OPEN DECENTRALIZED REAL ESTATE MARKETPLACE

The First Global Blockchain Platform for Real Estate Asset Backed Token Trading

W H I T E PA P E R

PUBLISHED : 01 .09.2018 | VERSION: 1 .0

SEPTEMBER 2018

brickex. io

$217,000,000,000,000The estimated value of all

real estate in the world

1% is annually traded,

0% in the blockchain

brickex. io

This is about to change

2BRICKEX

3BRICKEX

Massive opportunity to create new trade volume driven by new technogly

BrickEX targets a $2,170,000,000,000 (2,17Tr) market*

BrickEX will generate trade volume by leveraging disruptive technologies

BrickEX is an Exchange for Real Estate Asset Backed Tokens

Exchanges thrive on trade volume

Limit Intermediaries

Ease of Use

Transparency

Existing $2,17Tr market

Move Real Estate Trading on to the

Blockchain

Provide liquidity

in an illiquid

industry

Drive value for

owners and

investors

Liquidity Access to

Fractional

Ownership

Deal access value

(participate

in landmark

developments)

Accessibility Customized

Index Trading

i.e. Index on

NYC apartments

ExchangeProducts

*1% of $217Tr is annually traded

Executive SummaryEliminating Barriers through disruptive Innovation

The real estate industry is long overdue for a

shake up. Not only is one-third of the industry

running on technology that was first released over

30 years ago, but it continues to put up barriers to

transparency, preventing the release of locked up

liquidity and eliminating standard services.

Research shows that there is not only a lack

of innovation, but also an unwillingness to

explore ways the industry can be developed. The

established way of thinking has proven difficult

for the industry to shake off. We are ready to break

down all of these barriers. With the help of the

blockchain, we know that the real estate industry

can move into a new, more democratic age.

“The cold fact is that one- third of the industry still runs on Microsoft Excel. Research shows that there is not only a lack of innovation, but also a lack of understanding of what innovation is and its potential impact on the industry.”

INDUSTRY NEWS, REAL ESTATE

4BRICKEX

Problem 3: Lack of TransparencyBrickEX creates a global, open real estaterepository and increases transparency

There is a barrier for individuals to invest in

real estate due to limited information and

knowledge. BrickEX consolidates global real

estate opportunities in the blockchain and

offers secure trading for global property

through a decentralized, blockchain-based

platform.

Problem 4: Limited efficiencyBrickEX drives disintermediation

Today’s real estate trading model relies heavily

on banking, traditional currencies, notaries

Problem 2: Diminished ValueBrickEX eliminates ‘Liquidity discount’ to unlock value

Investing in real estate is only possible for a

relatively small group of investors due to high

minimum buy-in prices. This creates the

phenomenon of ‘liquidity discount’, whereby

real estate assets are worth less due to a limited

supply of investment capital. BrickEX’s model

will re-evaluate the actual price of the asset

and realign this with the investment offering

and the capital supply.

With help of the blockchain, we know that the real estate industry can move into a new, more democratic age

Problem 1: Lack of LiquidityBrickEX provides access to liquidity in an illiquid industry

Real estate investment players have large

illiquid assets on their balance sheets that

pose a significant time delay for liquidation,

and that might have an adverse impact on the

actual asset value. BrickEX offers real estate

owners the opportunity to partially or fully unlock

liquidity from their properties and trade them as

shares in a global marketplace.

BrickEX is solving the following prolems:

5BRICKEX

BrickEX challenges the established status quo and

aims to disrupt this obstinate and archaic industry.

At the same time, it offers an invitation to large

real estate funds, to join the global and open

exchange of real estate. Together we can remove

inefficient and soon obsolete intermediaries

by connecting investors around the world with

real estate investment opportunities that were

previously only available to a small and privileged

group. BrickEX will move existing real estate

transactions to the blockchain and increase global

real estate trade volume by creating a liquid

exchange.

BrickEX challenges the established status quo and aims to disrupt this obstinate and archaic industry

Model 1: BrickEX Solutions

Problem 5: Limited Access for the massesBrickEX lowers the investment thresholds and creates accessibility

The current market offers limited

opportunities for entry-level investors as

it requires large sums of money. BrickEX

provides both institutions and the masses

with the opportunity to access with lower

investment thresholds and to diversify their

trading portfolios with high return real estate

investment opportunities.

and attorneys. Though Blockchain technology,

BrickEX eliminates these reliances and

offers efficient and effective trading through

independent global contracting and settlements

driven by smart contracts.

Giving access to liquidity in an illiquid industry

1. Liquidity

Eliminating ‘liquidity discount’ to unlock value

2. Value

Creating global open real estate repository and increased transparency

3. Transparency

Eliminating the negative impact of banking, currency, notaries and attorneys

4. Efficiency

Lowering investment thresholds

5. Accessibility

Table of contents

Real Estate: An Industry Challenged by Recent Innovations….......................07

The Real Estate Market…..............................................................................................08

BrickEX – Real Estate Reinvented…...........................................................................10

The Future is Decentralized….......................................................................................12

An Industry Challenged by Recent Innovations….................................................15

BrickEX Technology..........................................................................................................17

BrickEX Innovation Stack…..........................................................................................20

The Brick Token….............................................................................................................23

BrickEX Use Cases….......................................................................................................28

BrickEX Revenue Model & Forecast…......................................................................33

Roadmap…..........................................................................................................................35

Timeline Token Sales…...................................................................................................36

Meet the team…................................................................................................................38

Industry Launch Partners.............................................................................................43

Meet the partners............................................................................................................44

BrickEX Approach to AML and KYC...........................................................................45

Competition: A level Playing Field..............................................................................47

Disclaimer...........................................................................................................................48

Table of contents

6BRICKEX

Real Estate: An Industry Challenged by Recent Innovations

Investing in real estate, even on a small scale,

remains one of the most reliable ways for

individuals to boost their personal wealth. So,

why is the real estate investment market so full

of hurdles?

Real estate investment is complicated, convoluted,

and expensive, with high return investment

opportunities requiring large sums of money,

advanced knowledge, and sophisticated networks.

Things that the average person just doesn’t have.

One of the biggest hurdles is capital. When an

individual decides to invest in property through

a real estate fund, they invest in an individual

property, and their funds become locked at the

moment of purchase. That means investors can’t

liquidate that investment until the property is

sold, which can take five years or more.

This is a huge barrier for individuals who want to

get involved in investing in real estate but don’t

have the capital, the know-how, or the connections

to invest by themselves. Individuals lack

knowledge and access whilst real estate funds

continue to struggle with the illiquidity of the

largest immobile assets on their balance sheet.

Industry research tells us that existing real estate

funds are running an obsolete model, one that

doesn’t take advantage of current technologies*.

New (online) real estate businesses are emerging,

but they mostly operate within silos and have

constrained models that lack liquidity due to

market fragmentation, therefore their chances of

long-term survival are slim.

We believe that the real estate investment industry

will become more transparent, liquid and

accessible with the implementation of innovative

blockchain solutions. It will take innovative and

forward-thinking real estate companies to lead

the way and demonstrate to the wider public that

this is the way forward. Real Estate is an industry

challenged by innovations, and progress is not a

question of if, but rather of when.

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Existing real estate funds are running an obsolete model, one that doesn’t take advantage of current technologies

*Source: Savills world research

New (online) real estate businesses are emerging, but they mostly operate within silos and have constrained models that lack liquidity due to market fragmentation

The Real Estate Market

Although it is a popular investment across the globe, the real estate market is one of the hardest investments

to analyze since there has never been a standard source of real estate pricing data.

In a 2016 report, the London-based real estate advisor Savills calculated the value of all property, including

residential, commercial, forestry and agricultural land. By this account, the total real estate value globally

is estimated at an astonishing $217tr, which accounts for 60% of all global mainstream assets including

equity, bonds, and commodities such as gold. Real estate is therefore hugely important for generating and

storing wealth for nations and commercial enterprises, as well as individuals.

“$217 trillion is the estimated value of all developed real estate in the world. This covers retail property, offices, industrial, hotels, residential, other commercial uses and agricultural land.”

SAVILLS REPORT - AROUND THE WORLD IN DOLLARS AND CENTS

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TOTAL REAL ESTATE $217tr

All Real Estate

180

160

140

120

100

80

60

40

20

0

Residential

Commercial

Agricultural

OTHER INVESTMENTS $155tr

Other Investments

100

90

80

70

60

50

40

30

20

10

0

Equities

Debt

Minerals(Gold)

ASSET CLASS IN TRILLION USD

Model 2: Real Estate is the largest asset class in the world

Crypto

Fiat CashStock Market

GoldBroad Money Supply

Real Estate

$7.7$7.6

$0.5

$217.0 $90.0

$73.0

The same report highlighted that about 1% of

global real estate assets are traded each year, or

an estimated $2.17Tr annually. These are truly

massive figures and a key factor underlying the

strength of the BrickEX business case. For now

these trades are done in antiquated and opaque

venues, closed environments that attract high

fees, long lead times and total market illiquidity.

Now, imagine if a substantial part of these

transactions were carried out over a technology

driven crypto exchange that’s efficient, open and

transparent. A platform that allows each owner

and investor to transact securely, without an

intermediary and on fair terms. This is exactly the

world that BrickEX envisions. BrickEX will create

the largest global marketplace for real estate

investment which, underpinned by blockchain

technology, can revolutionize the playing field of

the property investment market.

9BRICKEX

TOTAL REAL ESTATE $217tr

Distribution

60%

50%

40%

30%

20%

10%

0%

50%

25%22%

3%

US

EU

Asia

ROW

Model 4: Distribution of real estate value globally by category & region (product graph and use in roll out plan)

Source: Savills Research, Bank for international settlements, Dow Jones total stock markets index, Oxford economics

The value of the world’s real estate is also unevenly distributed. The most substantial value is located in

North America and Europe, Asia and Australasia, while less developed nations contain little to none at all.

Model 3: Breakdown of developed

global real estate total value

Source: Savills Research, Bank for international settlements, Dow Jones total

stock markets index, Oxford economics

Real Estate

Equity

Debt

Minerals

TOTAL GLOBAL INVESTMENTS

About 1% of global real estate assets are traded each year, or an estimated $2.17Tr annually. Now, imagine if a substantial part of these transactions will be carried out over a crypto driven exchange

BrickEX – Real Estate Reinvented

Enter BrickEX, an open and decentralized real

estate marketplace that creates transparency,

accessibility and liquidity for every real estate

owner and investor. Underpinned by blockchain

technology, BrickEX’s one-of-a-kind exchange

platform creates an open marketplace for a

global real estate investment market that enables

fractional ownership.

Real estate has proven time and time again to be

a successful long-term investment strategy, but

for too long it has only been available to a select

few. BrickEX allows people to take full control

over their financial future in an industry that has,

up to now, had to rely on opaque financial service

companies that are motivated by obtaining the

best commissions for themselves, not the best

deal for you.

BrickEX moves real estate investment onto the

blockchain, and aggregates real estate online

through three functions:

INVESTMENT PLATFORMEnables fractional ownership of investment in real estate

EXCHANGEProvides online exchange of blockchain-based digital certifications representing property ownerships

DISTRIBUTION CHANNEL Validated 3rd party real estate owners are able to list and exchange real estate

Enter BrickEX, an open and decentralized real estate marketplace that creates transparency, accessibility and liquidity for every real estate owner and investor

10BRICKEX

11BRICKEX

Model 5 : BrickEX functions

Open decentralized marketplace creating transparency, accessibility and liquidity for

every real estate owner and investor in the world

INVESTMENT PLATFORMEnables fractional ownership of

investment in real estate

EXCHANGEAn online exchange of blockchain-

based digital certificates that represent property ownerships

DISTRIBUTION CHANNEL 3rd party real estate owners are able to list and exchange

real estate

BrickEX aspires to become a worldwide,

interconnected and open real estate exchange

ecosystem. Our main objective is to frictionlessly

connect real estate owners with real estate

investors regardless of investment capacity or

physical location. With blockchain technology,

BrickEX converts a globally scattered real estate

market to a transparent, liquid and accessible

exchange. At the heart of the platform sits the

Brick Token – the currency of the BrickEX global

ecosystem. The Brick Token is BrickEX’s means of

exchange and is the fuel that powers a new global

economy anchored in the most valuable asset

class in the world – real estate.

BrickEX is built on strong foundations of existing

and proven real estate innovation. In 2015, the

founders of BrickEX launched Brickfund.com,

a company that offers fractional ownership of

investment properties. BrickEX will use blockchain

technology to take this real estate innovation

to the next level by leveraging the power of

decentralization and liquidity potential of crypto

currencies.

This new ecosystem is supported by players in

the industry, all of whom recognize the need to

accelerate innovation and integrate existing real

estate data, while using the latest technologies.

This white paper explains the principles of BrickEX.

Our main objective is to frictionlessly connect real estate owners with real estate investors regardless of investment capacity or physical location

At the heart of the platform sits the BRI token – the currency of the BrickEX global ecosystem

The Future is Decentralized

Blockchain technology has many promising

applications, but one of the most exciting one is

smart contracts. A smart contract is an immutable

program stored in the blockchain and run by all its

nodes. This decentralized computing technique

allows agreements between parties to be

expressed in programming language and executed

transparently without the need for a trusted

intermediary.

BrickEX is developing all their critical platform

operations as smart contracts to connect

successful real estate funds and platforms with

complete transparency. Key processes like asset

listing, investor transactions, income distribution

and even rental agreements will be implemented

as smart contracts that all platforms can interact

with.

BrickEX has chosen the Ethereum blockchain

protocol as it is the most advanced, feature-rich,

stable and mature platform.

The Brick Token will act as the common currency

across the platform facilitating key functions

like clearing, settlement and asset allocation. All

platfrom trade commissions and fees are payable

in Brick Tokens.

“What complicates matters is the fact that successful blockchain innovations require a far more collaborative approach than before, so being first to market actually involves being first with an ecosystem primed to function with other financial institutions – a far more complex undertaking.”

COINDESK

BrickEX has chosen the Ethereum blockchain protocol as it is the most advanced, feature-rich, stable and mature platform

12BRICKEX

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The platform distinguishes two types of primary users of the platform: ‘Providers’ and ‘Investors’. Providers

are real estate owners, while Investors are people or institutions with money looking for returns. The smart

contract is used to express the actual terms of the agreement between the providers and the investors

including the property value, rental return and related fees.

Providers can be established real estate funds, tokenized funds, real estate crowdfunding portals or

private (family) portfolios. All providers that pass the due diligence process can list their assets on the

BrickEX platform. The BrickEX platform will offer different ways of structuring the real estate investment

propositions depending on local legislation and market preference, but always using the Brick Token as the

settlement currency.

Model 6: BrickEX aggregates real estate online

The BrickEX Exchange enables Providers to list their real estate through standardized smart contracts

and APIs. All transactions executed through BrickEX will use the Brick Token (BRI)

PROVIDERS

TRADITIONAL REAL ESTATE FUNDObsolete model given current technology

NEW ONLINE MODELS/PORTALSLimited model cannot raise enough liquidity

PRIVATE PORTFOLIOS Isolated model with potential financial instabilities

INVESTORS

THE CROWD

INSTITUTIONAL INVESTORS

Standardized Smart Contracts

and APIs

Due Diligence

BrickToken

3rd partyData Provider

14BRICKEX

Model 7: Smart contracts

Smart contracts are BrickeEX’s immediate and secure way to exchange real estate

BrickEX will perform strict due diligence on any

Provider prior to listing on the Exchange. After

this vetting process the actual user (Investor) will

rate and decide on the Providers.

The Smart Contract is programmed to be

unstoppable, incorruptible and irreversible once

signed off by the Investor. These contracts can

execute themselves and will confirm the transfer

of economic ownership without the need for a

bank, notary or lawyer. After the transaction, the

Smart Contract continues to exist and can be used

again once the Investor wants to sell their partial

BrickEX connects Providers and Investors alike, effectively linking real estate deals across the globe with

investors in all jurisdictions. BrickEX is a platform with global reach, open to any provider or investor that

meets our strict due diligence criteria and complies with KYC & AML* protocols and applicable governing

regulations. Besides eliminating barriers of entry, BrickEX will act as the standard real estate assets

repository for buyers and sellers worldwide.

real estate ownership. All Investors need to do

is update the selling price and confirm the offer

to the BrickEX platform; the Smart Contract will

then be available for a new investor through the

BrickEX exchange.

BrickEX will perform strict due diligence on any Provider prior to listing on the Exchange

Contract Agreement Execution

* KYC - Know Your Customer & AML - Anti Money Laundering protocols. For more information go to page 22 of the White Paper - BrickEX approach to AML and KYC

The real estate industry is long overdue for a

shake up. Not only is one-third of the industry

running on technology that was first released over

30 years ago, but it continues to put up barriers to

transparency, preventing the release of locked up

liquidity and eliminating standard services.

Research shows that there is not only a lack

of innovation, but also an unwillingness to

explore ways the industry can be developed. The

established way of thinking has proven difficult

for the industry to shake off. We are ready to break

down all of these barriers. With the help of the

blockchain, we know that the real estate industry

can move into a new, more democratic age.

“The cold fact is that one- third of the industry still runs on Microsoft Excel. Research shows that there is not only a lack of innovation, but also a lack of understanding of what innovation is and its potential impact on the industry.”

INDUSTRY NEWS, REAL ESTATE

Problem 3: Lack of TransparencyBrickEX creates a global, open real estaterepository and increases transparency

There is a barrier for individuals to invest in

real estate due to limited information and

knowledge. BrickEX consolidates global real

estate opportunities in the blockchain and

offers secure trading for global property

through a decentralized, blockchain-based

platform.

Problem 4: Limited efficiencyBrickEX drives disintermediation

Today’s real estate trading model relies heavily

on banking, traditional currencies, notaries

Problem 2: Diminished ValueBrickEX eliminates ‘Liquidity discount’ to unlock value

Investing in real estate is only possible for a

relatively small group of investors due to high

minimum buy-in prices. This creates the

phenomenon of ‘liquidity discount’, whereby

real estate assets are worth less due to a limited

supply of investment capital. BrickEX’s model

will re-evaluate the actual price of the asset

and realign this with the investment offering

and the capital supply.

With help of the blockchain, we know that the real estate industry can move into a new, more democratic age

Problem 1: Lack of LiquidityBrickEX provides access to liquidity in an illiquid industry

Real estate investment players have large

illiquid assets on their balance sheets that

pose a significant time delay for liquidation,

and that might have an adverse impact on the

actual asset value. BrickEX offers real estate

owners the opportunity to partially or fully unlock

liquidity from their properties and trade them as

shares in a global marketplace.

BrickEX is solving the following prolems:

15BRICKEX

An Industry Challenged by Recent Innovation

Model 1: BrickEX Solutions

and attorneys. Though Blockchain technology,

BrickEX eliminates these reliances and

offers efficient and effective trading through

independent global contracting and settlements

driven by smart contracts.

Giving access to liquidity in an illiquid industry

1. Liquidity

Eliminating ‘liquidity discount’ to unlock value

2. Value

Creating global open real estate repository and increased transparency

3. Transparency

Eliminating the negative impact of banking, currency, notaries and attorneys

4. Efficiency

Lowering investment thresholds

5. Accessibility

16BRICKEX

BrickEX challenges the established status quo and

aims to disrupt this obstinate and archaic industry.

At the same time, it offers an invitation to large

real estate funds, to join the global and open

exchange of real estate. Together we can remove

inefficient and soon obsolete intermediaries

by connecting investors around the world with

real estate investment opportunities that were

previously only available to a small and privileged

group. BrickEX will move existing real estate

transactions to the blockchain and increase global

real estate trade volume by creating a liquid

exchange.

BrickEX challenges the established status quo and aims to disrupt this obstinate and archaic industry

Problem 5: Limited Access for the massesBrickEX lowers the investment thresholds and creates accessibility

The current market offers limited

opportunities for entry-level investors as

it requires large sums of money. BrickEX

provides both institutions and the masses

with the opportunity to access with lower

investment thresholds and to diversify their

trading portfolios with high return real estate

investment opportunities.

17BRICKEX

BrickEX Technology

Blockchain development is heavily based on open

source solutions, as well as business partnerships

that enable integrations at a technical level.

BrickEX is using the latest open source libraries and

software systems as the base of all developments,

including cutting edge programming language

and development tools such as NodeJS, Web3,

Parity or Rust, among others. In addition, BrickEX

has leveraged their partnership with Maecenas to

gain access to a well proven technology stack that

is adapted and continuously improved on.

BrickEX acknowledges that open source processes

and related partnerships only embed value

when the development process is fully mastered.

BrickEX runs a highly qualified development

team to create unique modules, code and an

additional innovation stack that is critical for the

BrickEX platform to be successful. The BrickEX

development team is composed of developers with

broad experience and skill sets that have developed

smart contracts, multiple blockchain solutions

and blockchain security solutions for banking

and financial institutions alike. The BrickEX

development team constantly tests the efficiency

and viability of our implemented smart contracts,

and they will be audited by third party developers

and community tools, like Solidified.

BrickEX runs a highly qualified development team to create unique modules, code and an additional innovation stack that is critical for the BrickEX platform to be successful

BrickEX MVP

BrickEX recognizes that a core component of a Blockchain system is the element of security, particularly

in the case of it’s exchange platform. The BrickEX critical services run in an isolated and extra-protected

server, and all crypto assets are stored in a hot-cold mixed wallet system.

The technical solution created by BrickEX (already live on the blockchain) include multisig wallets,

authoring and cold wallet storage.

BrickEx has built a working decentralized property asset exchange from scratch, using the most proven

architectural practices and latest technology stack standards (i.e. microservices, critical services isolation

& continuous integration). This stack has also been enhanced with modules from the Maecenas fine art

asset market engine. This development approach has created an exclusive standard in decentralised asset

exchanges that shows promising results in terms of performance, speed and security.

Key features developed in the BrickEX asset exchange:

High performance and low latency order manager and matcher

Market API with a real sandbox environment to allow new and community made interfaces and programmatic trading

Full ERC20 support and easily customizable token communication layer

Microservices architecture over a cloud provider, that assures us almost 100% of uptime

Website with provider property listing and property details

Security as a strategy

18BRICKEX

19BRICKEX

Although BrickEX has a working market engine, with excellent security layers and optimized processes,

there are enough technical challenges ahead for the development team. Features that are currently being

developed and that will be implemented into the ecosystem later this year are as followed:

Multiple blockchain support, not Ethereum exclusive

Custom property asset tokenizer

Property provider dashboard and smart contract manager

Full support for ERC721 and ERC998 tokenization technology

Integrate KYC /AML blockchain-based solutions

Decentralized Income Distribution for rent payment

High Security Backend (global)

Backend (global)

Content Layer (regional)

Internet

Wallets

Global DB

Crypto-Currency Gateway

AccountingOrder Routing /Execution Cashier

Regional DB(Read Only)REST API

CDN(static web content and API cache

Website Mobile App Bots

Model 8: BrickEX Ecosystem architecture

High level physical architecture design

MatchingEngine

Replication

BrickEX Innovation Stack

BrickEX builds on its founder’s deep knowledge of

fractional real estate crowd investment obtained

through founding and running brickfund.com.

BrickEX has also formed a technology partnership

with Maecenas which has already built a full

functional digital asset exchange for fine art.

Maecenas is now cooperating with the BrickEX

development team to expand this technology and

create a decentralized exchange for fractional real

estate ownership. BrickEX is to Real Estate what

Maecenas is to Fine Art.

BrickEX will leverage the Ethereum-based

tokenization technology to create the Brick Token

and therewith create instant liquidity for the

exchange. BrickEX has also formed a partnership

with the US public company Globalpayout to

support solutions for online microtransactions,

transaction security and advanced KYC and AML

protocols.

BrickEX will own all intellectual property,

technologies and code that is provided through

3rd party partners such as Maecenas, Globalpayout

or Brickfund.com. BrickEX will leverage these

partnerships to accelerate its roadmap and launch

its product in a shorter time frame.

The development of BrickEX’s exchange platform

will consist of the integration of decentralized

exchange technologies. Our development team

is currently evaluating a number of initiatives

such as the 0x protocol and AirSwap, and we will

move forward once these have proven to meet our

scalability requirements.

While these key partnerships give BrickEX a

head start, the BrickEX ecosystem will build the

following key elements as part of our roadmap,

many of them powered by our Brick Token.

BrickEX is to Real Estate what Maecenas is to fine art

20BRICKEX

Decentralized Asset Gateway (DAG):

Real estate assets exist in a fragmented

space whereby typically each real estate

crowdfunding platform has its own set

of investors, data models and financial

transactions. DAG is a Dapp* which creates

an integration point for real estate platforms

to enter the BrickEX ecosystem. Adopting the

concept of a sidechain, the DAG will provide a

cryptographically secure mechanism for assets

to go in and out of BrickEX.

Non-Fungible Assets:

Unlike other physical assets such as precious

metals or raw commodities, each real estate

asset is unique and non-fungible. We’re closely

monitoring the evolution and adoption of

ERC721 (Ethereum standard for non-fungible

tokens) and ERC998 (Ethereum standard for

composable none-fungible tokens) as we

believe it will help BrickEX assets to be easily

integrated into other parts of the crypto

ecosystem (e.g. wallets, asset portfolios,

explorers, etc.).

* Dapp is a decentralized application. A Dapp connects the Smart Contract that lives on the Blockchain to the user interface (i.e. dynamic web page or a mobile app)

21BRICKEX

Model 9: BrickEX innovation stack

Decentralized Asset Crowdfunding (DAC):

Crowdfunding has traditionally been a

centralized activity where investors trust

the crowdfunder (e.g. kickstarter, seeds,

etc.) with their money and credentials. That

model is becoming obsolete, and Crowd Sales

have proven to be a much more efficient

and transparent way of raising funds from a

multitude of investors. The DAC dApp will

allow BrickEX to run crowdfunding campaigns

transparently and safely. Investors will have

full access to see the funding progress, the

amounts invested and the state of funds which

will be held in an on-chain escrow.

Decentralized Income Distribution (DID):

Real estate investments are attractive because

they produce fixed income. A true decentralized

real estate exchange platform must try to

avoid using centralized intermediaries for key

processes, and therefore we will funnel all

rental income through our DID component,

which will allocate funds to investors based

on the number of shares they own in various

portfolios they own at the time of distribution

(similar to how dividends are paid in the stock

market, but without the need for a central

institution).

BrickEX Ecosystem

Decentralized Asset Gateway (DAG)

Assets AssetsTokenized

Decentralized Asset Crowdfunding (DAC)

Non-Fungible Assets

Wallets

Portfolios

Explorers

ERC721

+ERC998

CrowdfundingCampaigns

Transparency & Safety

Full Investor accessDAC dApp

DAG dApp

Decentralized Income Distribution (DID)

Rental income

Investors

DID component

Assets

22BRICKEX

The first open blockchain platform

that democratizes access to Fine Art

www.maecenas.co

https://coinmarketcap.com/currencies/maecenas/

Leading crowd investment platform enabling

fractional ownership in global real estate

www.brickfund.com

BrickEX are the founders of Maecenas & Brickfund and aim to become the largest and most trusted crypto-

platform for real estate by merging their success, experience and technology.

As a starting point for consolidating the global

market for real estate, BrickEX will connect a

broad range of investment funds and trading

platforms around the world. By creating a

global repository for real estate investments

by connecting real estate owners and investors

regardless their location or investment capacity,

BrickEX consolidates liquidity and investment

opportunities in an industry currently under

pressure due to the fragmented nature of liquidity.

To connect and integrate various platforms by

means of traditional, ‘centralized’ processes (such

as web APIs) would be an extensive, impractical

undertaking with significant cost implications,

whilst the risk of failure is also centered around a

single point with this model.

Thus, BrickEX will instead commence with a

strategy based on ‘decentralization’, leveraging

the Ethereum Blockchain and smart contract

technology to facilitate a connection between all

relevant platforms in a simple and secure way.

The BrickEX platform is characterized by a two-

tier token model.

Within the BrickEX platform itself, the user can

invest by means of the;

Tier 1 Brick Token: The Brick Token is a utility

token representing access to the services on the

BrickEX platform.

Tier 2 Investment Token: Investment Tokens.

These are Real Estate, asset-backed tokens and

vary in type depending on the real estate asset

that the user invests in.

To connect and integrate various platforms by means of traditional, ‘centralized’ processes (such as web APIs) would be an extensive, impractical undertaking with significant cost implications, whilst the risk of failure is also centered around a single point with this model

23BRICKEX

The Brick TokenTwo Tier Token Model

The Brick Token is the governing currency on the BrickEX platfrom. Brick Token is an utility token designed to enable participants to utilize the decentralized platform.

UTILITY TOKEN

FRACTIONAL INVESTEMT TOKENEnables partial investment in

real estate objects

NON FUNGIBLE INVESTMENT TOKENEnables full real estate objects

investment

FUND INVESTEMENT TOKENEnables to invest in a complete

real estate portfolio

ERC20 Compliant ERC721 Compliant ERC998 Complaint

The investment tokens are real estate asset backed tokens that platform users can invest in. We distinguish three different tokens that can be traded on the BrickEX Exchange:

Model 10: Two Tier token model

Utility Token: The Brick Token (Tier 1)

The governing currency on the BrickEX platform

is the Brick Token (BRI). The Brick Token is a

utility token designed to enable participants to

utilize the decentralized platform itself.

Brick Tokens can be transferred across the

BrickEX network and bought and sold on various

cryptocurrency exchanges after the token sale is

completed. The Brick Tokens are not designed as

an investment and are not backed by real estate or

BrickEX future profits. The tokens serve multitude

of different function as detailed clarified in

Model 6: Brick Token functions and benefits.

The governing currency on the BrickEX platform is the Brick Token (BRI). The Brick Token is a utility token designed to enable participants to utilize the decentralized platform itself

24BRICKEX

The Brick token is an ERC20 compliant token,

meaning it follows a common list of rules

within the Ethereum blockchain. Investors and

Providers alike can transact with each other by

interchanging Brick Tokens via the BrickEX smart

contracts, which will facilitate access to various

key functions, namely:

By means of the Brick Token, we have essentially

created digital coupons to execute operations on

our platform such as investment listings, buying

and selling of investments and the receiving of

distributed income from investments. Although

the Brick Token can be bought and sold on various

cryptocurrency exchanges, it is not a Tradable

asset. The Brick token is limited by design to

its core functionalities within the platform.

Demand for Brick Tokens will therefore be driven

by the volume of transactions going through the

platform. We anticipate that, as BrickEX grows and

connects to more and more real estate platforms

and portfolios, demand for the token will increase.

The token will be tradable via crypto-exchanges.

25BRICKEX

Creation of new real estate listings

Buying/Selling of real estate

Distribution of real estate income

Payment of service fees to big data providers to the platform

Investment in real estate opportunities

Model 11: Brick Token functions and Benefits

Decentralized Storage of Value

Access to Global Real Estate Investments

Access to Liquidity

Speed

Decentralized Settlement

Low Transaction Cost

BENEFITSFUNCTIONS

Brick Token

Create listings

Invest

Buy/Sell

Distribute income

Pay Fees

26BRICKEX

Investment Token: asset backed security token (Tier 2)

The Fractional Investment Token (ERC20)

The BrickEX platform will issue new tokens

(economic rights of ownerships) for each new real

estate offering on the platform. These tokens are

classified as security tokens and need to comply

with local security regulatory requirements.

BrickEX will first target professional investors

to minimize the level of compliance at platform

launch. Following the launch, BrickEX will start

the process of obtaining retail investment licenses

and expanding the group of investors.

The ERC20 token is used when one asset or a group

of assets is divided in equal parts. The asset value

(real estate asset) can be divided by any number

to create either very small parts or bigger parts.

Example A: a $1M property can be divided by

10.000 and will subsequently have 10.000 tokens

each valued at $100. Alternatively, the $1M house

can be divided by 100 tokens to generate tokens

that represent a value of $10.000 per token.

All fractional investment tokens (ERC20) are all

the same and therefore have equal rights to the

asset value and asset (rental) income. The value

of the token will be determined by the value of the

property and the operating income of the property.

The BrickEX platform will issue new tokens (economic rights of ownerships) for each new real estate offering on the platform. These tokens are classified as security tokens and need to comply with local security regulatory requirements

a. Fractional Investment Token - Asset back

token named specific to the asset it backs and

used to invest in a fraction of the real estate –

ERC20 compliant

b. Non-fungible Investment Token - Asset

backed token names specific to the asset it

backs and used to invest in a specific full real

estate object (i.e. a non-fungible asset) –

ERC721 compliant

b. Portfolio Investment Token - Asset backed

token combining the Fractional Investment

Token & the Non-fungible token, enabling

users to participate in an ‘investment fund’

model - 998 ERC compliant

All fractional investment tokens (ERC20) are all the same and therefore have equal rights to the asset value and asset (rental) income. The value of the token will be determined by the value of the property and the operating income of the property

The Non-Fungible Investment Token (ERC721)

The ERC721 token cannot be divided and is

therefore non-fungible. Each ERC721 represents a

single asset. For the real estate industry this means

that one single ERC721 Token will represent a

specific home or commercial unit.

The ERC721 token is especially relevant if a real

estate developer or owner is looking to sell an

27BRICKEX

The Portfolio Investment Token (ERC998)

entire building of apartments. Example B: a

residential tower in London consists of 100

separate apartments. This apartment building

can be tokenized by issuing 100 ERC721 tokens.

Each token will represent a specific and unique

apartment.

The holder of the token benefits from the value increase

of the property value as well as the rental income of the

specific property.

The ERC998 is a composable token, which means

the assets within the ERC998 token can be

structured into complex positions and exchange

ownership within one trade. In other words

ERC998 can own a unique set of digital assets, it

can be understood as a token that holds a portfolio

of assets, hence Portfolio Investment Token.

BrickEX is currently reviewing this addition

and will likely apply this solution in the future

of the exchange. In BrickEX’s case, the portfolio

investment token will be used for investors

that are interested in holding non-fungible and

fungible assets in real estate, enabling both to be

represented by the ERC998 token.

A more hypothetical example could be explained

by the ownership of a full building represented

by the ERC721, the insurance or building service

contract as well as a rental contract held by a third

ERC20 token. These three tokens assets could be

owned by one single ERC998 token. The ERC998 is

a valuable addition to the existing standards and

will enable a whole range of new use cases that

BrickEX is currently developing.

The holder of the token benefits from the value increase of the property value as well as the rental income of the specific property

A more hypothetical example could be explained by the ownership of a full building represented by the ERC721, the insurance or building service contract as well as a rental contract held by a third ERC20 token

Token type Description Purpose Compliant with User Class

1 Utility Token Brick Token Creates liquidity, funds project & operates platform ERC20

Crypto investors, platform users, partners

2Fractional investment token

None specific to fraction, specific to asset

Fractional asset backed investments ERC20 Crypto & Real Estate Investors

3 Non-fungible token Specific to asset Object specific, asset-backed investment ERC721 Crypto & Real Estate

Investors

4Portfolio token (Composable non-fungible)

Composition of different number of digital assets

Hybrid composable token, with the ability to be composed into complex use cases that can be transferred in one trade.

ERC998 Crypto & Real Estate Investors

Table 1: Token types on BrickEX platform

BrickEX Use Cases

The BrickEX platform distinguishes two leading processes:

1. Property Listing

2. Property investing

28BRICKEX

Screenshot 1: BrickEX Property Exchange

Property listing flow – Provider

1. The provider signs up on the platform and

submits the required information for BrickEX

to run KYC and business due diligence.

4. The Provider can create a new full or fractional

property listing through the DAG dAPP (see

page 13 – innovation stack).

5. BrickEX deploys a property specific smart

contract for the new property asset after

completed due diligence.

6. The provider submits the required property

documentation into the smart contract, i.e.,

Property ID, detailed specifications such

as: proof of ownership, rental contracts and

financial information.

2. BrickEX has an automated KYC / AML check

and executes a detailed due diligence.

Depending on the Providers details the

due diligence will be handled internally or

externally by an independent due diligence

specialist.

3. After affirmation of the legitimacy of the

Provider, the Provider’s account will be

activated and ready to create property listings.

29BRICKEX

7. This submitted information will go through

a separated due diligence process to confirm

the legitimacy of the property, the underlying

contracts and leases, and the offering to

the Investor. A third party will validate

and counter-sign the smart contract. Third

party validation and valuation is done at

the start of the property listing and all

relevant information will be shared. The

future performance of the property listing on

BrickEX will be subject to the market demand

and supply.

8. BrickEX will tokenize the smart contract and

make it available on the exchange investment

platform after the smart contract has been

signed by both parties.

Third party validation and valuation is done at the start of the property listing and all relevant information will be shared. The future performance of the property listing on BrickEX will be subject to the market demand and supply

PROPERTYPROVIDER

KYC/PROPERTYREGISTRY

BLOCKCHAIN

THIRD PARTYVALIDATION

BRICKEX

1. Provider signs up

3. BrickEX activatesaccount to Provider

4. Provider createsrequest for new

listing on BrickEXand pays listing fee

6. Provider submits propertydocumentation

into smart contract

5. BrickEX deploys smartcontract for new property

asset BEX-01

8. BrickEX tokenises BEX-01and makes it available

on the exchange platform,BEX-01 tokens are issued

7. Third party validatesdocumentation andcounter-signs smart

contract

Use Case 1: Property Listing

2. BrickEX runsdue diligence

on Provider

30BRICKEX

Screenshot 2: Investment - New Property

Investment flow – Investor

1. Investor signs up to the BrickEX platform and will have immediate viewer-access to the trading and

property feed.

2. BrickEX will run the (prospective) investors through a KYC/AML process.

3. After successful KYC/AML BrickEX will grant investment and trading access investment to the investor.

Use Case 2: Investing

KYC/PROPERTYREGISTRY

BLOCKCHAIN

PROPERTYPROVIDER

1. Investor signs up

3. BrickEX activatesaccount to Investor

4. Investor browsesproperties on BrickEX

7. Investor transfers the right amount of BRIs into

BEX-01 smart contract

5. BrickEX locks FX ratebetween BRI and EUR

for a time period

9. Provider receivesBRI or EUR equivalent

from smart contract

2. BrickEX runsKYC/AML

on Investor

BRICKEX

10. BrickEX receives BRIas commission for

the transaction

6. Investor indicates intention to invest in

BEX-01 using EUR or BRI

INVESTOR

8. Investor receives BEX-01 tokens from smart contract

31BRICKEX

Screenshot 3: Personal Dashboard

Screenshot 4: Property Details

4. After account activation the investor can browse properties and access the exchange (screenshot 1 &

2). The investor browses properties on BrickEX.

Screenshot 5: Activate Purchase

After account activation the investor can browse properties and access the exchange

32BRICKEX

5. BrickEX locks the foreign exchange rate

between BRI and the applicable currency

of the investors preference (this is time and

property specific lock).

6. The investor can invest in the selected

property through BRI or a local currency.

7. The investor transfers the right amount of

BRIs into the smart contract created by the

Provider in the Property Listing process.

8. The investor receives the ownership tokens in

their wallet.

9. The Provider receives the equivalent of BRI

from the smart contract and signs off the

trade.

BrickEX Revenue Model & Forecast

BrickEX is an open decentralized exchange for real estate investment. The BrickEX exchange is a marketplace

where providers and investors can buy and sell fractional ownership of real estate investments. The BrickEx

revenue model is driven by multiple services fees charged on the platform depending on the activities of

Providers and Investors. We distinguish 6 different fees, namely:

1. Provider Due Diligence (PDD) (i.e., due diligence process executed to onboard a new Provider to the

exchange)

2. Initial Real Estate Listings (IREL) (i.e., first time listing of a real estate investment)

3. Secondary Income distribution (SID) (i.e., rental or dividend incomes from real estate investments will

be settle through the exchange)

4. Maintain a Central Information Repository of global real estate investment data (CIRService)

(i.e., BrickEX will aggregate real estate investment data and can resell this to 3rd parties)

5. 3rd party Data Distribution Channel (DDC) (i.e., Providers and Investors can access 3rd party information

source that are relevant to understand the investment better)

6. Primarily BrickEX facilitate fractional real estate investment Transaction Service (TS) (i.e., the pure

exchange function)

33BRICKEX

Revenue Category

Commission (indicative)

PDD USD fixed fee

IREL 0.1%

SID 0.15%

CIRS 0.4%

DDC 0.02%

TS 0.7%

Table 2: BrickEX revenue categories

34BRICKEX

The largest revenue stream for BrickEX will be

Transaction Service (TS) fees and will be directly

proportional to the trading volume on the

platform. Forecasted revenues in model 12 are

solely based on Transaction Service fees.

Example TS = 0.7% (data point 1 in model x):

If $100,000,000 in real estate investments is traded

on the exchange, the consolidated amount received

by investors is $700,000 as a transaction services fee.

The revenue growth rate of BrickEX is contingent

on the onboarding of new partners and the

platform’s ability to scale in terms of processing

trade volume. Profitability will be reached in Year

3 and will grow exponentially as trading volume

exceeds $1B per year.

In the first 2 years of operations the exchange is not expected to be profitable, but profitably will grow exponentially once trade volume grows beyond $1bn a year

Model 12: Projected Earnings

$50.0

$40.0

$30.0

$20.0

$10.0

$-

$4,00,000

$3,50,000

$3,00,000

$2,50,000

$2,00,000

$1,50,000

$1,00,000

$50,000

$-

$(50,000)

$0.1

2019 2020 2021 2022 2023

$1.0

x $ 1,000sx $ 1B

$5.0

$25.0

$50.0

Trade Volume (in bn USD)

Revenue*(in ‘000 USD)

Net Profit (in ‘000 USD)

2019 $0.1 $700 $(916)

2020 $1.0 $7,000 $(160)

2021 $5.0 $35,000 $6,000

2022 $25.0 $175,000 $69,000

2023 $50.0 $350,000 $209,000

* Revenue includes all revenue categories

35BRICKEX

BrickEX Roadmap

White Paper Release

Multiple partnerships for asset tokenization

Approval from Luxembourg government to launch exchange

Show MVP

SEC registration

3 Assets tokenized in Beta launch

10 partners on Investment platform

ERC721 none fungible implemented

Germany LIVE

ERC998 ERC998 composable implemented

Beta version launch Exchange in EU

Private sale

Crowd sales 31st Oct 2018

BRI coin listed

$50M traded in contained environment – ERC20 tokens

Exchange LIVE in NL

Live in US

Global expansion

Entity set-up

BrickEX core team formed

Development office Alicante

December launch BrickEX Investment Platform

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2017

2018

2019

2020

Head office Amsterdam

Founding team creates vision on how to reinvent Global Real Estate Investment market

Exchange Development started

+30 advisors contract signed and work started

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

BRI

BetaTesting

Timeline Token Sale

BrickEX will initiate fundraising though a private

and public Token Sale to raise $27.5M with an

expected closing date on November 30th, 2018.

The Token Sale will represent 40% of all generated

tokens which is fixed at 1B tokens.

36BRICKEX

BrickEX will initiate fundraising though a private and public Token Sale to raise $27.5M

Sale stages Date % of

tokenNo. of

tokens Value Bonus Price per token Funding Target Vesting Period

Private Sale Q2-Q3 80 320,000,000 $32,000,000 50% $0.067 $19,500,000 Agreement

specific

CrowdSale 31st Oct 20 80,000,000 $8,000,000 0% $0.100 $8,000,000 None

Table 3: The two phases of the Brick Token Sale

Token and bonus terms

The bonus is only applied to the number of Brick

Tokens bought during the private sale. All bonus

tokens in private sale can only be vested after a

period of 6 months.

Tokens distributed to BrickEX team members and

advisors have a vesting period over 2 years. Team

members are able to sell at a rate of 1/24 of their

total initial holding on a monthly basis. No tokens

can be sold by BrickEX team members during the

first 6 months after the public issuance.

Team members can individually purchase

additional tokens beyond those granted as

compensation for services rendered.

Model 13: Crowd Sales timeline

The token sale has been structured to make it less interesting for investors to sell under the issuance price

*all dates are subject to changes depending on progress and market sentiment

Private Sale

Start Q2

Crowd Sale Completed

30th Nov

Crowd Sale

Start 31st Oct

37BRICKEX

*Numbers are subject to changeModel 15: Brick Token distribution in %

Sold in Crowd Sale Exchange Liquidity

Team

Research & Development Legal

Marketing OPEX Cash Reserve

The token sale has a soft cap of $2 million, which will be funded from the founder’s own funds and network and guarantees the project to be executed and token to become listed

Model 14: Crowd Sale phases

vs. Soft & Hard Cap

Soft & Hard Cap Crowd Sale Phases

40

35

30

25

20

15

10

5

0

$M

Self-funded $2m

Crowd Sale

Private sale

HARD CAP

SOFT CAP

$29.5m

$19.5m

$8m

$2m

Partners incentives

The token sale has a soft cap of $2 million, which

will be funded from the founder’s funds and

network and guarantees the project to be executed

and token to become listed. The hard-cap is $27.5

million, and the total funds collected during the

Private Sale and Crowd Sale process will be used to

fund a 3-year business plan and will be allocated

to Research & Development, Legal cost, Marketing

investment, Operational Expenses and a Cash

Reserve.

40 %

30%

10 %

20 %

TOKENDISTRIBUTIONS

IN %

3 YEAR FUNDDISTRIBUTION

IN MLN USD

$8.8

$7.4

$5.8$1.7

$5.8

Meet the team

The founding team together with selected advisors bring a wealth of education, experience, and their

valuable networks to BrickEX, not to mention proven track-records of success during their decades of

combined experience in conceiving of and growing startups.

Jeroen de LeijerFounder & CEO

After earning a double degree in Business Economics and an MBA, Jeroen

has spent almost 20 years either consulting companies like T-Mobile, BA and

Liberty Global on or self-starting new business ventures across the entire

spectrum of technology, media, telecoms and real estate. Jeroen’s latest real

estate venture grew from zero to $20M in assets within one year. Jeroen is a

self-taught investor in real estate and very enthusiastic about innovation and

technology, specifically related to blockchain, FinTech and PropTech.

Bas Bergmans Founder & CFO

A serial entrepreneur and investor, Bas obtained a MSC in Business Economics

from the Erasmus University in Rotterdam. He has 12 years’ experience in

Corporate Finance, M&A & Post Merger Integration with Deloitte and PwC

in London and Shanghai. In this capacity he has advised across 15 industries

with companies like British Airways, DSM, St. Gobain, Barclays, ABN AMRO

and ICBC. As an entrepreneur, Bas successfully grew his last venture from $0

to $80m in 7 years and became a co-founder and earlier investor in Brickfund.

com. Bas holds a specific interest in real estate investing, and throughout

his career, he has built a significant personal real estate portfolio. He is also

a blockchain enthusiast and believes in the future opportunities of crypto

currency.

38BRICKEX

Luis Pastor Founder & Blockchain specialist

Luis has a BSc and MSc in Computer Engineering, and more than 15 years of

professional experience in IT Consulting & Innovation and self-starting new

business ventures. Luis is a Partner in charge of IT Consulting and Innovation

at Grant Thornton Spain, Head of Spain ́s Blockchain Lab, and the designated

Leader of Grant Thornton International ́s Blockchain initiative.

39BRICKEX

Jesper HoogerhuisCommunity Manager Jesper is an experienced community manager with demonstrated history

of working in the cryptocurrency trading space. Highly skilled in channel

management and marketing for twitter, discord, Linkedin, Medium, Youtube,

Reddit, Bitcointalk, Telegram, Instagram, Github and Facebook. Jesper has

lead the community of 2000 cryptocurrency traders to train and develop

their capability, is a real crypto enthusiast with strong marketing and

communication skills.

Jeffrey van der LeemputFounder & Crypto Specialist

Jeffrey is a talented cryptocurrency trader and community manager with a

solid commercial background. Currently mentor to over 1200 cryptocurrency

traders, Jeffrey is responsible for our community and token mechanics.

Hector Linares Head of Technology

Hector has in-depth experience in ICO and blockchain technology and was

responsible for the architecture and build of ICOVEND. Hector studied at the

University of Alicante, has owned several technology businesses and has 15

years of programming experience.

Enrique Alcazar Garzas Full Stack Developer

Enrique is a experienced Full Stack Developer with a demonstrated history

of working for companies such as Grant Thornton and Bank Santander’s

laboratory. He is skilled in Blockchain, Databases, Java, Team management,

Unity3d, and C#. Strong engineering and business professional with a Double

bachelor’s degree in Computer science and Business administration from

Universidad Carlos III de Madrid.

Marcelo Garcia CasilFounder & Digital Exchange Specialist

Founder and CEO of Maecenas. Having previously worked at a number of

large global banks including Credit Suisse, Barclays and NAB, Marcelo has

wide-ranging experience in designing and building large-scale enterprise-

grade systems with a focus on investment banking and financial solutions.

40BRICKEX

Felipe BuirasBlockchain developer

Felipe studied computer science and is a certified full stack web developer.

He is passionate about technology and how technology can solve today’s

problems. His skills include javascript, UI/UX, python and java.

Jorgo Smaal Marketer & UI

An expert in the areas of digital high growth marketing and specialist in

online user interfaces. Jorgo’s experience was build upon many years of portal

management and running performance campaigns.

Sabine Schoorl RBBusiness Development & Innovation

Sabine is an expert in building businesses and applying innovation, especially

in the field of Real Estate and PropTech. Sabine is also Chairman of the Dutch

IBREA chapter and has many years of corporate and start-up experience.

Phil ChanInvestors relations China

Phil provides advise on investment relations, specifically in Asia Pacific

region for BrickEx. He possesses 10 years of working experience in technology

deliveries, responsible for pipeline management and vendor governance.

Phil has co-founded Entrust Group (Aus), assisting companies in developing

customer connections and partnerships in Hong Kong and Australia. Entrust

Group expertise include real estate, financing, accounting, marketing and

other professional services, serving more than 300 companies and 2000

clients with an investment portfolio of 10 million dollars.

41BRICKEX

Klaas KapteijnReal Estate Specialist

Klaas is an entrepreneur and was an early stage investor in Brickfund.com who

helped the founders to move the company from infancy stage to a successful

crowd investment real estate platform. He has in-depth knowledge and

experience in structuring real estate fractional ownership and successfully

grown, managed and sold his own business.

Mitch van den Akker Video & Motion graphic specialist

Experienced Video & Motion graphic specialist responsible for BrickEX branding.

Norma Carsten Project Manager

Online Marketing with 20 years of experience in traditional and digital

marketing.

Marlies Lammers – BerbenHead of CRO

Head of CRO with an MSc. In Leisure Studies. Passionate about Conversion

Optimization in the broadest sense, with 7+ years of experience for both

agencies and inhouse companies.

42BRICKEX

Erich RickensCommunications and Content leader

Erich is a writer and marketer who works with startups, helping them to

engage audiences at scale. His expertise lies in brand communication, growth

and strategic content marketing.

Jorik FeskensGrowth Hacker

Growth hacker and entrepreneur with a background in brand and project

management.

Sander GielenCommunity Specialist

Experienced digital marketeer, entrepreneur and crypto investor with 6+

years of experience in marketing & community management.

Mathieu MandersDigital Marketing Strategist

An innovative and passionate ROI driven digital marketing professional with

7 years of experience in guiding clients in their journey.

Aaron VerstappenAnalytics specialist

Experienced Google Analytics / Google Tag Manager / SEO / SEA / Google

AdWords / WordPress / HTML5 specialist responsible for measuring and

reporting the online marketing data.

43BRICKEX

Gino TaselaarBlockchain Marketing

Growth marketer and Co-Founder of the Spike Blockchain Marketing agency,

Gino helps Blockchain projects during their Token Sales.

Tom Van PinxterenHead of SEO

Head of SEO with an MSc. in Strategic Management and 10 years of experience

in SEO for both agencies and in-house companies.

Bart Van ZundertMarketing Expert

MSc in Marketing and responsible for the online marketing around the

token sale.

Pascal Van SteenCommunity Builder

Fascinated by new technologies and startups. There is something exciting

about things that have the potential to change the world.

44BRICKEX

Advisors

Crypto, Complementary currency & Finance

IT, information & transaction security

Scott Morris Complementary Currency Expert

Edgar Kampers Tokenomy / Crypto

Expert

Tony Kanters Crypto Analyst

Eduardo SarianCorporate Finance

specialist

Chris HazewinkelIT infrastructure specialist

Jan Aleman IT infrastructure expert

William RochfortKYC & AML specialist

Steve RussellTransaction security specialist

Arjen VosIT application specialist

Legal and Regulatory

BrickEX has the support of a great number of specialist legal

advisors across USA, Hong Kong and Europe. The list of

supporting attornies can be shared under NDA.

Kay GuldemondAttorney

45BRICKEX

Paul ChenReal Estate expert Asia

Maarten ElderingReal Estate Expert The Netherlands

Parikshat ChawlaExperienced international property

marketing specialist

Charles De Ros WallaceReal Estate Expert Europe

Real Estate

Leo LoReal Estate expert Asia

Marketing, community & Growth Hacking

David MozesMarketing manager &

growth hacking Europe

Sara XiaCommunity

manager China

Marc OosterhoudtMarketing manager China

Hong Loon SanMarketing manager &

growth hacking South Asia

Lucas GardebrandCommunity

manager Nordics

Sang-Soon LeeCommunity manager Korea

Tony KypreosMarketing and BD

specialist

Industry Launch Partners

BrickEX is not a property management company or real estate owner and therefore needs 3rd party real

estate Providers to start running the exchange. Providers can be traditional real estate funds, newly started

online portals or private family portfolios, qualified and legitimate owners of real estate will be given access

to the platform and the ability to upload their real estate investment proposition on exchange.

BrickEX will work with different real estate partners to launch the platform initially in North America,

Germany, The Netherlands, Spain, Hong Kong and Singapore. BrickEX will launch the Exchange with a

number of Launch Partnerships, several of which have already been negotiated. These launch partners will

commit to offer at least $5M in real estate on BrickEX. BrickEX will commit to provide liquidity for at least

50% of each placement in return. This will kickstart the platform with a geo-diversified offering of at least

$50M.

46BRICKEX

NorthAmerica

Germany

Netherlands

Spain

Singapore

Hong Kong

4

5

6

1

3

2

BrickEX Commercial Traction

47BRICKEX

(www.maecenas.co)

Maecenas to fine art like Nasdaq is to shares.

Maecenas closed a successful token sale in October

2017 and launched their beta platform in June

2018, achieving the milestone of being the first

company ever to tokenise a multi-million dollar

asset using blockchain technology.

(www.globalpayout.com)

Global Payout was founded in 2009 and specialises

in payment solutions. Global Payout will support

BrickEX in KYC and AML processes.

(www.brickfund.com)

Brickfund was founded in 2015 as a crowdfunding

platform for real estate investments with a focus on

residential buy-to-lets. During 2017, Brickfund’s

property porfolio is valued at approximately

$20M. Brickfund has an LOI with BrickEX to start

using BrickEX for additional liquidity. Jeroen was

both founder and CEO of Brickfund, Bas was a co-

founder and early investors.

BrickEX has lined up $500M+ in real estate assets ready to be traded on the BrickEX Exchange. BrickEX is

currently in negotiation with 30+ of industry-known real estate owners and property developers that want

to bring their assets to the exchange.

The first properties will be listed on BrickEX investment platform before 31 October 2018 and will have an

estimated project value of over $30M.

Some of BrickEX partners include:

(www.real.markets)

Real.markets is a real estate start-up developing a

platform that will allow real estate companies to

make their properties tradeable on the blockchain.

Real ran a successful Token Sale last year and is

willing to connect to the BrickEX platform for

access to investors and liquidity.

(www.amstelius.nl)

Amstelius is an Amsterdam based real estate

development and management business with

extensive market knowledge and a powerful

network in the real estate business. Amstelius

will advise and support BrickEX in real estate

transaction support and will give access to a broad

group of real estate partners that will operated on

the exchange in 2019.

48BRICKEX

(https://www.geskaria.com/en)

Geskaria’s objective is to originate special and off market real estate transactions, and to arrange the

financial structure. Geskaria generates M & A opportunities for private international funds, institutional

investors, real estate companies, family offices, hotel companies and REITS. Geskaria has a number of high

value (hotel) developments ready to be boarded on the BrickEX exchange.

(www.asiaprop.tech)

Asiapropl.tech = Asia + Property + Technology!

Based in Hong Kong central, Asiaprop.tech was

started to build awareness and partnerships in the

PropTech space in Asia. PropTech.asia aims to build

a community for those working in the PropTech

initiatives in Asia and be one of the best sources

of information for PropTEch developments across

Asia. PropTech actively helps BrickEX to connect

with global industry leaders and investors in

Asia that want to collaborate to improve the real

estate industry and take advantage of the BrickEX

technology and innovative business model.

BrickEX Approach to AML and KYC

Anti-Money Laundering (AML) regulations

and Know Your Customers (KYC) policies are

significant aspects to be considered as an enabler

of global real estate investments. The objective of

our AML and KYC protocol is to prevent BrickEX

from being used, intentionally or unintentionally,

for the purposes of money laundering or other

criminal activity, financing terrorist activities, or

other complex matters related to financial crimes

globally.

BrickEX acknowledges the importance of

complying with the AML and KYC regulations.

BrickEX is working to achieve compliance through

alliances with global partners with the aim of

running operations across 184 countries. BrickEX

will be at the top of its game whereby High-level

scrutiny will be performed to verify the identity of

any investor using the BrickEX platform. Investors

will be required to go through a strict identity

verification process and disclose their jurisdiction

and tax residency before investing in real estate

through the platform.

Providers have the responsibly to operate within

the regulations of their supported jurisdictions

and will go through a separate due diligence before

being allowed to onboard their real estate on the

platform. The verification processes will be carried

out as quickly as possible in order ensure seamless

transactions for all providers and investors.

BrickEX expects to have a fully functioning online

verification system ready by December 2018 to

meet international KYC and AML compliance

demands to validate account holders.

49BRICKEX

The BrickEX Compliance protocol will border on

the following essential components:

BrickEX acknowledges the importance of complying with the AML and KYC regulations and as such is working to achieve this while allying with partners with the aim of running operations in more than 184 countries

Regulatory compliance in more than 184 countries of operation

Effective and efficient account approval (On-boarding and Ongoing) process for providers and investors

Accurately identify and reject criminal and risky businesses and clients

Avoid regulatory fines for BrickEX or partners which could increase running cost for both parties

Ensure protection of our brand, company and partnerships

50BRICKEX

The program is designed to mitigate the risk and prevent non-compliance. The USA PATRIOT Act and

similar international regulations specifically state that all financial institutions must comply with these

guidelines for existing and new customers.

In order mitigate risk of non-compliance, the following 4-step approach will be undertaken:

Model 16: 4-step approach for AML and KYC compliance

01

02STEP

STEP

03STEP

04STEP

Know Your Customer (KYC)

During the account opening process, always ensure that new customers are adequately authenticated and verified following verification process

Risk-based approach (RBA)

Risk identification and assessment of new account users

Excluded terrorist doubt

In the interest of the company, ensure that new investors are not on lists of suspected terrorist organizations or located in a sanctioned country

Auditing

Record, file, and monitor all customers regularly to ensure compliance going forward and also update clients’ information at any point a change in data might occur. Also, verify the new information that the customer provides

51BRICKEX

Competition: A Level Playing Field

The competitive analysis showed 59 real estate

blockchain related start-ups in the crypto space.

Of these 59, about 10 focus on the real estate

investment market and most of these look

promising and will likely add significant value to

driving innovation in real estate markets.

Two of the 10 active start-ups have a global focus

whilst all of the new start-ups utilize the benefits

of the blockchain, program their operations in

a smart contract and some even function as an

exchange.

None of the known start-ups are developing an

exchange with an eco-system open to 3rd party

providers which will be one of the key competitive

advantages of BrickEX.

We see all these promising initiatives as partners

in driving the BrickEX exchange and ecosystem.

BrickEX will add value to its partners by driving

investors and liquidity to their real estate offerings.

Model 17: Partnership opportunities

Latoken Real Atlant

Blockchain ✓ ✓ ✓ ✓ ✓ ✓ ✓Contract Proposal ✓ ✓ ✓ ✓ ✓ ✓ ✓Global ✓ × × × × × ✓Exchange ✓ × × × × × ✓Open to 3rd party × × × × × × ✓

None of the known start-ups are developing an exchange with an eco-system open to 3rd party providers which will be one of the key competitive advantages of BrickEX

BrickEX also sees enormous partnership potential

with existing real estate investment companies /

models. Traditional real estate funds and private

family portfolios need to be connected with new

technology providers to escape a model that is

nearing obsolescence.

The BrickEX platform is specifically created for

3rd party real estate owners to release liquidity

from the illiquid assets on their balance sheet.

BrickEX welcomes and encourages the entry of

innovative start-ups to the real estate industry.

The size of the global real estate market combined

with the trend of unlocking new opportunities

through blockchain technology is creating a new

level playing field. And it is only through multiple

initiatives and collaboration with existing players

that real substantial change can be realized.

Disclaimer

Please carefully read the information below. If there’s anything you do not understand or if you have any questions, get in touch through our social channels or email us at info@brickex.io. All information outside this disclaimer will be considered null and void.

The sole objective of this white paper is to present the BrickEX project to potential token holders in connection with the planned

Token Sale. The information outlined in this whitepaper may not be exhaustive and does not indicate any elements of a contractual

agreement. Details of this whitepaper are not binding for BrickEX Holding Limited, while BrickEX reserves the right to change, modify,

remove or add content to the document for specific reasons at any time before, during or after the BrickEX Token Sale. Changes and

updates to the white paper will be published on the BrickEX website - www.brickex.io.

The whitepaper does not consist of investment, legal, tax or regulatory, financial or accounting advice and is not intended to provide

the sole basis for any evaluations of a transaction on acquiring of the Brick Tokens. Before obtaining the Brick token, a prospective

purchaser should consult his/her legal, investment, tax, accounting advisor to determine the potential benefits, risks and other

consequences such a transaction.

Nothing shall be deemed to constitute a prospectus of any sort or a solicitation for investment within the whitepaper, or shall it in

any way relate to any form of offering or solicitation in any jurisdiction to the purchase securities. This whitepaper is not composed

by and is not subject to laws or regulations of any jurisdictions which prohibit or in any manner restrict transactions in respect of, or

with use of digital tokens or cryptocurrencies.

The Brick Token is not a form of financial instrument or digital currency, and hence it is not registered according to the Securities Act

of 1933. The act is also shown in the securities laws governing any state within the United States of America or securities laws of any

other country which also includes the securities laws of any jurisdictions in which any potential token holder is a resident.

The Brick token should not be offered, distributed, sold or otherwise dissociated by their holders to citizens and legal people that

have their residence, location or their seat of incorporations in the country or territory where transactions with digital tokens are

prohibited or in any manner restricted by applicable laws or regulations.

Be aware that BrickEX Holding does not provide or share the Brick token. Nor does BrickEX execute businesses or any regulated

activity in Singapore, Republic of China or in other countries or territories where transactions that require the use of the digital tokens

are restricted or need BrickEX Holding registered or licensed with any applicable governmental authorities.

Purchasers of the Brick token should remember that attention will be drawn to this whitepaper if there is a need to present this

lawfully by the laws of the purchaser’s jurisdiction. It is the responsibility of each potential purchaser of the Brick token to determine

if the purchase can legally buy the Brick token in the purchaser’s country of residence and whether the purchaser can then resell the

Brick token to another purchaser in any location.

Some statements and financial information contained in the whitepaper comprise of forward-looking statements. These forward-

looking statements or information involve risks and uncertainties which could cause a difference in results, estimates or implied

results or expressed in these forward-looking statements.

The English version of the white paper is the primary official source of information about the Brick token project. All the information

contained in the English version may subsequently be translated into other languages. In the course of such translation, some of the

information provided in the English whitepaper version may be lost, corrupted or misrepresented. The accuracy of such conversion

cannot be guaranteed. In the event of any conflicts or inconsistencies between translations in other languages and the official English

whitepaper version, the English whitepaper version shall be considered as the original document.

52BRICKEX

BrickEX will become the largest and most trusted property exchange platform in the $217 Trillion global real estate market.

Join BrickEX and our partners to shape the future of real estate investing.

53BRICKEX

BrickEX.io