Property Particulars BUCHAREST REAL ESTATE MARKET

1 CONTENT About Atisreal Bucharest Real Estate Market   Office Market   Retail Market   Investment Market   Residential Market

2 Atisreal International Key Figures (2007) Established in 2000 A subsidiary of BNP Paribas Real Estate Present in 10 European countries in Middle East, India and New York Number of direct offices: 67 Number of transactions: 5,100 (one transaction every 12 minutes) Staff: 2,400 Gross Turnover : € 431 million Number of valuations: 86,000 €11 billion of investment transactions

3 Atisreal Romania Key figures 2007  Started operations in 2001 under another international name  January 2008 acquired by Atisreal  Staff: 30  Number of clients: Approx. 1,800 companies – Landlords, Investors, End Users  Average annual growth ( ): ~60%  50 office deals of 500 sq m minimum size  Over 500 valuation and consulting instructions

4 OFFICE MARKET

5 Total office stock (class A + B): 1,500,000 sq m of which 37% is represented by Class A offices Northern submarket has witnessed the strongest development activity Strong development activity during 2007: 312,000 sq m of offices delivered, of which 155,000 sq m are class A SUPPLY Annual completions of modern office stock Source: Atisreal Romania

6 Existing office stock by building size The market is shifting towards large, high quality premises The volume of Class B offices has decreased by 19% compared to 2006 while refurbished offices accounted only for 6.5% of the added stock The office stock has remained focused in the northern and central submarkets, while other locations account for around 22% of completions in The western part of Bucharest is expected to emerge as one of the most active submarkets (please see next slide) Source: Atisreal Romania

7 Office submarkets Existing stock 1. Central-north and northern submarket 900,000 sq m 2. Central submarket 390,000 sq m 3. Eastern submarket 62,000 sq m 4. Southern submarket 21,000 sq m 5 Western submarket 125,000 sq m

8 Office take-up Back-operation centers dominate demand for Class B Offices Occupier expansion and relocation of medium size and large companies – key drivers of Class A demand Class A vacancy rate (Q4 2007): 1,0% Office vacancy rates DEMAND Total take-up in 2007: 435,000 sq m, of which Class A: 243,000 sq m Class B: 192,000 sq m Pre-leases in 2007: 185,000 sq m Source: Atisreal Romania

9 Office rents During 2007 the average prime office rents increased to approximately Euro /sq m/month Quality Class B buildings rents are currently ranging between Euro /sq m/month and between Euro /sq m/month for less attractive Class B space range Source: Atisreal Romania

10 Average A&B Class rents by location: 1. 1.Central-north and north: Euro /sq m/month (central-north) Euro /sq m/month (north) 2. Central: Euro /sq m/month up to Euro 26.0/sq m/month 3. East: Euro /sq m/month 4. South: Euro /sq m/month 5. West: Euro /sq m/month

11 Proposed office supply By the end of 2008 office stock is expected to reach around 1,9 million sq m as a result of almost 410,000 sq m of offices planned for completion Around 250,000 sq m of Class A offices are due to be completed this year The shortage of supply will continue in 2008, as 43% of the proposed supply is already pre-leased The proposed supply for 2008 will be mainly located in the northern submarket (40%), while the western submarket will count for 67,000 sq m reflecting further market decentralization. Source: Atisreal Romania

12 RETAIL MARKET

13 Existing retail supply by type Source: Atisreal Romania

Bucuresti Mall Developer: Anchor Mall Investment: $ 50 mill Total surface: 52,687 sq m, of which 28,000 sq m leasable space No of floors: Fountain level, Street Level, Fashion and Food & Fun Gardens Level, MediaGalaxy Level No of stores: Plaza Romania Developer: Anchor Mall Investments: Euro 55 million Total surface: 104,000 sq m, of which 42,000 sq m leasable spaces Parking spaces: 2,400 places No floors: 5 No stores: – Unirea Shopping Center Developer: S.C.D.M.A.I. UNIREA S.A. Investments: Total surface: 84,000 sq m (44,000 sq m shopping area) and sq m storage area. Parking spaces: 1,000 places No floors: 3 No stores: – City Mall Developer: Jaguar Development/Sirius Investitii Investments: N/A Total surface: 14,400 sq m lettable area Parking spaces: 400 No floors: B+GF+3 No stores: 103

15 Asking rents by location for on-street units Proposed modern shopping facilities in Bucharest Source: Atisreal Romania Name GLA (sq m) Proposed completion date Baneasa Shopping City85, Liberty Mall26, Grand Arena40, Sun Plaza76, Controceni Park53, Promenada33, Colosseum120, Esplanada40, Sema Park100, Casa Radio projectN/A+2010 Galeria Bucharest57, Metropola Centre37, TOTAL proposed retail stock~ 667,600

16 INVESTMENT MARKET

17 Investment transactions by market segment in 2007 Investment transactions - Evolution Source: Atisreal Romania

18 Investors by nationality Main investment transactions in 2007 QPropertyUse Size (sq m) Buyer Yield (%) 1UPC BuildingOffice5,300City Capital7.4 1S-ParkOffice30,800Immoeast6.9 1EvocentreOffice3,200Fabian8.5 1Logistic facilityIndustrial9,000 Eastern European Property Cubic CentreOffice44,000Fabian Baneasa BCOffice9,600Fabian7.7 3Construdava IOffice9,200DEGI7.2 3Millennium BCOffice14,800DEGI6.4 3America HouseOffice27,000Ixis5.6 Source: Atisreal Romania

19 Yields by market segments The local investment market is still attractive for international investors and should be less affected by the U.S. subprime crisis. Strong market fundamentals: low vacancy rate, high demand coming from international tenants, stable rentals with potential for growth. Although the lack of transactional evidence in Q is making accurate pricing difficult, it is clear that prime office yields are moving towards the levels recorded in H (7-7,25%). Source: Atisreal Romania

20 RESIDENTIAL MARKET

21 Annual completion of housing units Qualitative indicators of the residential stock - Bucharest Number of existing rooms - thousands1,8791,8901,9001,912 Living floor/room – sq m Living floor/person – sq m Residential stock characteristics as at Q Bucharest Number of housing units785,696 Number of rooms1,912,186 Total surface – sq m30,432,532 Number of rooms / housing unit2.43 Living surface / room – sq m15.91 Living surface / housing unit – sq m38.73 Inhabitants / housing unit2.45 Inhabitants / room1.0 Source: National Institute of Statistics

22 Loans granted for real estate purchase Source: National Bank of Romania Demand structure on apartment submarket ,0 20,0 18,0 16,0 14,0 12,0 10,0 8,0 Negative natural increase Positive natural increase Footnote Evolution of population natural increase Source: National Institute of Statistics Source: Atisreal Romania

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