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Sequoia Real Estate Partners

A Summary of the PVOF I Assets

Multi-Family Assets

245 N. Alvarado St., Los Angeles, CA

Rental Increases

SEQUOIA REAL ESTATE PARTNERS

ConfigurationAvg. Pre-Upgrade

RentAvg. Post-Upgrade

RentRent Increase

1 Bed/1Bath $950 $1375 45%

2 Bed/2 Bath $1400 $1835 31%

1 Bed/1Bath (Loft) $1375 $1750 27%

Acquisition

Cost(November2010)

Number ofUnits

Exterior &

CommonAreasUpgraded?

Number of

UnitsUpgraded

RenovationCost

Current

MarketValue

Net

Increase inValue

Current

AnnualReturn oEquity

$7.5Million

61 Yes 42 $600,000$10.8Million

$2.3Million

37.1%*

* Please remember this is merely a snapshot from Q3 2012 and not a guarantee of returns. Prices and market

economics can change on a daily basis.

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2

318 S. Commonwealth Ave., Los Angeles, CA

Rental Increases

* Please remember this is merely a snapshotfrom Q3 2012 and not a guarantee of returns. Prices

and market economics can change on a daily basis.

Sequoia Real Estate Partners

Configuration Avg. Pre-Upgrade RentAvg. Post-Upgrade

RentRent Increase

Single $700 $1000 43%

1 Bed/ 1 Bath $900 $1250 39%

AcquisitionCost

(November2011)

Number ofUnits

Exterior &CommonAreas

Upgrade?

Number ofUnits

Upgraded

RenovationCost

CurrentMarketValue

Increase inValue

CurrentAnnual

Return oEquity

$1.329Million

24 Yes 3 $80,000 $2.1 Million $720,000 200%*

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Single-Family Assets

3137 W. 108th St. Inglewood, CA

3118 Palo Verde Ave, Long Beach, CA

Sequoia Real Estate Partners

AcquisitionCost

(November2011)

ConfigurationRenovation

CostStatus

Current MarketValue

Net Profit(includes rental

Income)

Return onInvestment

$318,000 3 Bed/ 2 Bath $52,000 In Escrow $445,000 $69,000 18.6%

AcquisitionCost

(November2011)

ConfigurationRenovation

CostStatus

Current MarketValue

Net Profit(includes rental

income)

Return onInvestment

$155,000 2 Bed/ 1 Bath $38,000 Sold NA $40,000 20%

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4161 Mandalay Dr., East Los Angeles, CA

908 Frigate, Wilmington, CA

Sequoia Real Estate Partners

Acquisition

Cost(March 2011) Configuration

Renovation

Cost to date Status

Current Market

Value (Zillow)

Net Profit

(includes rentalIncome) Current Yield

$212,000 5 Bed/ 3 Bath $42,000Rented. Vacant11/2012. Up for

sale soon.$301,000 NA 9.0%

AcquisitionCost

(August 2011)Configuration

RenovationCost to date

StatusCurrent MarketValue (Zillow)

Net Profit(includes rental

Income)Current Yield

$220,0006 Bed/ 3 Bath

(duplex)$12,000 Rented $333,000 NA 10%