YARDI Investment ManagementTM

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1 YARDI Investment ManagementTM A solution that fully automates the real estate asset and investment management lifecycle and helps drive investor value.

2 Investment Management Key Benefits Structure, scale and grow business without additional headcount Enable faster execution of investment strategies and increased productivity by eliminating spreadsheets and time-intensive functions Mitigate investment risk, maximize asset value and enable better-informed decision-making with intelligent property and asset performance analytics Enhance investor services and nurture client relations with accurate, on-demand investor reporting distributed through or investor portals Measure performance by assessing detailed portfolio analytics against internal KPIs and industry benchmarks»» Enhance transparency, data governance, compliance and back office due diligence with automation, security and data integrity A solution that fully automates the real estate asset and investment management lifecycle and helps drive investor value. Yardi 1

3 TM YARDI Investment Management Yardi Investment Management ensures your entire investment accounting, performance measurement, and investor reporting cycle is automated, reducing costs and increasing operational efficiencies. This can be a standalone solution or used as part of the Yardi Voyager suite of products for investment and fund managers. Investors Investor 1 Investor 2 Investor 3 Enhanced Investor Reporting Yardi Investment Management allows you to utilize real-time investment accounting and operational data to deliver unrivaled investor services. Deliver highly accurate investor reporting utilizing a single source of data to enable the timely delivery of detailed, reliable information to your clients. Leverage the automation of analytics and consolidation of financial reporting direct from your operational data to deliver greater efficiency, compliance, mitigation of risk and provide the transparency to ensure that for every contribution investors commit, you instill confidence. Automated Lifecycle Fully automate investment accounting, performance measurement and investor reporting and enable managers to make better, faster, more informed decisions to benefit their clients and stakeholders. Help deliver enhanced investment performance and returns through improved, competitive services to clients and increased analytical capability. Greatly reduce period-end close times and reporting cycle times and reduce risk through compliance monitoring and enhanced business intelligence. Compliance Preferred Returns Tax Rules GIPS/IPD Multi GAAP Risk IRR FUND Forecasting Distributions Multiple Entities Open Funds Closed Funds Manage Complex Structures Yardi Investment Management delivers a unique investment accounting solution that will help you manage your ownership structures, no matter how simple or complex. Yardi Investment Management enables both large and small investors and administrators to deliver entity-level accounting and generate statutory reporting direct from the system. With a fully automated consolidation process you can easily manage the horizontal and vertical complexities associated with numerous entities and multiple levels between funds and assets to deliver end-of-period closing with greater efficiency, and much less risk. Yardi Investment Management offers an investment accounting solution for a wide range of entities and investment structures, including: Informed Risk Mitigation Web-based financial, portfolio, performance, and revenue analytics help identify investor exposure to invested and committed assets according to attributes such as region, sector, investment type and fund strategy. Yardi Investment Management has access to actual budget and forecast data for continual variance analysis and asset or portfolio-level sensitivity. Budgets Property 1 Financials Property 2 Units Leases Property 3 hhfunds hhspecial Purpose Entities hhfund of Funds hhholding Companies hhreits hhdebt Entities hhprivate Equity Performance Measurement Properties/Assets 2 Yardi Yardi 3

4 YARDI Investment Supplemental Management Schedule:Portfolio Executive Summary Performance Measurement Automate analysis and submission of NCREIF, IPD and GIPS performance metrics. Compare your portfolio investment performance to industry benchmarks and internal KPIs through a rich set of real-time analytics for leveraged, unleveraged and time-weighted income and appreciation returns. Add user-defined attributes to the portfolio comparison to evaluate geographical, operational and investment indicators, providing improved clarity and accuracy when determining the market value of your assets. Yardi Report TM American Real Estate Fund I, LLC Executive Summary - Firm and Fund Level Data December 2012 On-demand Reporting General Partners September 17, 2013 Leverage centralized Assets Under Management investment data to automate the 13 Active Funds 3 preparation and distribution of fund statements and Active Portfolio Companies 3 investor-specific statements, capital call notifications and American Real Estate Fund I, LLC investor funding Total Commitments requests. (Commenced Give at Jan-2011 fund ) managers timely, $90,000, complete information Total Drawdowns Since about Inception investment performance. $900,000, Remaining Commitments ($810,000,000.00) Generate capital call s to any number of investors Total Number of Investments Since Inception and post them on an investor portal. Create quarterly No of Portfolio Companies 3 fund statements and investor statements that provide Total Distributions $90,000, information in graphical form. % of Total Drawdowns % % of Commited Capital 24.00% Key Fund Valuation Metrics DPI (Distributions to paid-in capital) RVPI (Recidual Value to paid-in capital) TVPI (Total Value to paid-in capital) Historical Fund Performance (TVPI) Year-End TYPI Incentive Structures Yardi Investment Management has been uniquely designed to auto-calculate returns and investor Total Drawdowns Since Inception distributions Remaining Commitments on deals that use complex incentive structures such as preferred returns, waterfall distributions, promotes and hurdles. Yardi Investment Management enables you to: hhquickly 47% calculate 53% accruals and distributions with multiple IRR hurdles hhdetermine hypothetical liquidation values for accurate unrealized gain/loss on investments hhcompute multiple allocation splits within Limited Partnership and General Partnership groupings TVPI Complete Transparency Achieve an unsurpassed level of transparency, made possible by the Yardi Investment Management centralized data platform. Questions regarding underlying transaction data are quickly answered by drilling down to the operating data in Yardi Voyager. In addition, a full array of detailed reports provides a complete audit trail. hhachieve single-system integration with a centralized data platform hhreduce manual effort by eliminating third-party interfaces hhget real-time data down to the property level to make confident decisions Centralized Information Yardi Investment Management can access operating data in real time from your Voyager database to automate all investment calculations, transactions and reporting, and can also be used as the central data warehouse to consolidate information from multiple disparate systems. Utilize our extract, transform and load toolset to generate nightly property management portfolio data, regardless of platform. hhpredefined mapping to other property management databases hhautomated loads hherror checking with notification Key Features Easily manage complex hierarchies and deal structures Produce detailed, accurate performance and returns analysis Get real-time data down to the property level to make confident decisions Manage multiple currencies, languages, accounting methods, and tax rules Attain top-to-bottom transparency with complete drilldown capability Automate complex consolidations and equity rollups Quickly calculate preferred returns and waterfall distributions Achieve true, single-system integration with centralized data Portfolio Breakdown (By Invested Capital ) By ARE MSA By Property Manager San Diego-Carlsbad-San Marcos, CA MSA Los Angeles-Long Beach-Santa Ana, CA MSA Long Beach Office Park Airport Plaza Elm Street Offices 30% 43% 27% 70% 30% 4 Yardi Yardi 5

5 Leading Business-Wide Real Estate Management Software and Services At Yardi our mission is to provide our clients with superior products and outstanding customer service, while we take care of our employees and the communities where we work and live. With that commitment, Yardi leads the industry in providing full business software solutions for real estate investment management, property management, financial accounting, asset management, and ancillary services. Organizations like yours have been using our proven and mature software with confidence for decades. Yardi Systems, Inc. 430 South Fairview Avenue, Santa Barbara, California phone: Yardi Systems, Inc. All rights reserved. All other trademarks are the property of their respective owners. Printed on recycled paper. IM-8PG-11x8.5 06/24/2014