PRINCIPALS OF URBAN PROPERTY MANAGEMENT, INC.

STEVE SHRAIBERG

Steve Shraiberg is President, and major shareholder of Urban Property Management, Inc.  He is engaged in developing and managing all types of real estate under both conventional and FHA-insured programs.  Mr. Shraiberg is also the major shareholder of Esprit Homes, Ltd., a Colorado homebuilder since 1989.  In addition to real estate activities Mr. Shraiberg is involved in other industries in various capacities.

Mr. Shraiber graduated from the University of Colorado with a BS degree in Finance.  He is currently on the Board of City Office REIT, a publicly traded REIT listed on the New York Stock Exchange.

Over the past several years Mr. Shraiberg has been a member of various non-profit boards including the Salvation Army and the Latin American Educational Foundation.  Mr. Shraiberg was on the Board of the Dystonia Medical Research Foundation and the Advisory Board of Second City Capital, an equity venture fund.

ALFRED BLUM

Al Blum is Vice President, a shareholder and general counsel for Urban Property Management, Inc., as well as one of the founders and principals of Esprit Homes, Ltd., a Colorado homebuilder since 1989.  Prior to joining Urban Property Management in 1979 Mr. Blum was engaged in the private practice of law and continues to hold his Colorado bar license and license to appear before the Colorado Supreme Court.  Mr. Blum was also a licensed certified public accountant.

Mr. Blum received J.D. and L.L.M. degrees from the University of Denver.  He is a member of the American, Colorado and Denver Bar Associations, holds a Colorado Broker’s license and is a member of the South Suburban Board of Realtors.  Mr. Blum was on the Planning Commission for Cherry Hills Village and currently serves on the City Council for Cherry Hills Village, CO.

Mr. Blum has served on the board of directors of various non-profit organizations and has spoken at conferences sponsored by the Colorado Housing and Finance Authority and other governmental agencies.

JAMES R. MURPHY

Jim Murphy is Senior Vice President and Director of Asset Management as well as a shareholder of Urban Property Management, Inc.  Mr. Murphy has managed several thousand units of FHA, conventional multi-family and commercial properties within the Colorado area.

Mr. Murphy is a graduate of the University of Denver.   He was instrumental in forming a Regional Association of HUD Managing Agents and was actively involved as President for two terms.  Jim was also Chairman Protem of the National Federal of Associations of HUD Management Agents when that organization was founded.  Mr. Murphy is a past President of the Apartment Association of Metro Denver and has served as an officer and director for seven years.  He served as a Region VIII Representative to the National Assisted Housing Management Association.  He holds an employing broker’s license and a Community Association Managers license.

KAREN WACHTEL

Karen Wachtel is the Treasurer of Urban Property Management, Inc. and has been with Urban Property Management since 2008.  Ms. Wachtel has over 25 years accounting experience in the residential, office, commercial and industrial areas.

Ms. Wachtel graduated from Mankato State University in Minnesota with two B.S. degrees and from Colorado State University with an M.S. in Accounting.  She obtained her Certified Public Accountant certificate in 1996.

Karen Wachtel is a member of the American Institute of Certified Public Accountants and the Colorado Society of CPAs.