EFTA Document EFTA01374668

Hui 0: ADDITIONAL DISCLOSURES PAST PERFORMANCE - PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE AND IS NOT A GUARANTEE OF A REAL ESTATE FUND'S FUTURE RESULTS OR PERFORMANCE. SOME REAL ESTATE FUNDS MAY HAVE LITTLE OR NO OPERATING HISTORY OR PERFORMANCE AND MAY USE HYPOTHETICAL OR PRO FORMA PERFORMANCE THAT MAY NOT REFLECT ACTUAL TRADING DONE BY THE MANAGER OR ADVISOR AND SHOULD BE REVIEWED CAREFULLY. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE ON HYPOTHETICAL OR PRO FORMA PERFORMANCE. RISK OF ILLIQUIDITY - REAL ESTATE IS AN ILLIQUID INVESTMENT AND THE ACCOUNT MAY NOT BE ABLE TO GENERATE SUFFICIENT CASH TO MEET WITHDRAWAL REQUESTS FROM INVESTORS. REDEMPTIONS MAY BE DELAYED INDEFINITELY; USE OF LEVERAGE - LEVERAGE WILL INCREASE THE EXPOSURE OF THE REAL ESTATE ASSETS TO ADVERSE ECONOMIC FACTORS. SUCH AS RISING INTEREST RATES. ECONOMIC DOWNTURNS, OR DETERIORATIONS IN THE CONDITION OF THE PROPERTIES OR THEIR RESPECTIVE MARKETS AND CHANGES IN INTEREST RATES; LIMITATIONS ON THE TRANSFER OF FUND UNITS - THERE IS NO PUBLIC MARKET FOR INTERESTS IN ANY OF OUR FUNDS AND NO SUCH MARKET IS EXPECTED TO DEVELOP IN THE FUTURE; AND LEGAL 8 TAXATION - INVESTORS SHOULD CONSULT THEIR OWN LEGAL AND TAX ADVISERS FOR POTENTIAL U.S. AND/OR LOCAL COUNTRY LEGAL OR TAX IMPLICATIONS ON ANY INVESTMENT. THIS PRESENTATION MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PRESENTATION RELATES WILL BE AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. PRIOR TO ACCEPTING AN APPLICATION FROM ANY APPLICANT WHO CLAIMS TO FALL WITHIN ANY OF THE ABOVE CATEGORIES, VERIFIABLE EVIDENCE OF THE APPLICANTS STATUS MAY BE REQUIRED. THE FUND AND ITS AFFILIATES RESERVE THE RIGHT TO MODIFY ANY OF THE TERMS OF THE OFFERING OR OF THE LLC INTERESTS DESCRIBED HEREIN. THIS PRESENTATION IS PROVIDED TO YOU FOR INFORMATIVE PURPOSES ONLY IN RESPONSE TO YOUR SPECIFIC REQUEST. THE INFORMATION CONTAINED HEREIN SUPERSEDES ANY PREVIOUS SUCH INFORMATION DELIVERED TO YOU AND MAY BE SUPERSEDED BY INFORMATION DELIVERED TO YOU AT A SUBSEQUENT TIME. RXR 74 of 75 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0069473 SDNY_GM_002 15657 EFTA01374668