Coral Beach & Tennis Club, Bermuda

Fund III

Brickman Fund III, L.P., a Delaware limited partnership ("Fund III"), is a closed-end fund initiated in September 2006 with approximately $150mm in capital commitments. The investment strategy for Fund III is "opportunistic" and its assets consist of five equity investments and three debt investments. Fund III is comprised of opportunistic real estate assets, development assets, mezzanine loans, and non-performing loans. Fund III seeks assets which are priced below replacement cost and where there is an ability for Fund III to create substantial value through development, redevelopment and/or repositioning.