RISK FACTORS:
Real estate investment trust (REIT) securities are offered through Hines Real Estate Investments, Inc., member FINRA/SIPC. There are significant risks associated with an investment in REIT securities, including but not limited to:

• a REIT may have no prior operating history or established financing sources;
• distributions are uncertain, a return on your investment is not guaranteed and you may lose money;
• a REIT may pay distributions from sources other than cash flow from operations, such as cash advances by its Advisor, cash resulting from a waiver of deferral fees, borrowings and/or offering proceeds, which will reduce the funds available for acquisitions and reduce your overall return;
• there is no assurance that a REIT will achieve its investment objectives;
• there is no public market for the REIT securities we offer, and these securities lack liquidity;
• the REITs have only identified a few specific investments to make with the proceeds from their current offerings;
• the REITs are subject to substantial conflicts of interest, including the payment of substantial fees to Hines Interests Limited Partnership (Hines) and its affiliates;
• past performance is not an indication of future results;
• unfavorable economic conditions in the markets in which a REIT operates could adversely affect your investment and
• REITs that invest internationally are subject to additional international risks.

This material is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by the applicable prospectus. For those considering an investment in any of the REIT securities we offer, these materials must be read in conjunction with the applicable prospectus in order to fully understand all the implications and risks of the respective offering of the securities to which it relates. This investment is not suitable for all investors. Please refer to the applicable prospectus for the particular suitability standards in your state.

Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has passed on or endorsed the merits of any offering being offered by Hines Real Estate Investment, Inc. Any representation to the contrary is unlawful.

Not FDIC insured. May lose value. No bank guarantee. The information on this web site was last updated August 2010.

© 2009-2010 Hines Real Estate Investments, Inc. All rights reserved. Hines and the Hines logo are registered trademarks of Hines Interests Limited Partnership. Hines Real Estate Investments, Inc. Member FINRA/SIPC

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