Letter to Investors

Dear  Investors,

As you are already well informed the crisis in Ukraine has continued to effect the performance of the Brickstone Fund especially the liquidity which the directors of the fund are trying to tackle in the best way possible by trying to attract new subscriptions which is particularly easy given the nature of this crisis.

During the last Board Meeting it was decided by the Board, due to this liquidity problem to postpone the approval of the Financial statements for the period ending 31st December 2018 in  the hope that a new subscription and letter of comfort is obtained by the prime investor in the fund. An extension and authorization was sought from the Malta Financial Services Authority which was obtained.

The Board is now expected to reconvene on the 25th July 2019 when it is expected that the financial statements are approved, letter of comfort mentioned above received and the NAV published.

Whilst the situation remains challenging, we reconfirm that both hotels in St Petersburg and Novosibirsk continue to perform within the parameters set out by the Board through their individual underling SPVs and we continue to look forward to your support.

Sincerely

Ian Zammit & Daniele Zuffada

Directors