Secerno Real Estate Investments Secerno HealthCare Real Estate Fund B.V.

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1 Secerno Real Estate Investments Secerno HealthCare Real Estate Fund B.V. Investment in Netherlands HealthCare Real Estate - Target Return 6%

2 Investment Strategy; The Dutch market for HealthCare Real Estate Signals are green for investing in healthcare Overview ageing population Nederland property. The Ageing population and the market Population dynamics in the HealthCare sector provide a structural improvement in the investment climate related to healthcare real estate. The policy focus on elderly people to live longer at home combined with caregivers shifting provision of care to firstline centers in the neighbourhood offers prospects for investors. The market for healthcare property is on the eve of further institutionalization. The number of investors entering the market is increasing. The initial phase in which the Dutch aging population Prognosis healthcare market is located offers opportunities (Source: CBS Dutch population prognosis for ) for early adopters. In the Netherlands the Social Support Act has been introduced and is active as of January 1st, This act aims to let care dependent persons to live as long as possible independent at home. As a result of this new act the need for new care centres with sheltered housing increases. The apartments/houses have to be facilitated as individual residences. In these apartment buildings healthcare is provided on demand by a healthcare provider. The healthcare provider hires the building on an average years lease with the option to extend. An apartment building rented to a strong primary party, for multiple years with the option that it can be redeveloped into regular residential accommodations is a solid investment proposition. The occupancy risk is minimized with a stable rental income. Also the need for complexes with care related services increases. When several of these care centres spread over the Netherlands with different health care providers and services are combined into a Real Estate Investment Fund the vacancy risk is spread geographically as well as over health care providers and centres. Secerno Real Estate B.V. The vision that Secerno Real Estate B.V. (hereinafter SRE) applies to all of its initiated and managed property investments, is characterized by: Transparency regarding the investment proposition with regard to its investment and its management; A clear risk profile, with a very conservative approach with respect to risks and return expectations. An investment proposition that is socially relevant and responsible for its use and / or its existence; An additional review of the business case regarding the investment proposition in the context of: a) The revenue generated by interested parties (tenants, tenants, etc.) has been explicitly assessed and monitored so that the continuity of income is guaranteed. b) The real estate object is suitable for use for multiple purposes (or is highly market-conform), so long-term usability (longer than the term of the lease) is guaranteed, or redevelopment may be possible in the event of an interim disruption of the rental income. The objective is to get both (inter) national investors interested in Dutch real estate investments that SRE initiates and manages. Secerno Real Estate B.V., Nevelgaarde 40, 3436 ZZ Nieuwegein. Netherlands Oct 2016 Page 2

3 The Secerno Real Estate B.V. team: Managing Director: Machiel van Duijn With his 40 years in Real Estate Machiel van Duijn brings experience in various aspects of Property: architecture, project development and management of private property investment funds. Before Secerno Real Estate, Machiel made his career as a manager and COO at architectural firms, construction and development companies and as a Certificateholder / COO of a real estate developer. Machiel is responsible for the strategy and the successful implementation and acquisition of investment properties. Machiel is also responsible for the company's general management. Director Investments: Barry Kumarappan MBA Barry Kumarappan has over 25 years of international experience as a project manager and budget responsible within American listed multinational software vendors. In 1991 Barry completed his Master of Business Administration (MBA) at Nyenrode/Rochester. In Secerno, Barry is responsible for attracting and maintaining relationships with investors and strategic partners. Barry is also responsible for monitoring the management of the tenants of the investment properties. Director Finance: Richard E. Berkenbosch MBA Richard Berkenbosch has more than 25 years Controlling and Accounting experience in medium-sized and large companies as Group Controller, Financial Controller and Finance Director working with Transport, Service and Property Development companies. He was also involved in cash and debt management. In 1991 Richard completed his Master in Business Administration (MBA) from Nyenrode/Rochester University. In this capacity Richard is financially responsible and manages relationships with amongst others financial institutions. His focus is on financial- and management reporting, compliance, managing foreign exchange exposure, treasury, liquidity, tax matters and advising the investors/participants. Characteristics of Secerno HealthCare Real Estate Fund B.V. : The forecasted return is 6% p.a. The dividend policy is to pay all profit (revenue minus costs) to the participants / investors. The majority of assets have long-term leases with a primary tenant (Health Care provider) and/or optionally ancillary persons (sheltered living). To ensure transparency, the fund has chosen an independent "Depositary" (TMF Depositary N.V.) with an AIFMD license, that oversees the financial flows of the Fund. Closed-end fund with the objective to invest 100 million in leased HealthCare real estate, in approximately three years. There are 2 ways for investors to participate: Shares : with preference (not cumulative) with a value of 270,000 ( ± USD 307,800 and ± GBP 210,600 ) each. Certificates : These certificates are held by the Foundation Administration Office Secerno Funds, which issues certificates on the shares to the participants. The minimum deposit required by these participants is 100,000 (± USD 114,000 and ± GBP 78,000). Secerno Real Estate B.V., Nevelgaarde 40, 3436 ZZ Nieuwegein. Netherlands Oct 2016 Page 3

4 Dividend policy: The intention is that the result achieved per quarter is distributed to the shareholders / participants. No administration costs are charged when certificates are issued. 3 years after issue, the certificates can be sold back to the Fund, under conditions, with a charge of 2.5% emission cost. The value increase of the property also increases the value (rate) of the Participation, this is called the indirect return. Objects must meet the following minimum requirements to be considered for acquisition by the Fund: Use of the property by a healthcare provider giving intramural and / or extramural care. The property is leased to a healthcare provider approved by the Dutch Healthcare Authority, for at least 10 years. In addition to the intended use by the healthcare provider, the object must have the possibility, both legally and in terms of location, layout and building requirements, to be redeveloped into separate units that could be rented or sold individually to third parties. The objects are located in The Netherlands, in good condition, delivered, free from third party liabilities. The lease must be in operation, and the first rental period payment has been met by the tenant and the rental guarantee has been received. The property must be located in an area where a population increase is projected for the next 25 years. Within walking distance of public transport (preferably regional), close to a neighborhood shopping center (supermarket) and a public recreational area. The property must comply with legal requirements, regulations and permits. Secerno HealthCare Real Estate Fund B.V. (KvK ) Fund Structure: Participants Certificates Shares Foundation Administrationoffice Secerno Funds Pref. 9% Prio 1 % Investors Secerno Real Estate B.V. (manager) Secerno HealthCare RE Fund B.V. Depositary Etc. Bank mortgage Bank mortgage Object 1 Object 2 Secerno Real Estate B.V., Nevelgaarde 40, 3436 ZZ Nieuwegein. Netherlands Oct 2016 Page 4

5 Registration with the AFM. The entities are established and registered with the Chamber of Commerce. The cash flows are monitored by a custodian with AIFMD license. SRE is registered as a manager at the AFM, in accordance with the AIFMD regime as Dutch administrator (of the Secerno funds) falling under the exemption scheme (not licensed). In summary, this has the consequence that: Total managed assets by Secerno Real Estate B.V. amounts to a maximum of 100 million (total value-managed assets), The non-professional investors have a counter value of at least 100,000, - per participant. Partners of Secerno Real Estate: Legal, Notary & Tax Advice Nauta Dutilh N.V., Strawinskylaan 1999, 1077 XV Amsterdam +31(0) Depositary TMF Group N.V. Depositary Services Luna ArenA Herikerbergweg CM Amsterdam +31(0) Accountant Accountants & Belastingadviseurs B.V. Audit & Assurance B.V. Krijgsman 9, 1186 DM Amstelveen. +31(0) For more information: Nevelgaarde ZZ Nieuwegein Nederland Tel : +31 (0) info@secerno-re.nl Secerno Real Estate B.V., Nevelgaarde 40, 3436 ZZ Nieuwegein. Netherlands Oct 2016 Page 5