Buying

There are unique investment opportunities in the secondary market for limited partnerships and REITs. Buyers can purchase product (subject to availability) in a wide variety of asset categories with attractive current yields and usually at a discount to book value. Information regarding the financial health of these publically registered securities can be researched through the Edgar system sponsored by the Securities Exchange Commission (www.sec.gov).

Buyers can list their interest in specific partnerships/REITs and will be contacted when the opportunity to bid on these securities arises. If a purchase is made, money is escrowed at The Mechanics Bank and not released until title for the purchased security is transferred to the buyer.

Selling

Limited partnerships were sold as long term, illiquid investments. However, a need for liquidity may arise for numerous reasons. Some of these include death, divorce, financial distress, disenchantment and the consideration of other investment opportunities.

APS will act as a seller's agent to locate the best current market price for the partnership units. When the seller contacts us, we seek a buyer at the highest available price. Due to an extensive database of buyers, pricing offered will be very competitive. Prices quoted will be net of commission and fees which include third party fees associated with the transaction, i.e. state filing fees, transfer agent fees, bank escrow fees and administrative fees. The commission will be fully disclosed according to NASD regulations on the customer confirmation.

APS firmly believes that customers deserve competitive pricing terms. Thus, compliance with prescribed NASD pricing rules is an expected part of the daily order execution routine. These rules include NASD Conduct Rules 2320 & 2440. Sales staff obtain bids from at least three market sources whenever possible to ensure that units are sold at the prevailing market price.

Securities Cleared Through First Western Advisors, Member NASD/SIPC