Lightstone REIT II Investment Portfolio As of
December 31, 2011

Property Name: Fairfield Inn - The Meadowlands

Location: East Rutherford, NJ
Type: Hotel
Date Acquired: June 2010

Property Name: Browntown Center

Location: Old Bridge, NJ
Type: Neighborhood Retail Center
Date Acquired: June 2010

Property Name: Millburn Village

Location: Vauxhall, NJ
Type: Neighborhood Retail Center
Date Acquired: June 2010

Property Name: TownePlace Suites

Location: Harahan, LA
Type: Hotel
Date Acquired: January 2011

Property Name: CrownePlaza - Boston North Shore

Location: Danvers, MA
Type: Hotel & Attached waterpark
Date Acquired: March 2011

Property Name: Saxon Hall - Rego Park

Location:  Queens, NY
Type: Multi-family
Date Acquired: May 2011

The Real Estate Investments in the Properties listed above may be in the form of equity, debt or a combination of the two. There is no assurance that additional similar properties will be available for investment by Lightstone REIT II.

ICON Securities Corp. d/b/a ICON Investments, member FINRA/SIPC, serves as a dealer-manager for Lightstone REIT II. ICON Securities Corp. and ICON Capital Corp. are separate, but affiliated companies.