Extension of Standstill Agreement

29 June 2015

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

(the "Company")

EXTENSION OF STANDSTILL AGREEMENT

As reported in the Announcement of Half Yearly Results and Unaudited NAV published on 29 May 2015, the Company is in an ongoing event of Default in relation to the Interest Cover and Projected Debt Yield Covenants of the Mezzanine Loan Facility provided by Blackstone Real Estate Debt Strategies ("the Mezzanine Lender"), an affiliate of the Blackstone Group LP ("Blackstone").

In respect of these ongoing events of Default, the Mezzanine Lender issued the Company with a Standstill letter, in which the events of Default were not waived, but the Mezzanine Lender stated that it would not take any action as a result of them, until the earlier of 28 June 2015 or the occurrence of an additional event of Default. The Company can now report that the original Standstill letter has been extended to 28 July 2015.