RomReal Ltd.

Investor Presentation • Aug 26, 2022

RomReal Limited

Investor presentation Second Quarter (Q2) 2022 results

Kjetil Gronskag

26 August 2022

This Presentation of the Q2 2022 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q2 2022 Report which is filed on Euronext Oslo through www.newsweb.no, and which can be viewed on the Company's website www.romreal.com

Contents

Q 2 2 0 2 2 h i h l i h t g g s
N A V i Q 2 2 0 2 2 t m o v e m e n n	5
i i l h i h l i h Q S F t 2 2 2 I F R n a n c a g g s –	6
R R l P i 2 Q 2 0 2 2 t o m e a r o p e r e s p e r	7
O i l h i h l i h t t p e r a o n a g g s
R i M D l t o m a n a a c r o e v e o p m e n s
A P i D l t t t p a r m e n r c e e v e o p m e n	1 1
l h h l d R R o m e a s a r e o e r s	1 2
M i f i f d a n o c u s a r e a s g o n g o r w a r	1 3
C d i l t t t o n a c e a s	1 4

Q2 2022 results – Highlights

Net Asset Value (NAV)

• Net Asset value was EUR 0.40 (NOK 4.13, before any tax) per share, a decrease of 3.6% measured in EUR from the end of the first quarter 2022.

Operational highlights

• • During the second quarter of 2022, the Company sold one plot from the Ovidiu Lake Side project for a total consideration of EUR 0.04m.
• • Total infrastructure investments by the end of 2nd quarter 2022 was EUR 4.6m.

Q2 2022 results – Highlights

Financial Results

• • Net Result for the quarter was a loss of EUR 727,000, compared to a EUR 380,000 loss in 2Q 2021. Net change in cash flow for the quarter was a negative EUR 218,000 compared to positive of EUR 10,000 in the same period last year. This was mainly due to capitalized expenses realised during the quarter.
• • At the end of the quarter, the Company had a cash position of EUR 4.2 million plus a total of EUR 2.5m unsettled receivables related to binding sales agreements, totalling EUR 6.7m, or about EUR 0.16 per share.

Macro and real estate market highlights

• • The Romanian GDP grew by 5.3% year-on-year in the second quarter of 2022, beating market consensus of a 3.5% growth, following a 6.4% gain in the previous period. It was the fifth straight quarter of expansion in the GDP, amid a lifting of Covid-19 restrictions. On a seasonally adjusted quarterly basis, the economy advanced by 2.1%, after a 5.1% rise in the first quarter of 2022. In the first half of 2022, the economy expanded by 5.8% from a year earlier, INS said in a statement 17 August 2022.
• • Asking prices for apartments and houses in Romania continued to increase in the second quarter of 2022 compared the first quarter of 2022 (EUR 1,654), up to EUR 1,699/m2 at the end of 2Q 2022 and EUR 1,722/ m2 at the end of July 2022. In Constanta, average prices increased by 0.96% during the second quarter of 2022 (EUR 1,465/m2 at the end of June 2022, compared to EUR 1,451/m2 at the end of March 2022), according to www.imobiliare.ro index.

NAV movement in Q2 2022

As ba t se se	Q 2 2 0 2 2		Q 1 2 0 2 2
	E U R '0 0 0	/ s E U R ha re	/s N O K ha re	E U R '0 0 0	/ s E U R ha re	/s N O K ha re
Inv tm t es en ty p ro p er	2, 2 9 7	0. 0 6	0. 5 7	2, 0 3 4	0. 0 5	0. 4 8
As he l d fo ts se r le sa	2, 8 4 0	0. 0 6	2 0. 6	2, 8 2 4	0. 0 6	8 0. 5
Inv to ie en r s	7, 0 8 2	0. 1 7	1. 7 7	7, 6 2 3	0. 1 8	1. 7 9
Ca h s	4, 1 5 2	0. 1 0	1. 0 4	4, 3 7 0	0. 1 1	1. 0 3
O he t r ( ) / l ia b i l i ies ts t as se	5 3 1	0. 0 1	0. 1 3	6 4 5	0. 0 2	0. 1 5
Ne lue t a t v ss e a	1 6, 5 4 2			1 7, 1 5 4
/ N A V S ha re		0. 4 0	4. 1 3		0. 4 1	4. 0 4
C ha in N A V ng e vs io te p re us q ua r r v	( ) 3. % 6			9 % 1.

The average number shares used in the NAV calculation above is 41,367,783 shares and unchanged from Q1 2022.

Financial highlights 2Q.22- IFRS

E U R '0 0 0	Q 2 2 0 2 2	Q 2 2 0 2 1
O in Re t p er a g ve nu e	1 0 5	3 3 1
O in Ex t p er a g p en se s	( ) 4 8 2	( ) 2 4 3
/ ( ), O he in in t t t r o p er a g co m e ex p en se ne	( ) 3 3 6	( ) 5 8
( ) Ne f in ia l in / t t an c co m e co s	2 0	( ) 4 0 7
Pr l ta t e- x re su	( ) 6 9 3	( ) 3 7 7
Re l fo he io d t t su r p er	( ) 7 2 7	( ) 3 8 0
l a To ta ts ss e	9 9 1 7, 4	3 0 1 5, 4
To l l ia b i l i ie ta t s	9 5 8	3 1 1
To l e i ta ty q u	2 1 6, 5 4	0 2 9 1 5,
Eq i % ty u	% 9 4. 5	% 9 8. 0
( ) N A V ha E U R p er s re	0. 4 0	0. 3 6
Ca h i io t s p os n	4, 1 5 2	1, 2 5 7

RomReal Properties Q2 2022

lo P t na m e	io Lo t ca n	( ) S ize 2 m
1 O i d iu La ke i de v s	/ C No h O i d iu ta ta t on s n r v	1 4. 7 5 3
Ba du le lo 2 t sc p u	C No h / O i d iu ta ta t on s n r v	5 0, 0 0 0
( ) 3 O i d iu O is v as	/ C No h O i d iu ta ta t on s n r v	2 3, 6 8 5
4 Ce in tre t n p o	C No h / O i d iu ta ta t on s n r v	1 2 1, 6 2 7
G d in lo 5 t un ay p	C h / O i d iu ta ta No t on s n r v	1 5, 0 0 0
6 Ba la da M ke t ar	C l C tra ta ta en on s n	7, 1 8 8
To l ta		2 3 2. 2 9 8

For further information on the properties please visit www.romreal.com

Operational highlights

Lake Side (No.1 on the table) – The Company has sold only one plot during the quarter. Street and utilities have been delivered to the City Hall for public use according to agreement. The City Hall is presently delivering the utilities to the water company. RomReal is marketing the remaining few plots for sale.

Oasis (No. 3 on the table) – The Company has commenced the process to re-authorise the works to finalise the blocks erected on site. During May this year, one block structure has already been re-authorised by Ovidiu City Hall. This in order to add value to the plot and authorise the works for constructing the utilities in the area, with required permits hopefully granted also during first half 2022. The other apartment structure is expected to be re-authorised within about a month. The Company has commenced the works for water and sewage on the plot as well as finalisation of the authorised block erected on site.

Industrial Park (No. 4 on the table) – The Company had a comprehensive sales process with a well-regarded developer well advanced, but the final closing did not materialise. The project is partly or fully still for sale.

Balada Market (No. 6 on the table) – The project is for sale. A regulation process to utilise a larger part of the plot for parking has commenced and some progress has been made with the local authorities. The parking authorisation is expected within a couple of months.

Ovidiu Residence (former Badulescu plot (No. 2 on the table) – Based on the Lakeside plot experience, the Company has commenced a process to regulate this plot located nearby Lakeside for residential and commercial use. Regular meetings with local and national road authorities are taking place. The Company have active discussions at present for sale of the plot to local and international investors.

Ovidiu Residence 2 (former 7,900 sqm) – The Company has commenced a process to regulate the plot located nearby Lakeside for residential use. This will include infrastructure investments. It is expected the urbanistic regulation of the plot to be approved by local authorities during first quarter 2023.

Operational highlights

Ovidiu Residence 3 (former 7,100 sqm) – The Company has commenced a process to regulate the plot located nearby the road between Ovidiu and Constanta for residential use. It is expected to include infrastructure investments. It is expected the urbanistic regulation of the plot to be approved by local authorities during first quarter next year.

Romanian Macro development

• • The Romanian GDP grew by 5.3% year-on-year in the second quarter of 2022, beating market consensus of a 3.5% growth, following a 6.4% gain in the previous period. It was the fifth straight quarter of expansion in the GDP, amid a lifting Covid-19 restrictions. On a seasonally adjusted quarterly basis, the economy advanced by 2.1%, after a 5.1% rise in the first quarter of 2022. In the first half of 2022, the economy expanded by 5.8% from a year earlier.
• • The situation on the ground in Romania is stable and normal. The shipments from the harbour of Constanta is extraordinary high, due to farming products from Ukraine as well as the regular harvest season in Romania. Even though the economy has held up well hitherto post covid, the budget fiscal deficit and the increasing inflation is a growing challenge.

Romania quarterly GDP evolution (Data INS)

Romania Inflation Rate (Data INS)

Apartment Price Development (End June 22)

• Asking prices for apartments and houses in Romania continued to increase in the second quarter of 2022 compared the first quarter of 2022 (EUR 1,654), up to EUR 1,745/m2 at the end of 2Q 2022 and EUR 1,722/ m2 at the end of July 2022.

• In Constanta, average prices increased by 2.07% during the second quarter of 2022 (EUR 1,481/m2 at the end of June 2022, compared to EUR 1,451/m2 at the end of March 2022), according to www.imobiliare.ro index.

RomReal Limited – Second quarter 2022

RomReal shareholders as at 15/08/2022

Ra k n	Na m e	Ho l d ing	S ta ke
1	S I X S I S A G	1 0, 3 3 1, 9 3 4	2 4. 9 8 %
2	G Ø S G R N K A K J E T I L ,	5, 7 9 2, 8 2 3	% 1 4. 0 0
3	T H O R K I L D S E N, W E N C H E	5, 3 9 2, 9 8 5	1 3. 0 4 %
4	S G O S A A E I E N D M A	3, 3 1 1, 5 2 6	% 8. 0 1
5	A U S T B Ø E D V I N ,	2, 1 0 8, 5 0 0	5. 1 0 %
6	Da ke Ba k A / S ns n	1, 5 0 1, 6 6 2	% 3. 6 3
7	E N E R G I I N V E S T A S	1, 2 5 3, 6 1 1	3. 0 3 %
8	O ke l A S ra	1, 1 0 1, 0 0 0	2. 6 6 %
9	G Ø R N L A N D, S T E I N A R	1, 1 0 0, 9 7 2	% 2. 6 6
1 0	B N P Pa i ba Se i ies Se ice t r s cu r rv s	9 9 1, 7 1 7	2. 4 0 %
1 1	S S O S P A R K A P I T A L I N V E T R A	9 4 0, 2 3 6	% 2. 2 7
1 2	T H O R K I L D S E N I N V E S T A S	8 2 9, 4 7 8	2. 0 1 %
3 1	P E R S S O N, A R I L D	8, 7 1 0 0 0	% 1. 7 4
1 4	H O E N, A N D E R S M Y S S E N	6 8 9, 5 5 7	1. 6 7 %
1 5	K V A A L I N V E S T A S	0, 0 0 0 6 4	% 1. 5 5
1 6	S G A K E L M A D A H L	4 6 6, 0 9 2	% 1. 1 3
1 7	Fre ico A S n	3 9 6, 0 0 0	0. 9 6 %
1 8	O S O S G S N R D N E T L I V F R I K R I N A	3 9 3, 7 3 8	% 0. 9 1
1 9	C I T I B A N K	2 2 0, 0 0 0	0. 5 3 %
2 0	Jo Eg i l Aa ler d u	8 1 6 6, 6 4	0. 0 % 4
	T O P 2 0	3 8, 3 4 6, 6 9 5	9 2. 6 8 %

•(1) This is the Top 20 Shareholder list as per 15 August 2022.

•(2) The total issued number of shares issued at end Q2 2022 was 41,367,783.

•(3) Thorkildsen Invest AS is a Company controlled by RomReal Kay Thorkildsen family.

•(4) Chairman Kjetil Grønskag owns directly and indirectly 5,792,823 shares corresponding to 14.00%.

Main focus areas going forward

• • Even though, the Romanian first half 2022 GDP flash growth numbers was strong, the Board expects a slower growth ahead combined with an increasing inflation and weakening Government finances.
• • In order to speed up an exit and target a higher profitability on the attractive located Oasis project, the Board of Directors have decided to provide the financial resources to complete the two apartment structures and upgrade the four houses on the property. This in addition to the infrastructure required on the Oasis project.
• • Even though a sale of only one small plot in second quarter is not satisfactory, the overall marketing and sales activities are steady, and a hopefully higher volume to materialise during second half 2022.
• • An improved but uncertain sales progress combined with vendor financing, further infrastructure investments to improve marketability, indicate a complete sale of the entire portfolio could easily drag out for another 2-3 years.

Thank you

Investor Relations Kjetil Gronskag +40 731123037 | investors@romreal.com 16 Burnaby Street, Hamilton HM11, Bermuda

For further information on RomReal, including presentation material relating to this interim report and financial information, please visit www.romreal.com

DISCLAIMER

The information included in this Report contains certain forward-looking statements that address activities, events or developments that RomReal Limited ("the Company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which RomReal is or will be operating, counterparty risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors we refer to RomReal's Annual Report for 2021. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and RomReal disclaims any and all liability in this respect.