www.mimginvestment.com 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 15,000 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 Arkansas, Colorado, Illinois, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nebraska, New Mexico, Ohio, Oklahoma, 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. www.mimginvestment.com Monarch Investment & Management Group

Properties Presently Owned and Managed by Monarch Investment and/or First Pacific Investment Multifamily Block 2 Lofts 145 units Little Rock, AR 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 304 units Des Moines, IA Valley Park Apartments 149 units Sioux City, IA Arbors at Eastland 449 units Bloomington, IL Town & Country Apartments 662 units Urbana, IL Northgate Apartments 363 units Waukegan, IL Walnut Creek Apartments 268 units Florence, KY 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 302 units Muskegon, MI Timber Ridge 180 units Wyoming, MI Eden Park Apartments 324 units Brooklyn Park, MN Stone Grove Apartments 228 units Burnsville, MN City Limits Apartments 198 units Minneapolis, 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 Country Estates Townhomes 230 units Omaha, NE Interstate Apartments 102 units South Sioux City, 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 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 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 Harbor Pointe Apartments 596 units Milwaukee, WI Commercial Quality Inn and Suites 152 rooms Canon City, CO Monarch Ski & Snowboard Area 670 acres Monarch, CO 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 webbased 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 27 years commercial real estate experience and handles acquisitions, dispositions, property financings and asset manager duties. He is 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 for a Chicago based bank. Andy Newell, CPA, MBA, Chief Financial Officer: 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. Andy is also currently an Accounting Instructor at Aurora Community College. Cheri Lewis, J.D., General Counsel: Ms. Lewis oversees the company s legal needs in handling acquisitions, sales, refinancing and restructuring of the portfolio properties; advising the managers on due diligence, leasing, land use and entitlement matters; and managing compliance with all federal and state laws. Before joining Monarch, Ms. Lewis was in private practice. Her business experience includes founding and managing a regional settlement firm eventually acquired by a Fortune 500 title conglomerate. She earned her B.A. from the University of Virginia and her law degree from the College of William & Mary. Chuck Lavezzi, MBA, Asset Manager: Mr. Lavezzi has over 27 years commercial real estate experience and handles acquisitions, dispositions, property financings and asset manager duties. He earned 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. Ron Skelton, MBA, 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. 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 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. John Carr, MBA, Asset Manager: Mr. Carr handles acquisitions, dispositions, property financings and asset manager duties. He holds both an MBA and BBA in Finance from Texas Tech University. His background includes commercial real estate lending, workouts, turnarounds, dispositions and notes sales, business valuation, and small scale property management. His commercial real estate experience is centered in multifamily projects with a geographic span from the east to the west coast and all parts in between.

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. Curtis Pottle, Financial Analyst: 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 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 2011. 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. REGIONAL MANAGERS / ANALYSTS: Maureen Damon / Regional Manager Lucy Fernandez / Regional Manager Betsy Hoffman / Regional Manager Alisha Classi / Regional Manager Lori Watkins-Gurule / Regional Manager Tiffany Gonzales / Regional Manager Connie Bryan-Painter / Regional Manager Tammy Abner / Regional Manager Kristi Endelman / Asst. Regional Manager Tabitha Wachal / Asst. Regional Manager Julie Russell / Asst. Regional Manager Jerome Hill / Asst. Regional Manager Jill Ziehme Asst. Regional Manager Ben Robinson / Analyst Michael Breiner / Analyst Blake Shannon / Analyst