Message From: Schlack, Christopher on behalf of SH-Al-Product-Update Ish-a product-update@ubs coml Sent: 7 6 2016 8:18:28 PM BCC: CONFIDENTIAL UBSTERRAMAR00002713 EFTA00238256

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Subject: AlphaKeys European Real Estate Opportunities II, LL.C. - PPM Supplement #3 Attachments: 8REP Europe V - Third AR Supplement (June 2016) Final.pdf (SUBS Dear Investor: At the request of your Financial Advisor, you previously received offering materials for AlphaKeys European Real Estate Opportunities II, L.L.C. (the "Fund"). Subsequent to that, the Fund issued the attached amendment to the offering materials. • Supplement No. 3 to the Private Placement Memorandum Please review all of the amendments to the offering materials and discuss any questions with your Financial Advisor prior to making your investment decision. Please do not respond to this email. If you have questions regarding the materials you have received or need additional information, please contact your Financial Advisor. This message and any attachments are intended only for the use of the addressee and may contain information that is privileged and confidential. If the reader of the message is not the intended recipient or an authorized representative of the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by e-mail and delete the message and any attachments from your system. CONFIDENTIAL UBSTERRAMAR00002717 EFTA00238260