RomReal Ltd.

Earnings Release • May 23, 2019

RomReal : First Quarter (Q1) 2019 Financial Results and Investor Presentation

RomReal : First Quarter (Q1) 2019 Financial Results and Investor Presentation

RomReal hereby presents the highlights of Q1 2019 Report:

Net Asset Value (NAV)

* Net Asset value was EUR 0.47 (NOK 4.59) per share, being 1.6% lower compared

to the end of the fourth quarter 2018. This was mainly driven by the

unrealised exchange loses following the depreciation of the RON against the

EUR.

* The year-end 2018 valuation was concluded by Knight Frank during February

2019. Consequently, no further changes were made to the value of the

investment properties during the quarter.

Operational highlights

* The conditional sale of Balada Market (No.6 on the list) has been extended

to 01 October 2019. The Company and the conditional buyer have now obtained

the final authorisation from the Municipality.

* On the Lakeside plot (No.1 on the list) the implementation of roads and

utilities are progressing according to plan, and the important main permit

from the Gas Company has been obtained. The investment cost of roads &

utilities has amounted EUR 641,000 by end of first quarter.

* RomReal signed a conditional sale of 15,834sqm of land of its Centerpoint

plot (No.4 on the list) in April 2018, for a total consideration of EUR

630,000. This has now been converted into a binding agreement. The remaining

payment after an initial down-payment is linked to infrastructure and

utilities milestones.

Financial Results

* Net Result for the quarter was EUR 976,000 loss compared to a EUR 148,000

loss in Q1 2018. Operating cash flow for the quarter was a negative EUR

552,000 compared to minus EUR 1,858,000 in the same period last year.

* At the end of the quarter, the Company had a cash position of EUR 3.2

million plus a total of EUR 750,000 in unsettled receivables related to

binding sales agreements, totalling at close to EUR 4 million or about EUR

0.1 per share.

Macro and real estate market highlights

* Romania's gross domestic product (GDP) increased by 5% year-on-year in the

first quarter of 2019, according to the flash estimate published by the

National Statistics Institute (INS) on Wednesday, May 15.

* The first quarter of 2019 witnessed a relatively flat evolution of

residential prices nationwide. In Bucharest apartment prices remained flat

with end of March average prices at EUR 1,327/sqm. On the contrary, prices

in Constanta have increased 1.6% between the end of 2018 and the end of Q1

2019, reaching EUR 1,135 /sqm.

* The annual inflation rate edged up unexpectedly to 4.1 percent in April

2019 from 4.0 percent in the previous month while markets had estimated 3.9

percent. This was the highest inflation rate since October last year.

A recorded investor presentation webinar will be made available by

10:00am Friday 24 May 2019 at www.romreal.com

For further information please contact:

Harris Palaondas

IR

investors@romreal.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.