Abilene, TX Hunter s Way / EMAX Apartments 289 units Lubbock, TX Harbor Pointe Apartments 596 units Milwaukee, WI The New Fountains 578 units Fitchburg, WI Commercial Quality Inn and Suites 152 rooms Canon City, CO Monarch Ski & Snowboard Area 670 acres Monarch, CO

VSIP POSITION LISTING American Federation of Government Employees

VSIP POSITION LISTING American Federation of Government Employees HQ Washington, DC Office of Public Housing Investments Public Housing Revitalization Specialist GS 15 11 Public Housing Revitalization Specialist GS 14 14 Public Housing Revitalization Specialist GS 13