Apartment Plus Real Estate Investment Trust and Feeder Funds, as well as each other P3 Real Estate Entity which may be formed from time to time, is a “connected issuer” and “related issuer” of P3I, as such terms are defined under applicable securities laws.

Each of the P3 Real Estate Entities is a connected issuer of P3I by virtue of the relationship between P3I and P3 Real Estate Entities or as otherwise set forth in an applicable offering memorandum relating to the securities of the P3 Real Estate Entities and, accordingly, P3I and its directors, officers and employees who are also directors, officers and employees of affiliates of P3I are in a conflict of interest as they will benefit from the undersigned’s investment in a P3 Real Estate Entity.

Further details are set forth in the applicable offering memorandum and client opening documentation.