The information contained herein is confidential and provided for the exclusive use of the recipient and may not be reproduced, provided or disclosed to others, or used for any other purpose, without written authorization, and upon request must be returned to SB Real Estate Partners.

This presentation is for informational purposes only and is neither an offer to sell nor a solicitation of any offer to purchase any securities, investment product, or investment advisory services in any investment fund described herein. Any such offer would be made pursuant to formal documentation setting forth the terms and conditions upon which such investment might be made.

Some of these assumptions and underlying views, plans, estimates, and expectations relate to, among other things: assumed occupancy rates; the ability to achieve certain leasing rates; the ability to obtain needed permits, variances, appraisals or other government approvals; the ability to develop projects at estimated costs; the ability to sell assets at projected valuations; the ability to obtain projected returns on other types of dispositions; the ability to obtain financing at assumed rates; the ability to sell or otherwise dispose of properties at an assumed point in time, the ability to enter joint ventures and other arrangements on certain assumed terms; assumed levels of capital contributions into the partnership; the ability to renew space under expiring leases at expected levels; assumed general and local economic and real estate market conditions (including interest rates); assumptions regarding the financial health of major tenants; assumptions concerning certain risks of acquisitions, dispositions and construction, such as construction delays; assumptions concerning unanticipated operating and capital costs, including those relating to acts of nature; assumptions regarding the financial condition of the partnership and the ability to meet various financial commitments; and the ability to obtain adequate insurance, including coverage for terrorist acts. Given the foregoing assumptions, the information contained herein does not guarantee future results and may not end up being accurate projections of future results. The results received by the partnership may vary significantly. This paragraph does not describe all of the relevant assumptions. Investors may obtain additional information about those assumptions that are listed or information about other assumptions figures by contacting us. Neither SBREP, LLC nor the General Partner makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Neither SBREP nor the General Partner assumes any obligation to update or supplement these materials, even if they become untrue because of future events, except as required by law.

Investment in the partnership would involve significant risks, including risk of loss of the entire investment. Before deciding to invest in the partnership, if offered the opportunity to do so, prospective investors should pay particular attention to the risks inherent to investment in commercial real estate as contemplated by the partnership, including, but not limited to: (i) the partnership’s investments in real property may result in a loss of investment; (ii) leveraged investments may present additional capital structure risk; (iii) dependence on key personnel may result in additional operational risk; and (iv) the partnership will be managed exclusively by the General Partner and the limited partners will not have any right to participate in the management or business of the partnership. This is not a complete list of the risks involved in an investment of this type and any prospective investor, if offered the opportunity to invest in the partnership, should consult with its financial and legal advisors and carefully consider all risks that may be involved.