>> FUND OVERVIEW

NBS Real Estate Capital, LLC serves as the investment manager of series of discretionary real estate funds, known as the Morrison Street Funds. NBS Real Estate Capital is a partnership between Rance Gregory, an experienced private equity fund manager, and Norris, Beggs & Simpson, a 76 year-old, full-service commercial real estate firm based in Portland, Oregon.

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 and Morrison Street Fund III, LP.