Mountain West

Debt Fund

Fund Investment Objectives

Mountain West Debt Fund's investment strategy is to create and actively manage a portfolio of U.S. real estate debt investments, diversified by investment structure, asset type and geographic location. While the General Partner will retain discretion over the size of a particular investment and the aggregate number of real estate investments made over the life of the Partnership, the General Partner expects that the majority of transactions will involve a gross asset value (including any leverage which may be incurred on a particular property) of between $200,000 and $5 million. The Partnership seeks to achieve favorable returns primarily through (a) interest and fees earned on short-term real estate secured notes and (b) appreciation of real estate obtained through foreclosure of real estate notes. In addition to achieving a profitable return, the Partnership also seeks to preserve and protect (on an inflation-adjusted basis) each Partner's investment. Distribution of cash from current operations is an immediate objective of the Partnership, but may take place at the sole discretion of the General Partner at some future date.