ee“ PENNYBACKER jm CAPITAL To the residents of Amara Apartments: We are writing in response to the letter addressed to the owners and management of Amara Apartments received on January 14", 2021. First, we would like to thank you for bringing these issues to our attention and acknowledge that we understand that this is a challenging time for everyone. It is our top priority to provide a safe and healthy environment for our residents and property team. As background, Pennybacker Capital acquired Amara Apartments, formerly known as The Osborn, on July 8", 2020, and property management was then transitioned to IPS. We understand that there were existing conditions referenced in your letter that were unacceptable and we have been working diligently during these first few months of our ownership to address these concerns. Many of the conditions referenced in your letter have been substantially addressed or are in progress and we welcome the continued dialogue and appreciate the feedback as we work together to improve the community. We have exciting plans for the community that will take shape over the next 12 months. Currently those plans do not include a conversion to condominiums as referenced in the letter. In addition to ongoing maintenance and repairs, these improvements include upgrades to the property’s common spaces, landscaping, building exteriors and unit interiors. We are confident that these improvements will address some of the long-standing maintenance concerns at the property, but also provide indoor and outdoor common spaces for the community to connect and engage. In the spirit of transparency, we will update the property website with renderings of the planned improvements in the coming weeks. ‘As mentioned above, we understand that this is a challenging time for everyone and since the start of the COVID- 19 pandemic we have strived to work together with our residents and support them in every way possible. We are committed to working with all residents to develop payments plans for past due rent and waive late fees and have been successful in doing so for residents who have engaged in an active dialogue with the property team. Further, in December 2020 we began offering COVID-19 Concessions, where we waived past due balances in an amount equivalent to rent paid in December 2020. We were pleased to see that many residents were able to take advantage of this offer and we have elected to extend this through January 2021. In closing, we are excited to be a member of this community and believe that we will make it through these difficult times together. We appreciate your communication and encourage you to reach out to onsite management to communicate any concerns you have with the condition of the property or challenges with paying rent due to the current health crisis. We will make every effort to address all property related concerns in a timely manner and will work with every resident to develop a solution to resolve concerns regarding Payment of rent. Respectfully, Andrew Dolling, Vice President Bo Jones, Vice President Pennybacker Capital Investors’ Property Services Pennybacker Capital » 3800 N Lamar Blvd. Suite 350 - Austin, Texas 78756 « Office 512-610-2910 Investors’ Property Services 26020 Acero Suite 200 « Mission Viejo, California 92691 - Office 949-900-6160