Statement by General Partner

2013-05-302013-06-10Limited Partnerships Act 1907TSO (The Stationery Office), St Crispins, Duke Street, Norwich, NR3 1PD, 01603 622211, customer.services@tso.co.uk184093660529

Infrared Active Real Estate III (No.1) LP

Partnership number: LP015496

Notice is hereby given pursuant to section 10 of the Limited Partnerships Act 1907 that InfraRed Capital Partners (Holdco) Limited has transferred its entire interest in InfraRed Real Estate III (No.1) LP (the “Partnership”), a limited partnership registered in England with number LP015496, to the Paternoster IRAFIII CI Limited Partnership Inc. As a result, with effect from 30 May 2013, InfraRed Capital Partners (Holdco) Limited has withdrawn from, and ceased to be a limited partner in, the Partnership and Paternoster IRAFIII CI Limited Partnership Inc. has become a limited partner in the Partnership.

For and on behalf of

InfraRed Capital Partners Limited

as manager of

InfraRed Active Real Estate III (No.1) LP