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*Past performance does not guarantee future results. All investments carry riskThis material is confidential, may be subject to legal privileges. Any use, duplication, disclosure or dissemination of this material is strictly prohibited and may be in violation of law. If you have received this material in error, please notify the sender immediately and delete or destroy this communication and all copies.

This material is for informational purposes only and does not constitute: (i) an offer to sell or a solicitation of an offer to purchase any interest in any investment vehicles managed by any business unit of the Company; or (ii) an acceptance to enter into any binding contract, agreement, or understanding. The Company does not accept any responsibility or liability arising from the use of this communication.

All documents intended for execution, including contracts, must be submitted to the Company's Legal Department for review and approval and signed by an officer of the Company; or made pursuant to the Company's approved contract execution procedures. The Company DOES NOT use or accept electronic signatures. By accepting this communication, you specifically waive your right to claim any action pursuant to the Electronic Signatures in Global and National Commerce Act ("E-Sign"), 15 U.S.C. §7001 et seq., the Uniform Electronic Transactions Act ("UETA"), and any State or local law similar to E-Sign or UETA.

This material may contain highly confidential information regarding The Lightstone Group, LLC and Beacon Property Management LLC and their respective subsidiaries, affiliates, investments, strategy, and/or organization
(collectively, the "Company"). Your acceptance of this material from the Company constitutes your agreement to: (i) keep confidential all the information contained in this material, as well as any information derived by you from the information contained in this material (collectively, "Confidential Information") and not disclose any such Confidential Information to any other person; (ii) not use any of the Confidential Information for any purpose other than pursuant to your relationship with the Company; (iii) not copy any Confidential Information without the Company's prior written consent; and (iv) promptly return any Confidential Information contained in this material to the Company upon the Company's request.

No representation is being made that the Confidential Information presented is accurate, current or complete, and such Confidential Information is at all times subject to change without notice. Opinions expressed may differ or be contrary to the opinions and recommendations of a Company business unit.

The Company does not provide legal, accounting or tax advice. Any statement regarding legal, accounting or tax matters was written in connection with the explanation of the matters described herein and was not intended or written to be relied upon by any person as definitive advice. Any discussion of U.S. tax matters contained within this material is not intended to be used and cannot be used for the purpose of avoiding penalties that may be imposed under applicable federal, State or local tax law or recommending to another party any transaction or matter addressed herein. Each person should seek advice based on its particular circumstances from independent legal, accounting and tax advisors regarding the matters discussed in this material.