Brickstone Funds

Letter to Investors of Brickstone Real Estate Funds Sicav plc (the Company)

Dear Investors,

We would like to update you as our investors with the current status of Brickstone SICAV plc.

Brickstone SICAV – BR re suspension of NAV

We, the undersigned, being all the Directors of the Brickstone Real Estate Funds SICAV (the “Company”), pursuant to the authority to act without a meeting HEREBY CONSENT to the following actions and adopt the following resolutions set out below:

Letter to Investors Brickstone SICAV plc

Dear Investors,

As you are well aware the Ukraine crisis, continues to effect the performance of the Brickstone Fund SICAV and has effected the cash flow of the fund making the outlook of the fund pretty grim.

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.

Letter to shareholders – Communication

Dear Shareholder,

We would like to give you the latest update with regards to your Fund namely Brickstone Fund SICAV plc – Brickstone Growth and Development Fund

It is very evident to all that the situation that has arisen both in Ukraine and in Russia a couple of years after the Fund was set up is one that was not foreseen and it appears also that the World at large does not seem to be giving so much importance.

Letter to shareholders – Update about the projects

Dear Shareholder,

With this short relation we want to give you an update about the projects.

The hotel in St.Petersburg (Russia) is running well and the year 2017 appears positive. During the last period it has been able to maintain a high reputation and occupancy. It alos appears that tourism is picking up in St. Petersburg.