QUARTER ENDED JUNE 30, 2015 Second Quarter As of August 20, 2015 and Subsequent Events Overview SUMMARY Continued working to sell assets Sale of AJS office building generated an estimated simple average annual return of 12.6% (21.7% in euros) Executed purchase and sale agreements for two properties Courtyard Kauai continued to perform well Effective rents increased at multifamily properties Lakewood Flats in Dallas, Texas In the Asset Disposition Phase The Company is in its asset disposition phase and is targeting a wind-up of operations in the 2017–2018 timeframe. The board of directors will continue to consider making special distributions from time-to-time throughout the disposition phase. As previously reported, in the first quarter of 2015, the Company sold Alte Jakobstrasse, an office building in Berlin, Germany. After currency conversion and foreign tax impact, the sale generated a property-level estimated simple average annual return of 12.6%. (In euros, the property-level annual average return was 21.7%, reflecting the stronger dollar.) Two Investments Under Contract for Sale After the end of the second quarter of 2015, the Company entered into purchase and sale agreements on two investments: the Holstenplatz office building in Hamburg, Germany for a contract sales price of €16.5 million, and the Wimberly at Deerwood multifamily community in Jacksonville, Florida for a contract sales price of $43.5 million. Holstenplatz was acquired in 2010 for a contract price of €10.25 million. Wimberly was acquired in 2013 for a contract price of $35.6 million. Both transactions are expected to close in the third quarter of 2015. Courtyard Kauai Continued to Perform Well in the First Half of 2015 The Courtyard Kauai continued to post strong financial results in the first six months of 2015, reflecting the Company’s operating improvement and capital investment initiatives since the hotel was acquired in 2010. The Courtyard by Marriott in Kauai, Hawaii First Six Months 2015Year-over-Year Change Total Hotel Revenues +7.5% Occupancy Rate +1.4 Percentage Points Average Daily Rate +3.6% Revenue per Available Room +7.7% Net Operating Income +14.4% II

QUARTER ENDED JUNE 30, 2015 Effective Rents Increased at Student Housing Properties The Company’s student housing properties are well leased for the new school year. River Club at the University of Georgia is 100% leased, the same as last year. The average effective lease rate for this year is almost 4% higher than last year. 22 Exchange at the University of Akron is 95% leased compared with 86% leased last year. The average effective leasing rate for this year is nearly 2% higher than last year. Portfolio Properties Continued to Perform Well At the Company’s portfolio properties, increases in revenues outpaced the increases in expenses for the three and six months ended June 30, 2015. Six Months Ended June 30 2015 2014 Change % Change Rental Revenue $16,951 $15,770 $1,181 7.5% Property Operating Expenses $5,664 $5,349 $315 5.9% Hotel Revenue $9,142 $8,502 $640 7.5% Hotel Operating Expenses $6,274 $6,010 $264 4.4% Three Months Ended June 30 2015 2014 Change % Change Rental Revenue $8,465 $7,889 $576 7.3% Property Operating Expenses $2,767 $2,625 $142 5.4% Hotel Revenue $4,314 $4,138 $176 4.3% Hotel Operating Expenses $3,116 $2,988 $128 4.3% PORTFOLIO SUMMARY As of June 30, 2015 Eleven portfolio investments consisting of: 7 multifamily/student housing 2 office properties 1 hospitality property 1 mezzanine loan on a multifamily development Parkside Apaments in Sugar Land, Texas II

QUARTER ENDED JUNE 30, 2015 Conclusion Central to our plan is maintaining a strong balance sheet to provide flexibility, managing assets to increase value and position them for sale, continuing to focus on identifying the appropriate time to sell the remaining assets, and continuing to consider making additional special distributions. quarter call on Tuesday, DEC. 8 Central Time. Total assets $ 364,668 $ 409,691 (in thousands, except per share amounts) 3 mos. ended June 30, 2015 3 mos. ended June 30, 2014 6 mos. ended June 30, 2015 6 mos. ended June 30, 2014 Adjustments for: 3,653 2,793 7,682 6,360 and amortization1 Gain on sale of real estate2 – (11,445) (4,700) (11,445) estate sale3 FFO 4 $ 1,174 $ 532 $ 2,464 $ 1,215 25,704 25,993 25,740 26,002 shares, basic and diluted FFO per share $ 0.05 $ 0.02 $ 0.10 $ 0.05 $ (0.07) $ 0.35 $ (0.08) $ 0.24 per share Arbors Harbor Town Apartments in Memphis, Tennessee 1Includes our consolidated depreciation and amortization expense, as well as our pro rata share of those unconsolidated investments which we account for under the equity method of accounting and the noncontrolling interest adjustment for the third-party partner’s share. 2For the six months ended June 30, 2015, includes our proportionate share of the gain on sale of real estate related to the Babcock Self Storage and Alte Jakobstrasse (AJS) investments. The gain on sale of AJS is net of cumulative foreign currency translation loss of approximately $0.6 million due to the substantial liquidation of AJS. For the three and six months ended June 30, 2014, includes the gain on the sale of real estate related to the 1875 Lawrence office building. 3During the first quarter of 2015, the Company recorded a provision for income tax of approximately $2.2 million for the first six months of 2015 as a result of foreign income tax related to the sale of AJS. During the second quarter of 2015, the Company recorded a credit of $0.5 million to the provision for income tax based on a change in the estimated taxes payable on the sale of AJS. 4FFO (Funds From Operations) should not be considered as an alternative to net income (loss), or as indications of our liquidity, nor is it either indicative of funds available to fund our cash needs, including our ability to fund distributions. FFO should be reviewed in connection with other GAAP measurements. A reconciliation of FFO and FFO-per-share to net income can be found in our second quarter Form 10-Q on file with the SEC. Net income (loss) GAAP weighted average Income tax expense associated with real (519)– 1,615– Real estate depreciation Net income (loss) attributable to $(1,960) $9,184 the Company $(2,133) $6,300 Reconciliation of FFO to Net Income (Loss) Total liabilities$217,015$233,135 (in thousands, except3 mos. ended3 mos. ended6 mos. ended6 mos. ended per share amounts)June 30, 2015June 30, 2014June 30, 2015June 30, 2014 THIRD QUARTER UPDATE CALL FFO $1,174$532 $2,464 $1,215 TUESDAYPlease join us for the third December 8, 2015 at 1:00 pm Further details about this call will be included in the next quarterly statement. FFO per share$0.05$0.02 $0.10 $0.05 Distributions per share$–$– $1.00 $– (in thousands)As of As of June 30, 2015Dec. 31, 2014 Distributions declared $–$– $25,732 $– Financial Highlights II

15601 Dallas Parkway, Suite 600 Addison, TX 75001 866.655.3600 behringerinvestments.com FORWARD-LOOKING STATEMENTS This material contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Opportunity REIT II, Inc. that are based on our current expectations, estimates, forecasts, and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this material. Such factors include those described in the Risk Factors sections of Behringer Harvard Opportunity REIT II, Inc.’s filings with the Securities and Exchange Commission. Forward-looking statements in this material speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Published 09/15 © 2015 Behringer 4 3213-1-1 OP2 Q2 Report 2015 II