1. Real Estate in Bulgaria and Romania Construction boom unparalleled by any other Eastern European countries

2. Bulgaria Number of residential construction permits rose by 20.9% Housing inflation accelerated to 30.6% Sofia became most expensive city in terms of housing prices Housing credit growth reached 76.8% at end- September 2007 Supply of holiday homes grew by more than 40% Supply of office space in capital city rose by 10% Retail space at shopping malls may rise almost 10 times in next 3 years

3. Bulgaria The real estate and construction sectors accounted for an impressive 49.2% of all FDI in Jan-Jun 2007 (their share in 2006 was 45.6%).

4. Romania Total value of Real Estate deals in 2007 – 2 bln Euro Romania is one of the most dynamic countries in terms of evolution of the construction output. Romania reported the highest annualised growth of construction works (32.6%) within the EU countries in November 2007. It was followed by Poland (+11.1% y/y) and Slovenia (+9.1% y/y).

5. New Investments For 2008, at least 14 international companies have announced investments worth USD 3.5bn in the Romanian real estate market