Ovation by the Numbers

Ovation Development Corporation is a general contractor and real estate development company that designs and builds Class A apartment communities in metropolitan Las Vegas. Since its founding in 1984 by Alan Molasky, the company has built 33 apartment communities and currently has two under construction. The 33 projects consist of 8,340 units valued in excess of $1 billion. Ovation Property Management, formed to provide professional management of its communities, oversees 21 properties (5,671 units), 18 of which it owns (4,563 units). They are considered to be the premiere apartment communities in Las Vegas, with a design, construction, and management team that has earned a reputation for providing a high quality lifestyle for their residents. Alan Molasky, CEO and founder of Ovation Development Corporation and Ovation Property Management, is a partner and co-owner of The Molasky Group of Companies, a diversified group of real estate companies responsible for much of the current Las Vegas skyline. Ovation by the Numbers 8,340 multifamily units built for rent 3,865 single family homes built. 972 condominium units built 212 multifamily units under development 220 multifamily units in the planning stage $2+ billion of real estate assets developed and built

Alan Molasky CEO/Owner Alan Molasky was born and raised in Las Vegas, Nevada. Over the past three decades he has been actively involved in a wide range of real estate development in Las Vegas and California. In conjunction with his father, Irwin Molasky, he has been directly involved and responsible for many of the real estate projects developed and owned by the family development company, The Molasky Group of Companies. In addition, Mr. Molasky has been involved in the design and development of retail, commercial, office, country club and industrial projects. He had a lead role in the design and development of Best in the West and Best on the Boulevard retail power centers as well as Bank of America West office building and Pacific Industrial Park. Mr. Molasky was also heavily involved in the design and development of Las Vegas premier, luxury high-rise condominium project, Park Towers. Under Mr. Molasky s supervision, Pacific Homes grew into one of the largest home builders in Las Vegas and closed in excess of 4,750 homes. Through various companies under Alan Molasky s control and ownership he has developed and managed in excess of $1.5 billion of real estate in Nevada and California. Among his many talents, he takes justifiable pride in his architectural design and cost control abilities.

Reinier Santana President Reinier Santana joined Ovation in 2005 as chief financial officer. In 2013 he was named president and assumed supervision of the development and property management divisions as well as overall company operations. In the development arena Mr. Santana manages complex investment analyses, including valuation, transaction structuring, and market analysis for new projects as well as acquisitions and liquidations. In addition, he leads the preparation of requests for proposals, investment memoranda and business plans to secure investor capital, bank financing and other forms of project capitalization. He also oversees the management of the company s extensive real estate portfolio. Prior to joining Ovation, Mr. Santana worked as a vp/financial analyst in the Real Estate Investment Banking Group of First National Bank of Nevada. There he gained a thorough knowledge of financial structuring of public and private enterprises, underwriting over $500 million in loans for various real estate projects. Mr. Santana holds a bachelor of science degree in managerial finance with a minor in accounting from the University of Nevada, Las Vegas, where he graduated summa cum laude.

Lorri Murphy, Vice President of Real Estate Development, Ovation Development Lorri Murphy has more than 30 years experience in accounting, finance and risk management in real estate property management. This includes 17 years at Ovation Development where she supervises all phases of accounting and budgeting for corporations and their affiliates. She has also coordinated more than 25 loan closings totaling in excess of $400 million. During the past five years, Ms. Murphy has lead Ovation Development s efforts to develop affordable housing projects funded by low income housing tax credits (LIHTC) and other local and federal funding sources. Working with consultants, attorneys, accountants and property management professionals experienced in LIHTC projects, Ms. Murphy submitted successful applications and negotiated agreements on four different projects. Prior to her tenure at Ovation Development Ms. Murphy spent 12 years at the Ribeiro Corporation, a major commercial developer and property management company based in Las Vegas and Reno. There she supervised the funding of over $50 million in loans and sales, held staff and management positions in accounting and finance, and oversaw the credit and collections department. Ms. Murphy holds a bachelor s degree from the University of California Santa Barbara, and a masters in business administration from the University of Nevada, Las Vegas. Wendy White, Vice President, Corporate Broker, Ovation Property Management Wendy White began her career with Ovation Property Management in 1995. As a vice president she is responsible for all aspects of on-site staff supervision including budget preparation and control, financial statement review, contract negotiation, resident retention and problem solving. She also conducts interviews, training, motivation, and performance reviews of all staff members. Ms. White has directly supervised several successful lease-ups and property sales. She also holds a current Nevada real estate corporate broker s license and property management permit. Prior to Ovation Property Management Ms. White was employed by McDonald s Restaurants for 10 years in Lake Havasu City, Arizona. There she worked her way up to be a training supervisor for three restaurants. Her experience with multi-site management made the transition into property management an easy one.

Erica Arthur, Vice President, Ovation Property Management Erica Arthur s career with Ovation Property Management began in 1993. Her responsibilities as a vice president include support of the on-site management staffs, interviewing, training, budget preparation and control, financial statement review and overall supervision of daily operations. Ms. Arthur is responsible for marketing of the portfolio and monitors the effectiveness of all advertising media. She also holds a Nevada real estate license. During her career with Ovation Property Management, Ms. Arthur has been involved with the development, lease up and management of over 6,000 apartment homes. She has also assisted in the sale of more than 4,000 units, which includes the then highest-per-unit sales price in Las Vegas. Ms. Arthur was elected to the inaugural board of the Southern Nevada Multi-Housing Association. She has served on the board for three terms and has held the positions of 2004 and 2005 president, 2006 past-president and director. Laurie Vance, Vice President, Ovation Property Management A licensed real estate agent in the state of Kentucky and Nevada, Laurie Vance has been in the real estate/property management industry since 1990. Her career began with a family-owned property management business in Louisville, Kentucky. After relocating to California, she worked as credit and collections manager for Wyndham Hotels and Resorts and then in 1994 became active again in property management. Ms. Vance joined Ovation Property Management in January 2006 and along with two other vice presidents is responsible for the operations of 18 communities comprised of 5,306 apartment units. At Ovation she has successfully managed the lease-up of both market-rate and senior tax-credit housing and is proficient in utilizing pricing-optimization software. She was previously a vice president of Alliance Residential Company, Mountain Region, consisting of four metropolitan areas in Nevada, Utah and Colorado. During her ten years with Alliance Ms. Vance was a certified trainer and received numerous awards for providing uncompromising service to clients, associates and residents. Ms. Vance has served on the board of directors of the Southern Nevada Multi-Housing Association for three terms, holding the positions of vice president and treasurer. She has chaired the Education and Information/Resource Committees, donating time to write materials and train for the association.

Ovation Property Management specializes in the management, lease-up, and sale of premium apartment communities in Las Vegas, Nevada. The success of the company is the direct result of concise operating principles, a clear focus on property management, and dedicated, well-trained, and motivated employees. The hands-on management approach and clear-cut goal setting allow the company to maintain its position on the leading edge of real estate property management. Ovation Business Services is the accounting and financial reporting division of Ovation Property Management. The advanced financial reporting systems allow accurate and timely reporting of daily operations. Ovation Property Management and Ovation Business Services are comprised of approximately 175 employees. CURRENTLY UNDER MANAGEMENT Property Name Units Madera 290 Adiamo 278 Tuscany 228 Chateau Calais 404 Positano 360 Amalfi 264 Viviani 270 Firenze 462 Venicia 269 Tesora 231 Verona 275 Tivoli 417 San Croix 352 Summer Winds 352 Altessa 276 Arzano 363 Acapella 142 Minuet 75 Tempo 101 Duet 80 Ensemble 182 Total number of units 5,671

where you want to be Visit any of our apartment communities to find a winning combination of convenient location, sophisticated design, outstanding recreational features and unsurpassed value. Far Hills 1 Summerlin Town Center 215 2 Park Run 3 6 215 Lone Mountain Hualapai Ft. Apache 7 Post 8 Summerlin Pkwy Durango Tropicana 1 Altessa 100 Park Vista Drive Las Vegas, NV 89138 (702) 228-5993 2 Tuscany 725 S. Hualapai Way Las Vegas, NV 89145 (702) 255-2276 Charleston Rainbow Jones Rancho Sahara Ann Rd. Craig Rd. Cheyenne West Desert Inn 4 Spring Mountain 5 Flamingo Russell 95 Warm Springs 22 21 Las Vegas 95 Decatur 215 The Strip Centennial North Las Vegas Las Vegas Blvd. Airport Maryland Pkwyv Downtown Charleston Sahara 9 Wigwam 10 11 Silverado Ranch 13 Desert Inn Flamingo Seven Hills St. Rose Pkwy Sunset Lossee Pecos Russell Eastern Pecos Green Valley Pkwy 3 Madera 2600 S. Town Center Drive Las Vegas, NV 89135 (702) 360-8904 4 San Croix 8000 W. Spring Mountain Rd. Las Vegas, NV 89117 (702) 255-5770 12 215 I-15 515 20 Nellis Nellis AFB 19 Boulder Highway Warm Springs Green 15 Valley 14 Horizon Ridge Stephanie N 18 17 16 Gibson 5 Venicia 3644 S. Fort Apache Las Vegas, NV 89147 (702) 990-2399 6 Aspire 9110 W. Tropicana Ave. Las Vegas, NV 89147 (702) 990-2333 www.lasvegasliving.com 7 Viviani 9625 W. Russell Road Las Vegas, NV 89148 (702) 990-2797 8 Tesora 9465 W. Post Road Las Vegas, NV 89148 (702) 990-2388 9 Amalfi 2750 W. Wigwam Ave. Las Vegas, NV 89123 (702) 990-2796 10 Summer Winds 2725 W. Wigwam Ave. Las Vegas, NV 89123 (702) 270-4200 11 Ensemble 2655 W. Agate Ave. Las Vegas, NV 89123 (702) 990-2737 12 Chateau Calais 975 Seven Hills Drive Henderson, NV 89052 (702) 617-4350 13 Positano 10115 Jeffreys Street Las Vegas, NV 89183 (702) 492-0068 14 Adiamo 1350 W. Horizon Ridge Pkwy. Henderson, NV 89012 (702) 568-1020 15 Elevate 111 S. Gibson Rd. Henderson, NV 89011 (702) 990-2646 16 Firenze 5880 Boulder Falls Street Henderson, NV 89011 (702) 990-2770 17 Tempo 5625 S. Hollywood Blvd. Las Vegas, NV 89122 (702) 990-2771 18 Arzano 6275 Boulder Highway Las Vegas, NV 89122 (702) 990-2644 19 Acapella Duet 2192 S. Nellis Blvd. Las Vegas, NV 89142 (702) 990-2699 20 Acapella 5025 E. Mohave Ave. Las Vegas, NV 89104 (702) 990-2699 21 Tivoli 4650 N. Rainbow Blvd. Las Vegas, NV 89108 (702) 990-2633 22 Minuet 4652 N. Rainbow Blvd. Las Vegas, Nevada 89108 (702) 990-2766

Ovation Multifamily Projects Units Year 1 Villas De Mission 160 1984 2 Pacific Harbors I 168 1986 3 Pacific Harbors II 208 1986 4 Pacific Harbors III 104 1987 5 Antigua Bay 392 1988 6 Martinique Bay 256 1989 7 Montego Bay 420 1989 8 Club Pacific Shores 212 1989 9 Club Pacific Lakes 180 1990 10 Club Pacific Flamingo 268 1990 11 Pacific Islands 352 1992 12 Adagio 282 1996 13 Pacific Carlisle 274 1997 14 Madera 290 1999 15 Adiamo 278 2000 16 Tuscany 228 2000 17 Positano 360 2002 18 Amalfi 264 2002 19 Viviani 270 2002 20 Firenze 462 2005 21 Tesora 231 2005 22 Venicia 269 2005 23 Acapella 341 2007 24 Tivoli 417 2007 25 Verona 275 2007 26 Arzano 363 2009 27 Acapella Senior 142 2012 28 Minuet Senior 75 2013 29 Tempo 101 2014 30 Duet 80 2015 31 Ensemble 182 2015 32 Aspire 271 2015 33 Elevate 165 2015 Total Units 8,340

Residential Projects Pacific Homes was a major residential homebuilder in Las Vegas, Nevada and Sacramento, California. The company identified the first time homebuyer and the first time move-up buyer as its principal target markets; however, the company also built executive homes in Las Vegas. Single-Family Projects Homes Year 1 Stoneybrook 104 1987 2 Fairways 104 1989 3 Ventana 114 1990 4 Pacific Greens 118 1990 5 Expressions 84 1990 6 Images 74 1990 7 Terracina 109 1991 8 Villagio 110 1991 9 Sorrento 192 1993 10 Amarante 160 1993 11 Pebble Canyon 365 1995 12 Montage 151 1996 13 Pacific Mirada 130 1998 14 Pacific Monterey 186 1998 15 Pacific Greens II 92 1999 16 Pacific Images 101 1999 17 Collage 1,185 1999 18 Pacific Trace 118 2000 19 Pacific Vintage 164 2000 20 Pacific Deerfield 204 2000 Total 3,865 Condominium Projects Units Year 1 Legacy Legends 264 1994 2 Pacific Legends West 210 1996 3 Pacific Legends East 219 1999 4 Pacific Legends Green Valley 195 1999 5 Park Towers 84 2001 Total 972

6021 S. Fort Apache, Suite 100 Las Vegas, Nevada 89148 702.990.2390 Fax: 702.990.2391 www.lasvegasliving.com