Contemplated issuance of Bonds under the Programme

27 February 2017

BCRE - Brack Capital Real Estate Investments N.V.

("BCRE" or the "Company")

Contemplated issuance of Bonds under the Programme

The Company announces that it intends to issue a new tranche of bonds, with an aggregate principal amount of up to US$ 7,000,000 ("Bonds") under its US$180,000,000 programme("Programme") for the issuance of bonds.

The Programme was established in 2014 and an updated base prospectus dated 3 March 2016 ("Base Prospectus") and two supplements to the Base Prospectus dated 24 March 2016 and 10 February 2017 (together with the Base Prospectus, the "Prospectus") have been made available on BCRE's website: www.brack-capital.com.

It is expected that the Bonds will be issued under the Programme on the same terms and conditions as the bonds which are currently outstanding under the Programme. As such, any such Bonds will be fungible with the existing bonds issued under the Programme.

Please read the disclaimer below "Disclaimer - Intended Addressees" before attempting to access this service, as your right to do so is conditional upon complying with the requirements set out below.

ENQUIRIES:

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Base Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Base Prospectus is not addressed. Prior to relying on the information contained in the Prospectus, you must ascertain from the Base Prospectus whether or not you are part of the intended addressees of the information contained therein.

The Bonds have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act") and are subject to United States tax law requirements. Subject to certain exceptions, the Bonds may not be offered, sold or delivered in the United States or to or for the account of US persons (as defined in Regulation S under the Securities Act).

This announcement is for information purposes only and is not a prospectus and does not constitute an offer to subscribe for or buy shares or other securities of the Company ("Securities") in any jurisdiction. This announcement and the fact of its distribution is not and should not be seen as an inducement in relation to a decision to purchase Securities. Investors should not subscribe for or purchase any Bonds except on the basis of information contained in the Prospectus published by the Company.

The contents of this announcement have been prepared by and are the sole responsibility of the Company.