Independent Living, Inc.

Independent Living, Inc. (the "Company") is a large and growing regional property management firm specializing in affordable rental apartment communities for seniors. The Company is a recognized leader in age-restricted and income-restricted affordable senior living and a proud partner of the Senior Housing Assistance Group (SHAG). SHAG is the largest operator of affordable rental apartment communities for seniors in Washington, with existing communities in 28 locations in the Puget Sound Region and seven more under development. The Company serves as the property management agent for each of the affordable rental apartment communities for seniors operated by SHAG. In addition to the portfolio of affordable rental apartment communities for seniors jointly operated and managed by SHAG and the Company, the Company also manages income-restricted but non-age restricted affordable rental apartment communities, with existing communities in 2 locations in the Puget Sound Region and one more under development.