Portsmouth Square, Inc.

a subsidiary of Santa Fe Financial Corporation

Portsmouth Square, Inc. is a California corporation, incorporated in 1967. Portsmouth is a public company that trades on the OTCBB under the symbol "PRSI", and is a consolidated subsidiary of The InterGroup Corporation and Santa Fe Financial Corporation.

Portsmouth principal business is conducted through its 93% limited partnership interest in Justice Investors LP, a California limited partnership, in which Portsmouth serves as the managing general partner. Justice owns the Hilton San Francisco Financial District, a 544-room hotel located at 750 Kearny Street, San Francisco, CA 94108, including a five-level underground parking garage.

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In addition to Portsmouth Square's interest in the Hilton hotel in San Francisco, California including a five level underground parking garage, the Company has partial ownership of a two acre parcel of unimproved land located in Kihei, Mawi, Hawaii which is held for development.

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Portsmouth holds a general and limited partnership interest in the Hilton San Francisco Financial District, a 544 room hotel located at 750 Kearny Street, San Francisco, California 94108.