Stephen B. Waters

Davidson Growth Plus LP is engaged in the operating and holding of residential real estate properties in the United States. The Davidson Growth Plus GP Corporation serves as a managing general partner of the company. It was founded on May 1986 and is headquartered in Greenville, South Carolina.

Drexel Burnham Lambert Real Estate Associates II operates a Real Estate Investment Trust (REIT).

Housing Programs Ltd. provides property development services. The firm invests in other limited partnerships which own or lease and operate federal, state and local government-assisted housing projects. The company was founded in 1984 and is headquartered in Beverly Hills, CA.

Real Estate Associates Ltd. II provides real estate investment services. The firm invests in other limited partnerships that engage in the ownership and operation of federal, state and local government-assisted housing projects in the United States. The company was founded on December 4, 1979 and is headquartered in Los Angeles, CA.

Real Estate Associates Ltd. III invests in real estate properties. It makes investments either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects. The firm has invested in Vicente Geigel Polanco Apartments in Isabela, Puerto Rico. The company was founded on July 25, 1980 and is headquartered in Beverly Hills, CA.

Real Estate Associates Ltd. IV owns and operates primarily federal, state and local government-assisted housing projects. It conducts business through National Partnership Investments LLC. The company was founded on August 24, 1981 and is headquartered in Beverly Hills, CA.

Real Estate Associates Limited V (the 'Partnership'), formed under the California Limited Partnership Act, was organized on May 7, 1982. The Partnership was formed to invest primarily in other limited partnerships which own and operate primarily federal, state or local government-assisted housing projects. The general partners of the Partnership are National Partnership Investments Corp. ('NAPICO'), the Corporate General Partner, and National Partnership Investments Associates II ('NAPIA II'), a limited partnership. The business of REAL V is conducted primarily by NAPICO.

Real Estate Associates Ltd. VI invests in real estate properties. It makes investments either directly or indirectly in other partnerships which own and operate primarily federal, state and local government assisted housing projects. The company was founded on October 12, 1982 and is headquartered in Beverly Hills, CA.

Real Estate Associates Ltd. VII provides real estate investment services. It invests in various limited partnerships that own, or lease, and operate federal, state, and local government-assisted housing projects. The company was founded on May 24, 1983 and is headquartered in Beverly Hills, CA.

Real Estate Associates Ltd. provides real estate investment services. The company was founded on September 15, 1977 and is headquartered in Los Angeles, CA.

Springhill Lake Investors LP serves as a sole general partner of a series of limited partnerships. The Registrant is the sole General Partner of each Operating Partnership. The company was founded on December 28, 1984 and is headquartered in Greenville, SC.

United Investors Growth Properties LP operates and holds existing real estate properties for investment. The company acquired three multifamily residential properties and a retail center which included medical office space. United Investors Growth Properties was founded on July 1, 1988 and is headquartered in Greenville, SC.

United Investors Income Properties LP engages in acquiring and operating multifamily residential and commercial real estate properties and other income producing real estate. The company's ability to obtain financing and the cost of such financing depends on the overall condition of the United States credit markets and the level of involvement of certain government sponsored entities, specifically, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association, in secondary credit markets. The company was founded on June 23, 1988.

VMS National Properties Joint Venture owns and manages apartment complexes. The company was founded in September 1984 and is headquartered in Greenville, SC.

Davidson Income Real Estate LP engages in operating and holding real estate properties for investment. The company was founded in April 1985 and is headquartered in Greenville, SC.

Consolidated Capital Institutional Properties/3, LP engages in operating and holding real estate properties for investment. ConCap Equities, Inc. serves as the general partner of Consolidated Capital Institutional Properties/3, LP. The company was founded on August 29, 2008 and is headquartered in Greenville, South Carolina.

U.S. Realty Partners LP engages in the business of operating and holding real estate property for investment. The company was founded on January 23, 1986 and is headquartered in Greenville, SC.

McCombs Realty Partners Ltd. operated a real estate investment trust. The company was founded on June 22, 1984 and is headquartered in Greenville, SC.

National Property Investors 4 LP is engaged in the business of operating and holding real estate properties for investment. It acquires and sells multi-family residential properties. The company was founded on July 1, 1980 and is headquartered in Greenville, SC.

National Property Investors 5 LP is engaged in the business of operating and holding real estate properties for investment. The firm currently owns one apartment complex: Willow Park on Lake Adelaide Apartments, which is located at Altamonte Springs, Florida. The company was founded on July 15, 1981 and is headquartered in Greenville, SC.

National Property Investors 8 owns and operates real estate properties for investments. The company was founded in October 1983 and is headquartered in Greenville, SC.

National Property Investors III LP operates as income-producing residential real estate. The company is headquartered in Greenville, SC.

National Property Investors 6 LP engages in operating and holding real estate properties for investment. The firm is managed by NPI Equity Investments, Inc. The company was founded on October 15, 1982 and is headquartered in Greenville, SC.

National Tax Credit Investors II invests in limited partnerships that own and operate multifamily housing complexes. The firm engages in providing housing tax credit for housing projects. The company was founded on January 12, 1990 and is headquartered in Beverly Hills, CA.

National Tax Credit Partners LP provides real estate investment services. It invests primarily in other limited partnerships which owns or leases and operates multifamily housing complexes that are eligible for low-income housing tax credits, or in certain cases, historic rehabilitation tax credits. The company was founded on March 7, 1989 and is headquartered in Greenville, SC.

Apartment Income REIT LP engages in the ownership and development of real estate properties. The company was founded on May 16, 1994 and is headquartered in Denver, CO.

Ernst & Young LLP engages in the provision of accounting, assurance, tax, transaction, and advisory services. It specializes in the actuarial, analytics and big data, cyber security, accounting compliance and reporting, center for board matters, international financial reporting standards, country tax advisory, global trade, tax accounting, and climate change and sustainability. The company was founded in 1989 and is headquartered in New York, NY.

Oxford Residential Properties I LP acquires, owns and operates residential properties in the United States. It is engaged in the business of operating and holding real estate properties for investment. The company was incorporated on January 19, 1984 and is headquartered in Bethesda, MD.

Part of Apartment Income REIT Corp., ConCap Equities, Inc. provides investment services. The company is based in Greenville, SC.

Part of Apartment Income REIT Corp., Angeles Realty Corp. II is a company that manages residential and commercial real estate properties. The company is based in Denver, CO.

Part of Apartment Income REIT Corp., NPI Equity Investments, Inc. provides investment services. The company is based in Denver, CO.

Part of Bethesda Holdings II LLC, National Partnership Investments Corp. provides real estate investment services. The company is based in Beverly Hills, CA. National Partnership Investments was acquired by Bethesda Holdings II LLC from Apartment Investment & Management Co. on December 19, 2012.

The Anglo-American Real Property Institute provides real estate management services. The firm is a not-for-profit organization whose members are closely involved with real property in the United States and the United Kingdom. The firm was founded in December 1980 and is located in Denver, CO.