THIS PROPRIETARY DOCUMENT (THE “DOCUMENT”) AND ITS CONTENTS ARE PROVIDED FOR INFORMATIONAL AND DISCUSSION PURPOSES ONLY AND ARE STRICTLY CONFIDENTIAL. BY ITS ACCEPTANCE OF THIS DOCUMENT, EACH RECIPIENT AGREES TO NOT COPY, REPRODUCE, OR DISTRIBUTE TO OTHERS THIS DOCUMENT IN WHOLE OR IN PART, AT ANY TIME, WITHOUT THE PRIOR WRITTEN CONSENT OF CORTLAND PARTNERS, AND WILL KEEP PERMANENTLY CONFIDENTIAL ALL INFORMATION CONTAINED HEREIN NOT ALREADY PUBLIC.

THIS DOCUMENT IS NOT INTENDED TO, AND SHALL NOT, CONSTITUTE AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR INVESTMENT. ANY SUCH OFFER OR SOLICITATION WILL BE MADE ONLY BY DEFINITIVE OFFERING DOCUMENTS IN ACCORDANCE WITH APPLICABLE LAW.

CERTAIN INFORMATION INCLUDED IN THIS DOCUMENT CONSTITUTES FORWARD-LOOKING STATEMENTS, INCLUDING, AMONG OTHER THINGS, STATEMENTS CONCERNING OUR OBJECTIVES AND OUR STRATEGIES TO ACHIEVE THOSE OBJECTIVES, STATEMENTS WITH RESPECT TO MANAGEMENT’S BELIEFS, PLANS, ESTIMATES AND INTENTIONS AND STATEMENTS CONCERNING ANTICIPATED FUTURE EVENTS, CIRCUMSTANCES, EXPECTATIONS, RESULTS, OPERATIONS OR PERFORMANCE THAT ARE NOT HISTORICAL FACTS. FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED GENERALLY BY THE USE OF FORWARD-LOOKING TERMINOLOGY, SUCH AS “INDICATORS,” “OUTLOOK,” “OBJECTIVE,” “MAY,” “WILL,” “EXPECT,” “INTEND,” “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “SHOULD,” “PLANS,” “CONTINUE” OR SIMILAR EXPRESSIONS SUGGESTING FUTURE OUTCOMES OR EVENTS. SUCH FORWARD-LOOKING STATEMENTS REFLECT MANAGEMENT’S CURRENT BELIEFS AND ARE BASED ON INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT.

THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE NOT GUARANTEES OF FUTURE RESULTS, OPERATIONS OR PERFORMANCE AND ARE BASED ON ESTIMATES AND ASSUMPTIONS THAT ARE SUBJECT TO RISKS AND UNCERTAINTIES, WHICH COULD CAUSE ACTUAL RESULTS, OPERATIONS OR PERFORMANCE TO DIFFER MATERIALLY FROM THE FORWARD-LOOKING STATEMENTS. THOSE RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, RISKS ASSOCIATED WITH REAL ESTATE PROPERTY ACQUISITION, DEVELOPMENT, FINANCING AND MANAGEMENT, OCCUPANCY AND LEASE RATES, GENERAL MACROECONOMIC AND LOCAL CONDITIONS, COMPETITION, AND RISKS ASSOCIATED WITH RETENTION AND DISPOSITION OF PROPERTIES. ALTHOUGH THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS DOCUMENT ARE BASED ON GOOD FAITH ASSUMPTIONS, THERE CAN BE NO ASSURANCE THAT ACTUAL RESULTS, OPERATIONS OR PERFORMANCE WILL BE CONSISTENT WITH THESE STATEMENTS.

THE FINANCIAL INFORMATION IN THIS DOCUMENT INCLUDES FORECASTS, PROJECTIONS AND OTHER PREDICTIVE STATEMENTS THAT REPRESENT MANAGEMENT’S ASSUMPTIONS AND EXPECTATIONS IN LIGHT OF CURRENTLY AVAILABLE INFORMATION. THESE FORECASTS, ETC. ARE BASED ON MANAGEMENT’S EXPECTATIONS AND ARE SUBJECT TO VARIABLES AND UNCERTAINTIES. THE COMPANY’S ACTUAL PERFORMANCE RESULTS WILL DIFFER. CONSEQUENTLY, NO GUARANTEE IS PRESENTED OR IMPLIED AS TO THE ACCURACY OF SPECIFIC FORECASTS, PROJECTIONS OR PREDICTIVE STATEMENTS CONTAINED HEREIN.

CERTAIN INFORMATION CONTAINED IN THE DOCUMENT HAS BEEN OBTAINED FROM PUBLISHED AND NON-PUBLISHED SOURCES. NONE OF SLI CAPITAL NOR ANY OF ITS MEMBERS, OFFICERS, EMPLOYEES, PARTNERS, MANAGERS, AFFILIATES OR AGENTS HAS INDEPENDENTLY CONFIRMED, OR ASSUMES ANY RESPONSIBILITY FOR, THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. ANY PERFORMANCE INFORMATION CONTAINED HEREIN IS UNAUDITED (UNLESS OTHERWISE NOTED) AND HAS NOT BEEN, AND CANNOT BE, INDEPENDENTLY VERIFIED UNTIL SUCH INFORMATION IS AUDITED. ALL INFORMATION CONTAINED HEREIN IS SUBJECT TO REVISION AND THE INFORMATION SET FORTH HEREIN DOES NOT PURPORT TO BE COMPLETE.

ALL RIGHTS TO THE TRADEMARKS AND/OR LOGOS LISTED HEREIN BELONG TO THEIR RESPECTIVE OWNERS AND SLI’S USE HEREOF DOES NOT IMPLY AN AFFILIATION WITH, OR ENDORSEMENT BY, THE OWNERS OF THESE TRADEMARKS AND/OR LOGOS.

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