¹ Hines U.S. Property Partners is comprised of Hines U.S. Property Partners Lux SCSp, Hines U.S. Property Partners II SCSp, and Hines U.S. Property Partners.

² The target return stated herein is net of fees, expenses and taxes within the structure and carried interest, but gross of any tax payable by investors in the fund on receipt of, or withheld from, any distributions. There can be no assurance that the target return will be met with respect to any investment or the fund in general. Actual returns may vary significantly from the target. This information is provided for illustrative purposes only, and recipients of this information should be aware that use of this information to make a decision as to whether to invest in a fund sponsored by Hines or to assist in making any other investment decision carries significant risk. In considering any performance data contained herein, each recipient should bear in mind that past performance is not indicative of future results, and there can be no assurance that an investment program will achieve comparable results. Any investment entails a risk of loss, including loss of the entire investment. The Fund's target returns are expected to be realized from the disposition of investments, mark to market valuations of the Fund's investments, operating cash flows and proceeds from borrowings, using leverage where the General Partner believes it is appropriate. The target returns stated herein are based on the General Partner's belief about what returns may be achievable on the types of investments that the General Partner intends to pursue in light of the General Partner's experience with similar transactions. Further, the target returns stated herein are based on an assumption that economic, market and other conditions will not deteriorate and, in some cases, will improve. The target returns are also based on models, estimates and assumptions about performance believed to be reasonable under the circumstances, but actual realized returns on the Fund's investments will depend on, among other factors, the ability to consummate attractive investments, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the targeted returns are based. The use of leverage may magnify the opportunities for gain and the risk of loss.