X0206 3 2017-06-21 0 0001688852 Safety, Income & Growth, Inc. SAFE 0001709796 LUBERT-ADLER GROUP VII-B HOLDINGS, LLC 171 17TH STREET, N.W., SUITE 1575 ATLANTA GA 30363 0 0 1 0 0001709797 LUBERT-ADLER GROUP VII-B HOLDINGS, L.P. 171 17TH STREET, N.W., SUITE 1575 ATLANTA GA 30363 0 0 1 0 0001709757 LUBERT-ADLER GROUP VII-B, LLC 171 17TH STREET, N.W., SUITE 1575 ATLANTA GA 30363 0 0 1 0 0001687447 Lubert-Adler Real Estate Fund VII-B, L.P. 171 17TH STREET, N.W., SUITE 1575 ATLANTA GA 30363 0 0 1 0 0001709758 SFTY VII-B, LLC 171 17TH STREET, N.W., SUITE 1575 ATLANTA GA 30363 0 0 1 0 0001203115 LUBERT IRA M 2929 ARCH STREET, SUITE 1650 PHILADELPHIA PA 19104 0 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"). Dean S. 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. Each of the reporting persons expressly disclaims beneficial ownership of the reported shares except to the extent of his or its pecuniary interest therein. The reporting persons will cease to own greater than 10% of the outstanding common stock upon completion of the initial public offering, will cease to be subject to Section 16 in connection with their transactions in the equity securities of Safety, Income and Growth, Inc. and will not report any future transactions on Form 4 or Form 5. Lubert-Adler Group VII-B Holdings, LLC, by /s/ Dean S. Adler, its chief executive officer 2017-06-21 Lubert-Adler Group VII-B Holdings, L.P., by Lubert-Adler Group VII-B Holdings, LLC, its general partner, by /s/ Dean S. Adler, its chief executive officer 2017-06-21 Lubert-Adler Group VII-B, LLC, by /s/ Dean S. Adler, its chief executive officer 2017-06-21 Lubert-Adler Real Estate Fund VII-B, L.P., by Lubert-Adler Group VII-B, LLC, its general partner, by /s/ Dean S. Adler, its chief executive officer 2017-06-21 SFTY VII-B, LLC, by /s/ Dean S. Adler, its chief executive officer 2017-06-21 /s/ Ira M. Lubert 2017-06-21