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Employer Identification No.\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 431.10 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 393.6 m 153 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153 393.6 m 260 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 393.6 m 459 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 393.6 m 490 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 393.6 m 565 393.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.35 397.17 Td (2800 Post Oak Blvd, Suite 5000, Houston, ) Tj ET Q q 0 0 0 rg BT 228.55 397.17 Td (T) Tj ET Q q 0 0 0 rg BT 234.22 397.17 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.50 397.17 Td (77056-61) Tj ET Q q 0 0 0 rg BT 507.64 397.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.15 384.17 Td (\(Address of principal executive of) Tj ET Q q 0 0 0 rg BT 209.68 384.17 Td (fices\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 384.17 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 369.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.55 349.17 Td (Registrant) Tj ET Q q 0 0 0 rg BT 170.43 349.17 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 248.34 349.17 Td (, including area code:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 349.17 Td (\(888\) 220-6121) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 322.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 292.50 322.10 Td (Applicable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 310.10 Td (______________________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.30 298.10 Td (Former name or former address, if changed since last report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.10 Td (Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.10 Td (registrant under any of the following provisions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 250.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 Td ([ ] ) Tj ET Q q 0 0 0 rg BT 87.98 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.02 238.10 Td (ritten communications pursuant to Rule 425 under the Securities ) Tj ET Q q 0 0 0 rg BT 356.69 238.10 Td (Act \(17 CFR 230.425\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.10 Td ([ ] Soliciting material pursuant to Rule 14a-12 under the Exchange ) Tj ET Q q 0 0 0 rg BT 345.04 214.10 Td (Act \(17 CFR 240.14a-12\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.10 Td ([ ] Pre-commencement communications pursuant to Rule 14d-2\(b\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 426.68 190.10 Td (Act \(17 CFR 240.14d-2\(b\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 166.10 Td ([ ] Pre-commencement communications pursuant to Rule 13e-4\(c\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 425.55 166.10 Td (Act \(17 CFR 240.13e-4\(c\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 142.10 Td (Securitiesregistered pursuant to Section 12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 289.22 142.10 Td (Act: None.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.50 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.15 94.10 Td ( Emer) Tj ET Q q 0 0 0 rg BT 411.12 94.10 Td (ging Growth Company [ ] ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 82.10 Td (If an emer) Tj ET Q q 0 0 0 rg BT 117.40 82.10 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 204.52 82.10 Td (, indicate by check mark if the registrant has elected not to use the extended transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 70.10 Td (period for complying with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 58.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 117.87 58.10 Td (Act. [ ]) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Item 8.01 Other) Tj ET Q q 0 0 0 rg BT 117.36 742.25 Td ( Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.35 718.25 Td (July23, ) Tj ET Q q 0 0 0 rg BT 96.65 718.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.65 718.25 Td (, ) Tj ET Q q 0 0 0 rg BT 120.78 718.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 145.74 718.25 Td (Global ) Tj ET Q q 0 0 0 rg BT 174.59 718.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 196.06 718.25 Td (, ) Tj ET Q q 0 0 0 rg BT 200.19 718.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 217.09 718.25 Td (distributed ) Tj ET Q q 0 0 0 rg BT 261.49 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.56 718.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 331.40 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.81 718.25 Td (its ) Tj ET Q q 0 0 0 rg BT 351.89 718.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 404.06 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.13 718.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 448.96 718.25 Td (broker) Tj ET Q q 0 0 0 rg BT 474.86 718.25 Td (-dealers ) Tj ET Q q 0 0 0 rg BT 508.14 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.21 718.25 Td (is ) Tj ET Q q 0 0 0 rg BT 532.50 718.25 Td (making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (this ) Tj ET Q q 0 0 0 rg BT 65.73 706.25 Td (information ) Tj ET Q q 0 0 0 rg BT 114.73 706.25 Td (available ) Tj ET Q q 0 0 0 rg BT 152.61 706.25 Td (through ) Tj ET Q q 0 0 0 rg BT 185.50 706.25 Td (this ) Tj ET Q q 0 0 0 rg BT 201.74 706.25 Td (filing. ) Tj ET Q q 0 0 0 rg BT 227.29 706.25 Td (A) Tj ET Q q 0 0 0 rg BT 233.96 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.75 706.25 Td (copy ) Tj ET Q q 0 0 0 rg BT 256.97 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.09 706.25 Td (such ) Tj ET Q q 0 0 0 rg BT 287.21 706.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 351.20 706.25 Td (is ) Tj ET Q q 0 0 0 rg BT 359.66 706.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 379.77 706.25 Td (herewith ) Tj ET Q q 0 0 0 rg BT 416.54 706.25 Td (as ) Tj ET Q q 0 0 0 rg BT 426.65 706.25 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 457.88 706.25 Td (99.1 ) Tj ET Q q 0 0 0 rg BT 477.17 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.73 706.25 Td (this ) Tj ET Q q 0 0 0 rg BT 502.97 706.25 Td (Current ) Tj ET Q q 0 0 0 rg BT 535.30 706.25 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 694.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 86.17 694.25 Td (8-K. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (Item 9.01 Financial Statements and Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (\(d\) Exhibits:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 608.75 m 108 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108 608.75 m 112 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 112 608.75 m 562 608.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 613.43 Td (Exhibit No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 613.43 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 599.32 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 599.32 Td (Shareholder Letter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 275.55 718.25 Td (Act of 1934, the registrant has duly caused this report to be signed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (its behalf by the undersigned hereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 619.75 m 354 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 619.75 m 403 619.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 650.32 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 257.89 650.32 Td (, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.80 623.32 Td (August 12, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 623.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 623.32 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 226.17 623.32 Td (A. Gordon Findlay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 610.32 Td (Name: ) Tj ET Q q 0 0 0 rg BT 243.10 610.32 Td (A. Gordon Findlay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 597.32 Td (T) Tj ET Q q 0 0 0 rg BT 220.26 597.32 Td (itle: Chief ) Tj ET Q q 0 0 0 rg BT 262.47 597.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 322.00 597.32 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 359.57 597.32 Td (T) Tj ET Q q 0 0 0 rg BT 365.33 597.32 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.30 822.75 Td (Exhibit 99.1) Tj ET Q /GS0 gs q 95.00 0 0 28.00 72.00 742.00 cm /I1 Do Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 72 732 m 538 732 l s BT /F1 10.00 Tf ET BT /F2 11.00 Tf ET q 0 0 0 rg BT 166.55 693.65 Td (The Board of Dir) Tj ET Q q 0 0 0 rg BT 247.32 693.65 Td (ectors r) Tj ET Q q 0 0 0 rg BT 282.84 693.65 Td (ecommends that you REJECT) Tj ET Q q 0 0 0 rg BT 425.35 693.65 Td ( the tender) Tj ET Q q 0 0 0 rg BT 475.86 693.65 Td ( offer) Tj ET Q q 0 0 0 rg BT 501.00 693.65 Td ( by) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 280.50 680.40 Td (Comrit Investments 1, LP) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 644.00 Td (July23, 2019) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 131.59 644.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 617.60 Td (Dear Stockholder:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 594.40 Td (W) Tj ET Q q 0 0 0 rg BT 81.50 594.40 Td (e have been advised that you will be receiving materials shortly \(if you have not already received them\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (from Comrit Investments 1, LP) Tj ET Q q 0 0 0 rg BT 209.39 581.25 Td ( \(the Purchaser\) containing an unsolicited third-party tender of) Tj ET Q q 0 0 0 rg BT 493.86 581.25 Td (fer to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 568.05 Td (purchase up to an aggregate of 1,301,518 of the issued and outstanding shares of common stock \(the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 554.80 Td (Shares\) of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 214.14 554.80 Td (, Inc. \(Hines Global REIT or the Company\) for a price equal to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 541.65 Td ($4.61 per Share, without interest, in cash \(the T) Tj ET Q q 0 0 0 rg BT 285.37 541.65 Td (ender Of) Tj ET Q q 0 0 0 rg BT 323.95 541.65 Td (fer\). ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 350.21 541.65 Td (The Pur) Tj ET Q q 0 0 0 rg BT 388.81 541.65 Td (chaser) Tj ET Q q 0 0 0 rg BT 419.16 541.65 Td ( and the ) Tj ET Q q 0 0 0 rg BT 459.61 541.65 Td (T) Tj ET Q q 0 0 0 rg BT 465.94 541.65 Td (ender) Tj ET Q q 0 0 0 rg BT 492.62 541.65 Td ( Offer) Tj ET Q q 0 0 0 rg BT 520.82 541.65 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 72.00 528.45 Td (ar) Tj ET Q q 0 0 0 rg BT 82.18 528.45 Td (e not in any way affiliated with Hines Global REIT) Tj ET Q q 0 0 0 rg BT 320.65 528.45 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 323.40 528.45 Td (and the Board of Directors unanimously ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (recommends that you ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 169.45 515.25 Td (REJECT) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 212.85 515.25 Td ( this ) Tj ET Q q 0 0 0 rg BT 234.04 515.25 Td (T) Tj ET Q q 0 0 0 rg BT 239.99 515.25 Td (ender Of) Tj ET Q q 0 0 0 rg BT 278.58 515.25 Td (fer) Tj ET Q q 0 0 0 rg BT 290.18 515.25 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 492.05 Td (Given the $4.61 per Share of) Tj ET Q q 0 0 0 rg BT 198.88 492.05 Td (fer price, we believe that the ) Tj ET Q q 0 0 0 rg BT 326.64 492.05 Td (T) Tj ET Q q 0 0 0 rg BT 332.59 492.05 Td (ender Of) Tj ET Q q 0 0 0 rg BT 371.18 492.05 Td (fer represents an attempt by the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 478.85 Td (Purchaser to purchase your Shares at a significant discount, resulting in a profit for the Purchaser at your ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 465.65 Td (expense if you participate in the ) Tj ET Q q 0 0 0 rg BT 215.36 465.65 Td (T) Tj ET Q q 0 0 0 rg BT 221.31 465.65 Td (ender Of) Tj ET Q q 0 0 0 rg BT 259.90 465.65 Td (fer) Tj ET Q q 0 0 0 rg BT 271.50 465.65 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 442.45 Td (Please note the following with respect to the Purchaser) Tj ET Q q 0 0 0 rg BT 313.73 442.45 Td () Tj ET Q q 0 0 0 rg BT 316.79 442.45 Td (s proposed of) Tj ET Q q 0 0 0 rg BT 375.86 442.45 Td (fer price and what you are expected ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 429.25 Td (to receive from the Company pursuant to the Plan of Liquidation \(defined below\), if it is successfully ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 416.05 Td (completed as described.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 396.85 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 396.85 Td (If you accept, you will r) Tj ET Q q 0 0 0 rg BT 218.40 396.85 Td (eceive significantly less per) Tj ET Q q 0 0 0 rg BT 344.37 396.85 Td ( Shar) Tj ET Q q 0 0 0 rg BT 369.54 396.85 Td (e on your) Tj ET Q q 0 0 0 rg BT 413.34 396.85 Td ( investment: ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 473.83 396.85 Td (The $4.61 per ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 383.65 Td (Share of) Tj ET Q q 0 0 0 rg BT 144.76 383.65 Td (fer from the Purchaser is substantially lower than the remaining estimated liquidating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 370.45 Td (distributions that we expect you would receive from the Company pursuant to the Plan of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 357.25 Td (Liquidation and Dissolution \(the Plan of Liquidation\), if it is successfully completed. Our ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 344.05 Td (board of directors \(the Board\) expects to continue to pay liquidating distributions following the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 330.85 Td (sale of the Company) Tj ET Q q 0 0 0 rg BT 201.78 330.85 Td (s remaining assets and the payment of or provision for all the Company) Tj ET Q q 0 0 0 rg BT 519.50 330.85 Td (s ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 317.65 Td (outstanding liabilities. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 208.52 317.65 Td (In ) Tj ET Q q 0 0 0 rg BT 221.06 317.65 Td (April 2018, our) Tj ET Q q 0 0 0 rg BT 292.67 317.65 Td ( board of dir) Tj ET Q q 0 0 0 rg BT 352.06 317.65 Td (ectors estimated that, in addition to ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 304.45 Td (r) Tj ET Q q 0 0 0 rg BT 112.68 304.45 Td (egular) Tj ET Q q 0 0 0 rg BT 142.42 304.45 Td ( operating distributions paid to our) Tj ET Q q 0 0 0 rg BT 307.56 304.45 Td ( stockholders, if we ar) Tj ET Q q 0 0 0 rg BT 410.32 304.45 Td (e able to successfully ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 291.25 Td (implement the Plan of Liquidation, then after) Tj ET Q q 0 0 0 rg BT 321.38 291.25 Td ( the sale of all or) Tj ET Q q 0 0 0 rg BT 398.47 291.25 Td ( substantially all of our) Tj ET Q q 0 0 0 rg BT 506.46 291.25 Td ( assets ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 278.05 Td (and the payment of all of our) Tj ET Q q 0 0 0 rg BT 244.08 278.05 Td ( outstanding liabilities, we will have made total Capital ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 264.85 Td (Distributions \(defined below\) to our) Tj ET Q q 0 0 0 rg BT 275.86 264.85 Td ( stockholders of appr) Tj ET Q q 0 0 0 rg BT 374.98 264.85 Td (oximately $10.00 to $1) Tj ET Q q 0 0 0 rg BT 478.85 264.85 Td (1.00 per) Tj ET Q q 0 0 0 rg BT 516.54 264.85 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 251.65 Td (shar) Tj ET Q q 0 0 0 rg BT 128.58 251.65 Td (e of our) Tj ET Q q 0 0 0 rg BT 164.43 251.65 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 240.00 251.65 Td (T) Tj ET Q q 0 0 0 rg BT 246.33 251.65 Td (o date, we have paid Capital Distributions to our) Tj ET Q q 0 0 0 rg BT 474.39 251.65 Td ( stockholders ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 238.45 Td (of $4.00 per) Tj ET Q q 0 0 0 rg BT 163.10 238.45 Td ( shar) Tj ET Q q 0 0 0 rg BT 186.43 238.45 Td (e of our) Tj ET Q q 0 0 0 rg BT 222.28 238.45 Td ( common stock.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 225.25 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 225.25 Td (If you accept, you will not r) Tj ET Q q 0 0 0 rg BT 236.43 225.25 Td (eceive any additional liquidating distributions: ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 458.00 225.25 Td (The ) Tj ET Q q 0 0 0 rg BT 477.65 225.25 Td (T) Tj ET Q q 0 0 0 rg BT 483.61 225.25 Td (ender Of) Tj ET Q q 0 0 0 rg BT 522.19 225.25 Td (fer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 212.05 Td (states that all distributions paid or payable to you after the expiration of the ) Tj ET Q q 0 0 0 rg BT 441.38 212.05 Td (T) Tj ET Q q 0 0 0 rg BT 447.33 212.05 Td (ender Of) Tj ET Q q 0 0 0 rg BT 485.92 212.05 Td (fer will ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 198.85 Td (belong to the Purchaser) Tj ET Q q 0 0 0 rg BT 210.95 198.85 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 185.60 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 185.60 Td (The ) Tj ET Q q 0 0 0 rg BT 128.89 185.60 Td (T) Tj ET Q q 0 0 0 rg BT 135.22 185.60 Td (ender) Tj ET Q q 0 0 0 rg BT 161.90 185.60 Td ( Offer) Tj ET Q q 0 0 0 rg BT 190.10 185.60 Td ( is substantially lower) Tj ET Q q 0 0 0 rg BT 291.66 185.60 Td ( than the most r) Tj ET Q q 0 0 0 rg BT 366.01 185.60 Td (ecent valuation:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 440.86 185.60 Td ( ) Tj ET Q q 0 0 0 rg BT 443.41 185.60 Td (The $4.61 per Share ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 172.40 Td (of) Tj ET Q q 0 0 0 rg BT 116.96 172.40 Td (fer price is over 25% lower than the Company) Tj ET Q q 0 0 0 rg BT 323.46 172.40 Td (s net asset value per Share of $6.17 determined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 159.20 Td (as of February 14, 2019. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 146.00 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 146.00 Td (The Pur) Tj ET Q q 0 0 0 rg BT 146.61 146.00 Td (chaser) Tj ET Q q 0 0 0 rg BT 176.95 146.00 Td ( is trying to pr) Tj ET Q q 0 0 0 rg BT 243.97 146.00 Td (ofit fr) Tj ET Q q 0 0 0 rg BT 270.95 146.00 Td (om you:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.15 146.00 Td ( ) Tj ET Q q 0 0 0 rg BT 311.70 146.00 Td (The Purchaser intends to make a profit for ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 132.80 Td (themselves by holding onto the Shares until the Company is liquidated. If the liquidating ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 119.60 Td (distributions are paid to the Company) Tj ET Q q 0 0 0 rg BT 276.95 119.60 Td (s stockholders as expected, the Purchaser will have made a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 106.40 Td (huge profit at your expense.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 762.40 Td (After thoroughly and carefully reviewing and analyzing the terms and conditions of the ) Tj ET Q q 0 0 0 rg BT 458.82 762.40 Td (T) Tj ET Q q 0 0 0 rg BT 464.77 762.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 503.36 762.40 Td (fer) Tj ET Q q 0 0 0 rg BT 515.13 762.40 Td (, ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 520.63 762.40 Td (the ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 72.00 749.20 Td (Board believes that by accepting the Pur) Tj ET Q q 0 0 0 rg BT 261.84 749.20 Td (chaser) Tj ET Q q 0 0 0 rg BT 292.59 749.20 Td () Tj ET Q q 0 0 0 rg BT 295.84 749.20 Td (s offer) Tj ET Q q 0 0 0 rg BT 324.45 749.20 Td (, you may not be able to r) Tj ET Q q 0 0 0 rg BT 443.42 749.20 Td (ealize the full value ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 72.00 736.00 Td (of your) Tj ET Q q 0 0 0 rg BT 105.71 736.00 Td ( Shar) Tj ET Q q 0 0 0 rg BT 130.88 736.00 Td (es. ) Tj ET Q q 0 0 0 rg BT 145.35 736.00 Td (Ther) Tj ET Q q 0 0 0 rg BT 168.37 736.00 Td (efor) Tj ET Q q 0 0 0 rg BT 187.10 736.00 Td (e, the Board unanimously r) Tj ET Q q 0 0 0 rg BT 314.94 736.00 Td (ecommends that you ) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 414.24072265625 734.278564453125 m 534.365234375 734.278564453125 l s q 0 0 0 rg BT 414.24 736.00 Td (REJECT) Tj ET Q q 0 0 0 rg BT 457.44 736.00 Td ( ) Tj ET Q q 0 0 0 rg BT 459.99 736.00 Td (THE ) Tj ET Q q 0 0 0 rg BT 485.77 736.00 Td (TENDER ) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 721.078564453125 m 109.275390625 721.078564453125 l s q 0 0 0 rg BT 72.00 722.80 Td (OFFER) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 109.28 722.80 Td ( and not tender) Tj ET Q q 0 0 0 rg BT 180.89 722.80 Td ( your) Tj ET Q q 0 0 0 rg BT 205.44 722.80 Td ( Shar) Tj ET Q q 0 0 0 rg BT 230.61 722.80 Td (es.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 699.60 Td (In making your determination whether to accept the ) Tj ET Q q 0 0 0 rg BT 302.72 699.60 Td (T) Tj ET Q q 0 0 0 rg BT 308.67 699.60 Td (ender Of) Tj ET Q q 0 0 0 rg BT 347.26 699.60 Td (fer) Tj ET Q q 0 0 0 rg BT 359.03 699.60 Td (, we suggest that you consider the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 686.40 Td (information set forth above, as well as the following factors that the Board considered in determining that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 673.20 Td (the ) Tj ET Q q 0 0 0 rg BT 87.99 673.20 Td (T) Tj ET Q q 0 0 0 rg BT 93.94 673.20 Td (ender Of) Tj ET Q q 0 0 0 rg BT 132.53 673.20 Td (fer is not in the best interests of the Company or its stockholders and which the Board ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 660.00 Td (believes support its recommendation to ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 247.66 660.00 Td (REJECT) Tj ET Q q 0 0 0 rg BT 290.86 660.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 293.61 660.00 Td (the ) Tj ET Q q 0 0 0 rg BT 309.60 660.00 Td (T) Tj ET Q q 0 0 0 rg BT 315.55 660.00 Td (ender Of) Tj ET Q q 0 0 0 rg BT 354.13 660.00 Td (fer:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 636.80 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 636.80 Td (If the sale of all or) Tj ET Q q 0 0 0 rg BT 193.04 636.80 Td ( substantially all the Company) Tj ET Q q 0 0 0 rg BT 339.32 636.80 Td (s assets pursuant to the Plan of ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 623.60 Td (Liquidation is successfully completed, the Company expects to make additional liquidating ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 610.40 Td (distributions to its stockholders in an amount that is higher) Tj ET Q q 0 0 0 rg BT 385.59 610.40 Td ( than the $4.61 per) Tj ET Q q 0 0 0 rg BT 473.09 610.40 Td ( Shar) Tj ET Q q 0 0 0 rg BT 498.26 610.40 Td (e being ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 597.20 Td (offer) Tj ET Q q 0 0 0 rg BT 130.39 597.20 Td (ed by the Pur) Tj ET Q q 0 0 0 rg BT 193.44 597.20 Td (chaser) Tj ET Q q 0 0 0 rg BT 222.98 597.20 Td (. ) Tj ET Q q 0 0 0 rg BT 227.87 597.20 Td (As noted above, in ) Tj ET Q q 0 0 0 rg BT 316.19 597.20 Td (April 2018, our) Tj ET Q q 0 0 0 rg BT 387.80 597.20 Td ( board of dir) Tj ET Q q 0 0 0 rg BT 447.19 597.20 Td (ectors estimated ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 584.00 Td (that if we ar) Tj ET Q q 0 0 0 rg BT 164.92 584.00 Td (e able to successfully implement the Plan of Liquidation, then after) Tj ET Q q 0 0 0 rg BT 477.91 584.00 Td ( the sale of ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 570.80 Td (all or) Tj ET Q q 0 0 0 rg BT 132.55 570.80 Td ( substantially all of our) Tj ET Q q 0 0 0 rg BT 240.53 570.80 Td ( assets and the payment of all of our) Tj ET Q q 0 0 0 rg BT 409.00 570.80 Td ( outstanding liabilities, we ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 557.60 Td (will have made total r) Tj ET Q q 0 0 0 rg BT 209.84 557.60 Td (eturn of invested capital and liquidating distributions \(Capital ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 544.40 Td (Distributions\) to our) Tj ET Q q 0 0 0 rg BT 209.86 544.40 Td ( stockholders of appr) Tj ET Q q 0 0 0 rg BT 308.98 544.40 Td (oximately $10.00 to $1) Tj ET Q q 0 0 0 rg BT 412.85 544.40 Td (1.00 per) Tj ET Q q 0 0 0 rg BT 450.54 544.40 Td ( shar) Tj ET Q q 0 0 0 rg BT 473.87 544.40 Td (e of our) Tj ET Q q 0 0 0 rg BT 509.71 544.40 Td ( ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 531.20 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 180.82 531.20 Td (T) Tj ET Q q 0 0 0 rg BT 187.15 531.20 Td (o date, appr) Tj ET Q q 0 0 0 rg BT 243.48 531.20 Td (oximately $4.00 per) Tj ET Q q 0 0 0 rg BT 335.23 531.20 Td ( shar) Tj ET Q q 0 0 0 rg BT 358.57 531.20 Td (e of Capital Distributions has been ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 518.00 Td (paid, thr) Tj ET Q q 0 0 0 rg BT 148.76 518.00 Td (ough the following distributions:) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 116.60 457.40 Td (Distributions) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 125.55 446.40 Td (per) Tj ET Q q 0 0 0 rg BT 141.33 446.40 Td ( shar) Tj ET Q q 0 0 0 rg BT 164.66 446.40 Td (e) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 312.80 446.40 Td (Description) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.10 430.42 Td ($1.05) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.50 430.42 Td (Special distribution paid in January 2018) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 135.10 403.42 Td ($0.45) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.50 414.42 Td (Return of invested capital distributions and liquidating distributions) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.50 403.42 Td (paid in 2018 and January 2019) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 135.1 385.95673828125 m 159.85 385.95673828125 l s q 0 0 0 rg BT 135.10 387.42 Td ($2.50) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 195.50 387.42 Td (Liquidating distribution paid in February 2019.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 135.1 369.678857421875 m 159.85 369.678857421875 l s q 0 0 0 rg BT 135.10 371.40 Td ($4.00) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 327.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 327.40 Td (If you accept the ) Tj ET Q q 0 0 0 rg BT 184.15 327.40 Td (T) Tj ET Q q 0 0 0 rg BT 190.10 327.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 228.69 327.40 Td (fer) Tj ET Q q 0 0 0 rg BT 240.46 327.40 Td (, you will forego the additional liquidating distributions that are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 314.20 Td (expected to be paid and will not realize the full amount of liquidating distributions. ) Tj ET Q q 0 0 0 rg BT 478.66 314.20 Td (There can be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 301.00 Td (no assurances regarding the amounts of any additional liquidating distributions or the timing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 287.80 Td (thereof. For more information, see the Risk Factors section of the Company) Tj ET Q q 0 0 0 rg BT 454.11 287.80 Td (s ) Tj ET Q q 0 0 0 rg BT 460.53 287.80 Td (Annual Report ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 274.60 Td (on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 261.40 Td (Commission \(the SEC\) on March 28, 2019 and in other filings the Company makes with the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 248.20 Td (SEC from time to time.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 211.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 211.80 Td (The ) Tj ET Q q 0 0 0 rg BT 127.65 211.80 Td (T) Tj ET Q q 0 0 0 rg BT 133.60 211.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 172.19 211.80 Td (fer states that the Purchaser is making the ) Tj ET Q q 0 0 0 rg BT 357.71 211.80 Td (T) Tj ET Q q 0 0 0 rg BT 363.66 211.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 402.25 211.80 Td (fer solely for investment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 198.60 Td (purposes and with the intention of making a profit. ) Tj ET Q q 0 0 0 rg BT 348.11 198.60 Td (Also, the ) Tj ET Q q 0 0 0 rg BT 390.38 198.60 Td (T) Tj ET Q q 0 0 0 rg BT 396.33 198.60 Td (ender Of) Tj ET Q q 0 0 0 rg BT 434.92 198.60 Td (fer states that the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 185.40 Td (Purchaser determined the $4.61 per Share of) Tj ET Q q 0 0 0 rg BT 303.59 185.40 Td (fer price pursuant to its own analysis and did not ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 172.20 Td (obtain current independent valuations or appraisals of the Company) Tj ET Q q 0 0 0 rg BT 409.19 172.20 Td (s assets and is not qualified ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 159.00 Td (to appraise real estate. Further) Tj ET Q q 0 0 0 rg BT 245.30 159.00 Td (, the Purchaser does not claim to have retained an independent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 145.80 Td (adviser to evaluate or render any opinion with respect to the fairness of their $4.61 per Share ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 132.60 Td (of) Tj ET Q q 0 0 0 rg BT 116.96 132.60 Td (fer to you.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 762.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 762.40 Td (Given the timing of the ) Tj ET Q q 0 0 0 rg BT 213.20 762.40 Td (T) Tj ET Q q 0 0 0 rg BT 219.15 762.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 257.74 762.40 Td (fer and the $4.61 per Share of) Tj ET Q q 0 0 0 rg BT 388.57 762.40 Td (fer price, we believe that the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 749.20 Td (T) Tj ET Q q 0 0 0 rg BT 113.95 749.20 Td (ender Of) Tj ET Q q 0 0 0 rg BT 152.54 749.20 Td (fer represents an opportunistic attempt to purchase Shares at a significant discount ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 736.00 Td (resulting in a profit for the Purchaser while depriving the stockholders who tender their Shares in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 722.80 Td (the ) Tj ET Q q 0 0 0 rg BT 123.99 722.80 Td (T) Tj ET Q q 0 0 0 rg BT 129.94 722.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 168.53 722.80 Td (fer of the opportunity to realize the full potential value of their investment in Hines ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 709.60 Td (Global REIT) Tj ET Q q 0 0 0 rg BT 164.31 709.60 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 673.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 673.20 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 193.34 673.20 Td ( cannot record transfers of Shares until all properly executed and required ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 660.00 Td (transfer documents from the Purchaser have been received and accepted by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 527.16 660.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 646.80 Td (and, per the terms of the ) Tj ET Q q 0 0 0 rg BT 217.46 646.80 Td (T) Tj ET Q q 0 0 0 rg BT 223.41 646.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 261.99 646.80 Td (fer) Tj ET Q q 0 0 0 rg BT 273.76 646.80 Td (, the Purchaser will not pay you for your Shares until after ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 633.60 Td (the transfer has been recorded. Based on prior experiences that the Company and its af) Tj ET Q q 0 0 0 rg BT 488.69 633.60 Td (filiates ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 620.40 Td (have had with similar tender of) Tj ET Q q 0 0 0 rg BT 244.95 620.40 Td (fers, we expect there will be delays before the Company receives ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 607.20 Td (all necessary transfer documents in good order) Tj ET Q q 0 0 0 rg BT 312.65 607.20 Td (. ) Tj ET Q q 0 0 0 rg BT 317.96 607.20 Td (Therefore, if you agree to participate in the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 594.00 Td (T) Tj ET Q q 0 0 0 rg BT 113.95 594.00 Td (ender Of) Tj ET Q q 0 0 0 rg BT 152.54 594.00 Td (fer and in so doing sell your Shares to the Purchaser) Tj ET Q q 0 0 0 rg BT 381.21 594.00 Td (, there may be a significant delay ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 580.80 Td (before the Purchaser pays you for your Shares.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 544.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 544.40 Td (The ) Tj ET Q q 0 0 0 rg BT 127.65 544.40 Td (T) Tj ET Q q 0 0 0 rg BT 133.60 544.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 172.19 544.40 Td (fer references certain benefits that can be realized by selling to the Purchaser) Tj ET Q q 0 0 0 rg BT 509.53 544.40 Td (, such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 531.20 Td (as the ability to liquidate your holdings for cash without paying transfer fees, brokerage fees or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 518.00 Td (commissions. But, if you determine not to sell your Shares to the Purchaser for $4.61 per Share ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 504.80 Td (and the Plan of Liquidation is completed as expected, you will realize those same benefits ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 491.60 Td (without paying transfer fees, brokerage fees or commissions and we expect you will receive ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 478.40 Td (additional liquidating distributions in excess of $4.61 per Share) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 386.93 478.40 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 395.18 478.40 Td (As noted above, the Company ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 465.20 Td (has already paid you approximately $4.00 per Share of Capital Distributions \(including ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 452.00 Td (liquidating distributions\) and you will not receive the additional liquidating distributions that are ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 438.80 Td (expected to be paid if you accept the ) Tj ET Q q 0 0 0 rg BT 271.51 438.80 Td (T) Tj ET Q q 0 0 0 rg BT 277.46 438.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 316.04 438.80 Td (fer) Tj ET Q q 0 0 0 rg BT 327.65 438.80 Td (. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 333.15 438.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 402.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 402.40 Td (According to the ) Tj ET Q q 0 0 0 rg BT 184.47 402.40 Td (T) Tj ET Q q 0 0 0 rg BT 190.42 402.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 229.01 402.40 Td (fer) Tj ET Q q 0 0 0 rg BT 240.78 402.40 Td (, if you agree to sell your Shares and send the signed documents ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 389.20 Td (back to the Purchaser) Tj ET Q q 0 0 0 rg BT 201.94 389.20 Td (, your agreement will be ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 311.90 389.20 Td (IRREV) Tj ET Q q 0 0 0 rg BT 347.13 389.20 Td (OCABLE) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 393.59 389.20 Td (, provided that Shares tendered ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 376.00 Td (pursuant to the ) Tj ET Q q 0 0 0 rg BT 175.93 376.00 Td (T) Tj ET Q q 0 0 0 rg BT 181.88 376.00 Td (ender Of) Tj ET Q q 0 0 0 rg BT 220.47 376.00 Td (fer may be withdrawn at any time prior to the expiration date of the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 362.80 Td (T) Tj ET Q q 0 0 0 rg BT 113.95 362.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 152.54 362.80 Td (fer) Tj ET Q q 0 0 0 rg BT 164.14 362.80 Td (. If you sign the ) Tj ET Q q 0 0 0 rg BT 236.04 362.80 Td (T) Tj ET Q q 0 0 0 rg BT 241.99 362.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 280.58 362.80 Td (fer documents, you also will be naming the Purchaser as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 349.60 Td (your attorney-in-fact with respect to your Shares, with the right to change your address on the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 336.40 Td (books of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 234.29 336.40 Td ( so that after ) Tj ET Q q 0 0 0 rg BT 291.10 336.40 Td (August 29, 2019 \(the expiration date of the ) Tj ET Q q 0 0 0 rg BT 483.05 336.40 Td (T) Tj ET Q q 0 0 0 rg BT 489.00 336.40 Td (ender ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 323.20 Td (Of) Tj ET Q q 0 0 0 rg BT 119.41 323.20 Td (fer\), the Purchasers can collect and keep any distributions paid or payable to you by Hines ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 310.00 Td (Global REIT) Tj ET Q q 0 0 0 rg BT 164.31 310.00 Td (.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 273.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 273.60 Td (There is no guarantee that the ) Tj ET Q q 0 0 0 rg BT 240.97 273.60 Td (T) Tj ET Q q 0 0 0 rg BT 246.92 273.60 Td (ender Of) Tj ET Q q 0 0 0 rg BT 285.50 273.60 Td (fer can or will be completed as soon as described by the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 260.40 Td (Purchaser) Tj ET Q q 0 0 0 rg BT 150.76 260.40 Td (. ) Tj ET Q q 0 0 0 rg BT 156.07 260.40 Td (The ) Tj ET Q q 0 0 0 rg BT 175.72 260.40 Td (T) Tj ET Q q 0 0 0 rg BT 181.67 260.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 220.26 260.40 Td (fer does not initially expire until ) Tj ET Q q 0 0 0 rg BT 364.45 260.40 Td (August 29, 2019, and such date may be ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 247.20 Td (extended by the Purchaser) Tj ET Q q 0 0 0 rg BT 223.32 247.20 Td (, in its sole discretion, subject to compliance with applicable securities ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 234.00 Td (laws.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 90.00 197.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 108.00 197.60 Td (The Purchaser expressly reserves the right to amend the terms of the ) Tj ET Q q 0 0 0 rg BT 411.42 197.60 Td (T) Tj ET Q q 0 0 0 rg BT 417.38 197.60 Td (ender Of) Tj ET Q q 0 0 0 rg BT 455.96 197.60 Td (fer) Tj ET Q q 0 0 0 rg BT 467.73 197.60 Td (, ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 473.23 197.60 Td (including by ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 184.40 Td (decr) Tj ET Q q 0 0 0 rg BT 128.57 184.40 Td (easing the $4.61 per) Tj ET Q q 0 0 0 rg BT 221.25 184.40 Td ( Shar) Tj ET Q q 0 0 0 rg BT 246.42 184.40 Td (e offer) Tj ET Q q 0 0 0 rg BT 276.44 184.40 Td ( price or) Tj ET Q q 0 0 0 rg BT 315.95 184.40 Td ( by changing the number) Tj ET Q q 0 0 0 rg BT 433.10 184.40 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 470.18 184.40 Td (es being ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 108.00 171.20 Td (sought or) Tj ET Q q 0 0 0 rg BT 152.11 171.20 Td ( the type of consideration being paid) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 322.62 171.20 Td (, at any time before the ) Tj ET Q q 0 0 0 rg BT 426.58 171.20 Td (T) Tj ET Q q 0 0 0 rg BT 432.53 171.20 Td (ender Of) Tj ET Q q 0 0 0 rg BT 471.11 171.20 Td (fer expires.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 134.80 Td (In light of the factors described above, the Board has unanimously determined that the ) Tj ET Q q 0 0 0 rg BT 454.55 134.80 Td (T) Tj ET Q q 0 0 0 rg BT 460.50 134.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 499.09 134.80 Td (fer is ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 121.60 Td (not advisable and is not in the best interests of the Company or its stockholders. ) Tj ET Q q 0 0 0 rg BT 425.17 121.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 479.44 121.60 Td (, the Board ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 108.40 Td (unanimously recommends that you ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 229.03 108.40 Td (REJECT) Tj ET Q q 0 0 0 rg BT 272.23 108.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 274.98 108.40 Td (the ) Tj ET Q q 0 0 0 rg BT 290.97 108.40 Td (T) Tj ET Q q 0 0 0 rg BT 296.92 108.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 335.51 108.40 Td (fer and not tender your Shares for purchase ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 95.20 Td (pursuant to the ) Tj ET Q q 0 0 0 rg BT 139.93 95.20 Td (T) Tj ET Q q 0 0 0 rg BT 145.88 95.20 Td (ender Of) Tj ET Q q 0 0 0 rg BT 184.47 95.20 Td (fer) Tj ET Q q 0 0 0 rg BT 196.07 95.20 Td (.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 762.40 Td (W) Tj ET Q q 0 0 0 rg BT 81.50 762.40 Td (e understand each stockholder must evaluate the ) Tj ET Q q 0 0 0 rg BT 296.64 762.40 Td (T) Tj ET Q q 0 0 0 rg BT 302.59 762.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 341.18 762.40 Td (fer based on his or her individual immediate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 749.20 Td (liquidity needs; however) Tj ET Q q 0 0 0 rg BT 180.31 749.20 Td (, we recommend you consult with your financial, tax and legal advisors and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 736.00 Td (consider the factors stated above before making your decision. ) Tj ET Q q 0 0 0 rg BT 349.55 736.00 Td (Y) Tj ET Q q 0 0 0 rg BT 356.39 736.00 Td (ou should weigh all of the foregoing ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 722.80 Td (factors against the risk that the Plan of Liquidation will not be completed as expected and that you may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 709.60 Td (not be able to liquidate your investment in the near term and, even if you can, we cannot assure you that ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 696.40 Td (the price you receive will be greater than the ) Tj ET Q q 0 0 0 rg BT 270.62 696.40 Td (T) Tj ET Q q 0 0 0 rg BT 276.57 696.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 315.16 696.40 Td (fer price. ) Tj ET Q q 0 0 0 rg BT 357.00 696.40 Td (As stated above, the Company has ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 683.20 Td (already paid liquidating distributions. If the Plan of Liquidation is successfully implemented and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 670.00 Td (completed by the Company as expected, ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 252.53 670.00 Td (the Company expects to pay additional liquidating ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 72.00 656.80 Td (distributions to stockholders. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 214.10 656.80 Td (Although we cannot assure you as to the timing or amount of such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 643.60 Td (distributions, we expect that the aggregate additional liquidating distributions per Share will be higher ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 630.40 Td (than the ) Tj ET Q q 0 0 0 rg BT 109.68 630.40 Td (T) Tj ET Q q 0 0 0 rg BT 115.63 630.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 154.22 630.40 Td (fer price of $4.61 per share.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 607.20 Td (Although the Company) Tj ET Q q 0 0 0 rg BT 178.33 607.20 Td (s directors and executive of) Tj ET Q q 0 0 0 rg BT 299.08 607.20 Td (ficers are entitled to participate in the ) Tj ET Q q 0 0 0 rg BT 465.94 607.20 Td (T) Tj ET Q q 0 0 0 rg BT 471.89 607.20 Td (ender Of) Tj ET Q q 0 0 0 rg BT 510.48 607.20 Td (fer on ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 594.00 Td (the same basis as other stockholders, all of the Company) Tj ET Q q 0 0 0 rg BT 324.33 594.00 Td (s directors and executive of) Tj ET Q q 0 0 0 rg BT 445.09 594.00 Td (ficers have advised ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 580.80 Td (the Company that they do not intend to tender any of their Shares in the ) Tj ET Q q 0 0 0 rg BT 389.81 580.80 Td (T) Tj ET Q q 0 0 0 rg BT 395.76 580.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 434.35 580.80 Td (fer or currently intend ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 567.60 Td (to sell such Shares.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 544.40 Td (W) Tj ET Q q 0 0 0 rg BT 81.50 544.40 Td (e believe that you should view the Purchaser as an opportunistic purchaser that is attempting to make a ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 531.20 Td (profit by purchasing your Shares at a discounted price and, as a result, if you tender your Shares, the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 518.00 Td (Purchaser will deprive you of the potential opportunity to receive the additional liquidating distributions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 504.80 Td (that are expected to be paid if the Plan of Liquidation is successfully implemented as expected. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 492.62 504.80 Td (No action ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 72.00 491.60 Td (r) Tj ET Q q 0 0 0 rg BT 76.68 491.60 Td (egarding the ) Tj ET Q q 0 0 0 rg BT 138.20 491.60 Td (T) Tj ET Q q 0 0 0 rg BT 144.53 491.60 Td (ender) Tj ET Q q 0 0 0 rg BT 171.21 491.60 Td ( Offer) Tj ET Q q 0 0 0 rg BT 199.41 491.60 Td ( is necessary if you wish to REJECT) Tj ET Q q 0 0 0 rg BT 368.81 491.60 Td ( ) Tj ET Q q 0 0 0 rg BT 371.36 491.60 Td (THE ) Tj ET Q q 0 0 0 rg BT 397.14 491.60 Td (TENDER OFFER and r) Tj ET Q q 0 0 0 rg BT 510.93 491.60 Td (etain ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 72.00 478.40 Td (your) Tj ET Q q 0 0 0 rg BT 93.80 478.40 Td ( Shar) Tj ET Q q 0 0 0 rg BT 118.97 478.40 Td (es. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 133.63 478.40 Td (If you wish to accept the ) Tj ET Q q 0 0 0 rg BT 244.62 478.40 Td (T) Tj ET Q q 0 0 0 rg BT 250.57 478.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 289.16 478.40 Td (fer) Tj ET Q q 0 0 0 rg BT 300.93 478.40 Td (, follow the instructions in the) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 432.91 478.40 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 435.66 478.40 Td (T) Tj ET Q q 0 0 0 rg BT 441.61 478.40 Td (ender Of) Tj ET Q q 0 0 0 rg BT 480.20 478.40 Td (fer ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 465.20 Td (materials. If you have already agreed to tender your Shares pursuant to the ) Tj ET Q q 0 0 0 rg BT 402.29 465.20 Td (T) Tj ET Q q 0 0 0 rg BT 408.24 465.20 Td (ender Of) Tj ET Q q 0 0 0 rg BT 446.83 465.20 Td (fer) Tj ET Q q 0 0 0 rg BT 458.60 465.20 Td (,) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 461.35 465.20 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 464.10 465.20 Td (you may ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 452.00 Td (withdraw your acceptance of the ) Tj ET Q q 0 0 0 rg BT 218.09 452.00 Td (T) Tj ET Q q 0 0 0 rg BT 224.04 452.00 Td (ender Of) Tj ET Q q 0 0 0 rg BT 262.63 452.00 Td (fer by notifying the Purchaser in writing at any time prior) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 515.57 452.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 518.32 452.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 438.80 Td (the termination of the ) Tj ET Q q 0 0 0 rg BT 169.55 438.80 Td (T) Tj ET Q q 0 0 0 rg BT 175.50 438.80 Td (ender Of) Tj ET Q q 0 0 0 rg BT 214.09 438.80 Td (fer) Tj ET Q q 0 0 0 rg BT 225.85 438.80 Td (, which is presently scheduled to expire on ) Tj ET Q q 0 0 0 rg BT 415.56 438.80 Td (August 29, 2019.) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 491.34 438.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 415.60 Td (Should you have any questions or need further information, please contact Hines Global REIT) Tj ET Q q 0 0 0 rg BT 487.25 415.60 Td ( Investor) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 526.05 415.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 402.40 Td (Relations at 1-888-220-6121.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 379.20 Td (W) Tj ET Q q 0 0 0 rg BT 81.50 379.20 Td (e appreciate your trust in the Company and its Board and thank you for your continued support.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 356.00 Td (Sincerely) Tj ET Q q 0 0 0 rg BT 112.83 356.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 102.50 276.17 Td (Jef) Tj ET Q q 0 0 0 rg BT 115.23 276.17 Td (frey C. Hines ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.50 276.17 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 339.03 276.17 Td (W) Tj ET Q q 0 0 0 rg BT 348.81 276.17 Td (. Schugart) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 102.50 261.17 Td (Chairman of the Board ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 309.50 261.17 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 457.15 261.17 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET BT /F3 11.00 Tf ET q 0 0 0 rg BT 72.00 210.40 Td (Forward Looking Statements:) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 187.20 Td (This letter contains forwar) Tj ET Q q 0 0 0 rg BT 189.24 187.20 Td (d-looking statements within the meaning of the Private Securities Litigation ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 174.00 Td (Reform ) Tj ET Q q 0 0 0 rg BT 106.93 174.00 Td (Act of 1995 based on curr) Tj ET Q q 0 0 0 rg BT 221.10 174.00 Td (ent expectations, for) Tj ET Q q 0 0 0 rg BT 310.19 174.00 Td (ecasts and assumptions that involve risks and ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 160.80 Td (uncertainties that could cause actual outcomes and r) Tj ET Q q 0 0 0 rg BT 304.69 160.80 Td (esults to differ materially) Tj ET Q q 0 0 0 rg BT 414.99 160.80 Td (. Forwar) Tj ET Q q 0 0 0 rg BT 453.70 160.80 Td (d-looking ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 147.60 Td (statements generally can be identified by the use of wor) Tj ET Q q 0 0 0 rg BT 316.29 147.60 Td (ds or phrases such as anticipate, believe, ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 134.40 Td (estimate, expect, intend, plan, for) Tj ET Q q 0 0 0 rg BT 273.28 134.40 Td (esee, looking ahead, is confident, should be, ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 121.20 Td (will, pr) Tj ET Q q 0 0 0 rg BT 121.73 121.20 Td (edicted, likely) Tj ET Q q 0 0 0 rg BT 194.43 121.20 Td (, or similar wor) Tj ET Q q 0 0 0 rg BT 269.22 121.20 Td (ds or phrases intended to identify information that is not ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 108.00 Td (historical in natur) Tj ET Q q 0 0 0 rg BT 151.65 108.00 Td (e. These forwar) Tj ET Q q 0 0 0 rg BT 220.00 108.00 Td (d-looking statements include, among others, statements about the ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 94.80 Td (expected benefits of the Plan of Liquidation, the estimated range and the timing of the payment of ) Tj ET Q BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 81.60 Td (liquidating distributions, the expected timing and completion of the Plan of Liquidation, and the futur) Tj ET Q q 0 0 0 rg BT 518.89 81.60 Td (e ) Tj ET Q /GS0 gs q 136.62 0 0 40.00 309.50 289.82 cm /I2 Do Q /GS0 gs q 110.00 0 0 31.00 102.50 290.97 cm /I3 Do Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F4 11.00 Tf ET q 0 0 0 rg BT 72.00 762.40 Td (business, performance and opportunities of the Company) Tj ET Q q 0 0 0 rg BT 323.46 762.40 Td (. 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