X0306 4 2017-06-27 0 0001688852 Safety, Income & Growth, Inc. SAFE 0001191821 ADLER DEAN S 2929 ARCH STREET, SUITE 1650 PHILADELPHIA PA 19104 1 0 0 0 Common Stock, par value $0.01 per share 2017-06-27 4 A 0 10000 0.00 A 10000 D Common Stock, par value $0.01 per share 750000 I See footnotes The shares are held of record by Mr. Dean S. Adler for the benefit of Lubert-Adler Real Estate Fund VII-B, L.P. ("L-A RE Fund VII-B"), of which Mr. Adler is the member of the ultimate general partner. The shares were fully vested on the grant date. Mr. Adler expressly disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein. Represents shares held of record for the benefit of L-A RE Fund VII-B. The shares are held of record by SFTY VII-B, LLC ("SFTY"). SFTY's sole member is 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. /s/ Dean S. Adler 2017-06-29