Lyon Heritage. Preserving the highest standards of integrity and professionalism, distinguished by the tradition of the Lyon brand.

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2 Tradition meets innovation at Lyon Communities. Our standard of excellence results in greater investor value and exceptional resident experiences. Frank T. Suryan, Jr. Chairman and Chief Executive Officer Lyon Communities Lyon Heritage Preserving the highest standards of integrity and professionalism, distinguished by the tradition of the Lyon brand. Over fifty years ago, the William Lyon Company was founded by Major General William Lyon, USAF Retired, and is ranked among the top residential development companies in the Western United States. In 1988, Frank T. Suryan Jr. partnered with General Lyon to form three multifamily real estate companies specializing in development, acquisitions and property management. These companies are now known as Lyon Communities. Lyon Communities has seasoned expertise in pre-entitlement and development, construction management, acquisitions, asset repositioning, debt & equity capital financing and property management. With a total commitment to excellence and leadership style of vision and Levanto San Diego, CA integrity, Mr. Suryan carefully developed business strategies and financial disciplines to expand the company. His strategic planning and direction with the Executive Team has resulted in stability and innovative growth creating an industry leading multi-family real estate investment company.

3 Lyon Philosophy We answer questions thoroughly and solve problems quickly to make returns more attractive, while honoring our core values. We are devoted to superior performance through the practice of our achievement philosophy that utilizes our Keystones to Success: Integrity Team Commitment Customer Quality The Lyon Communities Team takes pride in maintaining consistent quality standards while achieving our bottom line value creation objectives. We identify opportunities that provide attractive returns for our investors, utilizing our management expertise to minimize risks while maximizing yields. Our family culture and entrepreneurial spirit results in successful, enduring relationships with our business partners and residents. These results are enhanced by our ability to adapt to ever changing market dynamics through innovation, teamwork and service. Awards The Lyon Communities standard of excellence has earned coveted industry awards. Recipient of multiple awards from California Council for Quality and Service Best-in-Class honors. The Best in the Industry Resident Satisfaction Awards from CEL & Associates, the country s largest surveyor of resident satisfaction within the multi-family industry. Regional and national awards for web design and marketing expertise. Property investment in four key states. Our mission is to create exceptional living environments by delivering innovative design, enduring quality and superior results. Capistrano Pointe San Juan Capistrano, CA latitude33 Escondido, CA

4 1900 Ocean Long Beach, CA Lyon Multi-Family Expertise A distinguished reputation for exhaustive research, comprehensive market knowledge and innovation. Capital Ventures Identifying optimum market opportunities. Capitalize on opportunities which generate a solid return to our investors. Acquisition of new development opportunities. Acquisition of distressed, under-valued or under-performing properties poised for repositioning and renovation. Partnerships with various institutional and private sources for equity and debt financing. Community Development Maximizing resident and investor value. Comprehensive pre-development entitlement and construction activities for all types of multi-family ground-up development projects. Manage major renovations and construction projects either as a General Contractor or Construction Manager. Property Management Creating communities that residents are proud to call home. Property and asset management services. Dedicated resource teams to ensure the success of each community. Comprehensive asset repositioning services for third party clients and investors.

5 Lyon Team of Professionals Results-driven specialists trained and accountable for the long-term success of each community. We have assembled a first-class team of professionals whose industry experience and strong work ethic lead to the highest levels of performance and the achievement of goals defined for each community. Lyon Communities reputation for innovation and superior service combined with our careful planning and attention to detail has produced tremendous long-term results. Since 1988, Lyon Communities has overseen the acquisition, development and management of premier multi-family communities with one goal in mind creating value for our residents and investors. We know how to optimize returns, minimize problems and enhance the customer experience. Trent D. Brooks Chief Operating Officer Lyon Communities

6 We have been fortunate to work with Lyon Communities for more than 25 years, providing financial solutions to help their multi-family real estate business succeed. Allen Staff Senior Vice President and Market Executive Commercial Real Estate Banking Bank of America Merrill Lynch Lyon Capital Ventures We capitalize on opportunities which generate a return to our investors that clearly outpace the industry. Lyon Capital Ventures utilizes its depth of experience and expertise to identify the most attractive development and acquisition opportunities. Our track record of providing attractive investor returns is a product of identifying advantageous market conditions and accretive financial structure. The impact of the subprime crisis, population trends and shift in consumer attitudes has resulted in unprecedented demand for and diminished supply of quality multi-family communities. Echo Boomers, age 20-34, prefer multi-family community living over home ownership. Projected population trends strongly favor continuing demand for multifamily communities. In the U.S., over one million new renters enter the market for every 1% decline in home ownership. The South Coast Metro Santa Ana, CA Innovative thinking differentiates our communities and company s focus on emerging primary and select secondary markets with depressed land values, which include many residents willing to pay a premium for higher quality communities. Forging relationships with local jurisdictions enable us to identify off-market opportunities.

7 The Lyon Advantage Lyon Communities is a fully integrated, private company. Our expertise in planning, entitlement and construction provides us with the ability to establish a comprehensive understanding of each opportunity and its underlying market dynamic. 24% Through extensive research, we identify emerging markets, products and services that resonate with today s renter. We take pride in our ability to maintain an owner s perspective enhancing the long-term appreciation of every real estate asset, staying ahead of the competition. 30% 46% Lyon Communities Investments Acquired & Managed Developed & Managed Fee Managed Lyon Communities aims for EXCELLENCE in all facets of its business, and hits the bull s eye every time. Demand for rental living will remain high, especially in communities that provide resort style amenities in high-quality locations. Chris Coe, CEO Coe Architecture International 550 Pharr Atlanta, GA First Street Santa Ana, CA

8 We have been impressed with the Lyon Communities hands on approach in the field. They work side by side with our construction team to navigate obstacles, track progress, and keep the focus on our project objectives. Brian Jaramillo, President Tilden-Coil Constructors Lyon Community Development We focus on achieving consistent quality standards and maintaining bottom line objectives. Lyon Community Development is a specialized team responsible for pre-development entitlement and construction activities for all types of multi-family ground-up development projects. Further, we manage major renovations and construction projects either as General Contractor or Construction Manager. Our multi-family expertise spans all stages of the real estate development cycle. We identify strategic entitlement opportunities and prepare conceptual development plans feasible to construct, negotiate and navigate the necessary entitlements through all types of civic jurisdictions. Our extensive knowledge in construction and innovative materials selection ensures our design will be efficient and cost effective to construct while maintaining the highest levels of quality. Creating best-in-class communities with unmatched amenities.

9 Lyon Development Process Our multi-family expertise ensures investments are optimized at each stage of development. Development requires a defined sequence of events that are comprised of key areas of discipline. Due Diligence and Pre-Design Understand the property and where it fits in the market. Prepare initial development plans, site studies and assumptions based on how the property can most effectively be delivered. Management and Development Plan Create a unified team with common goals and objectives to determine style, scope and parameters of the project. Design and Construction Documents Involve consultants, architects, planners, landscape architects, and/or general contractors. Negotiate fixed price contracts for the outlined work required to obtain approvals from governmental agencies. Construction Maintain administrative control, focus on objectives, communicate with contractors, consultants and inspectors. Upon completion of the project, make sure notices have been filed and local government jurisdictions have been satisfied. Property Management Create a marketing strategy and action plan for lease up. Establish and achieve long-term goals for the community. Immaculate grounds, beautiful club house, well-equipped gym and breathtaking pool. There is absolutely no place else I would rather live! Kelli Allred, St. Claire Resident Apex Milpitas, CA

10 For over 25 years our strategy has been to efficiently manage and optimize every community to its fullest potential. We take pride in our ability to attract, train and retain the brightest talent in the industry. Sherri Martin President Property Management Lyon Communities Lyon Property Management Forward focused, we strive to stay ahead of the ever-changing market, technology, and needs of our residents and investors. Our management strategy is a multifaceted approach, with an emphasis on excelling in each area of Property Management, including: Operations High approval standards enables us to lease to only qualified residents. Attentive customer service there is no detail too small. Targeted outreach programs to co-brand with local companies, large area employers and brokers. Management team accountable for every aspect of their community, including occupancy rates, availability, reprojections and budgets. 24/7 on site resident services team for prompt response to service requests and after hour emergencies. Lease Up Services Professional, highly trained on site staff and regional managers. Utilize the latest property management software to track and follow up with leads in real time. Follow up tool allows leasing staff to send photos and videos of the unique community features that prospects identified on the tour and reinforce what sets Lyon Communities apart. Use cutting edge technology to showcase the community while on touring prospects. Financial Technology Consistently one of the lowest rent delinquencies of any property management company.

11 Yardi s web based Voyager and a specialist on staff to provide real time accounting and reporting. Tracking of visitor traffic and leases, and adjust advertising as needed to meet financial objectives. Focus on resident relationships and hosting events to increase retention and referrals. Marketing Robust website and mobile site with emphasis on SEO (search engine optimization), SEM (search engine marketing), SSO (social search optimization) for targeted advertising and marketing messages. Use of the latest technology to reach potential residents via their preferred method of contact. Monitor resident satisfaction and manage brand and online reputation by partnering with review sites and third-party survey company. Extensive Training Results-oriented training program that incorporates instructor-led courses and interactive online classes for new associate training, performancerelated training and growth readiness. Regional on site training coordinator(s) to help on site staff with policies, processes and procedures. Resident Service and Satisfaction Online brochures, applications and leasing process, payments and service requests. Unparalleled resident convenience services include package delivery, pet sitting, dry cleaning, on site pet grooming centers, fitness classes and personal training. Risk Management Processes and systems in place to identify potential risks and implement controls to reduce potential liability. Foster and maintain close relationships with employees and clients to ensure timely, cost effective resolution to claims and constant implementation of our loss prevention programs. Lyon was able to drive value, increase our NOI and maintain occupancy Renovations Experts at identifying and implementing upgrades and renovations to maximize revenue potential. Assess the strengths and weaknesses of our competitors to make improvements and increase ROI. even during the nation s greatest recession. Art Fong, Director Invesco Advisers, Inc. Extensive knowledge in construction and materials selection to ensure innovative design, cost effectiveness and the highest levels of quality. A distinctly positive lifestyle experience.

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