RomReal Ltd. — Investor Presentation 2017

May 25, 2017

RomReal Limited

Investor presentation Q1 2017 results

Harris Palaondas - IR Webcast

26 May 2017

This Presentation of the Q1 2017 results of RomReal Ltd (the "Company") has been prepared for discussion purposes only and should be read in conjunction with the Q1 2017 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

Q1 2017 highlights	3
NAV movement in Q1 2017	4
Financial highlights – IFRS	5
RomReal Properties per Q1 2017	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

Q1 2017 results – Highlights

Net Asset Value (NAV)

•Net Asset value was EUR 0.46 (NOK 4.25) per share, 2.1% down compared to the end of 2016. The decrease in NAV is mainly due to the negative foreign exchange differences and the operating expenses for the period.

•More importantly, the Net Asset Value would have been EUR 0.49 (NOK 4.60) if the values from all Q1 2017 concluded sales transactions are applied to the sold properties.

Operational highlights

•The Urbanism Certificate of the Alexandriei plot has been successfully obtained from the City Hall and the plot is now fully eligible for sale.

•On April 7, 2017, the Group has prepaid entirely the outstanding loan from Alpha Bank thus emerging as a debt free Company. The shareholder loan was also fully repaid during May.

•The Company has a cash position today of about EUR 2.3 million plus the sellers secured credit of EUR 1.75 million that is serviced monthly with equal instalments plus interest until the 7 April 2018. This implies a cash or cash equivalent of about EUR 0.10 per share.

•On 21 April 2017, the Annual General Meeting has elected Mrs Heidi Sorensen Austbo as Company Director.

Financial Results

•Net Result for the quarter was EUR 284,000 loss compared to an EUR 423,000 profit in 1Q 2016. Operating cash flow for the quarter was a negative EUR 172,000 compared to minus EUR 97,000 in the same period last year.

NAV movement in Q1 2017

Asset base	Q1 2017			Q4 2016
	EUR '000	EUR/ share	NOK/share	EUR '000	EUR/ share	NOK/share
Investment property	14,047	0.34	3.12	16,686	0.40	3.67
Assets held for sale	5,297	0.13	1.17	13,566	0.28	2.58
Inventories	2,527	0.06	0.56	2,536	0.06	0.56
Cash	843	0.02	0.19	707	0.02	0.16
Other assets/(liabilities)	(3,565)	(0.09)	(0.79)	(14,126)	(0.30)	(2,70)
Net asset value	19,148			19,369
NAV/Share		0.46	4.25		0.47	4.26
Change in NAV	-1.1%			11.7%

NAV is based on the Knight Frank year end valuation. If the concluded transaction prices were applied, the NAV was EUR 0.49 (NOK 4.60)

The total issued number of shares issued at end Q1 2017 was 41,367,783 and unchanged from Q4 2016; EUR/NOK exchange rate at 31/03/2017 was 9.1613

Financial highlights - IFRS

EUR '000	Q1 2017	Q1 2016	2016
Operating Revenue	2,713	74	500
Operating Expenses	(196)	(247)	(515)
Other operating income/ (expense), net	(2,565)	(187)	3,936
Net financial income/(cost)	(237)	802	(632)
Pre-tax result	(285)	442	3,290
Result for the period	(284)	423	1,215
Total assets	33,746	29,807	33,832
Total liabilities	14,597	11,713	14,464
Total equity	19,148	18,093	19,369
Equity %	56.7%	60.7%	57.3%
NAV per share (EUR)	0.46	0.44	0.47
Cash position	843	454	707

NOTE: The Company has a cash position today of about EUR 2.3 million plus the sellers secured credit of EUR 1.75 million that is serviced monthly with equal instalments plus interest until the 7 April 2018. This implies a cash or cash equivalent of about EUR 0.10 per share.

RomReal Properties Q1 2017

Plot name	Location	Size (m2)
1 Ovidiu Lakeside	Constanta North/Ovidiu	61,029
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 Hospital plot	Bucharest Sector 5	13,263
10 Un-zoned land	Constanta	864,534
11 Mamaia North plot	Navodari/Mamaia	24,752
Total		1,202,134

NOTE: The second plot (24,752 sqm) of the total Mamaia North plot for accounting purposes is not considered sold until the full repayment in early April 2018.

Operational highlights

• On 31 March 2017, the Company signed and closed the sale of the Morii Lake plot in Bucharest.
• On 29 March 2017, the Company signed the final sale agreement for part of its Mamaia North plot.
• On the same date, the Company has used part of the proceeds to prepay the Alpha Bank loan, related agent fees and taxes. During May the shareholder loan of EUR 0.5 million plus interest was fully repaid.
• The Urbanism Certificate of the Alexandriei plot has been successfully obtained from the City Hall and the plot is now fully eligible for sale.
• Lake Side, will be divided into smaller plots suitable for house building and small blocks. The approvals for the new PUZ is expected to be finalized in September 2017.
• Oasis plot, is going to be split in small plots suitable for house building and small blocks. It is expected that the new PUZ will be finally approved in December 2017.
• The Industrial Park-Centrepoint 12ha the Company has applied for a new PUZ with and expected final approval in December 2017.

RomReal Limited – First quarter 2017

Romanian Macro development

• The Romanian economy grew by 4.8% in 2016 (the highest pace since 2008), as domestic demand accelerated.
• This trend was supported by the expansionary policy mix: the central bank (NBR) kept the monetary policy rate at the record low level of 1.75%, while the government cut VAT and increased public wages.
• For 2017, The Romanian economy is expected to register a 4% advance, according to EBRD. The main driver of the economic growth during this period was the private consumption.
• In the first quarter 2017, the preliminary GDP growth came in at 5.7%, according to Eurostat.

Romania Real Estate Update

• Around 12,000 properties are currently being developed in Bucharest and surroundings and could be delivered this year, according to the Coldwell Banker Report.
• The state-backed mortgage guarantee program Prima Casa has seen demand surge during Q1 2017 to a record of 500 requests daily, according to a press release of the National Guarantee Fund of Loans for SMEs (FNGCIMM).

Apartment Price Development (April)

Constanta

• Apartment prices in Romania have seen an increase of 8.8% to EUR 1,105 per m2 compared with the same period last year

• Prices are about 46% lower compared to the peak during 2008.

• Apartment prices in Constanta have seen an increase of 5.9% to EUR 1,013 per m2, compared with the same period of 2015

• Prices are about 40% lower compared to the peak during 2008.

RomReal Limited – First quarter 2017

Real Estate market examples

Real Estate market examples

	EUR 1
finent	to the s
beint	percent
Stamphood	year ag
	apartm

Real Estate market examples

RomReal Limited – First quarter 2017

RomReal shareholders as at 16/05/2017

Name	Holding	Percentage
SIX SIS AG 25PCT ACCOUNT	10,336,154	24.99
THORKILDSEN DØDSBO KAY TØNNES	5,415,756	13.09
GRØNSKAG KJETIL	4,038,449	9.76
SAGA EIENDOM AS	2,843,860	6.87
AUSTBØ EDVIN	2,108,500	5.10
E. LARRE HOLDING AS	1,614,444	3.90
Danske Bank A/S 3887 OPERATIONS	1,361,816	3.29
ORAKEL AS	1,101,000	2.66
SPAR KAPITAL INVESTO	940,236	2.27
ENERGI INVEST A/S	891,879	2.16
THORKILDSEN INVEST A	829,478	2.01
PERSSON ARILD	718,000	1.74
HOEN ANDERS MYSSEN	689,557	1.67
Skandinaviska Enskil	628,832	1.52
SILJAN INDUSTRIER AS	611,100	1.48
JONAS BJERG PENSION NTS	558,306	1.35
Nordea Bank AB NORDEA BA. SWE. AB	504,784	1.22
CLEARSTREAM BANKING	438,483	1.06
BNP Paribas Securiti S/A SPEARPOINT	406,856	0.98
FRENICO AS	396,000	0.96
TOTAL TOP 20	36,433,490	88

(1) This is the Top 20 Shareholder list as per 16 May 2017.

(2) The total issued number of shares issued at end Q1 2017 was 41,367,783.

(3) Chairman Kjetil Grønskag owns directly and indirectly 4,288,179 shares corresponding to 10.4%.

(4) Thorkildsen Invest AS is a Company controlled by Thorkildsen family.

(5) 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.

Market capitalization and NAV development NOK million

NAV Market Cap

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

• Having repaid all debt, and sitting on a healthy cash position RomReal is currently reviewing all strategic and operational issues in order to continue to improve the shareholder value.
• A positive Romanian real-estate environment is also helpful in order to implement plans and ambitions into reality ahead.

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.