Letter to Shareholder – General Information

Dear Shareholder,

This letter is to keep you abreast of the current status of projects within the Fund Brickstone Growth & Development Fund.

With our last letter of July 29, 2016 we have tried to describe, wrongly or rightly, the dynamics that led the Board of Brickstone to decide on lifting the suspension of the NAV and the consequent calculation of the NAV as at 31st December 2015.

In recent months, the context related to the basic indicators (the Russian economic situation, exchange rates etc) have not changed despite a tightening of relations between Russia and the USA (with Europe that looks cowardly).

Talking about their relation we prefer, instead of giving our view which could be questionable and partial to inform you via public media announcements about the relations between the two countries. The hope as quoted by Oscar Giannino in the transmission of October 13th 2016 on IlSole24Ore radio, which sums up a common sentiment saying “are clear responsibilities of the American” presidency, is that it’s all tactics.

The geopolitical magazine Limes, directed by Lucio Caracciolo interviewed October 13 by the transmission “Attenti a quei due” from radio IlSole24Ore radio, writes: Rather the threats (USA against Russia) in question are intended for internal use to reassure the public and report to Trump, who admires Putin, the will of the apparatuses of siding on the Clinton side. http://www.limesonline.com/perche-gli-usa-minacciano-la-russia-di-rappresaglie-cyber/94777

During the same show the envoy of Corriere della Sera (Fabrizio Dragosei) said that “things have gone worse in large part because of US and European ……. …….. Europeans are ambivalent…………in Europe and USA there are no real leaders.

We, the Brickstone Fund, remain confident whether it’s skirmishes and instead we continue to monitor economic indicators and the performance of the two hotels in St Petersburg and Novosibirsk.

Yours Sincerely,

Luigi Pesce