>> MORRISON STREET FUND III, LP

As a continuation of the Morrison Street series of funds, NBS Real Estate Capital began investing Morrison Street Fund III in 2008. Fund III equity investments will target the western states (Colorado and all parts west). Debt investments will be made nationwide. With leverage, the Fund is expected to include over $400 million in real estate assets.

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 III, LP.