Press Release

December 20, 2005 – The internationally-renowned, Chicago-based Joffrey Ballet is proud to announce that it has purchased space in the new Smithfield Properties
development located at 8 E. Randolph (at State & Randolph.) The site will become its permanent home. The Joffrey Ballet will take possession of some 45,000 square feet in the mixed-use building
in December 2007, upon which time the property will be named The Joffrey Tower.

The classical ballet company will reside on the third and fourth floors, to include administrative offices and seven state-of-the-art rehearsal studios, including a black-box theater.
The first two floors of The Joffrey Tower will be retail; tenants are to be named by Smithfield Properties. Floors 9 through 32 will be condominiums.

“This is a true watershed moment for the company,” enthused Jon H. Teeuwissen, Joffrey Ballet Executive Director. “The tide has clearly turned for The Joffrey, and
having just launched our 50th Anniversary Celebration this past fall, there is significant momentum that continues to build. We exceeded our revenue goal for A Midsummer Night’s Dream this past
fall, and our current Nutcracker season at the Auditorium Theatre is attracting record audience, with over 3300 attending last Sunday’s matinee alone! Chicago has truly embraced The Joffrey and
we are grateful for the show of support.”

“Five years ago, no one would have believed that The Joffrey would be where it is today: financially sound, with a greatly increased subscriber and donor base, and taking the
monumental step of securing a permanent home,” said William M. Daley, Joffrey Ballet Board of Directors Co-Chairman. “Having a permanent home in the center of downtown Chicago is truly
the next step towards establishing The Joffrey as a major Chicago institution.”

“The Joffrey is an important part of the cultural fabric of the City of Chicago, and this step solidifies the company’s home here,” added Ronald V. Waters III, Joffrey
Board Co-Chairman. “This is great for The Joffrey and great for Chicago.”

Joffrey Board Members Todd Lillibridge, Facilities Committee Chair, and Bruce Sagan were key negotiators. Both Lillibridge and Sagan are developers; Sagan has been instrumental in
the development of space for Steppenwolf Theatre.

The Joffrey Ballet currently occupies space in two rental properties: a 17,000-square-foot rehearsal studio at 17 N. State Street, which it leased in July of this year, and administrative
offices at 70 E. Lake Street.

The Joffrey Ballet is currently presenting its annual holiday favorite, Robert Joffrey’s The Nutcracker, through Dec. 28 at the Auditorium Theatre of Roosevelt University, the company’s
Chicago performance “home” since Summer 2003. This presentation is part of the company’s 50th Anniversary dual season which began in October 2005 and continues through May 2007.