Summary of RFI Investments As of June 30, 2014 Asset/Location (Note/REO) San Francisco Apartment Portfolio I 7 San halICISCO. CA IREOt Acquisition Date Foreclosure Date 2124/2011 NIA Camellia Trace Apartments 3/24/2011 Jackson. TN (REM N/A Cherry Grove Apartments Jackson. TN (REM 3/24/2011 NIA Crystal Lake Apartments 10/11/2011 Pensacola. H. Now) I I/17/2011 Westchase Ranch Apartments Houston. TX (Note) 10/19/201 I II/1/2011 Foxboro Apartments 10/19/2011 Itousion. TX (Note) 10/20/2011 The Park Apartments Columbia. SC Mole) Shasta Crossroads Shopping Center Retlibov. CA iNota Carrington Place at Wildewood Apartments Columbia. SC (Nola) .10/19/201 II/1/2011 J/10/7017 1/17/2012 4/22012 Acquisition Price (110%l 523.5 6/30/2014 C061 Basis 1100%) 6/30/2014 Fair Value' (100%) 524.7 545.1 Cumulative Fair Value Adjustment 520.4 Cumulative Fair Value Adjustment % Change 82.6% Outstanding Debt (1009?) 514.2 RFI Ownership RFI's 6/30/2014 Cost Basis less Outstanding Debt RFI's Net Real Estate Values 20% Value'c 20% 52.1 $6.2 RFI's Unrealized Equity 5i Increase (Decrease)6 193.97E I1.3 11.6 14.22 2.6 22.2% 7.8 1005+ 3.8 6.4 67.8% 18.9 19.9 25.4 5.5 27.9% 13.1 100% 6.8 12.3 82.0% 7.7 7.9 13.1 5.2 65.8% 6.1 100% 1.8 7.0 286.7% 15.5 16.2 22.9 6.7 41.1% 11.4 100% 4.8 11.5 138.5% 6.5 6.4 9.3 2.9 45.2% 4.5 100% 1.9 4.8 148.3% 5.6 5.9 7.5 1.6 27.3% 4.0 100% 1.9 3.5 88.4% 7.4 8.0 I 1.3 3.3 41.2% 60% 2.5 3 4.4 2 79.8% 17.3 17.3 20.2 2.9 16.7% 12.5 100% 4.8 7.7 59.9% 4. The general partner of RH determines the "Fair Value" of its assets on a quarterly basis in accordance with GAAP. GAAP reporting requires that investments in unconsolidated joint ventures include other assets in addition to real estate in the Fair Value of the investments in such joint ventures. As used herein, however, Fair Value includes only the value of t