The company may, at its sole discretion, repurchase shares presented to the company for cash to the extent it has sufficient proceeds to do so and subject to the conditions and limitations set forth in the company’s share repurchase plan.

The prices per share at which the company will repurchase shares is determined by the amount of time that the shares are continuously held by stockholders. For shares held:

• At least one year: Lower of $9.25 or 92.5% of price paid to acquire shares from the company
• At least two years: Lower of $9.50 or 95.0% of price paid to acquire shares from the company
• At least three years: Lower of $9.75 or 97.5% of price paid to acquire shares from the company
• At least four years: Price determined by the board, but no less than 100% of price paid to acquire shares from the company

Shares may be repurchased quarterly, on a pro rata basis, and will be limited during any calendar year to 5.0 percent of the weighted average number of shares outstanding during the prior calendar year. Funding from the repurchase plan will come exclusively from proceeds received from the sale of shares under the company’s distribution reinvestment plan. In addition, our share repurchase plan may be amended, suspended, or terminated at any time.

Death or Disability: If shares are to be repurchased in connection with a stockholder’s death or qualifying disability the repurchase price will be: 100 percent of the price paid to acquire the shares from the company for stockholders who have continuously held their shares for less than four years; or a price determined by the board, but no less than 100 percent of the price paid to acquire the shares from the company, for stockholder who have continuously held their shares for at least four years. In addition, the company will waive the one-year holding period for shares repurchased in connection with a stockholder’s death or qualifying disability.