DISCLAIMERS

Confidential Information
The reproduction of this document, in whole or in part, is prohibited You are not permitted to make this document, or the information contained herein available to any third parties This document is not to be used for any purpose other than the purpose for which it was provided to you Except as otherwise provided in a written agreement between the recipient and Royal Palm Companies ( or its affiliates, if the recipient receives a request under any applicable public disclosure law to provide, copy or allow inspection of these materials or other information regarding or otherwise relating to Hines or any of its affiliates, the recipient agrees (at its own cost and expense) to ( provide prompt notice of the request to RPC,RPC,( assert all applicable exemptions available under law and ( cooperate with RPC and its affiliates to seek to prevent disclosure or to obtain a protective order or other assurance that the information regarding or otherwise relating to RPC or any of its affiliates will be accorded confidential treatment.

Preliminary, Selective Information Only 
This document is being provided to you on a confidential basis for the sole purpose of providing you with initial and general information at your own responsibility This document is not suitable to inform you of the legal and factual circumstances necessary to make an informed judgement about any prospective investment Prospective investors are requested to inform themselves comprehensively and, in particular, to verify the contractual documentation which is expected to be provided in the future In no event should this document be viewed as legal, business, tax, accounting, investment, or other advice Unless otherwise noted, the information contained herein is unaudited and may be preliminary and speaks as of the date of this document or the specific date specified RPC disclaims any obligation to update this document in any manner.

Not An Offer
This document does not constitute an offer to acquire or subscribe for securities, units or other participation rights This document is being provided to you as a professional investor The distribution of this document may be restricted in certain jurisdictions It is the responsibility of the recipient of this document to comply with all relevant laws and regulations Real Estate Related Risks Investments in real estate development projects such as those described herein, are subject to numerous risks and uncertainties, including risks inherent in private, dependence on key personnel of the sponsor, as well as risks inherent such as changes in market conditions, regulatory and environmental risks, entitlement and development risks and risks of tenant, purchaser, or seller defaults on contractual obligations Investors in real estate development projects must be able to evaluate and bear the potential consequences of these and other risks 

Forward Looking Statements
This document contains projected results, forecasts, estimates, targets and other “forward looking statements” concerning proposed and existing real estate projects Due to the numerous risks and uncertainties inherent in real estate investments, actual events or results, or the actual performance of any of the development project described, may differ materially from those reflected or contemplated in such forward looking statements Accordingly, forward looking statements cannot be viewed as statements of fact The projections presented are illustrations of the types of results that could be achieved in the given circumstances if the assumptions underlying them are met but cannot be relied on as accurate predictions of the actual performance of any existing or proposed development project.

Disclaimer
The statements in this document are based on information which we consider to be reliable This document does not, however, purport to be comprehensive or free from error, omission or misstatement We reserve the right to alter any opinion or evaluation expressed herein without notice Statements presented concerning investment opportunities may not be applicable to investors Liability for all statements and information contained in this document is, to the extent permissible by law, excluded