1. Confidentiality and Privilege

This communication, including attachments, is confidential, may be protected by legal privileges, and is intended solely for the addressee. Any use, duplication, disclosure, or dissemination of this communication, other than by the addressee, is strictly prohibited and may violate the law. If you have received this communication in error, please notify the sender immediately and delete or destroy this communication and all copies.

Nothing in this disclaimer shall be construed as granting permission to transmit confidential information via the Company’s (as defined below) email system or as a waiver of any confidentiality or privilege.

2. Not an Offer or Solicitation

This communication is for informational purposes only and does not constitute: (i) an offer to sell or a solicitation of an offer to purchase any interest in any investment vehicles managed or sponsored by any business unit of the Company (including, without limitation, any Series of Lightstone Direct I LLC), which offer or solicitation may be made only pursuant to a definitive Investment Memorandum, Offering Memorandum, Subscription Agreement, and related offering documents; or (ii) an acceptance of an offer to enter into any binding contract, agreement, or understanding. Any securities of the Company or its affiliates that may be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and are offered in reliance on exemptions from registration thereunder. The Company assumes no responsibility or liability arising from the use of this communication.

3. Rule 506(c) Offerings; Accredited Investor Verification

Certain communications from the Company or its affiliates may relate to offerings conducted under Rule 506(c) of Regulation D under the Securities Act (“Rule 506(c)”), which permits general solicitation and general advertising, subject to the requirement that all purchasers be “accredited investors” as defined in Rule 501(a) of Regulation D and that the issuer take reasonable steps to verify the accredited status of each purchaser prior to sale. Nothing in this communication constitutes an offer or sale of any securities. Any offer or sale will be made only through definitive offering documents delivered to the recipient and only after the recipient’s status as a verified accredited investor has been confirmed pursuant to Rule 506(c). Recipients who are not verified accredited investors may not participate in any such offering, and any communication received by such recipients is provided for informational purposes only.

4. Forward-Looking Statements

This communication may contain forward-looking statements, projections, target returns, sensitivity analyses, market forecasts, and other prospective information regarding investments, market conditions, or the Company's or its affiliates' business plans. Any forward-looking statements are based on assumptions and estimates that may not be realized, are subject to risks and uncertainties, and do not guarantee future performance. Actual results may differ materially from those expressed or implied by any forward-looking statements herein. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

5. Past Performance; Risk of Loss

Any performance information, including hypothetical, projected or forecasted performance, is subject to inherent limitations and may not reflect actual results. Past performance is not indicative of future results. Any historical performance information regarding the Company or its affiliates was obtained under market, economic, and other conditions that may not recur, and may reflect investment programs with structures, terms, and conditions different from those of any current or future offering. All investments involve substantial risk, including the potential loss of principal, illiquidity, market volatility, changes in interest rates, and other factors that may materially and adversely affect investment performance. Prospective investors should carefully review the risk factors set forth in the applicable definitive offering documents before making any investment decision.

6. Third-Party Information

Any economic, financial, market, or other information contained in this communication that is derived from third-party sources is believed by the Company to be reliable but has not been independently verified by the Company or its affiliates. Neither the Company nor its affiliates assumes any responsibility for the accuracy or completeness of any such third-party information, and any such information is subject to change without notice.

7. Electronic Signatures

All documents intended for execution, including contracts, must be submitted to the Company’s Legal Department for review and approval and signed by an officer of the Company, or executed pursuant to the Company’s approved contract execution procedures. The Company DOES NOT use or accept electronic signatures. By accepting this communication, you specifically waive your right to bring any action under the Electronic Signatures in Global and National Commerce Act (“E-Sign”), 15 U.S.C. §7001 et seq., the Uniform Electronic Transactions Act (“UETA”), and any State or local law similar to E-Sign or UETA.

8. Company Confidential Information

This communication may contain highly confidential information regarding The Lightstone Group, LLC, Beacon Property Management LLC, LSG Direct Manager LLC, LSG Enterprises LLC, Lightstone Direct I LLC (including each Series thereof), and their respective subsidiaries, affiliates, investments, strategy, and/or organization (collectively, the “Company”). Your acceptance of this communication from the Company constitutes your agreement to: (i) keep confidential all the information contained in this communication, as well as any information derived by you from the information contained in this communication (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person; (ii) not use any of the Confidential Information for any purpose other than pursuant to your relationship with the Company; (iii) not copy any Confidential Information without the Company’s prior written consent; and (iv) promptly return any Confidential Information contained in this communication to the Company upon the Company’s request.

9. No Representation as to Accuracy

No representation is made that the Confidential Information presented is accurate, current, or complete, and such Confidential Information is subject to change at all times without notice. Opinions expressed may differ from or be contrary to the opinions and recommendations of a Company business unit.

10. No Legal, Accounting, or Tax Advice

The Company does not provide legal, accounting or tax advice. Any statement regarding legal, accounting or tax matters was prepared in connection with the explanation of the matters described herein and was not intended or written to be relied upon by any person as definitive advice. Any discussion of U.S. tax matters contained in this communication is not intended to be used, and cannot be used, to avoid penalties that may be imposed under applicable federal, state or local tax law, or to recommend to another party any transaction or matter addressed herein. Each person should seek advice based on its particular circumstances from independent legal, accounting and tax advisors regarding the matters discussed in this communication.