RomReal Ltd. — Interim / Quarterly Report 2016

May 26, 2016

RomReal Limited

Report which is filed on Oslo Axess through www.newsweb.no, and which can be viewed on the Company's website www.romreal.com Investor presentation Q1 2016 results Arne Reinemo - Director DnB Markets Event

27 May 2016

This Presentation of the Q1 2016 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q1 2016

Contents

Contents
Q1 2016 highlights	3
NAV movement in Q1 2016	4
Financial highlights – IFRS	5
RomReal Properties per Q1 2016	6
Operational highlights	7	Mamaia Nord Plot
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

Highlights of the Q1 2016 results

Net Asset Value (NAV)

• Net Asset value was EUR 0.44 (NOK 4.17) per share at the end of Q1 2016, unchanged from Q4 2015

Operational highlights

• The Company sees increasing interest for its land bank, and it has several on-going discussions. The Company did not sell any plots during the quarter, but after the end of the quarter, RomReal has sold two plots on Tartar Peninsula close to the IFRS value and it has entered into a conditional agreement to sell 100% percent of Balada Market at slightly below IFRS value

Financial Results

• Net Result for the quarter was EUR 425,000 compared to EUR 295, 000 in 1Q 2015. The profit is mainly explained by currency effects, with RON strengthening by 1.1% against the EUR. During the quarter, operating cash flow was almost neutral with minus EUR 87,000 compared to minus EUR 197,000 in the same period last year

Macro highlights

RomReal Limited – First quarter 2016 • Romanian economy has the highest growth rate in EU in first quarter with 4.2%. The real estate market developed favorably in the quarter with increasing apartment prices, increased number of transactions, higher building permits and after the close of the quarter, the Prima Casa program was increased by RON 500 million

NAV movement in Q1 2016

				NAV movement in Q1 2016
Asset base		Q1 2016		Q4 2015
	EUR '000	EUR/share	NOK/share	EUR '000	EUR/share	NOK/share
Investment property	26,454	0.64	6.10	26,450	0.64	6.14
Inventories	2,287	0.06	0.53	2,286	0.06	0.55
Cash	454	0.01	0.10	541	0.01	0.12
Other assets/(liabilities)	(11,101)	(0.27)	(2.56)	(11,189)	(0.27)	(2.59)
Net asset value	18,093			18,089
NAV/Share		0.44	4.17		0.44	4.22

Financial highlights - IFRS

EUR '000	Q1 2016	Q1 2015	2015
Operating Revenue	74	66	1,488
Operating Expenses	(246)	(263)	(774)
Other operating income/ (expense), net	(187)	(485)	(1,986)
Net financial income/(cost)	802	971	(909)
Pre-tax result	444	289	(2,181)
Result for the period	425	295	(2,170)
Total assets	29,806	32,313	29,965
Total liabilities	11,713	12,630	11,876
Total equity	18,093	19,684	18,089
Equity %	60.7%	60.9%	60.4%
NAV per share (EUR)	0.44	0.48	0.44
Cash position	454	310	541

RomReal Properties Q1 2016

	RomReal Properties Q1 2016
Plot name	Location	Size (m2)
1 Ovidiu Lakeside	Constanta North/Ovidiu	61,029
2 Badulescu plot	Constanta North/Ovidiu	50,000
3 Tatar Peninsula	Constanta North/Ovidiu	1,266
4 Ovidiu Town	Constanta North/Ovidiu	4,641
5 Ovidiu (Oasis)	Constanta North/Ovidiu	24,651
6 Centrepoint	Constanta North/Ovidiu	121,673
7 Gunaydin plot	Constanta North/Ovidiu	15,000
8 Balada Market	Central Constanta	7,188
9 Carrefour plot	Constanta	15,000
10 Morii Lake	Bucharest Sector 6	11,716
11 Alexandriei plot	Bucharest Sector 5	13,263
12 Un-zoned land	Constanta	865,062
13 Mamaia North plot	Navodari/Mamaia	56,167
Total		1,246,656

For more information regarding the Properties of RomReal Ltd, please visit the Company's website www.romreal.com

Operational highlights

• The residential building market has improved during 2015. The Company has several ongoing discussions but did not manage to agree on any plot sales during the quarter. RomReal did receive serious bids on several of its assets, but no negotiations has so far concluded in a sale • In April, RomReal entered into a conditional agreement to sell 100% of Balada Market at a price slightly below IFRS value. RomReal expects the transaction to close in the third quarter • In May, RomReal sold two plots at the Peninsula Plot close to IFRS value. RomReal has now sold 14 out of 15 plots on Tartar Peninsula • To focus even more on real estate operations, Mr. Adrian Cristea stepped down as the CEO of the holding company RomReal Ltd

• as of May 26, while remaining CEO of the operational company in Romania. The Chairman of the Board; Mr. Kjetil Grønskag, takes up the role as the holding company CEO

Romanian Macro development

• The overall Romanian economy grew 4.2 percent in the first quarter of 2016, up from 3.8% for 2015. Romania is expected to grow around 4% for 2016, a far higher growth rate than for EU as a whole. The Interbank rate is still at 1.75% - a record low rate GDP Growth – annual change Unemployment rate

Romania Real Estate Update

• In the first quarter, land transactions doubled compared to last year, according to DTZ Echinox
• Residential building permits rose 11% in February
• The Prima Casa program was increased in May by RON 500 million to ca. RON 2.1 billion for 2016, a very positive additional funding source for the residential market
• Residential building permits • The Debt Discharge law has been active starting with May 2016 and enables mortgage-back loan holders with loans up to EUR 250.000 to transfer their asset to the creditor in exchange for loan write-off. Since the law was proposed, the Prima Casa program has been exempt from the law, an amendment which has reduced fears that the law will stop the current turnaround in the residential market.

Apartment Price Development

Real Estate market examples

RomReal shareholders as at 20/05/2016

RomReal shareholders as at 20/05/2016
Shareholder	Holding	%
SIX SIS AG 25PCT ACCOUNT	11,699,278	28.30
THORKILDSEN KAY TØNNES	5,415,756	13.10
GRØNSKAG KJETIL	3,850,307	9.30
TONSENHAGEN FORRETNINGSSENTRUM 2 A	1,614,444	3.90
SILJAN INDUSTRIER AS	1,600,000	3.90
SKANDINAVISKA ENSKILDA BANKEN S.A	1,323,372	3.20
SAGA EIENDOM AS	1,223,667	3.00
CO/JONAS BJERG NTS TRUSTEES LTD	1,058,306	2.60
ENERGI INVEST A/S	1,000,000	2.40
SPAR KAPITAL INVESTO	940,236	2.30
CARNEGIE INVESTMENT BANK DK BRANK	851,692	2.10
THORKILDSEN INVEST A	829,478	2.00
ORAKEL AS	800,000	1.90
HOEN ANDERS MYSSEN	689,557	1.70
CLEARSTREAM BANKING	649,417	1.60
PERSSON ARILD	588,000	1.40
LOHNE PER OVE	508,500	1.20
SKANDINAVISKA ENSKILDA BANKEN AB	508,384	1.20
KBC SECURITIES NV	477,676	1.20
DANSKE BANK A/S	457,998	1.10
TOTAL TOP 20	36,086,068	87.20

(1) The above list is the 20 largest shareholders according to the VPS print out; please note that shareholders might use different accounts and account names, adding to their total holding.

(2) There are 348 shareholders per 20.05.2016

(3) RomReal Director Arne Reinemo controls directly or indirectly SILJAN INDUSTRIER AS

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

• The Company work on upgrading the regulatory status on it land bank and to divide plots into
• smaller units where RomReal believes it will improve the marketability of the assets. The Company expects further asset sales during the year. Following the Bermuda Holding CEO change, more time and top management resources is available to focus on value enhancing activities in Romania as sales, development and regulation. RomReal Limited – First quarter 2016

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 2015. 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.