RomReal Ltd. — Investor Presentation 2015

Nov 26, 2015

RomReal Limited

Investor presentation Q3 2015 results

Harris Palaondas Investor Relations

27 November 2015

This Presentation of the Q3 2015 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q3 2015 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 2015 highlights	3
NAV movement in Q3 2015	4
Financial highlights – IFRS	5
RomReal Properties per Q3 2015	6
Operational highlights	7
Romania Macro Developments	8
Romania Real Estate Update	9 - 11
RomReal shareholders	12 - 13
The Alpha Bank Loan	14
Main focus areas going forward	15
Contact details	13

Mamaia Nord Plot

Lake Morii Plot - Bucharest

Alexandriei Plot - Bucharest

Highlights of the Q3 2015 results

Net Asset Value (NAV)

• Net Asset value was EUR 0.46 (NOK 4.50) per share at the end of Q3 2015, a 1.2% decrease compared to the end of Q2 2015 (in EUR).

Operational highlights

• The Company sold two more plots in Tatar Peninsula and closed a pre-sale agreement of an additional one.
• All concluded or pending asset sales are done on or above the carrying IFRS value.

Financial Results

• Net Profit was EUR 283,000 in 3Q 2015 compared to EUR 31,000 in 3Q 2014.
• Operating cash flow for the quarter was minus EUR 115,000 compared to minus EUR 112,000 in the same period last year. Due to further asset sales from Tatar Peninsula, net cash flow before financing was almost in balance during the quarter.
• After the close of the quarter, the Company has agreed with the bank to extend its loan by one year, and it expects to close the process during November/December.

Tribute to Mr. Kay Thorkildsen

• Previous CEO Mr. Thorkildsen passed away on October 25. Mr. Thorkildsen has been the CEO for most of the Company's history, and his effort, loyalty and contribution was significant. In a release October 20th, Mr. Adrian Cristea was appointed Interim CEO. Mr. Cristea has been RomReal's legal advisor since its formation in 2005.

NAV movement in Q3 2015

Asset base		Q3 2015		Q2 2015
	EUR '000	EUR/share	NOK/share	EUR '000	EUR/share	NOK/share
Investment property	27,339	0.66	6.41	27,363	0.66	5.69
Inventories	2,300	0.06	0.54	2,399	0.06	0.50
Cash	1,031	0.01	0.24	303	0.01	0.06
Other assets/(liabilities)	(11,471)	(0.28)	(2.69)	(10,636)	(0.26)	(2.21)
Net asset value	19,198			19,428
NAV/Share		0.46	4.50		0.47	4.04
Change in NAV	-1.2%			-1.3%

The total issued number of shares issued at end Q3 2015 was 41,367,783

Financial highlights - IFRS

EUR '000	Q3 2015	Q3 2014	YTD 2015	YTD 2014
Operating Revenue	139	61	1,400	363
Operating Expenses	(248)	(221)	(665)	(682)
Other operating income/
(expense), net	(512)	(160)	735	(319)
Net financial income/(cost)	864	350	563	652
Pre-tax result	243	(2)	(280)	(370)
Result for the period	283	31	(288)	(296)
Total assets	31,039	33,463	31,039	33,463
Total liabilities	11,840	12,534	11,840	12,534
Total equity	19,198	19,916	19,198	19,916
Equity %	61.9%	61.4%	61.9%	61.4%
NAV per share (EUR)	0.46	0.51	0.46	0.51
Cash position	1,031	652	1,031	652

RomReal Properties Q3 2015

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	25,127
6 Centrepoint	Constanta North/Ovidiu	122,350
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		1,247,809

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

Operational highlights

• RomReal sold additional 3 properties at Tartar Peninsula bringing the total number of sold properties up to 12 of 15 plots. One of the plots is pre-sold and expected to close in Q1 2016
• The conditional sale of 1,956 sqm at Balada market for a net price of EUR 537,900 as announced July 10, 2015 is expected to close in Q4 2015/Q1 2016.
• The Company has several on-going processes to sell plots from the land bank.
• Two of the more promising processes involves the two Bucharest plots; Morii Lake and Alexandriei plot

The Company expects to sell more assets in 2016

Romanian Macro development

• During the third quarter, GDP increased by 3.6%. Economists expect GDP to come in around 3.5% for 2015 and they expect the growth to continue in 2016 with 3.7% growth.
• As a result of reduced VAT rate for food and lower energy prices, inflation went into negative territory at 1.7 per cent in September 2015, thus significantly below central bank's target of 1.5-3.5 per cent in 2014 and 2015. However, the core inflation rate continues to stay around 1.5% (1.4% in September).
• The NBR has recently (November) decided to maintain the policy rate at the historically low level of 1.75 per cent decided in May.
• During the quarter, The Prime Minister Ponta was charged with corruption, and in November he resigned. A new "technocrat" PM, Mr. Dacian Cioloș has already formed a new government.

Romania Real Estate Update

• The real estate market recovers with strong transaction volume, increased construction spending and higher prices.
• Construction work increased 10.5% over the first three quarters and building permits for residential dwellings increased 8.3% during the third quarter, the highest quarterly increase since 2009.
• Commercial transaction volumes follow the strong trend from 2014 with an active market. The transaction volume is expected to close around EUR 800 million, a decrease from last year EUR 950 million (numbers by Colliers Int.), but the 2015 volume still represents a healthy transaction level.

Apartment Price Development

• Housing prices in Romania have increased 3% compared with September last year

• Apartment prices in Constanta have increased 7.2% compared to September last year.

Real Estate market shows recovery signs

RomReal shareholders as at 17/11/2015

SHAREHOLDERS		HOLDING	%
SIX SIS AG		11,699,278	28.3%
THORKILDSEN	KAY TØNNES	5,415,756	13.1%
GRØNSKAG	KJETIL	3,850,307	9.3%
TONSENHAGEN FORRETNINGSSENTRUM 2 A		1,614,444	3.9%
SILJAN INDUSTRIER AS		1,600,000	3.9%
SKANDINAVISKA ENSKILDA BANKEN S.A.		1,323,372	3.2%
SAGA EIENDOM AS		1,223,667	3.0%
CO/JONAS BJERG	NTS TRUSTEES LTD	1,058,306	2.6%
ENERGI INVEST A/S		1,000,000	2.4%
SPAR KAPITAL INVESTOR AS		940,236	2.3%
CARNEGIE INVESTMENT BANK DK BRANC		851,692	2.1%
THORKILDSEN INVEST AS		829,478	2.0%
ORAKEL AS		800,000	1.9%
HOEN	ANDERS MYSSEN	689,557	1.7%
CLEARSTREAM BANKING S.A.		649,417	1.6%
PERSSON	ARILD	588,000	1.4%
LOHNE	PER OVE	508,500	1.2%
SKANDINAVISKA ENSKILDA BANKEN AB		508,384	1.2%
KBC SECURITIES NV		477,676	1.2%
DANSKE BANK A/S		457,998	1.1%
TOTAL TOP 20		36,086,068	87.2%

(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 351 shareholders per 17.11.2015

(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 . For 2015 exchange rate as of Nov. 23, 2015

The Alpha Bank loan

• Secured loan with nominal value EUR 10,549,000 and accrued interest of EUR 1,036,000 at end of Q3 2015. The loan matures November 27, 2015
• The Company has called the option to extend the loan one year, provided that the interest is paid up-front. The Company has the required liquidity. Alpha Bank and RomReal work to close the loan extension process within November/December.

Main focus areas going forward

• RomReal expects that the recent positive development in the macroeconomic environment will contribute to a recovery in the real estate market in 2015 and 2016.
• In addition to sale of plots, the Company seeks to add incremental value to the individual plots during the period in which they are part of the Land Bank up until a potential sale is completed
• The Company expects further asset disposals at satisfactory prices in the quarters to come

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 2014. 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.