THE RESILIENCY OF

NON-TRADITIONAL REAL ESTATE

PREPARED FOR:

MARCH 11, 2021 | CONFIDENTIAL

Awarded “Best Places to Work” by P&I for seven consecutive years: 2014, 2015, 2016, 2017, 2018, 2019 and 2020

EXCLUSIVELY INVESTING IN ALTERNATIVE REAL ASSETS

Creating differentiated investment

solutions since 2005

Leader in real asset investments

targeting Education, Healthcare, Life

Sciences and Storage sectors

Invested $40.2 billion across 1,148 assets

since inception

• US, UK, Ireland, Spain, France, Germany, Canada

• 47 states in the US

• 183 universities

• 30 healthcare systems

• 50+ operating partners

Continue to innovate with one of the largest

network of university and healthcare

partners

As of December 31, 2020 and includes the total project cost of the Firm’s entire track record since inception. Non-USD investments have been converted to USD using the exchange rate as of the reporting date

CONFIDENTIAL | 2

United Kingdom$2.7 billion

US - Midwest$6.9 billion

Ireland$673.6 million

Spain$378.1 million

US - West$7.6 billion

US - South$8.5 billion

US – East$13.1 billion

Germany$144.5 million

France$131.4 million

Canada$43.2 million

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

EUROPEANFUND SERIES

Delivering capital appreciation through development and other

value creation activities in Education, Healthcare and Specialty Residential

in the U.K. and Europe. Targets opportunistic returns

Fund I - III

SOCIAL INFRASTRUCTURE

Open-end fund delivering current income and appreciation through

infrastructure investments servicing universities, health

systems and government users in North America

INVESTMENT STRATEGY INNOVATION

Bar chart represents growth in assets under management As of December 31, 2020

US OPPORTUNITY FUND SERIES Delivering capital appreciation through development and other value creation activities in Education, Healthcare and Storage real estate in the USFund I - VIII

Open-end fund delivering current income through investments in stable Education, Healthcare, and Storage real estate in the US

CORE FUND

CONFIDENTIAL | 3

MICHIGAN INVESTMENT EXPERIENCE

CONFIDENTIAL | 4

As of December 31, 2020

$888.7MGross Value

5,440Student Housing Beds

570,000Medical & Life Sciences Square Feet

2,180Senior Housing Units

31Assets

MARKET AND SECTOR RESEARCH

NON-TRADITIONAL REAL ESTATE CHARACTERISTICS

CONFIDENTIAL | 6

DEFENSIVE SECTORS FRAGMENTATIONACCESS/OPERATIONAL

BARRIERS

• Demographic-driven demand

• Needs-based

• Mission critical assets

• High credit quality

counterparties and users

• Proven resiliency throughout

cycles

• Smaller average asset sizes and

middle market focus

• Yield premiums resulting from

fragmented assets

• Value creation though portfolio

aggregation opportunities

• Management and operational

expertise a must

• Access through deep

relationships and knowledge of

end users, i.e. universities and

health systems

• Expansive partner relationships

required in order to achieve

scale

CONFIDENTIAL | 7

Compelling demographics across age cohorts anchors our investment thesis for Education, Healthcare,

Life Sciences and Storage real estate and continues to provide significant opportunity as the population:

DEMOGRAPHIC-DRIVEN INVESTMENT THESIS

0.0M

1.0M

2.0M

3.0M

4.0M

5.0M

• Ages and grows to meet multiple age

cohort needs for healthcare, from life

sciences developing drugs and

therapies, to healthcare delivery

providing care to senior housing

offering care and community to seniors

• Seeks higher education the primary

and proven method to increase lifetime

wages and job security

• Experiences and life events, that span

age cohorts depending on the specific

stages of life

Gen-Z

86.40MMillennials

82.22MGen-X

65.13MBaby Boomers

68.70MSilent Gen

23.63M

Greatest Gen

1.75M

TOTAL US POPULATION BY AGE AND GENERATION1

Healthcare Delivery and Life Sciences

Senior Housing

StorageStudent Housing

80+ age cohort projected to grow 3.7% annually over next 15 years

Born in: 2020 1999 1981 1965 1946 1928 1916Age: 1 21 39 55 74 92 104

1 US Census

WHY STUDENT HOUSING?

1 IPEDS AY 2019-20 (most recent data as of March 2021)2 BLS, Data representing December 31, 20203 Federal Student Aid Office4 IPEDS AY 2019-20 (most recent data as of March 2021)

MARKET SHARE BY SECTOR1

ONLINE PENETRATION LIMITED4

BENEFITS OF A COLLEGE DEGREE2

STUDENT BORROWERS BY AMOUNT3

CONFIDENTIAL | 8

4-YR PUBLIC

19% OF UNIVERSITIES

46% OF ENROLLMENT

4-YR PRIVATE NONPROFIT

39% OF UNIVERSITIES

21% OF ENROLLMENT

4-YR FOR PROFIT

9% OF UNIVERSITIES

4% OF ENROLLMENT

ALL 2-YR

32% OF UNIVERSITIES

28% OF ENROLLMENT

15%

20%

8%

12%

14%

18%

9%

4%

1%

2%

5%

3%

6%

9%

21%

21%

17%

17%

$200,000 or More

$100,000-$199,999

$80,000-$99,999

$60,000-$79,999

$40,000-$59,999

$20,000-$39,999

$10,000-$19,999

$5,000-$9,999

Less than $5,000

Percentage of Borrowers Percentage of Debt

$40,612

$47,684

$66,716

$84,604

9.80%

7.80%

6.30%

3.80%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

Less than HighSchool Diploma

High SchoolGraduates

Associate'sDegree

Bachelor'sDegree or Higher

Unem

plo

yment R

ate

Ave

rag

e A

nnual

Ear

nin

gs

21%

61%71%

13%

23%

26%

67%

16%3%

4-Year For-Profits All Sectors 10,000+ Enrollment "Power 5"

No Online Some Online Fully Online

STUDENT HOUSING

Without the college experience, a college education alone seems insufficient. The pandemic has revealed that university life is far more embedded in the American idea than anyone thought.

America is deeply committed to the dream of attending college.1

CONFIDENTIAL | 9

1 The Atlantic, October 20202 Preliminary Enrollment from National Student Clearinghouse, October 2020, HS Research3. Common Application data February 2021

COVID-19 ImpactEvolved as schools adapt, students are enrolled and living at public schools, Fall 2021 will see schools open, many have already announced in-person classes

Rent Collection 95%, showing durability of asset class

EnrollmentPublic 4-year Fall 2020 (-1.9%), Power 5’s up or record enrollment 2. Applications for ’21 up 16% at schools of 20,000+

Move to Public Education Move to Public Education; economy accelerates this existing trend

Online Education Not preferred, “supplements does not substitute”

De-densification Closed or reduced density on-campus, could be a permanent trend

University Finances Balance sheets of universities have been impacted

Winners and LosersSelective public universities better positioned as “Enrollment Takers”, others will struggle or close, many of these schools grew enrollment during the pandemic

STUDENT HOUSING PROPERTY

CONFIDENTIAL | 10

WHY SENIOR HOUSING?

1 US Census, Moody’s Economy.com, HS research2 Health Affairs and NIC 20193 US Census and FRMA4 World Bank, CDC. Data latest as of 5 March 2020

HOME EQUITY FUNDS SENIOR STAYS3 US LIFE EXPECTANCY4

CONFIDENTIAL | 11

12.7

28.1

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

5

10

15

20

25

30

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

20

40

Annual G

row

th

US 8

0+

Po

pula

tio

n (

Mill

ions)

80+ Population (Millions) Annual Growth Rate

NATIONAL 80+ POPULATION GROWTH FORECAST 1 POPULATION GROWTH BY INCOME SEGMENT2

20.0

8.1 7.9

4.0

33.6

8.9

14.4

10.3

Total Low-Income Middle-Income High-Income

2014 2029

+68% through 2029

+10% through 2029

+81% through 2029+160% through 2029

67.4

80.7

0

10

20

30

40

50

60

70

80

90

$0

$5

$10

$15

$20

$25

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3Q2020

US Home Equity Seniors Home Equity (62+)

US Home Ownership 65+ Home Ownership

79.0

40

45

50

55

60

65

70

75

80

85

19

60

19

62

19

64

19

66

19

68

19

70

19

72

19

74

19

76

19

78

19

80

19

82

19

84

19

86

19

88

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

20

16

20

18

20

20

Life

Exp

ect

ancy

(Y

ear

s)

SENIOR HOUSING

Senior housing will continue to provide a range of unique and innovative long-term care solutions to a growing population of seniors

CONFIDENTIAL | 12

1 Health Affairs, May 2019, US Census2 National Association for Home Care and Hospice

COVID-19 Impact Well prepared dynamic operating teams, now normalizing occupanices

Vaccinations

Rent Collection

Portfolio at 86%, in-community clinics to benefit residents

96%, durability of asset class

Predictable DemographicsBy 2029, high income seniors $95K+ income w/out home equity grow from 4.3M to 10.2M1; Still 7 years before Baby Boomers turn 82

Seniors Prepared Plan for this need and have the means, $7.7 trillion in home equity to fund senior housing

Pre-COVID-19 Demand Brisk Absorption at all-time highs in 3rd and 4th quarter 2019

Few Alternatives

Home Health Care used by 12M Americans who are chronically ill or infirm many with underlying medical conditions, placing them in the COVID high-risk category.2

Adult children often can’t fill care gaps due to location, job requirements or specialized care needs of seniors

SENIOR HOUSING PROPERTIES

CONFIDENTIAL | 13

WHY HEALTHCARE DELIVERY?

NATIONAL HEALTH EXPENDITURES1

OLDER AGES DRIVE VISITS3

OUTPATIENT REVENUE2

BEHAVIORAL HEALTH OPPORTUNITY4

CONFIDENTIAL | 14

1 Moody’s2 AHA Trendwatch 3- EPIC Health network data3 CDC 20194 SAMHSA 2018

49%

51%

10%

20%

30%

40%

50%

60%

70%

80%

Shar

e o

f A

ll R

eve

nue

Gross Outpatient Revenue Gross Inpatient Revenue

60.2%

72.2%

83.9%

89.5%

18-44 45-64 65-74 75+

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

20

12

20

14

20

16

20

18

20

20

Annual G

row

th

Nat

ional

Heal

th E

xpend

iture

s ($

B

illio

ns)

National Healthcare Expenditure ($ Millions) Annual Growth Rate

6.6M

14.1M18.4M

35.9M

0.8M

0.7M

1.5M

9.7M

0

10

20

30

40

50

Illicit Drug Use Alcohol Abuse Substance Abuse Mental Illness

Pe

op

le (M

illio

ns)

Not Treated in a Specialty Facility Treated in a Specialty Facillity

HEALTHCARE DELIVERY

Clinical innovation, patient preferences, and financial incentives aretilting the balance in favor of outpatient settings for hospital services

CONFIDENTIAL | 15

COVID-19 Impact Maintained its resilience as many healthcare functions were deemed essential

Rent Collection 98%

Move to Off-Campus Trend continues and is accelerating as consumers want retail-like locations

Partner with “Top” Health Systems

Top health systems are “winners” in highly competitive health care industry

Consumerism and TechnologyAdvances in technology and monitoring continue to allow more complex procedures, orthopedic and cardiac to be performed in the outpatient setting

Value-Based CareConsumers want proximate and safe access to care; Rewards providers delivering highest quality care at lowest price, means shifting to outpatient settings

MEDICAL OFFICE PROPERTIES

CONFIDENTIAL | 16

WHY LIFE SCIENCES?

1 NIH, PhRMA, Pitchbook. Data latest as of June 2020 , CDC and Green Street2 HS Research, Company 10ks3 NIH 20194 Green Street

$80 $82$87

$96 $101$113

$130 $131

$0

$20

$40

$60

$80

$100

$120

$140

2012 2013 2014 2015 2016 2017 2018 2019

An

nu

al F

un

din

g f

or

Life

S

cien

ces

($B

illio

ns)

Government Funding Venture Capital Funding Corporate Funding

5.4%

2.5%

Life Sciences NOI Office NOI

SAME-STORE NOI GROWTH (‘05-’19)4

FUNDING GROWS SECTOR1

NIH FUNDING SPANS ALL MARKETS3

RENT A SMALL SHARE OF PHARMA COSTS2

Non-Cluster Markets

$22 billion

Cluster Markets

$9 billion

CONFIDENTIAL | 17

0%

5%

10%

15%

20%

25%

30%

35%

40%

Eli Lilly Celgene Bristol-MyersSquibb

Merck Pfizer Amgen Average

Sh

are

of

To

tal R

eve

nu

e

Rent R&D SG&A

LIFE SCIENCES

An aging US population in need of life-sustaining and life-extending care from chronic diseaseand a vibrant prescription drug market drive life science demand

CONFIDENTIAL | 18

1 CDC 2 Wall Street Journal, October 22, 2020

COVID-19 ImpactSector remained fully operational and was highlighted during pandemic for firms’ abilities to rapidly adapt to address the immediate needs of the pandemic

Rent Collection 100%

Why Life Sciences?Chronic disease treatment accounts for 80% of healthcare cost,1 pharmaceutical and therapeutics delivered by the life sciences only accounts for 10% of total healthcare spend

Markets Clusters, healthcare and research university markets, some secondary markets emerging

Vibrant SectorUS biotechs raised $19.5 billion in venture capital YTD topping the $17.4 billion they raised for all of 2019. 60 IPOs YTD raised $13B exceeds 2018’s record biotech IPO year2

Government Impact CARES Act and Operation Warp Speed, NIH funding, expedited drug approval process

CONFIDENTIAL | 19

LIFE SCIENCES PROPERTIES

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

MOVE-IN RENT GROWTH3

WHY SELF STORAGE?

CONFIDENTIAL | 20

1 SSA 20192 MKM Partners 20203 Green Street. Data through 3Q 2020, latest as of 27 October 20204 Green Street Advisors. Data through YE 2019. Data latest as of 7 April 2020

USED BY ALL AGE COHORTS1 LENGTH OF STAY EXPECTATION2

15-YR AVG. NOI VS CAPEX4

1%2% 6%

19%

29%

23%

19%

0%

5%

10%

15%

20%

25%

30%

35%

< 1 month 1-3 months 3-6 months 6-12 months 1-2 years 2-5 years > 5 years

Apartment

Industrial

Mall

OfficeStrip Center

Lodging

Health Care

Manufactured Homes

Self Storage

Student Housing

All Sector Average

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

0% 5% 10% 15% 20% 25% 30% 35%

Annual

NO

I G

row

th,

15Y

Avg

.

Annual CapEx as % of NOI

32.2%

33.7%

26.6%

7.5%

71M29.8%

66M27.7%

74M31.1%

27M11.3%

Millennials (ages 22-37) Generation X (ages 38-53)Baby Boomers (ages 54-72) Greatest Generation (ages 73-90)

TOTAL POPULATION

SELF STORAGE USERS

SELF STORAGE

In the aftermath of the GFC – the sector experienced only one year of negative NOI growth before entering a run of 8 straight years of above-average growth – the demand drivers of self storage

flourish in times of economic disruption

CONFIDENTIAL | 21

1 Wall Street Journal, October 22, 2020

COVID-19 ImpactContactless business, ability to quickly adapt to changing economic conditions and reprice accordingly

Rent Collection 96%

PerformanceSince August 8/20 rental rates have risen by 3.6% nationally, and new move in rates increased by 5% as a result of higher demand for storage; National stabilized REIT occupancy 94%

DemandTypical life transitions, in this case schools closing abruptly and surging new home sales trend

ResilienceHealthy demographic and structural drivers demonstrated by rapid segment recovery after two black swan events

SELF STORAGE PROPERTIES

CONFIDENTIAL | 22

2 35

911

15

20

25

31

40

50

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

202

0 (e

st.)

WHY DATA CENTERS

… That Is Growing Exponentially

DATA GENERATED EACH YEAR (ZETTABYTES1)

1 Zettabyte is equivalent to 1 trillion gigabytes. Different methodologies mean historical estimates of data creation may not line up between left and right chart.Source: University of Notre Dame, The Economist, from IDC and Seagate. Data latest as of 25 March 2020

DATA IS A NEW PHENOMENON…

CUMULATIVE AMOUNT OF DATA CREATED BY HUMANITY

.005 ZB

1 ZB

45 ZB

190 ZB

3500 BC – 2003:

through 2012

through 2015

through 2020

CONFIDENTIAL | 23

• Data storage, processing and transmission is mission critical in today’s highly digital world

• Structural changes (ecommerce) and advancement in technology (internet of things) has led to data proliferation

• Data centers remain a niche sector due to high barriers-to-entry, complexity of investment and expertise needed

• Monopoly-like characteristics including high switching costs, network effects and substantial tenant investment

• Defensive performance characteristics including low correlation to GDP and job growth with steady NOI growth

• Compelling return opportunity based on income certainty, growth and increasing institutional liquidity

CONFIDENTIAL | 24

DATA CENTERS

DATA CENTER PROPERTIES

CONFIDENTIAL | 25

QUESTIONS

TOM ERRATH

CONFIDENTIAL | 27

Managing Director, Head of Research

Mr. Errath joined the firm in 2008 and is a member of the firm’s Management Committee.

As the Managing Director and Head of the Research group, he directs Harrison Street’s

research process for its primary investment sectors of education, healthcare and storage

real estate in the U.S. and Europe. Research at Harrison Street is used as a strategic tool

to guide operating and investment strategy for Harrison Street’s portfolio. He also leads

new business development efforts as the firm contemplates growth strategies into new

markets and complementary real estate segments. He is a frequent speaker on alternative

real estate segments and has written extensively on the alternative real estate sectors.

Prior to heading up the Research team, Mr. Errath was responsible for boat storage

acquisitions and asset management at Harrison Street. Prior to joining Harrison Street he

worked at Macquarie Real Estate, Heitman and Trammell Crow. He also ran corporate

development for a Fortune 500 firm. During this period, he was also a Board Member of

the Igloo Corporation and the U.S. Coast Guard Foundation.

Mr. Errath has a BA from Northwestern University and an MBA from the JL Kellogg

School of Management. He is a member of a ULI National Product Council and an

Advisory Board Member at Revista.

E: terrath@harrisonst.comO: 312.376.0124

MELISSA BROWN

CONFIDENTIAL | 28

Vice President, Investor Relations

Ms. Brown joined the firm in 2014. As a Vice President in the Investor Relations group,

she is responsible for maintaining relationships across the institutional investor community

and business development throughout the Midwestern United States.

Prior to joining Harrison Street, Ms. Brown was an Associate at Equity International. While

there, her responsibilities encompassed client service for a range of institutional and high-

net worth individuals and fundraising for portfolio companies. Her past real estate work

includes roles at Jones Lang LaSalle and GE Capital Real Estate, chiefly in corporate real

estate consulting and business development.

Ms. Brown earned her BA in political science from Denison University and her MBA from

the University of Notre Dame, with a finance and investments concentration.

E: MBrown@harrisonst.comO: 312.582.2877

DISCLAIMER

CONFIDENTIAL | 29

The materials contained in this report may not be distributed, circulated, quoted, or otherwise disseminated without the prior written consent of Harrison Street. Any projections or other

estimates in this presentation, including estimates of returns or performance, are forward-looking statements and are based upon certain assumptions. Other events, which were not taken

into account, may occur and may significantly affect performance. Any assumptions should not be construed to be indicative of the actual events that will occur. Actual events are difficult

to predict and may depend upon factors that are beyond the control of Harrison Street. Certain assumptions have been made to simplify the presentation, and, accordingly, actual results

will differ, and may differ significantly, from those presented. Some important factors which could cause actual results to differ materially from those projected or estimated in any forward-

looking statements include, but are not limited to, the following: changes in interest rates and financial, market, economic or legal conditions. In addition, the degree of risk will be

increased as a result of the leveraging of investments. Other risks are described in the disclosure and other documents related to particular investments. Accordingly, there can be no

assurance that targeted returns or projections can be realized or that actual returns or results will not be materially lower or inferior than those targeted herein. Such targeted returns and

projections should be viewed as hypothetical and do not represent the actual returns that may be achieved by an investor. Unless otherwise stated, the projected or targeted performance

information shown herein is shown gross of fees and expenses, the projected or target performance information does not reflect the deduction of costs and expenses, including

management fees, that may be payable to manage the portfolio and that would reduce the projected benchmark, target or pro forma returns. Actual performance results will be reduced

by fees, costs and expenses including but not limited to investment management fees and other costs such as custodial, reporting, evaluation and advisory services. Investors should

conduct their own analysis, using such assumptions as they deem appropriate, and should fully consider other available information, including the information described in the disclosure

and other documents related to particular investments in making an investment decision. In considering the prior performance information contained in this presentation, investors should

bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that any investment will achieve its targeted results. Individual property

investments described herein are summaries only, relate only to the Harrison Street-sponsored fund or investment vehicle (in each case, a “Fund”) which made or may make such

investment, and may not be indicative of other or future investments. Investment strategies described herein for individual property investments are subject to change. Sample

investments are provided for discussion purposes and may not include all investments made by a Fund.

Each purchaser of any securities in investment vehicles offered by Harrison Street is required to be an “accredited investor,” as such term is defined in Regulation D promulgated by the

SEC under the Securities Act of 1933, as amended, and may also be required to be a “qualified purchaser,” as such term is defined under the Investment Company Act of 1940, as

amended, as disclosed in the specific vehicles’ Offering Documents (as defined below). This presentation is not an offer to sell or a solicitation of an offer to purchase any securities of

Harrison Street or any affiliate, and any such offers will only be made pursuant to a private placement memorandum or similar disclosure document and/or other definitive documentation

relating to any such security (“Offering Documents”). The information contained herein is a summary only and does not contain material information that is or will be detailed in the

Offering Documents related to a specific security, including, but not limited to, descriptions of terms and risk factors. Investors should make a decision to invest based solely on the

information provided in the Offering Documents. Harrison Street may have a financial interest in the investors’ investment in the Fund on account of the management or advisory fees

that Harrison Street may receive from the Fund as disclosed in the applicable Offering Documents and governing documents of the Fund.

All information herein is given as of the date of this company overview unless otherwise stated, and Harrison Street undertakes no obligation to update any such information. Totals may not sum due

to rounding. GRESB is a fee-based real estate sustainability benchmark that offers data and portfolio analysis tools to investment managers and other institutional clients.

*As used herein, unless the context otherwise requires, “Harrison Street” refers collectively to Harrison Street Real Estate Capital, LLC, and its affiliates and subsidiaries, including

Harrison Street Advisors, LLC.

DISCLAIMER

CONFIDENTIAL | 30

In the United Kingdom, this memorandum is being distributed only to and is directed only at: (a) persons who have professional experience in matters relating to investments falling within

article 19(5) of the financial services and markets act 2000 (financial promotion) order 2005 (as amended) (the “order”); (b) certified high-net-worth individuals falling within article 48(2) of

the order; (c) high-net-worth entities falling within article 49(2) of the order; (d) certified sophisticated investors falling with article 50 of the order; and (3) other persons to whom it may

otherwise lawfully be communicated.

Outside the United Kingdom, this memorandum is being distributed only to and is directed only at overseas recipients within article 12(1) of the order.

All such persons in the United Kingdom and outside the United Kingdom together being referred to as “relevant persons”.

Persons who are not relevant persons must not act on or rely on this memorandum or any of its contents. Any investment or investment activity to which this memorandum relates is

available only to relevant persons and will be engaged in only with relevant persons. Recipients must not distribute, publish, reproduce, or disclose this memorandum (in whole or in part)

to any other person. The content of this memorandum is exempt from the general restriction (in section 21 of the financial services and markets act 2000) on the communication of

invitations or inducements to engage in investment activity on the grounds that it is only distributed to and directed at relevant persons. Any individual who has any doubt with respect to

the investment to which this memorandum relates should consult an authorized person specializing in advising on investments of the kind in question. In order for an individual investor to

qualify as a certified sophisticated investor and thus be a relevant person, the investor must have a current certificate in writing or other legible form signed by an authorised person to the

effect that he/she is sufficiently knowledgeable to understand the risks associated with investments of the type described in this memorandum and that such certificate was signed by the

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The content of this memorandum has not been approved by an authorized person within the meaning of the financial services and markets act 2000. Reliance on this memorandum for the

purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.

Harrison Street Real Estate Capital Ltd (frn: 806260) is an appointed representative of Duff & Phelps securities ltd. (FRN: 466588) which is authorised and regulated by the financial conduct

authority.