GOULD INVESTORS L P → ONE LIBERTY PROPERTIES INC OLP

The Reporting Persons hold the Shares for investment purposes. Each of them may, subject to market conditions and their respective assessments of prospects of the Issuer, acquire additional Shares from time to time, through open market (including pursuant to the Issuer's dividend reinvestment plan (the "DRIP")) and/or privately negotiated transactions, as they each may determine in their discretion. Each of Messrs. F. Gould, M. Gould and J. Gould may acquire additional shares of common stock through equity awards pursuant to the Company's incentive plans, in each case subject to the applicable transfer and ownership restrictions in such plans and the Issuer's governing documents. Each of the Reporting Persons may also determine at any time to dispose of Shares. Other than as discussed in the immediately preceding paragraph, none of the Reporting Persons currently have any plans to effect any of the transactions required to be described in Item 4 of Schedule 13D.