599 Research Parkway MERIDEN, CT

1. Auction Dates: July 29 through July 31 599 Research Parkway MERIDEN, CT CONFIDENTIAL OFFERINGMEMORANDUM

2. Offering Memorandum Disclaimer This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “ConfidentialityAgreement”)signedbyyouandconstitutespartoftheConfidentialInformation(asdefinedintheConfidentialityAgreement). It is being given to you for the sole purpose of evaluating the possible investment in 599 Research Parkway, Meriden (the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of LSREF4 Rebound, LLC (Managing Member”), or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information)areforgeneralreferenceonly.Theyarebasedonassumptionsrelatingtotheoveralleconomyandlocalcompetition,amongother factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate yourreview;thesesummariesarenotintendedtobeacomprehensivestatementofthetermsoralegalanalysisofsuchdocuments.Whilethe informationcontainedinthisMemorandumandanyotherConfidentialInformationisbelievedtobereliable,neitherCushman&Wakefieldnor ManagingMemberguaranteesitsaccuracyorcompleteness.BecauseoftheforegoingandsincetheinvestmentintheProjectisbeingoffered onan“AsIs,WhereIs”basis,aprospectiveinvestororotherpartyauthorizedbytheprospectiveinvestortousesuchmaterialsolelytofacilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, torejectanyoffertoinvestintheProjectortoterminateanynegotiationswithanypartyatanytimewithorwithoutwrittennotice.Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed,deliveredandapprovedbyManagingMemberandanyconditionstoManagingMember’sobligationsthereunderhavebeensatisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be usedonlybypartiesapprovedbyManagingMember.NoportionofthisMemorandummaybecopiedorotherwisereproducedordisclosedto anyone except as permitted under the ConfidentialityAgreement. For more information, pleasecontact one of the followingindividuals: Tim D’Addabbo Executive Director +1 860616 1434 Timothy.daddabbo@cushwake.com Bob Motley Director +1 860 616 1432 Robert.motley@cushwake.com

3. Table of Contents • Disclaimer 2 • Executive Summary 4 • Asset Overviews 4-5 • Market Overview 6 • Map 7 • Lease Comparables 8

4. Asset Overview • 599 Research Parkway, Meriden, CT • EXECUTIVE SUMMARY: • 599 Research Parkway, Meriden, CT is being offered through an online auction with RealINSIGHTMarketplace. The auction will held July 29 through July 31, 2019. Please see page 9 for more details. • Long known as the Verizon Building, 599 Research Parkway is currently 100% vacant. Although empty, this asset provides some of the largest available contiguous space in Hartford & New Haven County’s. This highly visible, signature asset has 900 feet of frontage along I-91 between exits 15 and 17 with nearby access to I-691, Route 15 & I-84 within Medway Business Park. This corporate park has over 700 acres and is considered the strongest corporate area in central Connecticut. Neighboring companies include Medline, Nationwide Insurance, GKN Aerospace and 3M. Asset Specifications BUILDING SIZE: 48,249 Square Feet STORIES: Three YEAR BUILT: 1982, renovated in 2001, 2012 & 2015 PARCEL SIZE: +/- 9 Acres PARKING: 233 Spaces (4 / 1,000) OCCUPANCY: Currently Vacant

5. Stacking Plan • 599 Research Parkway, Meriden, CT 3 2 1

6. Economic Overview Both nationwide and locally, unemployment is at historical lows. At 3.7%, the national unemployment rate has now bested its previous low of 3.8% - a rate reached only twice in the past 50 years. 2018 brought tax cuts and an increase in government spending – which means many economists believe unemployment will continue to decline. However, they continue to monitor increasing labor costs and the potential for a surge in inflation. Here in New Haven, the commercial real estate industry’s response to economic growth has been conservative and measured. New development is moderate, corporate footprints (for the most part) are shrinking and while rents are elevated across most of the region, landlords are going out of their way to cater to tenants – with building upgrades and onsite amenities. Because of this overall restraint, when the end of the expansion period does arrive, we do not anticipate the kind of destructive impact that we experienced in 2000 and 2008. Market Overview Overall vacancy increased 10 basis points to 13.1% this quarter but is down 150 basis points year-over-year (y-o-y) for the New Haven market. Northern New Haven ended the year with the most positive absorption at 22,382 square feet (sf) year-to-date (ytd). The Department on Aging leaving 40,000 sf in New Haven’s Periphery this quarter, caused absorption to move negative – now standing at -53,902. However, at $21.75 per square foot (psf), rents continue to rise - up 1.4% from this time last year. As we saw in the third quarter, class B space continues to outperform class A with lower vacancy rates – 9.0% and 17.8% respectively. Y-o-y, asking rents for class A space have remained relatively consistent, down just $0.02 to $21.72. Class B on the other hand has seen an increase, up almost a full dollar from this time last year – now at $18.70. Outlook Absorption has remained essentially flat for the last four quarters. This implies that the market is remaining consistent with tenants entering and exiting at similar rates. Steady rent increases are good signs for the overall market but no major changes in demand have been seen. We are cautiously optimistic that another large tenant will replace Alexion on the heels of its relocation to Boston. Market Overview Overall Vacancy Historical Average = 14.6%

7. 1 599 RESEARCH PARKWAY MERIDEN ROAD NAMEHERE

8. Lease Comparables Comparable LeaseTransactions

9. Offering Process THE OFFERING PROCESS An online auction event will be conducted on RealINSIGHT Marketplace in accordance with the Sale Event Terms and Conditions (https://marketplace.realinsight.com/legal-sale-terms). DUE DILIGENCE Due diligence materials are available to qualified prospective bidders via an electronic data room hosted by RealINSIGHT Marketplace. Prospective bidders will be required to electronically execute a confidentiality agreement prior to being allowed access to the materials. All due diligence must be conducted prior to signing the purchase and sale agreement. You may contact Cushman & Wakefield with any due diligence questions. BUYER QUALIFICATION Prospective bidders will be required to register with RealINSIGHT Marketplace to bid. Each bidder will be required to provide current contact information, submit proof of funds up to the full amount they plan to bid, and agree to the Auction Terms and Conditions. In order to participate in an auction, the Seller requires bidders to provide proof of their liquidity in an amount of at least their anticipated maximum bid for those assets they wish to bid on. Such liquidity must be in the form of cash, or cash equivalents, and must be available immediately without restriction. Generally, recent bank statements, brokerage account statements, or bank letters are acceptable. A line of credit statement may be acceptable only if it is already closed and in place, has undrawn capacity, and may be funded immediately without bank approval. Loan pre-approval letters, term sheets, and the like, where the loan would be collateralized by the property up for auction and funded at escrow closing, are NOT acceptable. Capital call agreements, investor equity commitments, and the like, are evaluated on a case-by-case basis. The acceptance of any proof of funds documents are made at the sole and absolute discretion of RealINSIGHT Marketplace. For further information, please visit the Bidder Registration FAQ (https://marketplace.realinsight.com/faq-bid-registration). AUCTION DATE The Auction end date is set for July 31, 2019. RESERVE AUCTION This will be a reserve auction and the Property will have a reserve price (“Reserve Price”). The starting bid is not the Reserve Price. The seller can accept or reject any bid. All bidders agree to execute the non-negotiable purchase and sale agreement, which will be posted to the electronic data room prior to bidding commencement, should they be awarded the deal. For further information about how to bid, please visit the Bidding page (https://marketplace.realinsight.com/faq-bidding). CLOSING Following the auction, the winning bidder will be contacted by phone and email to go over specifics of the sale, including the execution of the purchase agreement and all documentation involved in the purchase. The winning bidder must be available by telephone within two hours of the sale. More information can be found on the RealINSIGHT Marketplace website.

10. Tim D’Addabbo Executive Director 860 616 1434 Timothy.daddabbo@cushwake.com Bob Motley Director 860 616 1432 Robert.motley@cushwake.com 280 Trumbull Street Hartford, CT 06103 +1 860 249 0900 cushmanwakefield.com