>> MORRISON STREET FUND II, LP

Beginning in January 2006, NBS Real Estate Capital began investing capital on behalf of Morrison Street Fund II, LP. Fund II expanded its market coverage to include California, Utah, Arizona and Colorado, in addition to the Pacific Northwest markets (OR, WA, ID, NV) primarily targeted by Fund I. Fund II is now fully invested in a portfolio that includes over $260 million in real estate assets. The Fund's investments were structured to include equity, preferred equity and subordinate debt.

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 II, LP.