• The Property (1977) is a 176-unit garden-style apartment complex located in the Southwest submarket of Fort Worth, TX.
• Fort Worth is the 12th largest city in the nation and has been exhibiting robust rent growth and declining vacancy
• The Property has quick access to major highways, and is surrounded by a variety of retail centers, dining options, employment drivers and lifestyle amenities.

*EXAMPLES OF PROPERTIES THROUGHOUT THIS PRESENTATION, INCLUDING THE ABOVE, ARE PROPERTIES IN WHICH ONLY A NON-CONTROLLING EQUITY INVESTMENT (TYPICALLY AS A LIMITED PARTNER) HAS BEEN MADE, AND ARE BEING PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY IN ORDER TO PROVIDE EXAMPLES OF THE KINDS OF INVESTMENTS THAT HAVE RESULTED HISTORICALLY FORM THE INVESTING PROCESSES AND METHODOLOGY OF NPC. The properties selected in these examples do not represent all of the properties that have been or will be identified by NPC as likely investments of the Fund. No representation is made as to whether or if the examples represented above have been or will be profitable. There is no guarantee that the Fund will actually invest in any of these projects. It should not be assumed that NPC will seek, and that if it seeks it will be able, to identify similar investment opportunities for the Fund in the future or that any such future investment opportunities will be profitable. Past performance is not a guarantee of, and is not necessarily indicative of, future results. << /p>