>> MORRISON STREET FUND I, LP

Beginning in 2003, on behalf of the Morrison Street Fund I, LP, NBS Real Estate Capital assembled a diversified $172 million portfolio of office, industrial, retail and multi-family properties. Fund I's portfolio includes investments in Oregon, Washington, Idaho, Nevada, Colorado and Arizona. The discretionary nature of this Fund's capital allowed NBS Real Estate Capital to respond quickly and effectively to market opportunities and to conduct detailed and timely underwriting of the Fund's investments.

This summary is neither an offer to sell nor a solicitation to buy any securities. Any such offers and solicitations may be made only pursuant to a private placement memorandum for Morrison Street Fund I, LP, Morrison Street Fund II, LP or Morrison Street Fund III, LP.