BENSON ELLIOT REAL ESTATE PARTNERS II, L.P.

REGISTERED IN ENGLAND UNDER NUMBER

(Registered No. LP011285)

Pursuant to section 10 of the Limited Partnerships Act 1907, notice is hereby given that Umbalti FBO The Endowment PMF Master Fund LP have transferred their interest in Benson Elliot Real Estate Partners II, L.P. (the "Partnership"), a limited partnership registered in England aBENSONnd Wales with number LP011285, to VSP III SUB 3, LP. As such, Umbalti FBO The Endowment PMF Master Fund LP cease to be limited partners of the Partnership and VSP III SUB 3, LP has been admitted as a limited partner of the Partnership.

Principal place of business of the Partnership: One Bedford Avenue, London, WC1B 3AU

Benson Elliot Real Estate Partners II, L.P.

acting by its general partner,

Benson Elliot GP, L.P.

acting by its general partner

Benson Elliot General Partner LLP

Joseph de Leo

Director, Benson Elliot GP (England) Limited

(Designated Member of Benson Elliot General Partner LLP)