X0206 3 2017-06-21 0 0001688852 Safety, Income & Growth, Inc. SAFE 0001191821 ADLER DEAN S 2929 ARCH STREET, SUITE 1650 PHILADELPHIA PA 19104 1 0 1 0 Common Stock, par value $0.01 per share 750000 I See footnotes The 750,000 reported shares of common stock are owned of record by SFTY VII-B, LLC ("SFTY"). SFTY's sole member is Lubert-Adler Real Estate Fund VII-B, L.P. ("L-A RE Fund VII-B"). L-A RE Fund VII-B's general partner is Lubert-Adler Group VII-B, LLC ("L-A Group VII-B LLC"). L-A Group VII-B LLC's sole member is Lubert-Adler Group VII-B Holdings, L.P. ("L-A Holdings VII-B LP"). L-A Holdings VII-B LP's general partner is Lubert-Adler Group VII-B Holdings, LLC ("L-A Holdings VII-B LLC"). Mr. Adler and Ira M. Lubert are members of L-A Holdings VII-B LLC. As a result, each of Mr. Adler, Mr. Lubert, L-A Holdings VII-B LLC, L-A Holdings VII-B LP, L-A Group VII-B LLC and L-A RE Fund VII-B may be deemed to share beneficial ownership of the reported shares. Mr. Adler expressly disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein. Mr. Adler will cease to share beneficial ownership of greater than 10% of the outstanding common stock upon completion of the initial public offering and will thereafter file reports solely in his capacity as a director of the company. /s/ Dean S. Adler 2017-06-21