A strategy focusedon liquidity in a traditionallyilliquid space

Brochure 2020

BRIDGE FUND

I AM SICAV - RAIF S.A.- Icon Bridge Fund

We have the credentials

No one can predictwhat is around the corner,

but you can prepare for it

BRIDGE FUND

The prime real estate markets continue to benefit from growth and performance, but a wise strategyexpects change. At the I AM SICAV-RAIF S.A.- Icon Bridge Fund, we believe it’s best to prepare forvolatility and we do this with a coherent approach to risk. Property is a generational asset-class, butvalues can vary. Current economic uncertainty means exposure at this stage in the cycle is bestapproached from a short-term view with improved liquidity.

The Icon team understands the marketplace in which it operates, and as experienced investmentprofessionals, we believe that a strategy offering advanced liquidity fundamentals is the best defenceagainst uncertainty. Traditionally the real estate investment sector is an illiquid asset-class and goodperformance requires a sizeable application of time, and to reach true diversification the capitalrequirements are out of reach for most investors.

Bridge financing outperformsin alternative investment

We lend on propertyshort-term for greatercapital protection

The Icon Bridge Fund offers their investors accessto a coherent strategy, targeting returns in excessof eight percent.%8Per

Annum *

A strategy preparedfor any eventuality

Global economic conditions make it even more important than ever before to adopt an investmentapproach that offers improved underwriting, and the ability to absorb price variations while stillgenerating above-average returns. Track record, current market trends and future indications offerevidence that the bridge finance sector and the Icon Bridge Fund strategy ticks those boxes and more.

The fund is positioned to benefit from upward trends, but importantly has the margin to adjust if there arechanges to circumstance. For investors concerned about uncertainty in the property market they will findthe Icon Bridge fund’s approach to investing across real estate through bridge finance compelling.

BRIDGE FUND

Example of lending deal

Principle chargesecurity underwriting

Freehold AssetRevenue streamsand Loan payments

Top of Market

Fair Market Value

Leverage Cap

Borrowers Equity Margin

Bridge Loan Exposure

BridgeDeal

Bridging loans command a sizable share of the property financing market. Some opinions believe by2025, it will be the most common way purchases are funded across Europe. Short-term financingsecured against prime property has its appeal. Private investment entities like the Icon bridge fund andnot banks, typically make bridge loans. In fact, you could say banks were regulated out of thisspace post 2008. Interest rates on bridging loans are higher than bank loans. A shorter timescaleof investment exposure means greater rotational liquidity for investors in the fund. Capital will bedeployed across a heavily diversified portfolio of property backed loans, offering robust diversificationthrough loan sizes, property types, locations and durations, therefore limiting the impact of default risk.

Icon Bridge Fund investors benefit from a higher degree of disclosure,and access to a strategy that looks to avoid the liquidity issues traditionallyfound in real estate investing. We extract value for the fund by combining our expertunderstanding of real estate and credit transactions. Our core strategy is to apply lendingto quality, property backed opportunities, that have undergone due diligence meeting orexceeding our criteria on risk.

An investorsbest friend is risk mitigation

First charge, first to exit

BRIDGE FUND

Investor

Performance Strategy andSecurity

DiversificationUnderwriting

BridgeDeal

A property transaction needs a buyer and a lender. Property is a highly sought-after asset andwill always command some form of value for its physical presence, but historically it is prone tosizeable shifts in underlying value. Icon Bridge fund strategy prepares for movement and weaddress this by setting loan to value ratios (LTV’s) at levels that have a fair margin to withstand anyadjustments.

Properties offer a viable long-term investment strategy but also carry a risk profile. There can besubstantial upside with some prime assets producing; indexed income streams, consistent yieldsunderpinned by strong asset values, but its biggest challenge will always be liquidity,because it can only really be realised from a trade sale and that can take time.

Bridge financing means you are underwritten by property and should expect to see returnprofiles that exceed traditional property investing. Being invested in a strategy that is betterprepared for uncertainty, at this juncture in time, might be considered good investment rational.

Secured bridge lending and real estate backed,with an adequate equity margin on fair value.

Property is the oldestasset-class

GreaterLiquidity

BroaderDiversification

StrongerUnderwriting

First toExit

BRIDGE FUND

BRIDGE FUND

Perfect timing

Investing withoutownership risk

BRIDGE FUND

The fund offers investors diversification via a rotating portfolio of short-term loans (more commonly

known as bridging loans). Secured against property with principle charge, reducing the exposure to

price risk or volatility.

Icon Bridge believes the bridge lending business is a common sense business. Although weunderwrite our lending using a strict set of due diligence criteria, at the end of the day, we place justas much emphasis on the character of our borrowers as we do the financial strength of their project.

Bridge lending is the fastest growing areaof alternative finance and it is still evolving

Why real estate bridge loan fundsshould be on investors’ radar

Demand for bridging loans

Bridge finance offers investors a stable and consistent returnprofile without the primary risk of holding the physical asset.

We wouldn't put our personal capitalwhere investors could risk theirs

We strive to participate in investment and lending opportunities that we both completely understand

and are entirely comfortable with. The bridging market is a lucrative sector where investors can gain

exposure to real estate, without the traditionally associated risks and the high cost of entry to

ascertain true diversification. This strategy can deliver above average returns, but investors will need

to be well-informed on the risks associated with asset-backed lending.

The risk-adjusted return profile in short-term lending is outperforming most asset-classes, and with

demand increasing at pace for bridge funding solutions, sustainable performance is looking possible

for the foreseeable future.

BRIDGE FUND

Icon Management is committed to its fiduciary duties and our insight is at the forefront of developingmore efficient ways of investing, providing access to achievable investment strategy, coupled withrobust risk management techniques has clear benefits for sophisticated investors looking forexposure in the bridge finance space.

Our investment approach deploys multiple loans across multiple properties in prime WesternEuropean locations, vetted and assessed to ensure the best possible outcome for the fund andits investors. Demand allows for the above average returns achievable in this space, but knowledgeand active asset management enables consistent performance and true underwriting.

As an organisation Icon Bridge has a cautious appetite for risk, with no exposure to property-companyshares, no exposure to speculative property development and no debt at the fund level.

The bridging market can offer a sustainable source of income with higher yields and lower risk factors.However, since most transactions are for a sizeable principal amount, many investors do not have accessto the required capital to enter this market on a diversified basis. Investing as a stand-alone investor canbe demanding, without strong underwriting and financial skills it’s difficult to achieve above averagereturns. Unlike an individual investor, Icon Bridge has the underwriting processes and deal flownecessary to build a truly diversified loan book.

Responsible guidelinesfor investing

Loan to Value (LTV)

Typical 55%

Mid 65%

Max 75%

BRIDGE FUND

LOANTO FAIRMARKETVALUE

Bridge Loan

Borrowers Equity

Maximum Loan

Our market knowledge and extensive range of contacts at senior level across Western Europe hasopened the door to the first round of strategic investments for the Icon Bridge Fund.

The Icon Bridge Fund eliminates the stress and headaches of day-to-day management while allowinginvestors to benefit from a strategy offering true diversification and enhanced liquidity fundamentals.

A tailored investmentapproach designed to perform for investors

Simply entering the property market and investing in the current residential boom may work in theshort term, however without a micro knowledge of the markets and planning system there areinherent dangers of poor or just average performance. A tailored and experienced approach that can appraisethe ultimate objective of the fund as well as its risk management needs and used strategically to determinethe best and most sustainable direction in which we invest to ensure consistent performance for ourunderlying investors. Deal flow allows Icon Bridge to quickly reinvest loan payments and pay-outs, ensuring thatcapital does not remain idle, thereby increasing the overall rate of return.

Mitigating the traditional risk

BRIDGE FUND

An award-winning team that understands the space in which itoperates, with decades of combined experience in the credit,real estate and private equity markets. The Icon Bridge Fund isdedicated to maintaining a rigorous credit analysis process thatdrives its disciplined approach to investing and performancegrowth. Our most important principles are ourcommitment to transparency and delivering results to ourinvestors.

Extensive experiencewith a modern approach

Key Expertise

BRIDGE FUND

Stuart is a professional with over four decades of global real estateand investment experience with proficiencies specifically within theinvestment advisory and risk analysis arena.

Before joining ICON, Stuart previously held senior board and managementpositions within some of the leading names in global real estate which hasawarded him a truly whole of market understanding. His in-depth knowledgeof transacting, developing through to disposal brings that edge whenidentifying opportunities, optimising returns and minimising risk throughoutthe value chain in real estate investing.

Stuart is a proven industry expert with a respected reputation and holds aBachelor of Science in Land Economics.

Stuart J Black Bsc.

Martin Berchtold M.E.

Previous experiences include; Partner at Plant Growth (Asset Development),and former CEO of Daidalos, a management consulting firm. Martin’s focusand interest has been in the pre-project phase; delivering robustoptimisation and risk mitigation to projects. Martin has been responsiblefor managing projects, and asset portfolios within the real estate, telecom,healthcare, and clean tech sectors. He possesses an analytical anddiagnostic approach, focusing on tangible and intangible aspects toachieve sustainable outcome. Martin holds a Master in Economics fromthe Stockholm School of Business and System Management at RoyalInstitute of Technology in Stockholm.

Martin is an innovative professional with experiences spanningthe globe, gaining exposure to asset development, capital intensive,management consulting, private equity and venture capital projects.His track record includes the co-founding of StudentbostadsfondenAB (Student Housing Fund) and is acting CEO.

Meet our team

Strength instructure experiencecounts

Icon Management S.A is the funds strategicadvisor and brings a broad understanding ofthe real estate and lending sector to the fund.

MC Square offers comprehensive and fullyintegrated AIFM services, and provides theInvestment Management function to the fund.

Amicorp Group provides a broad range ofadministrative, legal, corporate secretarial andsupport services to a broad range of mostlycorporate, but also high-net-worth clients.

Mazars is one of the largest global auditors andprovides the reporting.

BPP is an independent and privately ownedbank established in Luxembourg. We offerexclusive and bespoke services with a focus onwealth preservation.

Dechert is a dedicated provider of legal advice.Delivering deep legal expertise and practicalcommercial judgement for high-stakes mattersin sectors with the greatest complexities,intricacies and regulatory demands.

Risk Management forms the foundation of thefund’s strategy. Our experience and knowledgeof deal quality and transparency set us apart.The strictest due diligence procedures areapplied to every transaction, enabling consistentDiversification with robust collateral parameters.Liquidity and controlled timescale exposure arethe best defences in the event of shifts in markettrends or increases in volatility.

The I AM SICAV-RAIF S.A - Icon Bridge Fund is domiciled in theGrand Duchy of Luxembourg because of the advantagesoffered by this well-established jurisdiction and itsinternational regard held by investors across the globe.

Eligible Investor?

The I AM SICAV-RAIF S.A. - Icon Bridge Fund is reserved for “well-

informed” investors. Pursuant to the RAIF Law “well-informed” investors

comprise: institutional investors; professional investors; and any other

investors who confirm in writing that they adhere to the status of “well-

informed” investors and who either...

• invest a minimum of EUR 125,000 or

• lesser amount investors have been assessed by a credit

institution, an investment firm or a management

company which certifies the investors’ ability to

understand the risks? associated with investing in

the RAIF.

Where investors do not qualify as professional investors, the Fund shall

provide a key investor document in accordance with the PRIIPs

Regulation.

ReturnsThe fund targets to return investors

+8% per annum, and maintainperformance consistently over the life

of the fund with robust riskmanagement.

SecurityAsset-backed and controlled LTVcollateralised lending focused on

prime property assets andopportunities – holding principlesecurity over a portfolio of asset.

Minimum InvestmentEUR 125.000 or an equivalent in another currency for well- informed but non-professionalinvestors subject to clause b (ii) of the article 2 of the RAIF Law, or

EUR 25.000 for institutional and professional investors; subject to the conditions of article 2of the RAIF Law shall be respected.

Access to the FundPrivate Placement -Direct or via PPB (Personal Portfolio Bonds), Wrap Platforms,SASS, SIPPS (Self- Invested Personal Pensions).

Targeted Returns

NAV

AMC

Redemption Notice

+8%

Monthly

2%

90 days

Performance Fee

Liquidity

Hurdle Rate

Base Currency

25%

+10%

+8%

EUR

Open-ended Luxembourg SICAV-RAIF

MC Square S.A.

Icon Management S.A.

Banque de Patrimoines Privés S.A.

AMICORP Luxembourg S.A.

Dechert (Luxembourg) LLP

Mazars Luxembourg S.A.

AIFM

Fund Structure

AIFM

Strategy Partner

Custodian Bank

Administrators

Legal Advisors

Auditors

Regulatory

StrategyA unique strategy focused in the

best performing sector of realestate – enhancing liquidity in atraditionally illiquid space with

compelling diversification.

ExperienceAn award winning team of experts

that have built a reputation ondelivering results for their investors.

Decades of experience in thesector in which they operate.

Jurisdiction

About the fund theoverview and accessKey facts

This document has been approved by MC Square S.A.. MC Square S.A. is authorised and regulated by the Commission de Surveillance du

Secteur Financier (CSSF). This document is intended for discussion purposes only and does not create any legally binding obligations on the

part of MC Square S.A. without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any

transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the

summary contained herein. The transactions and product mentioned herein may not be appropriate for all investors and before entering into any

transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the

appropriateness of the transaction in light of your own objectives and circumstances, including the possible risks and benefits of entering into

such transaction. We recommend that you seek advice from your own tax and legal advisors in making this assessment. The information

contained in this document is based on material we believe to be reliable. However, we do not represent that it is accurate, current, complete or

error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are

subject to change without notice.

The underlying investments in the Fund consist wholly or substantially of real property; the value of the real property concerned will generally be

a matter of valuer’s opinion rather than fact; under certain market conditions investors seeking to redeem their holdings may experience

significant restrictions or delays. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee

that any projected results will be achieved. Past performance is not a guarantee of future results. The distribution of this document and

availability of this product in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our

express written permission.

Business Center A19, Op der Haart L-9999 WemperhartGrand Duchy of Luxembourg

www.iconbridge.lu

Telephone 00 352 20 20 42 35

Important notice

2020 ICON Management S.A. – All rights reserved

BRIDGE FUND