Jeffrey Alan Dunham

Wells Fargo Bank, NA provides investment advisory services. It offers banking, insurance, investments, mortgage, and consumer finance services. The company is headquartered in Sioux Falls, SD.

Passco Real Estate Enterprises, Inc. provides real estate investment services. The company specializes in property investment, both existing and new developments. Its portfolios include shopping centers, industrial business complexes and housing tracts. The company was founded by William O. Passo and is headquartered in Irvine, CA

PricewaterhouseCoopers LLC provides assurance, tax and advisory services. Its services include audit and assurance, consulting, deals, human resources, legal, tax, and family business. The firm also offers accountability, risk management, structuring, mergers and acquisitions, and performance and process improvement. The company was founded in 1998 and is headquartered in Buffalo, NY.

Whittier Trust Co. is an independent private trust firm headquartered in Pasadena, California. The firm was founded as a family office for the Whittier family in 1935. They provide unrivaled investment, wealth management, fiduciary and philanthropic services for high net-worth families, individuals and foundations across the US.

University of Nevada functions as a college and university. It provides education, research, scholarship, creative activities, and clinical services. The company was founded on September 10, 1957 and is headquartered in Las Vegas, NV.

American Century Investments Value Yield LLC provides asset management services. The company is headquartered in Kansas City, MO.

Passco Apartment REIT, Inc. is a newly organized Maryland corporation that intends to qualify as a real estate investment trust, or REIT, beginning with the taxable year in which it satisfies the minimum offering requirements of this offering. It expects to use substantially all of the net proceeds from this offering to invest primarily in multi-family rental real estate to capitalize on anticipated demand across the United States. It may also invest in other property classes as well as other real estate-related assets, including debt and equity securities of other real estate companies, and in originating or purchasing mortgages, mezzanine, bridge and other loans. It is incorporated in the State of Maryland on May 12, 2009 and it currently does not own any real estate assets. It is considered to be a blind pool because it has not yet identified any specific assets to acquire. Its external advisor, Passco Advisors, LLC, will conduct its operations and manage its portfolio of real estate investments. It has no paid employees. Its office is located at 96 Corporate Park, Suite 200, Irvine, California 92606. Its telephone number is (949) 263-7900 or (877) 4PASSCO. Its fax number is (949) 442-2460.

PASSCO Cos. LLC operates as a real estate investment firm. It specializes in acquisition, development, and management of multifamily and commercial properties. The company was founded by William O. Passo in 1998 and is headquartered in Irvine, CA.

Passco Self Storage Fund I LLC operates as a real estate investment company. The company was founded in February 2007 and is headquartered in Irvine, CA

Passco Waikoloa LLC operates as a real estate holding company. The company was founded in February 2007 and is headquartered in Irvine, CA.

First Citizens Bank operates as a nationally chartered commercial bank which provides financial services. The company is headquartered in Mason City, IA.

Morgan Stanley Investment Management, Inc. (MSIM) is an investment management firm headquartered in New York City. The firm was founded in 1975 and is a subsidiary of Morgan Stanley Domestic Holdings, Inc., ultimately held by Morgan Stanley (NYSE: MS). MSIM provides discretionary and non-discretionary investment management services and products to institutional clients and individual investors. The firm also advises clients as to the appropriate allocation of assets among multiple separate accounts and/or investment companies or other pooled vehicles that the firm advises.