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ROMANIA | Q4 | 2007

REAL ESTATE MARKET REPORT. ROMANIA | Q4 | 2007. www.spiegelfeld.ro | office@spiegelfeld.ro | +40 (0)311 042 043 | +40 (0)311 042 043. Real Estate Market OVERVIEW 2007. Land Price Development 2005 - 2008. Land Price Development 2005 - 2008. Office Supply. Office Supply, by year. Thousand m².

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ROMANIA | Q4 | 2007

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  1. REAL ESTATE MARKET REPORT ROMANIA | Q4 | 2007 www.spiegelfeld.ro | office@spiegelfeld.ro | +40 (0)311 042 043 | +40 (0)311 042 043

  2. Real Estate Market OVERVIEW 2007

  3. Land Price Development 2005 - 2008

  4. Land Price Development 2005 - 2008

  5. Office Supply Office Supply, by year Thousand m²

  6. Office Market

  7. Office Vacancy Rate Transaction Yields Class A

  8. Euro/m² Euro/m²

  9. Bucur Obor Big Berceni Mate Villa Billa Titan Mega Image Mega Image Mega Image Mega Image Mega Image Metro Europa & Niro Metro Mega Image La Fourmi Mega Image Gima Plaza Romania Anchor Group Bucuresti Mall Mega Image Mega Image Metro Mario Plaza RETAIL CENTERS IN BUCHAREST 2000 Legend Opened Before 1999 Opened in 1999 Opened in 2000 Unirea Shopping Center

  10. Titan Big Berceni Mate Villa Billa Bucur Obor Mega Image Mega Image Mega Image Mega Image Mega Image Metro Europa & Niro Metro Mega Image La Fourmi Mega Image Gima Plaza Romania Anchor Group Bucuresti Mall Mario Plaza Mega Image Metro Mega Image Carrefour XXL RETAIL CENTERS IN BUCHAREST 2001 Legend Opened Before 1999 Opened in 1999 Opened in 2000 Opened in 2001 Unirea Shopping Center

  11. Big Berceni Mega Image Metro Europa & Niro Bucur Obor Mega Image Mega Image Metro Mega Image Mega Image Titan Billa Mate Villa Mega Image Mega Image La Fourmi Gima Anchor Group Bucuresti Mall Plaza Romania Metro Mega Image Mario Plaza Mega Image Carrefour XXL Praktiker Mega Image Mega Image BricoStore Selgros Victoria Center Selgros RETAIL CENTERS IN BUCHAREST 2002 Legend Opened Before 1999 Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Unirea Shopping Center

  12. Billa Mega Image Mega Image Mega Image Mega Image Mega Image Metro Mega Image Metro Bucur Obor Titan Mate Villa Europa & Niro Big Berceni Gima La Fourmi Mega Image Plaza Romania Bucuresti Mall Anchor Group Mario Plaza Mega Image Metro Mega Image Carrefour XXL Mega Image Cora Selgros Metro Bricostore Carrefour Praktiker Selgros Victoria Center Mega Image Praktiker BricoStore Mega Image Selgros RETAIL CENTERS IN BUCHAREST 2003 Legend Opened Before 1999 Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Opened in 2003 Unirea Shopping Center

  13. Big Berceni Billa Titan Bucur Obor Mega Image Mega Image Mega Image Mega Image Mega Image Mate Villa Mega Image Europa & Niro Metro Metro Mega Image La Fourmi Gima Plaza Romania Anchor Group Bucuresti Mall Mega Image Mega Image Metro Mario Plaza Carrefour XXL Selgros Bricostore Metro Mega Image Carrefour Cora Praktiker Selgros BricoStore Mega Image Praktiker Victoria Center Selgros Mega Image Jollie Ville Gima Opened in 2004 Gima Bricostore Carrefour RETAIL CENTERS IN BUCHAREST 2004 Legend Opened Before 1999 Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Opened in 2003 Unirea Shopping Center

  14. Metro Titan Bucur Obor Mega Image Mega Image Mega Image Big Berceni Mega Image Mega Image Mega Image Billa Mate Villa Metro Europa & Niro Mega Image Gima La Fourmi Plaza Romania Anchor Group Bucuresti Mall Mega Image Mega Image Metro Mario Plaza XXL Carrefour Carrefour Praktiker Mega Image Cora Metro Bricostore Selgros Victoria Center Praktiker Mega Image BricoStore Selgros Selgros Mega Image Opened in 2004 Bricostore Gima Gima Carrefour Jollie Ville Cora City Mall Opened in 2005 RETAIL CENTERS IN BUCHAREST 2005 Legend Opened Before 1999 Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Opened in 2003 Unirea Shopping Center

  15. Big Berceni Bucur Obor Mega Image Mega Image Mega Image Mate Villa Mega Image Mega Image Mega Image Metro Titan Europa & Niro Metro Billa Mega Image Gima La Fourmi Bucuresti Mall Plaza Romania Anchor Group Mario Plaza Mega Image Metro Mega Image Carrefour XXL Selgros Praktiker Metro Carrefour Cora Bricostore Mega Image Selgros Mega Image BricoStore Selgros Mega Image Victoria Center Praktiker Carrefour Jollie Ville Bricostore Opened in 2004 Gima Gima Opened in 2005 Cora City Mall RETAIL CENTERS IN BUCHAREST 2006 Legend Metro Altex Bricostore Mobexpert Carrefour Opened Before 1999 Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Opened in 2003 Unirea Shopping Center Opened in 2006

  16. Mega Image Mega Image Metro Europa & Niro Metro Mega Image Mega Image Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Mega Image La Fourmi Mega Image Gima Anchor Group Plaza Romania Bucuresti Mall Metro Mega Image Mario Plaza Mega Image Carrefour XXL Carrefour Praktiker Mega Image Cora Bricostore Metro Selgros Mega Image BricoStore Praktiker Selgros Selgros Mega Image Victoria Center Gima Gima Bricostore Carrefour Opened in 2004 Jollie Ville Opened in 2005 Cora City Mall RETAIL CENTERS IN BUCHAREST 2008 - 2010 Legend Baneasa Park Metro Altex Bricostore Mobexpert Carrefour Colosseum Mall GTC Mall Floreasca City Center Opened Before 1999 Opened in 1999 Opened in 2000 West Park Opened in 2001 Opened in 2002 Sema Park Casa Radio Opened in 2003 Cotroceni Mall Esplanada Parklake Plaza Unirea Shopping Center Opened in 2006 Liberty Center Planed in 2008 Planed in 2009 - 2010 Sun Plaza

  17. MARKET CHANGES Price stagnation in top locations Price potentials in other areas of Bucharest Strong focus on secondary cities New focus on cities below 100.000 citizens

  18. MARKET CHARACTERISTICS Supply of minimum 7000 residential units per year Steadily increasing Total supply of needed apartments in Bucharest: 80.000 units

  19. OFFICE Strong increase of CLASS A supply Decreasing rents against high land prices and constructions costs Estimation of first saturation in Bucharest expected to be in 3-4 years

  20. RETAIL More than 100 retail centers planned all over the country Requests of international brands to enter the market

  21. CONCLUSIONS - Residential Bucharest Location, Location, Location Low Budget Housing projects Middle Class projects with high quality

  22. CONCLUSIONS - Office Location, Location, Location Infrastructure Design Rental Price

  23. CONCLUSIONS - Retail Location, Location, Location Size Design Outlet Centers

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