Disclaimers

The information contained herein is directed only at professional investors and intended solely for use by the recipient – distribution to retail clients is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It is general in nature only and does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith and to the best of our knowledge, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including published prospectus, if any, or mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available in English language and free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

The information contained herein is directed only at professional clients which are also (i) “accredited investors” (as such term is defined in National Instrument 45-106 – Prospectus Exemptions) and (ii) “permitted clients” (as such term is defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations) and intended solely for use by the recipient. The Distribution to persons that are not “accredited investors” and “permitted clients” is not authorized. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent.

This document is for information and illustrative purposes only. This document is not a prospectus or offering document of any sort and it does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets in any jurisdiction, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. No regulatory authority has examined or approved of any of the information set out in this document.

While prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material.

The information contained herein may include forward-looking statements based on our current plans and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual future results, performance or achievements to be materially different from any future results, performance or achievements expected, expressed or implied by such forward-looking statements. There may be significant risks associated with any investments or strategies described herein.

The information herein is subject to change without notice. All information is qualified entirely by the relevant offering documents relating to any financial product or services. The offering documents for investment funds are available free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained in this document is only intended for professional clients (as defined in Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments) and is solely for use by the recipient. Distribution to retail clients or other non-professional clients is prohibited. No part of this document or the information contained herein may be distributed, copied or reproduced in any manner, neither in whole nor in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith and to the best of our knowledge, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information contained herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information contained herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or service. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. [If reverse solicitation: add the wording from the note alongside, otherwise delete this sentence]. The information contained herein is directed only at professional clients (as defined in Annex II to “Markets in Financial Instruments Directive” 2014/65/EU (“MiFID2”)) and intended solely for use by the recipient – distribution to retail clients (as defined in Annex II to MiFID2) is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information purposes only. It does not constitute an advice, a recommendation, an offer, or a solicitation of an offer to buy or sell  shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith and to the best of our knowledge, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information provided in this document before making any decisions based on such information. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

The information contained herein is directed only at professional clients [and semi-professional clients] and intended solely for use by the recipient – distribution to retail clients [or semi-professional investors (if first parenthesis addition is inserted, then delete this second one and vice versa)] is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not allow investors to take an investment decision. The information contained in this document does not purport to be comprehensive or reliable because it is incomplete. It has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice.

The contents of this document have not been reviewed or approved by the Hong Kong Securities and Futures Commission nor have they been reviewed or approved by any other regulatory authority in Hong Kong. You are advised to exercise caution and, if you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

This document must not be issued, circulated or distributed in Hong Kong other than: (i) in circumstances which do not constitute an offer or sale of securities to the public in Hong Kong; or (ii) to a “professional investor” as defined in the Securities and Futures Ordinance (Cap. 571) (the “SFO”) and the Securities and Futures (Professional Investor) Rules; or (iii) in circumstances which do not result in this document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32).

Unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for issue in Hong Kong, this document or any advertisement, invitation or document relating to the shares in the [Fund], whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to shares in the [Fund] which are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and the Securities and Futures (Professional Investor) Rules.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents.

The offering of any product described herein (if any) is not authorised or supervised by the Central Bank of Ireland (Central Bank). The information in this document does not constitute a prospectus under Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority. Interests may not be offered or sold by any person in the Republic of Ireland:

(a) otherwise than to professional investors, in conformity with the provisions of the European Union (Alternative Investment Fund Managers) Regulations 2013 as amended and the requirements of the Central Bank;

(b) otherwise than in conformity with the provisions of the European Union (Markets in Financial Instruments) Regulations 2017, or any codes of conduct issued in connection therewith, and the provisions of the Investor Compensation Act 1998;

(c) otherwise than in conformity with the provisions of the Central Bank Acts 1942 to 2018 including any codes of conduct rules made under Section 117(1) of the Central Bank Act 1989 and any regulations issued pursuant to Part 8 of the Central Bank (Supervision and Enforcement) Act 2013 (as amended);

(d) otherwise than in conformity with the provisions of the European Union (Prospectus) Regulations 2019 and any rules issued under the Companies Act 2014 by the Central Bank; and

(e) otherwise than in conformity with the provisions of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and any rules issued under the Companies Act 2014 by the Central Bank.

This publication is distributed by [PATRIZIA Entity] which is not regulated or licensed by the Israeli Securities Authority. This publication is not an offer, a recommendation or an invitation to make any investment, and is distributed for general information purposes only. The proposed investments will be offered or sold to Qualified Investors or to fewer than 35 non-Qualified Investors, according to sections 15A(a)(1) and 15A(b) to the Securities Law 5728-1968, by individual negotiation. This publication does not constitute as an investment advice or investment marketing as defined in the Regulation of Investment Counselling, Investment Marketing and Portfolio Management Law, 5755-1995, that takes into account the special circumstances and needs of each investor. Any decision to invest in the proposed investment, as and when offered, shall be based on the investor's own analysis of the merits and risks of the investment. The investor should obtain advice from appropriate accounting and tax advisors, in addition to professional investment advice on the suitability of any potential investment.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or professional clients by request is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation or an offer, advertising, invitation, inducement or a promotional message to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

The information contained herein is directed only at intended recipients and solely for use by the intended recipient – distribution to others is strictly prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares, securities or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA Japan K.K. or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA Japan K.K. and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice.

Notification Pursuant to the Financial Instruments and Exchange Act (the “Act”) and other applicable acts

Fees and expenses: Customers may incur certain specified fees, expenses, and other charges (“Fees”) in exchange for the financial instruments and services that we provide. Because Fees are determined according to the types and details of the financial instruments and services provided, we recommend confirming the Fee in advance in each case.

Risks: Transactions involving the financial instruments (including beneficial interests in real estate trusts and interests in Tokumei Kumiai(s) or TK(s) (i.e., silent partnership pursuant to Article 535 of the Commercial Code) that invests in real estate) or the services described in this document may result in losses due to fluctuations in interest rates, exchange rates, real-estate prices, rental markets, etc. Further, customers may bear the risk that the value of any financial instruments in which they have invested may fall below the principal amounts of their investments. As each financial instrument has different risks, upon entering into a contract relating to our financial instruments and services, please be sure to carefully read the relevant materials and execute the contract using your own judgment and on your own responsibility.

PATRIZIA Japan K.K.
Financial Instruments Business Operator
Director General of the Kanto Local Finance Bureau (Kinsho) License No. 3154
(Type II Financial Instruments Business and Investment Advisory and Agency Business)
Member of the Japan Investment Advisers Association and of the Association of Type II Financial Instruments Firms

Notice to Residents of Kuwait

This document and the information contained herein is not for general circulation to the public in Kuwait nor will any product mentioned herein be sold to the public in Kuwait. [The product mentioned herein may only be purchased in Kuwait through [insert name of Kuwait local agent obtaining the license from the CMA (only relevant where it is appointed)].] The private placement of the product mentioned herein has been approved by the Kuwait Capital Markets Authority on [insert date]. Prior to purchasing any product mentioned herein, we strongly recommend that a prospective investor seek advice of a consulting body licensed and specialized about the content of this prospectus and with his, her or its own legal, business and tax advisors to determine the appropriateness and consequences of an investment in the product mentioned herein for such prospective investor and arrive at an independent assessment of such investment.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents.

The information contained herein is directed only at professional, eligible or well-informed investors or clients and intended solely for use by the recipient – distribution to retail clients or well-informed investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used).

The document has not been filed or approved by any local financial authority.

PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

No approval, registration, authorisation or recognition from any regulatory authority of Malaysia (including the Securities Commission of Malaysia (SC) and the Central Bank of Malaysia) has and will be obtained for the issue (including issue of an invitation), offer or making available of the shares or other interests, financial instruments or the underlying assets (Products). This document has not and will not be registered as a prospectus, information memorandum or other offering material or document with the SC. Accordingly, the Products may not be made available, issued, offered for subscription, sale or purchase and no invitation to subscribe for or purchase the Products may be made, directly or indirectly, to persons in Malaysia and this document may not be issued, circulated, or distributed directly or indirectly to any person in Malaysia. The [document] does not constitute advice, a recommendation or a solicitation of an offer to buy or sell the Products, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. Subject to the above, the sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents.

The participations in [name AIF] (the “AIF”) will not, directly or indirectly, be offered, sold, transferred or delivered in the Netherlands, except to individuals or entities that are qualified investors (gekwalificeerdebeleggers) within the meaning of Article 1:1 of the Netherlands Financial Supervision Act (Wet op het financieeltoezicht, “Wft”). As a consequence, neither the AIF nor the manager of the fund – being [name AIFM] (the “AIFM”) - is subject to the license requirements for investment institutions or their managers pursuant to the Wft. The AIF [and the AIFM] are subject to the supervision of [name competent regulator] and are not supervised by the Dutch Central Bank (De Nederlandsche Bank, “DNB”) or the Netherlands Authority for Financial Markets (AutoriteitFinanciëleMarkten, de “AFM”).

The participations of the AIF are being marketed in the Netherlands by PATRIZIA Institutional Clients & Advisory GmbH (“PICA”) which is licensed in Germany and is authorized to provide investment services through its branch office in the Netherlands under its MiFID-passport. PICA is subject to the supervision of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) and its Netherlands branch office is also subject to the supervision of the AFM.

This [document] is not a product disclosure statement for the purposes of the Financial Markets Conduct Act 2013 (the “FMCA”) and does not contain all the information typically included in such offering documentation.

This offer of [financial products] in the [specify fund] does not constitute a “regulated offer” for the purposes of the FMCA and, accordingly, there is neither a product disclosure statement nor a register entry available in respect of the offer. [Financial products] in the [fund] may only be offered in New Zealand in accordance with the FMCA and the Financial Markets Conduct Regulations 2014.

This document may not be distributed in the Kingdom except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document, you should consult an authorised financial advisor.

The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

This document and the information herein have not been registered as a prospectus with the Monetary Authority of Singapore and the products set out herein (if any) will be offered pursuant to exemptions under the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”). Accordingly, this document the information herein and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the products set out herein (if any) may not be circulated or distributed, nor may the products set out herein (if any) be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than pursuant to, and in accordance with the conditions of, any applicable exemption or other provision of the SFA or Singapore law.

The information contained herein is directed only at professional clients, or professional investors defined in the Financial Investment Services and Capital Markets Act of Korea, as applicable, and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. A solicitation of an offer for such transaction will abide by a separate prospectus, preliminary prospectus or short-form prospectus. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, or professional investors defined in the Financial Investment Services and Capital Markets Act of Korea, as applicable, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund. [Can be deleted when reverse solicitation but sentence must be added in all other cases: The Fund is registered with the CNMV under number [insert number]].

This is a marketing communication. Please refer to the relevant sales documents of the investment funds described herein before making any final investment decisions. Insofar this marketing communication refers to sustainability-related aspects of the investment funds described herein, please do not only consider these aspects when investing in these investment funds, but the decision to invest in the investment funds should take into account all the characteristics or objectives of the investment funds as described in the relevant sales documents. The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services. The sales documents for investment funds (including mandatory information documents for professional clients, annual – and as the case may be – semi-annual accounts and where available and applicable the key information document) are available free of charge from us and the manager of the investment fund.

The [Fund] has not been licensed for offering to non-qualified investors with the Swiss Financial Market Supervisory Authority FINMA (FINMA) as a foreign collective investment scheme pursuant to article 120(1) of the Swiss Federal Act on Collective Investment Schemes (CISA). Accordingly, pursuant to article 120(4) CISA, the [units of the Fund] may only be offered (within the meaning of article 3(g) of the Swiss Federal Act on Financial Services (FinSA)) or marketed (within the meaning of article 127a of the Collective Investment Schemes Ordinance), directly or indirectly, in or from Switzerland and this [Offering Memorandum] and any other offering documents relating to the [Fund] may only be made available in or from Switzerland to qualified investors as defined in article 10(3) CISA, and provided the [Fund] has appointed a duly licensed representative and – subject to applicable laws – a licensed bank as paying agent (if any) in Switzerland. Investors in the [units of the Fund] do not benefit from the specific investor protection provided by CISA and the supervision by the FINMA in connection with the licensing for offering.

UAE (not applicable to the Dubai International Financial Centre and the Abu Dhabi Global Markets). The offering of the international shares/interests/units has not been approved or licensed by the UAE Central Bank, the UAE Securities and Commodities Authority (SCA) or any other relevant licensing authorities in the UAE, and accordingly does not constitute a public offer of securities in the UAE in accordance with the Commercial Companies Law, Federal Law No. 2 of 2015 (as amended), SCA Resolution No. 3 R.M. of 2017 Concerning the Organization of Promotion and Introduction or otherwise. Accordingly, the international shares may not be offered to the public in the UAE.

This document or any other information linked to it are strictly private and confidential and are being issued to a limited number of investors:

(a) who fall within with the exceptions set out in SCA Resolutions No. 3 R.M. of 2017 (Qualified Investors, excluding natural persons) and have confirmed the same;

(b) upon their request and confirmation that they understand that the international shares have not been approved or licensed by or registered with the SCA, or any other relevant licensing authorities or governmental agencies in the UAE; and

(c) must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose.

The information contained herein is directed only at professional clients and intended solely for use by the recipient – distribution to retail clients or semi-professional investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. Whilst prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant sales documents relating to any financial product or services.

The information contained herein is directed only at accredited investors [and qualified purchasers] and intended solely for use by the recipient – distribution to non-accredited investors is prohibited. No part of this document or the information herein may be distributed, copied or reproduced in any manner, in whole or in part, without our prior written consent. This document is for information and illustrative purposes only. It does not constitute advice, a recommendation or a solicitation of an offer to buy or sell shares or other interests, financial instruments or the underlying assets, nor does this document contain any commitment by PATRIZIA SE or any of its affiliates. While prepared in good faith, the information contained in this document does not purport to be comprehensive and has generally not been verified (in particular if third party information has been used). PATRIZIA SE and its affiliates provide no warranty or guarantee in relation to the information provided herein and accept no liability for any loss or damage of any kind whatsoever relating to this material. The information herein is subject to change without notice. All information is qualified entirely by the relevant offering documents relating to any financial product or services. The offering documents for investment funds are available free of charge from us and the manager of the investment fund. [When using ALPS as registered broker dealer, add the following wording, otherwise delete this sentence: Marketing services provided by ALPS Distributors, Inc, (ALPS) a registered broker dealer. ALPS is unaffiliated with PATRIZIA.]