Cordially, Chris Evans Executive Vice President Quest Asset Management, Inc.

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1 OUR MISSION Quest Asset Management, Inc. strives to achieve superior results as a property management company by bringing each property to its fullest market potential. In addition to professionally fulfilling our financial and management responsibilities, we provide our clients enhanced customer service.

2 5757 West Lovers Lane, Suite 360 Quest Asset Management, Inc. and its affiliates own or manage approximately 3,000 housing units throughout Texas. We are a full service property management firm specializing in multifamily and senior developments with a strong background in tax credit developments. We provide a wealth of knowledge and experience throughout the State of Texas. Our property locations range from Midland to Tyler, Beaumont to Paris, as well as major metropolitan areas including Dallas, Fort Worth, Austin and San Antonio. Additionally, we have over 25 years of development and construction experience in the industry, giving us another area of service we can offer to our clients that most management companies cannot. Our reputation for excellence has been accomplished through a hands-on team effort approach. We utilize the latest in computer software and have developed many proven management systems over time. Our average portfolio occupancy is consistently above 97%. Quest Asset Management, Inc. is continually investing in the training of our staff to keep them up to date on the latest TAA & TDHCA changes and trends. For instance, we send our leasing staff to professionally sponsored leasing classes to maximize lease closings and attain higher occupancy for each property. Additionally, our staff attends annual Fair Housing classes to ensure we are operating in accordance with the law. Our maintenance teams attend classes to further their training and knowledge of property related maintenance issues as well as recertifications for pool and HVAC maintenance. We also have an experienced team on staff expertly trained in compliance of low-income housing tax credit developments and bond financed properties. Over the years, our experiences have enabled us to increase occupancy, effectively implement cost controls, monitor preventative maintenance, successfully network vendors, mitigate liabilities and operate each property at its highest level of efficiency. Quest Asset Management, Inc. devotes personalized attention to meeting the special requirements of our clients. Please find the attached list outlining the many personalized and diversified management services we can provide owners. We look forward to the opportunity of working with you. Cordially, Chris Evans Executive Vice President Quest Asset Management, Inc. Quest Asset Management, Inc is connected with our community though education and memberships in: TAA (Texas Apartment Association) TREC (Texas Real Estate Commission) NAR (National Association of Realtors) CAM (Certified Apartment Manager) AICPA (American Institute of Certified Public Accountants) TSCPA (Texas Society of CPA s) CAPS (Certified Apartment Portfolio Supervisors) BBB (Better Business Bureau) TRRC (Texas Residential Construction Commission) Multiple Licensed Real Estate Brokers on Staff

3 5757 West Lovers Lane, Suite 360 Quest Asset Management, Inc. aggressively researches each real estate market in which we are involved. Detailed analysis performed within each market allows our asset managers to provide professional informed assistance to property owners through our extensive resources and years of experience. This allows us to give the owner an informed opinion as to how their properties should be positioned in each market. Furthermore, this allows us to properly suggest rents, develop budgets, evaluate on-site staff, create capital budgets and prepare property forecasts. PROFESSIONAL ON-SITE SERVICES In addition to providing a professional and qualified corporate staff, Quest Asset Management, Inc. performs a broad range of services at the property level. These services include, but are not limited to: Marketing Interviewing for all On-site Personnel Evaluating Market Rents Constant Monitoring of Occupancy and Leased Status Tight Expense Controls Rent Collection Checking Applicant Credit & Background Adhering to Resident Screening Guidelines Executing Lease Contracts Monitoring & Processing Lease Renewals Enforcing the Rules of a Lease Contract Dealing with Lease Violators Evictions Monitoring Utilities Grounds Keeping Security and Safety of Premise Tenant Maintenance Requests Knowledge of Landlord / Tenant Laws Knowledge of Fair Housing Laws Knowledge of tax credit compliance rules CONTRACT MANAGEMENT Quest Asset Management, Inc. has a department devoted to negotiating and executing contracts with outside PROPERTY MANAGEMENT SERVICES vendors. This department also monitors contract renewals, providing our clients efficient and effective operational cost controls. Contract monitoring ensures all agreements are renegotiated before renewal, certificates of liability insurance remain current, liability waivers remain on file and management is aware of pricing irregularities before invoices are processed. PREVENTATIVE MAINTENANCE Quest Asset Management, Inc. has developed a system to ensure that major deferred maintenance does not occur on our properties by providing an extensive education program to all employees about preventative maintenance. This is, in part, accomplished by having the property managers submit a monthly Preventative Maintenance Checklist to his or her supervisor confirming all items on the property have been thoroughly inspected. (Pease find a copy of the Preventative Maintenance Checklist 2010 form included in this folder). ACCOUNTING & FINANCIAL SERVICES Quest Asset Management, Inc. understands that financial reporting is one of the major foundations of business. Clients are provided a wide array of tools to aid in important decision making from basic financial statements and yearly budgets to an assortment of in-depth financial reports. We are equipped to expediently and accurately provide: Monthly and annual financial statements prepared in accordance with GAAP Monthly and year to date income and expense statements with actual budget comparisons Full service accounts payable department to confirm invoices are recorded properly and to ensure timely payments Accounts receivable software which generates management reports to ensure rent and other charges are recorded and collected in a timely manner Proper calculation and payment of sales tax, franchise tax, property taxes, etc Interface with payroll company Financial reporting to mortgage holders and regulatory agencies Audit packages for use by third party audit / tax preparation firms HUMAN RESOURCES In addition to monitoring the owner s asset, Quest Asset Management, Inc. provides a professional team of portfolio supervisors to oversee the roles of all on-site personnel. For each of these positions, the following payroll services are provided: Administer Credit, Criminal and Drug Screening Proper Enrollment in Worker s Compensation and Health Insurance Enroll in Life Insurance and Other Employee Benefits Tracking of Employee Vacation and Sick Time Conducting Annual Personnel Reviews Interface with payroll company ADDITIONAL SERVICES Because of our extensive experience in real estate development, we can provide expertise in many other real estate related areas. Multi-Family Development Senior Housing Property Acquisition Construction Services Distressed Property Solutions Occupancy Turnaround Resident Profile Repositioning Joint Ventures Buyouts Analysis of Potential Sale Coordination of Property Tax Protesting Filing and follow through of insurance claims

4 5757 West Lovers Lane, Suite 360 OUR PORTFOLIO Property Name Location Website Arbor Pines Apartments Nacogdoches, Texas arborpinesapartments.com Arboretum Apartments, The San Antonio, Texas thearboretumapartments.com Beaumont Downtown Lofts Beaumont, Texas N/A Cottages of Oak Springs Waco, Texas cottagesofoaksprings.com Meadowview Townhomes Terrell, Texas meadowviewtownhomes.com Moore Grocery Lofts Tyler, Texas N/A Oak Meadows Townhomes Commerce, Texas oakmeadowstownhomes.com Park Glen Apartments Midland, Texas parkglenapartments.com Parkview Gardens Townhomes Tyler, Texas parkviewgardenstownhomes.com Tuscany at Goldmark Dallas, Texas tuscanyatgoldmark.com Villas of Forest Hill Forest Hill, Texas villasofforesthill.com Villas of Hickory Estates Balch Springs, Texas villasofhickoryestates.com Villas of Hubbard Hubbard, Texas villasofhubbard.com Villas of Lancaster Lancaster, Texas villasoflancaster.com Villas of Leon Valley Leon Valley (San Antonio), Texas villasofleonvalley.com Villas of Marine Creek Fort Worth, Texas villasofmarinecreek.com Villas of Mission Bend Plano, Texas villasofmissionbend.com Villas of Pine Ridge Tyler, Texas villasofpineridge.com Villas of Rock Prairie College Station, Texas villasofrockprairie.com Runnymede Apartments Austin, Texas N/A Villas of Seagoville Seagoville, Texas villasofseagoville.com Villas of Sherman Sherman, Texas villasofsherman.com Villas of Sunnyside Beaumont, Texas villasofsunnyside.com Waterford at Goldmark Dallas, Texas waterfordatgoldmarkapts.com

5 QUEST ASSET MANAGEMENT, INC 2014 PREVENTATIVE MAINTENANCE CHECKLIST Description January February March April May June July August September October November December WEEK Exterior Lighting HVAC Filters Evaporator Coils Smoke Detectors Interior Plumbing Storm Drains Asphalt & Speed Bumps Curbing & Tire Stops Sidewalks & Concrete Steps Electrical Furnace Fire Extinguishers Basketball Courts Playground Equipment Signage Fitness Center Stairs & Balconies Building Exteriors Windows & Doors HVAC Condenser Units Condensation Drains Office, Clubhouse, Laundries Fountains Compactor & Dumpsters Pools, Spas, Saunas Golf Carts Fire Alarms & Sprinkler Systems Gutters, Roofs, Downspouts Irrigation Systems Fencing & Gates Vacant Units Note: Yellow squares represent when scheduled maintenance is required.

6 QUEST ASSET MANAGEMENT, INC. - KEY PERSONNEL Deborah A. Griffin President * 49% Owner * Establish new business * On-going client relationships * Monthly review of all financial reports * Operating budgets * Monitor operating expenses * Cash management * Monitor requirements of lenders, investors, bond holders * Annual reporting to lenders * Administer renewal of corporate and property insurance programs Christopher W. Evans Executive Vice President * President, Talon Realty Corporation 49% Owner * Establish new business * On-going client relationships * Oversee management operation of all properties * Supervise upper-level corporate staff * Inspect properties on a regular basis * Monitor insurance claims * Monitor capital improvements Linda H. White Vice President and Controller * Supervise accounting department for corporation and properties * Prepare monthly and annual property financial reports * Prepare corporate financial reports * Oversee annual property audits * Administer human relations department

7 Tanya Garcia Accounting Manager * Distribute monthly and annual financial reports to owners, investors and lenders * Supervise and train on-site managers and assistant managers on Rent Roll * Payroll and Human Resources * Accounts payable * Assist in preparation of monthly and annual property financial reports * Other accounting support as directed by Controller LaShonta Williams Accounts Payable Primary Responsibilities * Accounts Payable * File Maintenance and Record Storage * Mail and Overnight Deliveries * Periodic Update of Accounting Software * Inventory and Order Office Supplies * Prepare and submit requests for reimbursements from capital improvement escrow accounts * Other accounting support as directed by Controller and Accounting Manager Jeanie Turek Regional Supervisor * Direct on-site management/maintenance personnel * Monitor occupancy, rents, collections and budgets * Enforce corporate policies and procedures * Hire and terminate on-site staff * Training of on-site personnel Terri Thomason Regional Supervisor * Direct on-site management/maintenance personnel * Monitor occupancy, rents, collections and budgets * Enforce corporate policies and procedures * Hire and terminate on-site staff * Training of on-site personnel

8 Elisa Julien Manager of Compliance, Corporate Secretary * 2% Owner * Oversee Compliance Department * Monitor changes in Section 42, LIHTC Requirements * Quarterly and Annual Reporting to TDHCA * Review and approve resident certifications and re-certifications for compliance with the Low Income Housing Tax Credit Program and local housing authorities * Follow-up with on-site employees regarding file documentation * Executive assistant to President Melinda Voelker Compliance Specialist * Review and approve resident certifications and re-certifications for compliance with the Low Income Housing Tax Credit Program and local housing authorities * Follow-up with on-site employees regarding file documentation * Personnel compliance training * Prepare for and attend compliance site visits Justin Anderson Operations Manager/Compliance Specialist Primary Responsibilities * Contract Administration * Rent Roll Training * Computer/Equipment Systems Specialist * Assist compliance department with resident certifications, re-certifications * Prepare for and attend compliance site visits * Executive assistant to Executive Vice President

9 PORTFOLIO PHOTOGRAPHS 5757 West Lovers Lane, Suite 360

10 5757 West Lovers Lane, Suite 360 CONTRACT MANAGEMENT * The above contract worksheet is an example. Vendors and pricing do not necessarily reflect those contracted by Quest Assset Management, Inc.

11 5757 West Lovers Lane, Suite 360 CONTACT US No matter your situation, Quest Asset Management, Inc. has the expertise and resources to execute a management plan tailored to your individual needs and goals. We invite you to contact us with any questions regarding the extensive list of services mentioned within our company literature. Thank you, Chris Evans Executive Vice President Quest Asset Management, Inc Mailing Address: Directions: Quest Asset Management, Inc West Lovers Lane, Suite 360 Contact Information: Ext. 104 Mobile/Text: (214) When traveling south on the Dallas North Tollway, exit Northwest Highway (Loop 12), turn left on Northwest Highway. Turn right (south) on Douglas Avenue then travel approximately 0.5 miles to Lovers Lane. Turn right on Lovers Lane, and travel under the Dallas North Tollway then we are the first office building located on the right. When traveling north on the Dallas North Tollway, exit Lovers Lane. Turn left on Lovers Lane and we are the first office building located on the right.