The information in this presentation (the “Presentation”) has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or services or to participate in any investment strategy, including an interest in any partnership, limited liability company, or any other investment strategy managed by ANAX Real Estate Partners or any of its subsidiaries or affiliates (“ANAX”). No representation or warranty can be given with respect to the accuracy or completeness of the information, or with respect to the terms hereof. Before making any investment, you should thoroughly review the investment documents with your financial and tax advisors to determine whether such an investment is suitable for you in light of your investment objectives and financial situation.

This Presentation is subject to a more complete description and does not contain all of the information necessary to make a decision with respect to an investment with ANAX. Any offering of such an investment may only be made to qualified investors. No offer to purchase an investment will be made or accepted prior to receipt by an investor of such documents and the completion of all appropriate documentation. Furthermore, all investors must meet eligibility criteria, as described in the applicable offering materials, before they can invest with ANAX.

Any information in this Presentation is provided for informational purposes only and should not be deemed as a recommendation by ANAX with respect to an investment. Accordingly, no prospective investor should make any investment decision on the basis of the information contained in this Presentation. Any liability on account of any party’s use of or reliance on the information contained herein or discussed in the accompanying oral presentation with respect to any such investment decision is hereby expressly disclaimed. Furthermore, this disclaimer does not purport to be a complete itemization or explanation of the risks or considerations involved in an Investment; nor is this Presentation intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are strongly urged to obtain professional guidance from their tax, financial and legal advisers in evaluating all of the tax, financial and legal implications and risks involved in participating in an Investment.

Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are the beyond ANAX’s control. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these statements. Changes to any assumptions may have a material impact on any projections or estimates. In light of these risks and uncertainties, there can be no assurance that these statements are now or will prove to be accurate or complete in anyway. ANAX undertakes no responsibility or obligation to revise or update such statements. Interested parties should conduct their own analysis, using such assumptions as they deem appropriate, and should fully consider other available information, including all information described in the investment documents, in making a decision regarding an investment with ANAX.

Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline for prospective investors to evaluate a particular investment program’s investment strategies and accompanying information. Targeted returns reflect subjective determinations by ANAX based on a variety of factors, including, among others, investment strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions. Performance may fluctuate, especially over short periods. Targeted returns are not intended to be predictions of actual performance and should not be relied upon as an indication of actual or future performance. Past performance is not necessarily indicative of future results.

ANAX and its respective affiliates disclaim any and all liability relating to this information, including without limitation any express or implied representations or warranties for statements contained in and omissions from this information. Except as otherwise stated herein, ANAX does not undertake or have any responsibility to notify you of any changes to the attached information. Additional information is available upon request.

This Presentation is not an advertisement and is intended only for the person to whom it has been distributed. Certain information has been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed.

All figures are estimated and unaudited. In making an investment decision, investors must rely on their own examination of the information provided and the terms of any subsequent offering. No federal or state securities commission or regulatory authority have confirmed the accuracy or determined the adequacy of this Presentation. Any representation to the contrary is a criminal offense. Any projections or other estimates in these materials, including estimates of returns or performance, are forward-looking statements based upon certain assumptions and are preliminary in nature. Actual results are difficult to predict and may depend upon events outside ANAX’s control. Actual events may differ from those assumed. Other events which were not considered may occur and may significantly affect the analysis. Changes to any assumptions may have a material impact on any projections or estimates. Prospective investors are cautioned not to place undue reliance on such forward-looking statements. ANAX its principals and affiliates disclaim any obligations to update any such factors or to announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.