Common use of Subscription Documents Clause in Contracts

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., Escrow Agent for Lightstone III”. During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Broker-Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to Checks for the subscription instructions, it shall return such check directly to such subscriber not later than the end purchase of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall will be made by checks payable to Terra Income Fund 6, Inc. and deposited in a designated deposit account (the “Deposit Account”) of UMB Bank, N.A., Escrow Agent as agent for Lightstone III”. During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. Company (the “Escrow Agent”) at the address provided in the Subscription Agreement). When the a Selected Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to DST Systems, Inc. (the Escrow Agent or Company, as applicable, “Transfer Agent”) by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Broker-Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableTransfer Agent. If any Subscription Agreement solicited by a Soliciting the Selected Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject Subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Terra Income Fund 6, Inc.” At such time, the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Terra Income Fund 6, Inc., c/o DST Systems, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in and included with the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee $1,000,000 in any combination of Class A and Pennsylvania investors) Class T Units has been sold, payments for Common Shares Units shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR ATLAS GROWTH PARTNERS, L.P.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Units were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Units and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Units, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Partnership, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Broker-Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. Terra Income Fund 6, Inc.” During such time, the a Selected Broker-Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. . When the a Selected Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Broker-Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Terra Income Fund 6, Inc.” At such time, the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Terra Income Fund 6, Inc., c/o ACS Securities Services, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL GLOBAL TRUST, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,500,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankW▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR BUSINESS DEVELOPMENT CORPORATION OF AMERICA” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL TRUST IV, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL HEALTHCARE TRUST II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL TRUST V, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., Escrow Agent for Lightstone IIIReal Estate Income Trust”. During such time, the Dealer Manager or any Selected Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone IIIReal Estate Income Trust”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. Corporate Property Associates 18 — Global Incorporated” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the a Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Corporate Property Associates 18 - Global Incorporated.” At such time, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Corporate Property Associates 18 - Global Incorporated, c/o DST Systems, Inc., at the address provided in the Subscription Agreement. If the minimum offering of $2,000,000 in Shares has not been obtained within six months from the Effective Date, which the Company may elect to extend to a date no later than one year from the Effective Date (the “Closing Date”), pursuant to the Escrow Agreement, the Escrow Agent shall, promptly following the Closing Date, refund to each investor by check funds deposited in the escrow account or shall return the instruments of payment delivered to the Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each investor at the address provided in the list of investors.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Participating Broker-Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $3,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. Terra Secured Income Trust, Inc.” During such time, the a Participating Broker-Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the a Participating Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Participating Broker-Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Participating Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Participating Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Participating Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Participating Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Participating Broker-Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Participating Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $3,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Terra Secured Income Trust, Inc.” At such time, the Participating Broker-Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Terra Secured Income Trust, Inc., c/o ACS Securities Services, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the a Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming Subject to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been soldcertain limited exceptions as set forth in Section 5(h), payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A.NATIONAL ASSOCIATION, Escrow Agent for Lightstone III”. During such timeESCROW AGENT FOR AMERICAN REALTY CAPITAL PROPERTIES, the INC.” Each Dealer Manager or any Selected a Soliciting Dealer, as applicable, shall forward the original checks for the purchase of Shares, together with an original Subscription Agreementsubscription agreement, completed and executed and initiated by the subscriber as provided for in the Subscription Agreementsubscription agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreementsubscription agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement subscription agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check subscription agreement and the Subscription Agreement check for the purchase of Shares to the Escrow Agent or Company, as applicable, by the end of the next business day Business Day following the receipt of the check for the purchase of Shares and Subscription Agreementthe subscription agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check for the purchase of Shares and Subscription Agreement the subscription agreement to the Final Review Office by the end of the next business day Business Day following the Soliciting Dealer’s receipt of the Subscription Agreement subscription agreement and checkthe check for the purchase of Shares. The Final Review Office willshall, by the end of the next business day Business Day following its receipt of the Subscription Agreement subscription agreement and checkthe check for the purchase of Shares, forward both the Subscription Agreement subscription agreement and the check for the purchase of Shares to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement subscription agreement solicited by a the Soliciting Dealer is rejected by the a Dealer Manager or the Company, then the Subscription Agreement subscription agreement and the check for the purchase of Shares will be returned to the rejected subscriber within 10 business days ten (10) Business Days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL NEW YORK CITY REIT II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone ESCROW AGENT FOR AMERICAN REALTY CAPITAL HEALTHCARE TRUST III”. , INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL GLOBAL TRUST II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL NEW YORK CITY REIT, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA, INC.” During such time, the a Soliciting Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreementsubscription agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreementsubscription agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreementsubscription agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement subscription agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the subscription agreement and check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreementsubscription agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement subscription agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement subscription agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement subscription agreement and check, forward both the Subscription Agreement subscription agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement subscription agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement subscription agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Primary Shares through the a Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming Subject to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been soldcertain limited exceptions as set forth in Section 6(h), payments for Common Primary Shares shall be made by checks payable to “UMB BankBANK, N.A.NATIONAL ASSOCIATION, Escrow Agent for Lightstone III”. During such timeESCROW AGENT FOR AMERICAN REALTY CAPITAL PROPERTIES, the INC.” Each Dealer Manager or any Selected a Soliciting Dealer, as applicable, shall forward the original checks for the purchase of Primary Shares, together with an original Subscription Agreementsubscription agreement, completed and executed and initiated by the subscriber as provided for in the Subscription Agreementsubscription agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreementsubscription agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement subscription agreement and the check for the purchase of Primary Shares were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check subscription agreement and the Subscription Agreement check for the purchase of Primary Shares to the Escrow Agent or Company, as applicable, by the end of the next business day Business Day following the receipt of the check for the purchase of Primary Shares and Subscription Agreementthe subscription agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check for the purchase of Primary Shares and Subscription Agreement the subscription agreement to the Final Review Office by the end of the next business day Business Day following the Soliciting Dealer’s receipt of the Subscription Agreement subscription agreement and checkthe check for the purchase of Primary Shares. The Final Review Office willshall, by the end of the next business day Business Day following its receipt of the Subscription Agreement subscription agreement and checkthe check for the purchase of Primary Shares, forward both the Subscription Agreement subscription agreement and the check for the purchase of Primary Shares to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement subscription agreement solicited by a the Soliciting Dealer is rejected by the a Dealer Manager or the Company, then the Subscription Agreement subscription agreement and the check for the purchase of Primary Shares will be returned to the rejected subscriber within 10 business days ten (10) Business Days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL GLOBAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) Minimum Offering has been soldobtained, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the ““ Final Review OfficeOffice ”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 thirty (30) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) $2,000,000 in Units has been sold, payments for Common Shares Units shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN ENERGY CAPITAL PARTNERS, LP” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Units were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Units and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Units, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank▇▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR ARC-NORTHCLIFFE INCOME PROPERTIES, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any the Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until Subject to any continuing escrow obligations imposed by any states as described in the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been soldProspectus, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., Escrow Agent for Lightstone III”. During such time, United Realty Trust Incorporated,” and the Dealer Manager or any Selected Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bankthe United Realty Trust Incorporated New Business Team, N.A. (the “Escrow Agent”) c/o Phoenix American Financial Services, Inc., at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and to UMB Bank, N.A. (the Subscription Agreement “Escrow Agent”) (if any state has imposed continuing escrow obligations) or to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent (if any state has imposed continuing escrow obligations) or to the Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Broker-Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. Terra Income Fund 6, Inc.” During such time, the a Selected Broker-Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. . When the a Selected Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Broker-Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Broker-Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Terra Income Fund 6, Inc.” At such time, the Selected Broker-Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Terra Income Fund 6, Inc., c/o DST Systems, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank▇▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC.” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. Corporate Property Associates 18 – Global Incorporated” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the a Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Corporate Property Associates 18 - Global Incorporated.” At such time, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Corporate Property Associates 18 - Global Incorporated, c/o DST Systems, Inc., at the address provided in the Subscription Agreement. If the minimum offering of $2,000,000 in Shares has not been obtained within six months from the Effective Date, which the Company may elect to extend to a date no later than one year from the Effective Date (the “Closing Date”), pursuant to the Escrow Agreement, the Escrow Agent shall, promptly following the Closing Date, refund to each investor by check funds deposited in the escrow account or shall return the instruments of payment delivered to the Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each investor at the address provided in the list of investors.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankW▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC.” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank▇▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $10,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. ▇▇▇▇▇ Watermark Investors, Inc.” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the a Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $10,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. ▇▇▇▇▇ Watermark Investors Incorporated.” At such time, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company ▇▇▇▇▇ Watermark Investors Incorporated, c/o Phoenix American Financial Services Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL HEALTHCARE TRUST II, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ - ARC GROCERY CENTER REIT II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. Corporate Property Associates 18 — Global Incorporated” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the a Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. Corporate Property Associates 18 - Global Incorporated.” At such time, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Corporate Property Associates 18 - Global Incorporated, c/o DST Systems, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,500,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank▇▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone III”. ESCROW AGENT FOR BUSINESS DEVELOPMENT CORPORATION OF AMERICA” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) $2,000,000 in Units has been sold, payments for Common Shares Units shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN ENERGY CAPITAL PARTNERS, LP.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Units were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Units and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Units, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) Minimum Offering has been soldobtained, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone III”. ESCROW AGENT FOR P▇▇▇▇▇▇▇ ▇▇▇▇▇▇ – ARC GROCERY CENTER REIT II, INC.” During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting other Selected Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $10,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow Agent for Lightstone III”. ▇▇▇▇▇ Watermark Investors, Inc.” During such time, the a Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the a Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Selected Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicableprocedures, the Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a Soliciting the Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common $10,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. ▇▇▇▇▇ Watermark Investors Incorporated.” At such time, the Selected Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company ▇▇▇▇▇ Watermark Investors Incorporated, c/o [ ], at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until Subject to any continuing escrow obligations imposed by any states as described in the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been soldProspectus, payments for Common Shares shall be made by checks payable to “UMB Bank, N.A., Escrow Agent for Lightstone III”. During such time, United Realty Trust Incorporated,” and the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bankthe United Realty Trust Incorporated New Business Team, N.A. (the “Escrow Agent”) c/o Phoenix American Financial Services, Inc., at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and to UMB Bank, N.A. (the Subscription Agreement “Escrow Agent”) (if any state has imposed continuing escrow obligations) or to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent (if any state has imposed continuing escrow obligations) or to the Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BankBANK, N.A., Escrow Agent for Lightstone ESCROW AGENT FOR AMERICAN REALTY CAPITAL TRUST III”. , INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, execute the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of 200,000 Common $2,000,000 in Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB Bank▇▇▇▇▇ FARGO BANK, N.A.NA, Escrow Agent for Lightstone ESCROW AGENT FOR AMERICAN REALTY CAPITAL TRUST III”. , INC.” During such time, the Selected Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) Agent at the address provided in the Subscription Agreement. When the a Soliciting Dealer’s internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Soliciting Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement and check to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures of procedures, the Dealer Manager or Soliciting Dealer, as applicable, the ’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent or Company, as applicableAgent. If any Subscription Agreement solicited by a the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 ten (10) business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Company at the address provided in the Subscription Agreement.