1. www.atisreal.ro Property Particulars BUCHAREST REAL ESTATE MARKET

2. 1 CONTENT About Atisreal Bucharest Real Estate Market   Office Market   Retail Market   Investment Market   Residential Market

3. 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

4. 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 (2002-2007): ~60%  50 office deals of 500 sq m minimum size  Over 500 valuation and consulting instructions

5. 4 OFFICE MARKET

6. 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

7. 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 2007. The western part of Bucharest is expected to emerge as one of the most active submarkets (please see next slide) Source: Atisreal Romania

8. 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

9. 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

10. 9 Office rents During 2007 the average prime office rents increased to approximately Euro 21.0-22.0/sq m/month Quality Class B buildings rents are currently ranging between Euro 14.0-16.0/sq m/month and between Euro 12.0-14.0/sq m/month for less attractive Class B space range Source: Atisreal Romania

11. 10 Average A&B Class rents by location: 1. 1.Central-north and north: Euro 20.0-22.0/sq m/month (central-north) Euro 16.0- 20.0/sq m/month (north) 2. Central: Euro 22.0-24.0/sq m/month up to Euro 26.0/sq m/month 3. East: Euro 10.0-16.0/sq m/month 4. South: Euro 12.0-14.0/sq m/month 5. West: Euro 12.0-15.0/sq m/month

12. 11 Proposed office supply 2008-2010 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

13. 12 RETAIL MARKET

14. 13 Existing retail supply by type Source: Atisreal Romania

15. 14 1999 - 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: 105 2004 - 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: 152 1976 – 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 14 000 sq m storage area. Parking spaces: 1,000 places No floors: 3 No stores: 225 2005 – 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

16. 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 City85,0002008 Liberty Mall26,0002008 Grand Arena40,0002009 Sun Plaza76,6002009 Controceni Park53,0002009 Promenada33,000+2010 Colosseum120,000+2010 Esplanada40,000+2010 Sema Park100,000+2010 Casa Radio projectN/A+2010 Galeria Bucharest57,000+2010 Metropola Centre37,000+2010 TOTAL proposed retail stock~ 667,600

17. 16 INVESTMENT MARKET

18. 17 Investment transactions by market segment in 2007 Investment transactions - Evolution Source: Atisreal Romania

19. 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 10.0 2Cubic CentreOffice44,000Fabian7.4-7.8 2Baneasa BCOffice9,600Fabian7.7 3Construdava IOffice9,200DEGI7.2 3Millennium BCOffice14,800DEGI6.4 3America HouseOffice27,000Ixis5.6 Source: Atisreal Romania

20. 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 Q1 2008 is making accurate pricing difficult, it is clear that prime office yields are moving towards the levels recorded in H2 2006 (7-7,25%). Source: Atisreal Romania

21. 20 RESIDENTIAL MARKET

22. 21 Annual completion of housing units Qualitative indicators of the residential stock - Bucharest 2000200220042006 Number of existing rooms - thousands1,8791,8901,9001,912 Living floor/room – sq m14.6415.8315.8715.91 Living floor/person – sq m13.6915.4715.6415.76 Residential stock characteristics as at Q12007 - 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

23. 22 Loans granted for real estate purchase Source: National Bank of Romania Demand structure on apartment submarket 2005200019951990198519801975197019651960 22,0 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

24. 23 THANK YOU!