OPERATIONS MANUAL General Information & Overview January 2009 COMPANY HISTORY Goldberg Companies, Inc., and its Charlotte, North Carolina based subsidiary, GCI Residential, LLC. (The Company) has over fifty years experience in Residential and Commercial property development, construction and management. The company has achieved an excellent reputation by making quality the most important element in all of its owner managed properties. The company has developed nearly 4,000 single family homes and owns and manages more than 7,000 class “a” multifamily apartment units in Ohio, Texas, North Carolina and Florida. The company also owns over one million square feet of commercial property, including several that have been recognized for excellence in architecture by the National Association of Industrial and Office Parks. The company develops, builds and acquires properties with a commitment to long -term ownership and management. It builds to own, not to sell. Every building is constructed and maintained for Goldberg Companies' portfolio, using only the finest materials, construction methods and maintenance policies. In addition to our real estate holdings, our family owns and operates Ohio Savings Bank, parent to Florida’s Amtrust Bank, which together have almost $10 billion in assets. NON-STATIC DOCUMENT The material provided in this manual is held by The Company. Except as stated herein, none of the material may be copied, reproduced, distributed, republished, downloaded, displayed, posted or transmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, or otherwise, without the prior written permission of The Company. Any unauthorized use of any material contained in this manual may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. OBJECTIVE The objective of the Operations Manual is to improve employees’ understanding and application of the Company Standards and provide guidance and information to enable them to develop. 1 OPERATIONS MANUAL General Information & Overview January 2009 CONFIDENTIALITY / NON-DISCLOSURE The material within the Operations Manual is confidential. Personnel are not to disclose this material to tenants, vendors, or to the public. Personnel are not to disclose any trade secrets of The Company. This includes but is not limited to, the following: Fees, commissions, referrals, and any other monies Financial Information Personnel Compensation Personnel Records Residential Records Management accounts Real Estate Sales or Listings Marketing and/or Strategic Plans Company Projects PERSONNEL RESPONSIBILTY TO MANUAL All personnel are to read the Operations Manual as part of their orientation to the company. All personnel are required to read this manual within thirty (30) days from the date of employment or hire. All personnel hired prior to the implementation of this manual are to read the manual within thirty (30) days of receiving the manual. After reading the Operations Manual, all personnel are required to sign the Personnel Acknowledgment Agreement, which states that they have read, understand and will comply with the Operations Manual. 2 OPERATIONS MANUAL General Information & Overview January 2009 MISSION STATEMENT Our history provides a strong foundation – one upon which we continue to build. We are committed to creating living and working environments that support, enhance and promote today’s diversified lifestyles. The Company has a steadfast commitment to unsurpassed customer care and property maintenance is evident at each of our properties. GOALS & OBJECTIVES With over fifty (50) years of owner-managed experience in all aspects of housing, the Company understands how to run first class properties, in first class markets. This results in the highest occupancy and lowest turnover rates in our industry. With the goal of total resident satisfaction constantly in mind, the Company is dedicated to quick and reliable maintenance, resident activities and continuous property upkeep and upgrades. The Company builds its communities to own, not to sell, therefore, every aspect of their design and construction is thoroughly examined and developed to enable the project to stand the test of time. By building on our strong foundation, we are able to deliver optimal balance of form and function to our future residential and commercial developments. LEGAL IDENTITY GCI Residential, LLC A single member Ohio Limited Liability Company. Owned by Goldberg companies, Inc. PRINCIPALS Larry Goldberg, President Jordan Goldberg, Senior Vice President Eric Bell, Senior Vice President Bruce Juergens, Treasurer Chris Woznicki, Vice President Marcia Woznicki, Vice President 3