Safeguard Real Estate Investment Fund Limited Partnerships

Safeguard Limited Partnerships, including: Safeguard Real Estate Investment Fund Limited Partnership Safeguard Real Estate Investment Fund II Limited Partnership Safeguard Real Estate Investment Fund III Limited Partnership Safeguard Real Estate Investment Fund IV Limited Partnership Safeguard Real Estate Investment Fund V Limited Partnership (collectively the “Entities” or the “Limited Partnerships”) On May 26, 2009 Ernst & Young Inc. was named as Trustee under the Notice of Intention (“NOI”) to Make a Proposal of the Entities. By Orders of the Court of Queen’s Bench of Alberta (the “IR Orders”) dated June 9, 2009 Ernst & Young Inc. was also appointed Interim Receiver of the Limited Partnerships (the “Receivership Proceedings”). On July 29, 2009 the Court of Queen’s Bench of Alberta granted an Initial Order under the Companies’ Creditors Arrangement Act (“CCAA”) with respect to the general partners of the Entities. The stay of proceedings provided for in the Initial Order also applies to the Entities. The CCAA Initial Order appointed Ernst & Young Inc. as the Court-Appointed Monitor. On July 29, 2009 the Court of Queen’s Bench of Alberta also granted an Order amending, restating and consolidating the IR Orders and terminating the NOI proceedings. Ernst & Young Inc. remains as the Court-Appointed Interim Receiver of the Limited Partnerships. It is important to note as of July 29, 2009 several additional entities related to Concrete Equities are now part of both the CCAA proceedings and the Receivership proceedings. The proceedings are no longer limited to the Entities described above. The Receiver’s investigatory powers have also been expanded to include several related entities, to provide the Receiver with access to the books and records of those additional entities. This site contains public documents related to the CCAA proceedings, the Receivership proceedings and NOI proceedings. These proceedings have been consolidated to include additional entities in the Concrete Equities family of companies. The Receiver set-up a new web-site www.ey.com/ca/concrete which contains all of the public documents relating to these proceedings. Effective July 29, 2009 all new documents relating to these proceedings will be posted to the new web-site.