RomReal Ltd.

Earnings Release • Nov 24, 2016

RomReal Limited

Investor presentation Q3 2016 results

Arne Reinemo - Director DnB Markets Event

25 November 2016

This Presentation of the Q3 2016 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q3 2016 Report which is filed on Oslo Axess through www.newsweb.no, and which can be viewed on the Company's website www.romreal.com

Contents

Q3 2016 highlights	3
NAV movement in Q3 2016	4
Financial highlights – IFRS	5
RomReal Properties per Q3 2016	6
Operational highlights	7
Romania Macro Developments	8
Romania Real Estate Update	9
Apartment Price Development	10
RomReal shareholders	12
Market Cap and NAV Development	13
Main focus areas going forward	14
Contact details	15

Mamaia Nord Plot

Alexandriei Plot - Bucharest

Q3 2016 results – Highlights

Net Asset Value (NAV)

• Net Asset value was EUR 0.42 (NOK 3.90) per share at the end of Q3 2016, a 1.4% reduction compared to the end of Q2 2016

Operational highlights

• RomReal sold several smaller properties during the quarter (Corallia, Peninsula and Lakeside). The Company has several sales processes on-going, and it expects to close one or more sales before the close of the year.
• RomReal has exercised its option to extend the bank loan. The bank has proposed more flexible terms for servicing the loan

Financial Results

• Net Result for the quarter was a profit of EUR 277,000 compared to EUR 283, 000 profit in 3Q 2015. The gain is mainly explained by currency effects, with RON strengthening by 0.5% against the EUR during the quarter.
• Operating cash flow for the quarter was a negative EUR 68,000 compared to minus EUR 115,000 for the same period last year

Macro and real estate market highlights

• Romania's economic growth came in at 4.4% for the third quarter. Unemployment fell to 5.9% in September, the lowest number since unemployment rose after the financial crisis.
• The real estate market is in a steady uptrend. Transaction volume doubled in first half of 2016, and prices continue to rise.
• The cabinet has indicated that it would both expand and widen the base of eligible house buyers by reducing down payment for certain groups RomReal Limited – Third quarter 2016

NAV movement in Q3 2016

Asset base	Q3 2016		Q2 2016
	EUR '000	EUR/share	NOK/share	EUR '000	EUR/share	NOK/share
Investment property	26,192	0.63	5.89	26,278	0.64	5.91
Inventories	2,278	0.06	0.51	2,287	0.06	0.51
Cash	289	0.01	0.06	313	0.01	0.07
Other assets/(liabilities)	(11,415)	(0.28)	(2.57)	(11,276)	(0.27)	(2.54)
Net asset value	17,343			17,594
NAV/Share		0.42	3.90		0.43	3.96
Change in NAV	-1.4%			-2.8%

The total issued number of shares issued at end Q2 2016 was 41,367,783 and unchanged from Q1.

Financial highlights - IFRS

EUR '000	Q3 2016	Q3 2015	YTD 2016	YTD 2015
Operating Revenue	132	138	450	1,400
Operating Expenses	(176)	(247)	(645)	(665)
Other operating income/
(expense), net	(574)	(512)	(680)	(1,578)
Net financial income/(cost)	976	940	1,021	795
Pre-tax result	261	243	(147)	(280)
Result for the period	277	283	(146)	(288)
Total assets	29,132	31,039	29,132	31,039
Total liabilities	11,789	11,840	11,789	11,840
Total equity	17,343	19,198	17,343	19,198
Equity %	59.5%	61.9%	59.5%	61.9%
NAV per share (EUR)	0.42	0.46	0.42	0.46
Cash position	289	1,031	289	1,031

RomReal Properties Q3 2016

Plot name	Location	Size (m2)
1 Ovidiu Lakeside	Constanta North/Ovidiu	61,433
2 Badulescu plot	Constanta North/Ovidiu	50,000
3 Ovidiu Town	Constanta North/Ovidiu	4,641
4 Ovidiu (Oasis)	Constanta North/Ovidiu	24,651
5 Centrepoint	Constanta North/Ovidiu	121,672
6 Gunaydin plot	Constanta North/Ovidiu	15,000
7 Balada Market	Central Constanta	7,188
8 Carrefour plot	Constanta	15,000
9 Morii Lake	Bucharest Sector 6	11,716
10 Hospital plot	Bucharest Sector 5	13,263
11 Un-zoned land	Constanta	864,534
12 Mamaia North plot	Navodari/Mamaia	54,714
Total		1,243,812

Operational highlights

• RomReal sold the last plot at Tartar Peninsula and three parking spaces at the Corralia apartment Complex
• RomReal sold a small part of the Lake Side Plot for EUR 190,000 with expected close in late Q1 2017. The sales price was above IFRS book value
• The Company has several parallel sales processes going that also includes larger properties
• After the close of the quarter, RomReal has exercised its option to extend the bank loan one year. Due to several on-going asset disposal processes, the bank has proposed a monthly prepayment of interest up to April 30, 2017. This adjusted interest service model is subject to an Alpha Bank Credit Committee approval.

Romanian Macro development

• Romania continue to grow quickly. The GDP growth rate for 3Q 2016 was 4.4% and growth for 2016 is now expected to come in at 4.8%. Analysts upgrade their estimates for 2017 – now expecting around 3.8%
• Slower growth in private consumption and capital investments are expected to drive the lower growth rate – compared to the 6% recorded for 2Q 2016
• Low and stable interest rates, growing work force, increasing real after tax wages and an aging housing stock is expected to continue to drive housing demand and prices in the year to come

Romania Real Estate Update

• Real estate transactions in Romania grew 80% in the first half of 2016, to an estimated EUR 340 million, according to property consultancy JLL. The number of real estate transactions grew with 10% in the same period, indicating that the average transaction size moves up.
• In November, a cabinet member indicated that the Prima Casa program will be extended and increased into 2017. The cabinet considers to reduce down payment requirements to allow younger families to access the program
• In 2015, Romania build 46,984 new homes compared to an estimated demand for ca. 300,000 units. Residential construction is still far below pre-crisis levels of above 67,000 units, pin-pointing the future potential for increased land demand and new housing building activity.
• Despite increasing housing prices, residential building permits have decreased slightly (-1%) the first nine months compared to last year.

Apartment Price Development (October)

• Apartment prices in Romania have seen an increase of 6.3% to EUR 1,042 per m2 compared with the same period last year

• Since the bottom in Dec. 2014, the average price has increased 17.0%

• Apartment prices in Constanta have seen an increase of 5.2% to EUR 957 per m2, compared with the same period of 2015

• Since the bottom in Dec. 2013, the average price has increased 14.0%

RomReal Limited – Third quarter 2016

Real Estate market examples

RomReal Limited – Third quarter 2016

RomReal shareholders as at 18/11/2016

Shareholder	Holding	Percentage	(1) This is the Top 20
SIX SIS AG 25PCT ACCOUNT	10,336,254	24.99	Shareholder list as per 18 November 2016.
THORKILDSEN DØDSBO KAY TØNNES	5,415,756	13.09	(2) The total issued
GRØNSKAG KJETIL	3,888,449	9.40	number of shares issued at
SAGA EIENDOM AS	2,361,422	5.71	end Q3 2016 was
E. LARRE HOLDING AS	1,614,444	3.90	41,367,783.
SILJAN INDUSTRIER AS	1,600,000	3.87	(3) Chairman Ketil Grønskag owns directly
ENERGI INVEST A/S	1,400,000	3.38	and indirectly 4,138,179
ORAKEL AS	1,101,000	2.66	shares corresponding to 10.0%.
CO/JONAS BJERG NTS TRUSTEES LTD	1,058,306	2.56	(4) Thorkildsen Invest AS is a Company controlled by
SPAR KAPITAL INVESTO	940,236	2.27
Carnegie Investment CLIENT ACCOUNT	851,692	2.06	RomReal Kay Thorkildsen
THORKILDSEN INVEST A	829,478	2.01	family.
PERSSON ARILD	709,700	1.72	(5) RomReal Director Arne Reinemo controls directly
HOEN ANDERS MYSSEN	689,557	1.67	or indirectly SILJAN
SKANDINAVISKA ENSKIL	628,832	1.52	INDUSTRIER AS.
Nordea Bank AB NORDEA BA. SWE. AB (	508,384	1.23	(6) The above list is the 20 largest shareholders
DANSKE BANK A/S 3887 OPERATIONS SEC.	462,998	1.12	according to the VPS print
CLEARSTREAM BANKING	449,417	1.09	out; please note that
MORGAN STANLEY & CO. MS & CO INTL PLC MSI	437,755	1.06	shareholders might use different accounts and
BNP Paribas Sec. Ser S/A SPEARPOINT LTD	406,856	0.98	account names, adding
Total TOP 20	35,690,536	86.29	to their total holding.

Market capitalization and NAV development

NOK million

Source: Company; OSE; Infront; Market capitalization numbers for 2007 and 2008 are Company estimates. Exchange rate YE for both quarters in year .

Main focus areas going forward

• RomReal has good progress in several on-going regulation processes including Oasis & Lakeside which enables several larger plots for attractive exits
• PUZ obtained on Mamaia North early November 2016
• The Company expects further asset sales before the close of the year

Thank you

Investor Relations

Harris Palaondas +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 2016. 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.