Morrison Street Fund III, LP

As a continuation of the Morrison Street series of funds, Morrison Street Capital began investing Morrison Street Fund III in 2008. Fund III equity investments targeted the western states (Colorado and all parts west). Debt investments were made nationwide. Fund III invested in a portfolio with a total cost of $338 million. The Fund's investments included equity, preferred equity, mezzanine debt, B notes and CMBS.

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 each fund.