2. 2005 Class A office stock Office Space Market * forecast Dynamics of office space stock, 2003 - 2007 2005 Class A Absorption by Industry

3. Class A Developments Delivered in 2005 NoProperty Leasable Area (m²) Large Projects 1 America House 22,000 2 CDG Plaza 22,000 3 Bucharest Business Park 18,500 Medium Sized Projects 4 Unimed Building 7,400 5 Floreasca Tower 7,100 6 Dorobanti 239 6,741 7 Colonial Center 6,000 8 Banu Antonache 4,400 Class A Projects to be Delivered in 2006 NoProjectLocation Leasable Size (m²) Delivery Date 1BCCcenter-north13,000Q1, 2006 2Nordului 62north3,300Q2, 2006 3Buzesti 85center-north2,900Q3, 2006 4Forum IIIcenter4,800Q3, 2006 5BBP Dnorth6,000Q3, 2006 6Victoria Park Inorth10,000Q4, 2006 7Anchor Plazawest22,850Q4, 2006 8Milleniumeast13,068Q4, 2006 Office Space Market

4. Vacancy rate of A class office space Main Projects to be Delivered in 2007 NoProjectLocationArea (m²) 1City Gatenorth40,000 2S Parknorth35,000 3Baneasa Business & Technology Parknorth30,000 4Park Plazacentre-north14,000 5Millenium Business Centercenter13,000 6Calea Victoriei 145centre-north11,000 7Victoria Park IInorth10,000 8B.O.Scentre-north8,645 9Olympia Towereast6,500 10Baneasa Airport Towernorth5,900 Office Space Market

5. Terms20032004 200520062007 Class A1,000 – 1,2001,200 – 1,5001,400 – 1,8001,600 - 1,800 1,800 – 2,000 Over 2,000 Class B700 - 900800 – 1,000900 – 1,1001,0001,1001,300 Sales prices in Euro/net m² Terms20032004200520062007exp. Class A16 – 1917 – 2517 – 2015 - 1814 - 17 Class B13 – 16 12 – 1512 - 1412 - 13 Contract3 – 5 years 5 – 7 years 5 - 10 years Services3332 - 3Open book sys. Down payment 1 – 3 months 3 – 6 months No change Office Space Market Office & Retail Yields Evolution Lease prices in Euro/net m²

6. Residential For Sale AreaPrice (Euro/built m²) 200520062007 Dorobanti1,500 – 2,000 Floreasca1,000 – 1,3001,500 – 2,0001,600 – 2,200 Primaverii1,800 – 2,0002,000 – 2,2002,000 – 3,000 Aviatorilor1,600 – 2,0001,600 – 2,5001,700 – 3,000 Kiseleff1,500 – 2,0001,600 – 2,5001,700 – 3,000 Nordului Road1,300 – 2,0001,600 – 2,0001,800 – 2,000 Pipera800 – 9001,000 – 1,2001,200 – 1,400 Iancu Nicolae800 – 1,2001,200 – 1,6001,300 – 1,600 Otopeni800 – 1,200900 – 1,3001,000 – 1,400 Corbeanca600 – 8001,000 – 1,2001,000 – 1,500 Residential space target Prices New Residences AreaPrice (Euro/built m²) 200520062007 Rosetti1,000 – 1,500 Cismigiu600 – 1,100900 – 1,5001,200 – 1,700 Cotroceni700 – 1,300900 – 1,4001,000 – 1,500 Romana1,000 – 2,0001,200 – 2,5001,500 – 2,500 Kiseleff1,500 – 2,5001,600 – 2,5001,800 – 2,500 Domenii700 – 1,20001,000 – 1,5001,100 – 1,800 Primaverii1,500 – 3,0001,700 – 2,0001,800 – 2,000 1 Mai600 – 1,000900 – 1,5001,000 – 1,600 Dorobanti1,000 – 2,500 1,200 – 2,500 Prices Old Residences

7. AreaEuro/ m2 11. Pipera1,400 12. Baneasa1,600 13. Herastrau1,700 14. Domenii1,200 15. Primaverii2,500 16. Floreasca2,000 17. Pantelimon900 18. Militari1.000 19. Unirii2,000 10. Titan850 11. Tineretului1.000 12. Rahova850 1 2 3 4 5 6 7 10 9 8 11 12 Averaged Residential Prices by Area in 2006

8. Residential Projects in Bucharest NameNo. of UnitsDelivery Edenia8002006 Ferdinand Exclusive852007 – 2008 Titan Residences I732006 Titan Residences II922007 Pipera Residences10002008 - 2010 Baneasa Project 30002007 – 2010 Central Park4502007 InCity Residences5002008 Emerald Residences2802007 West Park10002009 Planorama11002007 Asmita Gardens7882009 Sema Park12002007 - 2008 Neo Peninsula27002007 - 2008 Sisesti3902008 Quadra Place3402007 Noor Residences2002007

9. Shopping center Net rentable surface DeliveredMain tenancyLocation World Trade Center3.5001994Gianfranco Ferre, AltexHotel Sofitel Mario Plaza1.6001997 Dada, Bigotti, Sarra Blu, Zia Pia, Privilege Dorobanti Bucuresti Mall30.0001999 Gima, Marks & Spencer, Etam, Sephora Priorities Calea Vitan Unirea Shopping Center 40.0002000 Kenvelo, McDonalds, The Body Shop, Sensiblu Piata Unirii Trade Grand Avenue5.0002001 Samsonite, Canali, Veneto, Galt, Bang & Olufsen Hotel Marriott Carrefour Militari14.2002001 Kenvelo, Altex, Leonardo, McDonalds Militari Orhideea Shopping Center 17.0002003 Bata, RiverWoods, Mango, Marks, & Spencer Orhideea St. Cora Granitului25.0002003 Flamingo, Nike, Terranova, Famous Brands Vergului Road Carrefour Colentina11.9322004 Jolidon, Germanos, Altex, Inmedio, Privilege Colentina Jollie Ville5.5002004 D&G, Gianfranco Ferre, Diverta, Emporio Armani, Moschino, Cerutti Baneasa Plaza Romania40.0002004 Zara, Mango, Marks & Spencer, Promod, Pull & Bear Militari Cora Lujerului16.0002005Help Net, Jolidon, SpingtimeMilitari City Mall24.5002005 Kenvelo, Columbia, KFC, Altex Megastore, Primavara Oltenitei Baneasa Retail Park85.0002006-2007 Carrefour, Metro, Bricostore, MobExpert, Flanco, (IKEA), a.m.m. DN1-Baneasa Retail Market

10. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucharest major sales centers before 1999 Opened Before 1999

11. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucuresti Mall Gima La Fourmi Mega Image Opened Before 1999 Anchor Group Opened in 1999 Revised Bucharest major sales centers in 1999

12. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucuresti Mall Gima La Fourmi Mega Image Mario Plaza Mega Image Metro Opened Before 1999 Anchor Group Opened in 1999 Opened in 2000 Bucharest major sales centers in 2000

13. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucuresti Mall Gima La Fourmi Mega Image Mario Plaza Mega Image Carrefour XXL Metro Opened Before 1999 Anchor Group Opened in 1999 Opened in 2000 Opened in 2001 Bucharest major sales centers in 2001

14. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucuresti Mall Gima La Fourmi Mega Image Mario Plaza Mega Image Carrefour XXL Metro BricoStore Selgros Mega Image Praktiker Victoria Center Selgros Mega Image Opened Before 1999 Anchor Group Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Bucharest major sales centers in 2002

15. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucuresti Mall Gima La Fourmi Mega Image Mario Plaza Mega Image Carrefour XXL Metro BricoStore Selgros Mega Image Praktiker Victoria Center Selgros Mega Image Praktiker Carrefour Mega Image Cora Bricostore Metro Selgros Opened Before 1999 Anchor Group Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Opened in 2003 Bucharest major sales centers in 2003

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

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

18. Metro Europa & Niro Metro Mega Image Unirea Shopping Center Mega Image Bucur Obor Titan Billa Mate Villa Big Berceni Bucuresti Mall Gima La Fourmi Mega Image Mario Plaza Mega Image Carrefour XXL Metro BricoStore Selgros Mega Image Praktiker Victoria Center Selgros Mega Image Praktiker Carrefour Mega Image Cora Bricostore Jollie Ville Carrefour Bricostore Gima Plaza Romania Metro Selgros City Mall Cora Opened Before 1999 Anchor Group Opened in 1999 Opened in 2000 Opened in 2001 Opened in 2002 Opened in 2003 Opened in 2004 Opened in 2005 Metro Bricostore Carrefour Altex Mobexpert Opened in 2006 Planed in 2007 Baneasa Park Modus Mall Liberty Center Sun Plaza Sema Park Bucharest major sales centers in 2006

19. 1JW Marriott 2Howard Johnson 3Athenee Palace Hilton 4Casa Capsa 5Crowne Plaza 6Intercontinental 1 2 3 4 5 6 Hotel Market – Existing Hotels 5 Stars Hotels

20. 1Hotel Parliament 2Hotel El Greco 3Hotel Majestic 4Hotel Bucuresti 5Hotel Bulevard 6Hotel Flora 7Hotel Golden Tulip 8Hotel Irisa 9Hotel Lido 10Hotel Sofitel 11Hotel 7 12Armonia 13Hotel Crystal Palace 14Hotel Phoenicia 15Golden Tulip Times 2 115 3 4 5 6 7 8 9 10 11 12 13 14 4 Stars Hotels Hotel Market – Existing Hotels

21. 1Hotel Ambasador 2Hotel Duke 3Hotel Venetia 4Hotel Opera 5Hotel Central 6Hotel Dalin 7Hotel Confort 8Hotel Caro 9Best Western Parc 10Hotel Bristol 11Hotel Herastrau 12Hotel Four Seasons 13Hotel Ibis 14Hotel Tulip Inn 15Hotel Picolo Mondo 123456789101112131415 3 Stars Hotels Hotel Market – Existing Hotels

22. Vacancy rate of industrial space Main industrial space delivered in 2005 Industrial SpaceBuilt Surface (m²)Area Geodis Carlberson15.000West Cefin Logistics Park33.000West Atlas Business Park12.000North Mercury Logistics Park phase I14.000West Industrial SpaceBuilt Surface (m²)Area ProLogis Bucharest Park25,000West Cefin25.000West Mercury25.000West Bucharest Distribution Park15.000North Key Logistics Center15.000West Portland20.000West Bucharest Logistics Center25.000West Rompolykem6.000North Industrial space delivered in 2005, by city Main industrial space to be delivered in 2006 Industrial & Logistics Market

23. Lands Market 2006 2006 Land Prices in Bucharest Area (Euro/m²) Location/Best UseOfficeResidential Center1.000 – 2.000800 – 1.500 Center – North1.000 – 1.500 North500 – 1.000300 – 500 Scoala Herastrau1.5001.000 – 1500 Pipera250 – 500120 – 300 Iancu Nicolae300 - 600300 – 500 Other major cities AreaPrice Euro/m² Downtown800 – 2.000 Central – North Area1.500 – 3.000 North Area300 - 500 Average prices AreaPrice Euro/m² Universitate, Dorobanti, Primaverii 1.000 – 2.000 Militrari Drumul Taberei, Titan, etc. 300 – 400 Baneasa1.000 – 1.300 Pipera –Tunari100 – 150 Corbeanca30 – 80 Balotesti15 – 30

24. Daniel Fuchs Managing Partner Spiegelfeld International SRL 41Bis Erou Iancu Nicolae Str. Voluntari, Ilfov, Bucharest, Romania www.spi.co.ro | www.spi.at office@spi.co.ro E-mail: df@spi.co.ro Tel & Fax 1: +40/311 042 043 Tel & Fax 2: +40/311 042 044 Mobile RO: +40/724 299 369 Mobile AT: +43/6991 969 0752 Contact Information