This letter and the enclosed consent documents are provided to request your vote on operational matters concerning AEI Income & Growth Fund 25 LLC, in which you have invested as a limited member. We refer to this investment as "Fund 25" or "the Fund" throughout these documents.

The enclosed Consent Form provides you with the opportunity to vote on four proposals:

Prior to voting, you should carefully read the enclosed Consent Statement to understand the proposals and risks that may be associated with them. If you have any questions concerning this communication and vote request, please call AEI Investor Services, toll free, at 800-328-3519.

We are providing this Consent Statement to all limited members of AEI Income & Growth Fund 25 LLC who are unit owners of record as of June 1, 2018. Through the enclosed Consent Form, we are soliciting your consent to the four proposals below:

To vote, you must return a properly signed Consent Form that is received by AEI Fund Management XXI, Inc. at 1300 Wells Fargo Place, 30 East 7th Street, St. Paul, Minnesota 55101, on or before 5:00 PM, Central Time, on July__,August 23, 2018. Please vote "FOR" only one of the first two proposals. Do not vote "FOR" both Proposal #1 and Proposal #2: they are mutually exclusive and cannot be implemented simultaneously.

The following summarizes the proposals being presented to the limited members of Fund 25. You should read this entire Consent Statement to fully understand the proposals.

AEI Income & Growth Fund 25 is a Delaware limited liability company organized in 2002. From May 13, 2003 through May 12, 2005, the Fund raised $42.43 million through a public offering of its units. The net proceeds from the offering were used to purchase, without mortgage debt, commercial real estate occupied by tenants under net leases. Fund 25 initially purchased fifteen properties, including partial interests in eight of these properties. The prospectus by which the units were originally offered indicated that properties would be sold from time to time and the cash proceeds invested in similar net leased properties.

Although Fund 25 has not commenced the sale of properties in final liquidation, the Fund has sold properties and reinvested the majority of the proceeds in similar net leased properties. In all cases, the Fund distributed enough cash for limited members to pay the taxes generated by any income or gain recognized by them on sale of such properties.

As of March 31, 2018, Fund 25 held interests in twelve properties. It also held net cash reserves of approximately $5,183,000. Eleven of the properties are subject to net leases under which the tenant pays substantially all of the property operating costs. The tenants in these properties are current with their rental payments and the properties are fully occupied. The other property is currently partially vacant as discussed below.

The following table sets forth the properties held by Fund 25 as of March 31, 2018, the date each property was acquired, the ownership interest in the property, the acquisition cost, the date the initial lease term expires, the annual rental amount, and the Managing Members' estimate of the current value of the property:

The following table provides operational data about Fund 25 for the three months ended March 31, 2018 and 2017 and for the years ended December 31, 2017 and 2016, on the basis of Fund 25 continuing as a going concern:

The following table provides data on the financial condition of Fund 25 on a historical cost basis at March 31, 2018 and 2017 and December 31, 2017 and 2016:

Operations. If limited members holding a majority of the outstanding units vote in favor of the liquidation proposal, the Managing Members will take action to commence the sale of Fund 25's properties and the liquidation of the Fund. The Managing Members will, from time to time, distribute the proceeds from the sale of properties to the extent they believe, in their sole discretion, that such proceeds are not required for operations during liquidation, not required to pay Fund obligations, or required to deal with contingent obligations. Once all of the Fund's properties are sold, the Managing Members would wind up the affairs of the Fund and distribute any net sales proceeds and remaining reserves to the limited members and the Managing Members. The Fund would then be dissolved and cease operations. Under Section 12.1 of the operating agreement, this dissolution does not require, and the Fund will not ask you for, any additional vote.

Distributions. As set forth under the caption "Background of the Fund – Properties", the Managing Members estimate the current value of Fund 25's properties at approximately $26,063,000, not including net cash reserves of approximately $5,182,000 that mainly consist of proceeds from one property sale in 2016 and one property sale in 2017. Neither the Managing Members nor Fund 25 has obtained any independent appraisal or opinion regarding the value of the Fund's properties. This valuation is based upon the rental rates generated by each property and the capitalization rates that the Managing Members believe are applicable in the markets in which the properties are located.

It is not possible for the Managing Members to predict the timing of the sale of the Fund's properties. Assuming that (a) the sale of properties can be completed within 24 months, (b) there are no events, such as tenant defaults or bankruptcies, that adversely affect the Fund's ability to sell its properties or the market value that can be obtained in such sales, (c) there are no increases or decreases in the market value of the properties and they can be sold at the amounts estimated by the Managing Members, and (d) there are no other extraordinary company expenses, the Managing Members estimate that approximately $31,245,000 of proceeds may be available for distribution from sale of properties and cash reserves. After deducting the Managing Members' interest in the proceeds, approximately $30,933,000 or $773 per unit would be available for distribution to the limited members. Because some of these assumptions will inevitably be inaccurate, and the Managing Members estimates of value cannot be precise, the actual amounts available for distribution to members will vary from these estimates and the variation may be material.

Assuming the Fund was liquidated as of March 31, 2018 and that the estimated liquidation proceeds from the sale of properties were realized, and factoring in prior cash distributions received, an original investment in the Fund of $1,000, on September 11, 2003, would have received $1,510 in total distributions over the life of the investment.

The federal income tax discussion set forth below addresses the material federal income tax consequences of the liquidation of a limited liability company treated as a partnership for income tax purposes. It does not purport to deal with all aspects of federal income taxation that may be relevant to a particular limited member with respect to such limited member's personal circumstances. The discussion is directed solely to limited members who hold the units as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"), and have acquired the units for investment and not as a dealer or for resale. This discussion may not be applicable to certain classes of taxpayers, including insurance companies, securities dealers, non-resident alien individuals, foreign entities, foreign trusts and estates and beneficiaries, financial institutions, real estate investment trusts, regulated investment companies, tax exempt organizations, trusts or persons who acquired Fund interests as compensation. This discussion is based upon the Code, Department of Treasury regulations, court decisions, published rulings of the Internal Revenue Service (the "IRS") and other applicable authorities, all as in effect on the date hereof and all of which are subject to change or differing interpretation (possibly on a retroactive basis). Limited members are urged to consult their own tax advisors as to the specific tax consequences to them of the liquidation of Fund 25, including the applicability and effect of federal, state, local and other tax laws.

General. Fund 25, as a partnership for federal income tax purposes, is not subject to federal income tax; instead, each member is required to take into account such member's distributive share of the Fund's income, gains, losses, deductions, credits and tax preference items in computing the member's federal income tax liability for any taxable year, without regard to whether the member has received any distribution from the Fund.

For federal income tax purposes, the liquidation process consists of two separate components: (1) the sale by Fund 25 of its properties; and (2) the distribution of cash to each limited member in liquidation (a "liquidating distribution") of the member's interest in Fund 25. Each of these is separately discussed below

Passive Activity Rules. Limited members that are individuals, trusts, estates, closely held corporations or personal service corporations are subject to the passive activity loss limitations rules of Section 469 of the Code. A limited member's allocable share of income, gain or loss from the sale of Fund 25's properties is generally treated as derived from a passive activity. Limited members may generally deduct losses from passive activities only to the extent of their income from passive activities. Passive activity losses that are not allowed in any taxable year are suspended and may be carried forward indefinitely and allowed in subsequent years as an offset against passive activity income. However, upon final liquidation of the Fund, any suspended passive activity losses of a limited member with respect to its investment in Fund 25 may be used to reduce other income of the limited member.

The Managing Members have estimated the market value of the properties based upon rental rates and market capitalization rates. The rate at which such rents are capitalized is dependent upon prevailing interest rates in the markets where the properties are located. To the extent prevailing interest rates increase, the value of the properties calculated using these methods may decline. Further, the market value of properties is dependent upon the financial strength of the tenants occupying the properties owned by Fund 25. A general economic downturn may affect the financial strength of the tenants. If tenants occupying the Fund's properties are adversely affected, the Fund may experience an increased level of default in rental payments, or a general decrease in the willingness of purchasers to acquire its properties because of the increased risk involved.

If the proposal to liquidate Fund 25 is approved, the Managing Members will attempt to dispose of Fund 25's properties during the next 24 months. The disposition of properties could generate less value to the Fund and its limited members than estimated, particularly if sales must be completed rapidly.

If a tenant defaults on its lease obligations, or abandons a property, prior to its sale by Fund 25, the value of the property would likely be adversely affected, the Fund might have difficulty selling the property, and the sale might be delayed until an alternative tenant can be located. If a tenant filed for protection under applicable bankruptcy laws, the tenant (if a debtor in possession) or the bankruptcy trustee would have a period of time to assume or reject the lease and the Fund may be delayed in its disposition of the property and final liquidation of the Fund.

Sales of properties will generate an income and gain recognition event for federal income tax purposes with respect to the value of the properties and proceeds received, while continued operation of properties would generate income for tax purposes primarily related to rental income received. For properties that Fund 25 has held and depreciated for tax purposes for a significant period of time, a significant portion of the sales price could represent depreciation recapture taxable to limited members at higher tax rates.

The proposal to continue operations is being presented because the Managing Members believe:

The proposal to continue operations for an additional 60 months from June 2018 will allow Fund 25 to continue to operate in the same manner in which it has operated historically. The Fund's operations will continue to be reported to you in a manner consistent with historical financial results. Subject to the normal risks of operating as summarized below, we anticipate that the Fund will continue to make quarterly distributions of cash flow from rental income. The continuation of operations will move into the future the date that limited members could receive proceeds from the final sale of properties and liquidation of the Fund. After 60 months, the Fund will again solicit a vote of the limited members to continue in operation or liquidate.

As of March 31, 2018, Fund 25 held net cash reserves of approximately $5,182,000 that mainly consist of proceeds from one property sale in 2016 and one property sale in 2017. If the proposal to continue operations is approved, we expect to actively engage in the acquisition of net leased property with this cash balance, less a reasonable operating reserve and a reserve to pay for any anticipated unit repurchase requests that may be received in 2018 and 2019.

If the proposal to continue operations is not approved, and the liquidation proposal is approved, Fund 25 will commence the process of disposing of its properties. If neither Proposal #1 nor Proposal #2 is approved, the Fund will continue to operate as it has historically.

The proposal to continue the operations of Fund 25 will be implemented, if approved by limited members, through the amendment to Section 11.3 of the operating agreement that is set forth in Exhibit A to this Consent Statement. This amendment will require the Managing Member to prepare a new consent statement before June 30, 2023 to solicit another vote of limited members to either liquidate Fund 25 or extend its operation for an additional period of years.

Although we indicated in the offering documents under which the units were initially sold that we intended to liquidate Fund 25 8 to 12 years after the completion of the property acquisition phase, there currently is no contractual requirement in the operating agreement of Fund

25 to terminate its existence, or sell its properties and liquidate, prior to 2053. The addition of Section 11.3 is intended to create an obligation to solicit the interest of limited members in liquidating the Fund at a definite point in time. This is intended both to eliminate conflicts that could cause the Managing Members to delay liquidation of the Fund and to give limited members a time horizon for final liquidation. The amendment does not, however, require liquidation and if limited members were to again vote to continue its operations in 60 months, the operation of the Fund, and the time at which limited members would receive a final distribution of the value of its assets, would be moved to a future date.

The Managing Member and their affiliates are reimbursed for their expenses, including the salaries and compensation expense of employees, based upon the time those employees spend on the affairs of the investment funds they manage. To the extent the Managing Members and their affiliates have more investment funds under management, the aggregate amount of such reimbursements is larger and the salaries that are justifiable for their management may be higher. Accordingly, the Managing Members have an incentive to maintain funds and properties under management. On the other hand, reimbursements to the Managing Members and their affiliates for operations are at cost and do not represent a profit center for the Managing Members or their affiliates. Further, if the Fund does not liquidate, the Managing Members will not receive cash distributions representing their share of liquidation proceeds.

If the proposal to continue operations is approved, the business of Fund 25 will continue to be subject to the risks associated with the ownership of real property and the illiquidity of investment in a limited liability company, including the following:

If the proposal to continue operations is approved, limited members will likely not have a right to receive the proceeds from the final disposition of properties and liquidation of Fund 25 for at least an additional five years.

To avoid being classified as a publicly traded limited partnership for tax purposes, the operating agreement of Fund 25 continues to place substantial restrictions on sale or transfer of units. There is no trading market for the units and the restrictions in the operating agreement are designed to ensure that no public trading market develops. Accordingly, it may be difficult to dispose of units or to receive full value for units when they are sold if the proposal to liquidate is not approved.

If the proposal to continue operations is approved, the properties of Fund 25 will continue to be held for investment and the proceeds from any sale of Fund properties may not be distributed to members during the following five years, except to the extent necessary to pay income taxes resulting from any taxable gain on sale that is allocated to limited members. The value of real estate is subject to a number of factors beyond the control of the Fund, including national economic conditions, changes in interest rates, governmental rules and regulations and competition from other forms of financing. In addition, the value of the properties is affected by the financial condition of the tenants. To the extent there is a general economic downturn, the industries in which the Fund's tenants operate may be adversely affected, causing defaults or renegotiation of lease terms. To the extent the Fund's lease rates decline in the future, or if there are tenant defaults, the value of real estate held by the Fund may decline.

If Fund 25 continues to operate, limited members will continue to rely almost exclusively on the Managing Members of the Fund for its operations. The Managing Members have complete authority to make decisions regarding the Fund's day-to-day operations and the acquisition or disposition of properties. There are no limitations that limited members may enforce regarding the types of net leased, commercial properties that may be acquired. The Managing Members may take actions with which limited members disagree. Limited members do not have any right to object to most management decisions unless the Managing Members breach their duties. Limited members are able to remove the Managing Members only by a majority vote of limited members or in other limited instances.

The Managing Members may benefit from continuing operations in ways that create conflicts of interest.

The interests of the Managing Members in continuing operations may be different from those of the limited members' interests because the Managing Members and their affiliates will continue to receive reimbursements from Fund 25. The Managing Members and their affiliates are reimbursed at cost, which includes a portion of salaries of personnel and other overhead, for services they provide to the Fund and the proposal to continue operations, if adopted, will allow those reimbursements to continue.

Limited members will not have appraisal rights in connection with continuing operations.

You will not have appraisal or dissenters rights as a result of continuing operations. Accordingly, if you disagree with the proposal to continue operations you will not have the right to require Fund 25 to pay out the value of your units. If you disagree, and wish to sell your units, you will be required to find a different method of doing so, such as utilizing the Fund's unit repurchase plan or holding your units until the Fund is liquidated.

We are proposing an amendment to the unit repurchase provisions of the operating agreement contained in Section 7.7 so that limited members may present their units to the Fund for repurchase at a price that more closely approximates what we believe to be the fair market value of the Fund's units.

If this proposal is approved, limited members will be able to present their units to Fund 25 for repurchase at a price equal to 95% of the estimated net asset value per unit, instead of 80% of the estimated net asset value per unit. Under both the current operating agreement and the proposed amendment, the repurchase price is reduced by any distributions paid for the units after the date for which the estimated net asset value per unit is calculated and prior to the repurchase date (a period of one quarter).

Fund 25 will repurchase units with cash that might otherwise be available for distribution to limited members. Because of this, increasing the price for repurchases may increase the number of repurchases and correspondingly decrease the amount of cash available for distribution. Repurchase of units will, however, result in the remaining limited members owning a proportionately larger interest in the Fund, which should, under normal conditions, produce larger distributions per unit in the future.

The Fund cannot assure limited members that revenues or cash reserves will be available for repurchases and that it will be able to repurchase any or all of the units tendered. Repurchase of units may result in certain adverse tax consequences to the tendering limited member. Repurchase of units will likely result in smaller distributions to remaining limited members in the year of repurchase, yet will not result in a reduction of taxable income allocated to such limited members.

The proposal to increase the purchase price under Fund 25's unit repurchase plan will be implemented, if approved by limited members, through the amendment to Section 7.7 of the operating agreement that is set forth in Exhibit B to this Consent Statement. The amendment will provide that the repurchase price for units purchased under the unit repurchase plan will be increased to 95% of the estimated net asset value per unit. As currently stated in the operating agreement, the repurchase price is reduced by any distributions paid for the units after the date for which the estimated net asset value per unit is calculated and prior to the repurchase date (a period of one quarter).

The Managing Members believe that their interests in amending the repurchase plan are aligned with those limited members who wish to continue to participate in Fund 25.

If the proposal to amend the repurchase plan is approved, the ability to repurchase units, and the consequences of repurchase, will present additional risks, including the following:

Unit repurchases are funded with cash that might otherwise available for distribution to limited members and, to the extent units are repurchased, cash available for distribution to remaining members will be reduced. Although remaining members will have a proportionately larger interest in Fund 25 after such repurchases, if the Managing Member overestimates the net asset value per unit for purposes of repurchases, or properties decline in value after repurchases, remaining limited members may not obtain the benefit of such larger ownership interest.

The amount of units Fund 25 will repurchase in any year will be limited even if the amendment to the repurchase plan is approved. Among other things:

Fund 25 owns joint venture interests in eight properties that were purchased consistent with authority in the operating agreement to purchase joint venture interests with AEI Affiliated Funds. In particular, Fund 25 owns a 21.0% interest in a Jared Jewelry store in Madison Heights, Michigan, a 60.0% interest in a Jared Jewelry store in Auburn Hills, Michigan, a 60% interest in a Biomat USA Plasma Center in Wichita, Kansas, a 35% interest in an Advance Auto Parts store in Indianapolis, Indiana, a 27% interest in a Dick's Sporting Goods store in Fredericksburg, Virginia, a 72% interest in a Staples store in Clermont, Florida, a 50% interest in a Coliseum Health Clinic in Macon, Georgia, and a 73% interest in a PetSmart store in Gonzales, Louisiana. Because most investors in net leased real estate require ownership of an entire property, we believe that it would be difficult for Fund 25 to sell these interests in the open real estate market.

The operations of Fund 25 are governed by its operating agreement. Section 6.6 of the operating agreement permits joint ventures with other AEI Affiliated Funds, subject to certain conditions, including that each Fund has a right of first refusal to purchase the other party's interest in the event of an attempted sale of an interest in a property. This right of first refusal was included in the agreements under which Fund 25 acquired its joint venture interests in the eight properties. The Managing Members of Fund 25 believe that this implicitly allows, or requires, sale of an interest to an affiliate. Nevertheless, Section 6.5(vii) of the operating agreement prohibits a sale of a "property" by Fund 25 to an affiliate. Although the Managing Members believe this was intended to prohibit only sale of a whole property rather than a joint-venture interest such as the interests held by Fund 25 in the eight properties, the Managing Members believe it is unwise to proceed with a sale to an affiliate absent a confirming vote of limited members.

In addition, although the Managing Members believe the same provisions of the operating agreement that authorized the purchase with AEI Affiliated Funds also provides a basis to sell to AEI Affiliated Funds, the provisions are not unambiguous. As a result, we are asking you to vote on a proposal to make clear that Fund 25 may sell its joint venture interests in these properties to other AEI Affiliated Funds. The sales price for properties sold in this manner will be based upon an independent, third-party, commercial property appraisal.

The Managing Members believe that sale of a joint venture interest in the open market is difficult, takes considerable time, likely would result in higher sales costs such as commissions, and could generate a lower price to Fund 25. Unless otherwise provided by contract, minority interests in properties do not allow the holder to control management of the properties or the timing of the disposition of properties, and the partnership/operating agreements of AEI Funds effectively require that AEI Funds have such control. Because a buyer would likely negatively view this lack of liquidity, lack of management control and control over disposition, the Managing Members believe these interests are more difficult to sell than the entire fee simple interest in a property, and take considerable time to sell in the open market. Further, to complete such a sale, Fund 25 would likely need to retain a broker, and pay brokerage commissions of 3% to 6% on any such sale. For all of these reasons, the Managing Members believe it is in the best interests of the Fund and its limited members to allow Fund 25 to complete the sale of these properties to AEI Affiliated Funds.

If limited members holding a majority of the outstanding units vote in favor of the proposal, Fund 25 will be allowed to sell its joint venture interest in a property to an AEI Affiliated Fund. At the time Fund 25 is ready to sell a joint venture interest in a property, the Fund will determine if the Affiliated Fund(s) that owns the remaining interest(s) in the property is ready to sell also. If an Affiliated Fund is not ready to sell its interest in the property, Fund 25 will take action to sell its interest to an Affiliated Fund. To determine the price of each property interest, the Fund will obtain an appraisal from an independent, third-party, commercial property appraiser. Fund 25 will pay the cost of the appraisals and the customary closing costs that a seller incurs in the state where the property is located. However, the Fund will not pay a brokerage commission, which typically ranges from 3% to 6% of the property's gross sale price. The sales will be made on an "as is, where is" basis.

If the Affiliated Fund(s) that owns the remaining interest(s) in a property is ready to sell, then Fund 25 and the Affiliated Fund(s) will jointly take action to sell 100% of the property on the open real estate market. The sales proceeds and expenses of the sale would be allocated pro rata based on the ownership percentage of the property.

The proposal to allow Fund 25 to sell joint venture interests in eight of its properties to other AEI Affiliated Funds will be implemented, if approved by limited members, through the amendment to Section 6.5 of the operating agreement that is set forth in Exhibit C to this Consent Statement.

If the proposal is approved, each property interest that is sold to an AEI Affiliated Fund will be sold at a price as determined by an independent, third-party, commercial property appraiser. The appraiser will research each property by reviewing market data and other information to form an opinion as to the value of the property. It is possible that a higher price could be realized if the property was listed in the open real estate market where the interaction of many buyers and sellers determine the value of the property. However, listing the property in the real estate market could also result in a lower price.

Because of the ambiguity of the language in the operating agreement of Fund 25, the Managing Members do not intend to proceed with sale of joint venture interests to AEI Affiliated Funds unless they receive the affirmative vote of holders of a majority of the outstanding units of Fund 25 on the proposal. The Managing Members believe it is very difficult to sell joint venture interests in the open market, and expects that a failure to approve the proposal will result in considerable delay in the sale of these interests, the final liquidation of Fund 25, and the distribution of liquidation proceeds. Such a delay can also be expected to increase ongoing administrative costs and reduce the amount of proceeds eventually distributed.

The following table sets forth information pertaining to the ownership of the units by each person known to us to beneficially own 5% or more of the units, by AEI Fund Management XXI, Inc. (Fund 25's Managing Member), and by each officer or director of the Managing Member as of March 31, 2018:

Your vote is important. As a limited member, we urge you to mark your vote, sign and date the enclosed Consent Form and return it in the enclosed postage prepaid envelope. If you require assistance completing the Consent Form, please call AEI Investor Services, toll free at 800-328-3519.

We have fixed the close of business on June 1, 2018 as the record date for the determination of the limited members entitled to vote on the proposals; the close of business on July __,August 23, 2018 as the date by which Consent Forms must be received by us in order to be counted; and July __,August 24, 2018 as the date on which the consents will be counted. You may withdraw or revoke your consent at any time prior to 5:00 PM Central Time, on July __,August 23, 2018, provided we receive written revocation prior to that time.

To vote for any of these proposals, you must return a properly signed Consent Form that is received by AEI Fund Management XXI, Inc. at 1300 Wells Fargo Place, 30 East 7th Street, St. Paul, Minnesota 55101, on or before 5:00 PM Central Time, on July __,August 23, 2018. The Managing Members will tabulate the votes.

Only holders of record of limited membership units as of June 1, 2018, the record date, will be entitled to vote on the proposals. Voting by the limited members is based upon the number of units held. As of June 1, 2018, there were 39,898.14 units outstanding. Each unit is entitled to one vote. Fractions of units will be included in the total.

Pursuant to the operating agreement of Fund 25, in order for a proposal to be approved, a majority of the outstanding units (excluding any units held by the Managing Member) must be voted in favor of such proposal. Accordingly, 19,949.08 units must be voted "FOR" a proposal for such proposal to be approved. Because an abstention would not be counted as a vote for the proposal, it would have the effect of a vote against the proposal.

We are proposing that Article XI of the Operating Agreement of AEI Income and Growth Fund 25 be amended to add Section 11.3 which shall read, in its entirety, as follows:

We are proposing to amend and restate Section 7.7 of the Operating Agreement of AEI Income & Growth Fund 25 to read in its entirety as shown below. In addition, we are proposing to delete Section 2.19 and replace it with Section 7.7(b) as shown below.

We are proposing to amend and restate Section 6.5 of the Operating Agreement of AEI Income and Growth Fund 25 to read in its entirety as follows: