Risks

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The directors consider the following risks, which are not set out in any particular order of priority, to be the most significant for investors proposing to invest in Brendan Investments Pan European Property plc (the "Company").

1. GENERAL RISK FACTORS

• Geo-Political/Other - Changes in the local, domestic or international political and economic conditions may adversely impact upon the value of the Company's assets.
• Forward-Looking Statements - Actual results may differ materially from those expressed or implied by forward looking statements.
• Cost Management - Failure by the Company to efficiently manage its costs could have a material impact upon its results.
• Professional Advisors/Contractors/Sub-Contractors/Project Managers - The Company and its subsidiaries (the "Group") may become reliant on professional advisors, contractors and/or subcontractors who may withdraw their services to the detriment of the Company and the Group.
• Past Performance is not a Reliable Indication for Future Performance - Historical facts, information gained from historic experience, present facts, circumstances and information and assumptions from all or any of these are not a guide to the future.

2. RISKS RELATING TO THE COMPANY

• Financial - The Company and the Group are dependent upon the ability to obtain and generate capital, favourable interest rates and increasing property values.
• Taxation - Revenue law and/or practices in each of the UK, Germany, Portugal and Ireland are subject to ongoing review and change.
• Legislative - Environmental, planning, landlord and tenant, property and other laws in each of the UK, Germany, Portugal and Ireland are subject to ongoing review and change.
• Senior Management and Skilled Personnel - The Company may be adversely affected if certain key individuals cease to be employed by the Company and the Group.
• Currency Fluctuations - The Company's results of operations may be affected by movements in exchange rates.

3. RISKS RELATING TO THE INDUSTRY

• Market - Investment in the property markets in the UK, Germany, Portugal and Ireland is speculative and involves a high degree of financial and commercial risk.

4. RISKS RELATING TO THE OFFER UNITS

• Liquidity - The investment is structured as being a medium to long term investment and, as such, it may not be possible to realise the investment during the investment period.
• Legislative - Environmental, planning, landlord and tenant, property and other laws in each of the UK, Germany, Portugal and Ireland are subject to ongoing review and change.

If you are in any doubt about the contents of this document you should consult your stockbroker, bank manager, accountant, solicitor or other independent professional adviser authorised or exempted under the Investment Intermediaries Act 1995 or the Stock Exchange Act 1995 who specialises in advising on the acquisition of shares and other securities.

This document does not constitute an offer to prospective investors to subscribe or a solicitation of an offer to subscribe in securities of the Company. In this regard, the attention of readers is addressed to the prospectus, which has been approved for the purposes of the Prospectus Directive 2003/71/EC as implemented in Ireland by the Prospectus (Directive 2003/71/EC) Regulations 2005 (SI No. 324 of 2005).

Investors should read the prospectus and supplementary prospectus carefully before investing in the Company. These can be obtained online at www.brendaninvestments.ie/prospectus/, by emailing info@brendaninvestments.ie or by calling the Companys offices in Dublin (01) 679 2018 or Cork (021) 4972006.