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 Makena International Real Estate Master Fund Blue, L.P. has transferred its interest in Benson Elliot Real Estate Partners II, L.P. (the "Partnership"), a limited partnership registered in England and Wales with number LP011285, to VSP IV Sub 1, LP. As such, Makena International Real Estate Master Fund Blue, L.P. ceases to be limited partner of the Partnership and VSP IV Sub 1, 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

Director,

Benson Elliot GP (England) Limited

(Designated Member of Benson Elliot General Partner LLP)