From A Chicago Spire Email Newsletter, John Goldsworthy --

THE CHICAGO SPIRE PROJECT

Dates: Currently, the project completion dates remain unaffected as time allowances for unanticipated events were included in the original schedule. We are currently working with some of the world's top financial institutions to secure project financing for the next phase of construction. The Chicago Spire will be in position to be afforded the first credit when it becomes available and we have every reason to believe that this will become reality in short order.

Earnest Money: Buyers' Earnest Money deposits are held at Bank of America in segregated interest-bearing accounts assigned to each individual Buyer. The accounts are insured by the Federal Deposit Insurance Corporation (FDIC), are held harmless from any developer debt and are unable to be accessed for construction costs.

Construction Status: Approximately 70% of our construction materials' procurement is bid out. Chicago Spire LLC's land assembly agreements with the City of Chicago and the Chicago Park District are engrossed and fully approved by the City's Department of Law. A significant body of construction work has been completed to date including:

• Foundation and substructure works by Case Foundation Company;
• Ramps to serve the site, to and from Lake Shore Drive completed by Lorig Construction; and
• Utility relocation work (substantially completed).

Construction/Liens: We announced recently that due to the global credit crisis, a slowdown in the rate of project construction would be necessary. Shelbourne Development has been working closely with our contractors, advisors and design professionals over the past two years as this project has come to fruition, and while there have been some lien filings, we can assure you that everyone has been extremely well paid.