Raport 12

No.
33327
REVALUATION REPORT
Of real estate property
Intravilan land with a total area of 75,730.76 sq m located in

Pipera, Voluntari, field 4, plots A93/2 and 121/1, composed
of 2 parcels and 4,676 sq m access road plot
LANDLORD: SC SHAPIR PIPERA SRL (former SC ROICHMAN

BROS(SHOMRON) ROMANIA SRL)
Estimated market value: 71.969.658 lei equivalent of 16.660.800

EUR, at December, 31st, 2011, 1 EURO= 4,3197 lei
The information and data contained herein is of a confidential nature and is intended for the exclusive use of
the persons or firm for whom it was prepared – the client and the addressee SC SHAPIR SRL. Reproduction,
publication or dissemination of all or portions here of may not be made without prior approval from Fair
Value Consulting.
SC SHAPIR PIPERA SRL Revaluation report
SUMMARY OF VALUATION
Object of valuation is the real estate property that consists in vacant land with a total
area of 75,730.76 sq m located in Pipera, Voluntari, field 4, plots A93/2 and 121/1
property of SC SHAPIR PIPERA SRL.
A detailed property description is included in the present appraisal report.
Purpose of the valuation: Establishing the fair value of the real-estate for financial
reporting. The valuation report can be attached to the financial statement of SC SHAPIR
PIPERA SRL.
The terms market value and fair value, the way they constantly appear in accounting
standards are, by and large, compatibles, even though they are not always total
equivalents.
The market value definition: the estimated amount for which a property should
exchange on the date of valuation between a willing buyer and a willing seller
in an arm-length transaction after proper marketing wherein the parties had
each acted knowledgeably, prudently and without compulsion.
The value estimate of the real estate property was determined according the applicable
standards and guidance notes and taking into consideration the purpose which the
appraisal was requested for, respectively:
ANEVAR (National Association of Romanian Valuers) Standards that are in
conformity with the International Valuation Standard, 8th Edition, 2007.
GN 1 – Valuation of real property
IVS 1 – Market Value – Basis of Valuation
IVS 3 – Valuation Reporting
IVA 1 - Valuation for Financial Reporting
The present appraisal report has the following structure: Certification of value (1) General
assumptions– contain the main specific elements that frame the way and the appraiser’s
professional judgment (2) Property rights appraised – contain information about the
owners and the real estate property (3) Real estate appraisal – contains the appraisal
approaches and appraiser’s opinions (4) Addendum– contains elements that support the
reasons and assumptions of the present report.
By applying the valuation approaches, the appraiser’s opinion is the market

value of the real estate property described above with a total area of 75,730.76 sq
m located in Pipera, Voluntari, field 4, plots A93/2 and 121/1 property of SC SHAPIR
PIPERA SRL is of Eur 16.660.800, equivalent 71.969.658 lei , (at December,
31st, 2011).
The value does not include direct expenses incurred by the company as
construction permit fees and related costs, design expenses and other direct
out of pocket expenses.
The valuation and this Valuation Report is subject of the following assumptions and
limiting conditions:
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http://www.fvalue.ro
The value was estimated taking into consideration exclusively the assumptions,
limiting conditions and the assessments expressed in the present report and it is valid
under the economical and legal conditions as set forth in this report.
The value estimate refers to a vacant land;
The value estimate is the appraiser’s opinion regarding the market value of the
real estate.
The value is a prediction.
The value does not take into consideration the VAT.
This report is valid only for the purpose and effective date as specified herein.
The appraisal report has been prepared based on the standards and the methodology
recommended by ANEVAR (Nation Association of Romanian Valuers).
Respectfully submitted
Eng. Sabo Marius - Valuer ANEVAR
Eng. Anuţa Stan – Director Fairvalue Consulting
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INDEX
SUMMARY OF VALUATION ....................................................................................................... 2
APPRAISER’S CERTIFICATION................................................................................................................... 5
1. GENERALITIES......................................................................................................................... 6
1.1 Object, purpose and use of appraisal. Client and the consignee of the valuation report .......... 6
1.2 Basis of the valuation and type of value estimate .............................................................................. 6
1.3 Effective date of valuation..................................................................................................................... 7
1.5 Standards................................................................................................................................................ 7
1.6 Appraisal procedure (steps and information sources) ........................................................................ 7
1.7 Unpublishment and disclosure clause .................................................................................................. 8
1.8 Responsibility toward third party ........................................................................................................ 8
1.9 Assumptions and limiting conditions .................................................................................................. 8
2. PROPERTY RIGHTS .............................................................................................................. 10
2.1 Customer .............................................................................................................................................. 10

2.2 Landlord................................................................................................................................................ 10
2.3 Property rights..................................................................................................................................... 10
3. PROPERTY VALUATION ...................................................................................................... 10
3.1 Information about appraisal methodology ........................................................................................ 10

3.2 Property description ............................................................................................................................. 11
4. REAL ESTATE MARKET OVERVIEW................................................................................. 11
5. HIGHEST AND BEST USE .................................................................................................... 17
6. MARKETCOMPARISON APPROACH ................................................................................ 19
6. EXTRACTION METHOD........................................................................................................ 21
7. RECONCILIATION OF THE VALUE. INDICATIONS TO A FINAL VALUE

ESTIMATE. .................................................................................................................................... 23
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APPRAISER’S CERTIFICATION
The present appraisal report is according to the norms and regulation adopted by
ANEVAR and can be verified and reviewed (by request) in conformity with the
Standards adopted by ANEVAR.
Sabo Marius - Valuer ANEVAR
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1. Generalities
1.1 Object, purpose and use of appraisal. Client and the consignee of the
valuation report
area of 75,730.76 sq m located in Pipera, Voluntari, field 4, plots A93/2 and 121/1
A detailed property description is included in the present appraisal report.
The present valuation report is addressed to the company SC SHAPIR PIPERA SRL as
client and as addressee. The information contained in this report is of a confidential
nature and is intended for the exclusive use of the persons or firm for whom it was
prepared, according to the Statute of ANEVAR and ethical methodology of the valuer’s
profession.
Purpose of the valuation : Establishing the fair value of the real-estate for financial
reporting. The terms market value and fair value, the way they constantly appear in
accounting standards are, by and large, compatibles, even though they are not always
total equivalents.
The fair value, as an accounting concept, is defined in the International Accounting
Standards and in other accounting standards as being the amount to witch an asset can
be willingly transactioned or a debt deducted between the parties who have full
knowledge of the facts, within the frame of a transaction with an objectively determined
price. The fair value is generally used for financial reporting of not just the market value,
but also of the non-market values. When one can establish the market value of an asset,
this value will be equal to the fair value. (IVS – Concepts and Principles, 8.1st paragraph)
.
1.2 Basis of the valuation and type of value estimate
The valuation made according to this present report in conformity to the client’s and
beneficiary’s request is an estimation of the market value (with all particularities
presented below) of the real estate property as it defined in the International Valuation
Standard, 8th edition of IVS 1 - The market value of the real estate property. This is
defined in the International standard of valuation IVS 1- Market Value Basis of Valuation
This Standard is applicable to the market value of a real estate property and connected
elements.
According to the standard, market value is defined as:
The estimated amount for which a property should exchange on the date of valuation
between a willing buyer and a willing seller in an arm-length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and without
compulsion.
The methodology applied in estimation and determination the « market value » relied on
the purpose of the valuation, type of the property and the recommendations of the
ANEVAR: The market Value – Basis of Valuation and GN1 – Valuation of real property.
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1.3 Effective date of valuation
At the basis of the valuation lies information regarding the level of prices and data until
31.12.2011,time the available information and data is considered valid and the hypothesis
taken into account and the values estimated by the appraiser are considered valid
The valuation was carried out in February 2012.
The valuation date is December, 31st, 2011.
1.5 Standards
The value estimate of the real estate property was determined according the applicable
standards and guidance notes and taking into consideration the purpose which the
appraisal was requested for, respectively:
ANEVAR (National Association of Romanian Valuers) Standards that are in
conformity with the International Valuation Standard, 8th Edition, 2007.
GN 1 – Valuation of real property
IVS 1 – Market Value – Basis of Valuation
IVS 3 – Valuation Reporting
IVA 1 - Valuation for Financial Reporting
1.6 Appraisal procedure (steps and information sources)
Basis of the appraisal the present report was performed on is the market value such it
has been defined above.
Steps of the appraisal in estimating the value
Getting information and documentation on basis of a questionnaire requested to the

client.
Inspection of the property.
Setting the assumptions and limiting conditions the appraisal report is based on.
Selecting the type of value to be estimated in the present report.
Analysis of collected information and results from the point of view of appraisal
Estimation of the limiting conditions specific to the object of appraisal to be taken
into consideration according to the mentioned purpose (sale).
Analysis of the collected information, interpretation of the results from the point of
view of the valuation.
Applying the valuation methodology appropriate in estimating the value and
foundation the valuer’s opinion.
The appraisal procedures are according to the standards, recommendations and
methodology adopted by ANEVAR.
The appraiser does not take any liability for the obtained information, estimates,
and opinions furnished by other parties (client and owner) and
Other information used:

International Valuation Standards (IVS) 8th Edition 2007
The national agency of Cadastre and real estate advertisement.
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Publication of different information about real estate market overview.

Exchange rate for the national currency.
Land valuation guide note and applications , published by IROVAL, 2009

Remarks about the property inspection:
The owner had no reserve at the time of inspection performed by the
appraiser.
The inspection was carried out according to the appraiser’s norms
All documents requested by the appraiser were put at the disposal and all
necessary documents were attached to this report in copy.
The appraiser do not take any liability for the obtained information, estimates,
and opinions furnished by other parties (client and owner) and expressed in this
appraisal report from reliable sources that I believe to be true and correct, if the
information is incomplete or false.
1.7 Publishing and disclosure clause

The content of this Valuation Report could be reproduced, partially or as a whole, in other
documents, circulars or statements. S.C. Fairvalue Consulting S.R.L. and its valuer are not
responsible to the beneficiary or any third party if, by publishing this report, prejudices
should occur to them. This Valuation Report does not contain investment suggestions,
therefore, neither the valuer, nor the company S.C. Fairvalue Consulting S.R.L., are
responsible for any prejudices occurred to the beneficiary, or other third party, following
the use of these data as investment decision.
1.8 Responsibility toward third party
This report is based on the information provided by the client. The correctness and
accuracy of the data are their responsibility.
This report is designated for the purpose and use of the addressees mentioned at 1.1.
The report is confidential, strictly for the addressees and the appraiser does not accept
responsibility towards any third party, in any circumstance.
1.9 Assumptions and limiting conditions

The appraiser’s certification in this report is subject to the following assumptions and
limiting conditions:
The appraiser obtained the information, estimates, and opinions furnished by other
parties and expressed in this appraisal report from reliable sources that the
appraiser believes to be true and correct. The appraiser does not assume liability for
the accuracy of the obtained information.
The appraiser will not be responsible for matters of a legal nature that affect either
the property being appraised or the title to it, except for information that he or she
became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any
opinions about the title. The legal aspects are based exclusively on information and
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documents provided by the holder of the property. The appraiser did not make
supplementary investigation.
The appraiser has noted in this appraisal report any adverse conditions (such as
needed repairs,deterioration, the presence of hazardous wastes, toxic substances,
etc.) observed during the inspection of the subject property or that he or she
became aware of during the research involved in performing this appraisal. Unless
otherwise stated in this appraisal report, the appraiser has no knowledge of any
hidden or unapparent physical deficiencies or adverse conditions of the property
(such as, but not limited to, needed repairs, deterioration, the presence of
hazardous wastes, toxic substances, adverse environmental conditions, etc.) that
would make the property less valuable, and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied. The
appraiser will not be responsible for any such conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions
exist. Because the appraiser is not an expert in the field of environmental hazards,
this appraisal report must not be considered as an environmental assessment of the
property.
We did not carry out an analysis of buildings and did not investigate those parts that
were covered, not exposed or inaccessible and assumed that these parts are in good
condition.We cannot express any opinion about the technical condition of not-
investigated parts and this report does not validate the integrity of the structures or
building systems.
The appraiser has based his or her appraisal report and valuation conclusion for an
appraisal that is subject to satisfactory completion, repairs, or alterations on the
assumption that the completion, repairs, or alterations of the subject property will
be performed in a professional manner.
It is assumed that the property is in compliance with all environmental local and
national regulations unless the lack of compliance is stated, described and
considered in this appraisal report;
The appraiser has not knowingly withheld any significant information from this
appraisal report and, to the best of my knowledge; all statements and information in
this appraisal report are true and correct as of the evalution time.
The appraiser states in this appraisal report his personal, unbiased, and professional
analysis, opinions, and conclusions, which are subject only to the assumptions and
limiting conditions in this appraisal report.
The value estimate is valid as of the valuation time. The appraiser’s opinion has to
be analyzed considering the broad economic context of the development standing of
the real estate market, the purpose of the present report at the time of valuation. If
these significantly change in the future the appraiser does not take any
responsibility but in the extent of information available and known at the valuation
date. As the conditions on the market could change, the estimated value could be
incorrect or unsuitable in another moment of time.
It was assumed that the present in force law will be maintained (regarding
transactions and selling methods) and no possible modifications were taken into
account;
When estimating the value the appraiser used only information available at disposal
at the time of drawing the report and it is possible that there were other information
unknown to the appraiser.
The appraiser selected the valuation approaches considering the type of the value
estimated in the present report and the available information.
Obtaining one copy of this appraisal report does not imply also publication rights.
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The appraiser is not forced to offer further consultancy or to testify in court

regarding the object of the report, unless prior agreements have been signed with
the client.
Neither the present report ,nor parts of it (especially the conclusions regarding the
market value, the appraiser’s identity) must not be made public without the
appraiser’s prior agreement
Any value estimates provided in the report apply to the entire property and any
proration or division of the total into fractional interests will invalidate the vale
estimate, unless such proration or division of interests has been set forth in the
report.
The appraisal report is valid under the economical, fiscal, legal, and political
conditions as of the valuation time. If any shall change then all conclusions
presented in the present report could be void.
2. PROPERTY RIGHTS
2.1 Customer
The valuation has been performed at the request of SC SHAPIR PIPERA SRL.
2.2 Landlord
SC SHAPIR PIPERA SRL based in Bucharest.
2.3 Property rights
It has been valued the integral property right of the real estate property mentioned
above, considered free, valid and marketable being property of SC SHAPIR PIPERA SRL
the former S.C. ROICHMAN BROS (SHOMRON) ROMANIA SRL
The property, subject of the valuation has been acquired by the current landlord from
George Becali and Luminita Becali according to the Sale – purchase agreement notary
authenticated under the no. 522/26.02.2007.
The property title is identified by cadastral no. 5563/1 registered with the land register
book no. 10078 of the city Voluntari. The plot – access road is identified by the cadastral
no. 5576/3 registered with the land register book no. 10189 of city Voluntari.
For the plot has been obtained a building permit no. 18/13.05.2008 for a residential
complex (collective residential units and service spaces) with a height level of B+G+5F-
B+G+10F.
According to the land register book excerpts the property is mortgaged in favour of Bank
Leumi Romania SA.
3. PROPERTY VALUATION
3.1 Information about appraisal methodology
Taken into consideration the purpose of the valuation (to estimate the market value of the
land), as well as the information available, the approaches applied in the valuation were
the market comparison approach and extraction method.
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3.2 Property description
Description of the property
The property is located in the Northern area of Bucharest, in Voluntari, Pipera Village,
within the built –up (intravilan) area, approx. 250 m away from Pipera –Tunari Road in
the vicinity of the residential complex Liziera.
The plot is situated in the secondary line of the Pipera-Tunari Road on the right side
toward Tunari, behind the residential complex Liziera and the American School.
In the area more residential complexes have been developed such as: Green Hill Park”,
„Madrid” si „Ibiza”. The plot has a rectangularshape and has plane topography.
Accessed by 2 secondary roads situated in the North and West side as follows: on the
North side the secondary road (exploitation road – not improved road) on 164.37 m, and
on the West side the secondary road on 462.67 m length and having an area of 4676 sq
m.
Utilities: electricity, gas, water supply and sewerage are 250 m away.
4. Real estate market overview
Real estate market. Generalities
A market is a set of arrangements in which buyers and sellers are brought together
through the price mechanism. Generally the circumstances of a transaction reflect
conditions within one or several markets. A market may be defined in terms of geography,
products or product features, the number of available buyers and sellers, or some other
arrangement of circumstance.
A real estate market is the interaction of individuals who exchange real property rights for
other assets, such as money. Real estate markets do not possess the same economic
characteristics as the more efficient markets for other good and services. Each parcel of
real estate is unique and its location is fixed. Specific real estate markets are defined o
the basis of property type, location, income – producing potential, typical investor
characteristics, typical tenant characteristics, or other attributes recognized by those
participating in the exchange or real property. The real estate markets are not efficient
markets. The number of buyers and sellers is relatively small, the real estate properties
have high values, which requires a great purchasing power. So real estate markets are
very sensitive to changes in the stability of incomes, wage levels, number of work places.
The real estate markets are influenced by the financing type, the amount of credit (loan),
down payment requirements, interest rates, etc. Generally in real estate markets, prices
are relatively high and very few purchasers have enough money to pay for property in
cash. If a property cannot be financed favourably, it usually will not be bought.
An efficient market is self – regulating. There are very few government restrictions on
open and free competition. Real estate markets are not self-regulating. State or local
regulations govern the ownership and transfer of real estate.
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The real estate analysis focuses on the motivations, attitudes, and interaction of market
participants as they respond to the particular characteristics of real estate and to external
influences that affect its value. Different real estate markets are created by the needs,
desires, motivations, locations, and ages of market participants and the types, locations,
designs, and zoning restrictions of property.
Five different real estate markets can be identified (residential, commercial, industrial,
agricultural, special-purpose). Each market for a particular type of property can be
subdivided into smaller, more specialized, markets called submarkets.
The process of identifying and analyzing submarkets within a larger market is called
market segmentation. Disaggregation is a related term that applies to the property.
The land real estate register for several years, in the offer price, levels that follow the
speculative interests, without being taken into consideration optimal use future. Generally,
prices requested for free plots of land are related to the offers from the location area,
most often not taken into account the completed transactions. Unfortunately, only
sometimes, the buyer or owner call to some experts (appraisers, real estate agents and
consultants), responding to request an estimate of market value, being confronted with
issues that affect their outcome:
• The most likely use of the free land may not be the same as provided in urban plans, if
neighboring properties that were developed under the same permitted use, are recording
high vacancy rate, is indicated consideration of alternative uses;
• Only sales available require buyers who have thought about some specific use or uses of
properties they have purchased, these properties are really comparable?
• properties that are truly comparable sales may be difficult to identify if the optimal use
or the absortion time on the market of the developed property is not correctly estimated;
• The consultant should consider and argue the economic feasibility and the estimated
absorption time of proper land use.
The estimated values often refers to the residual value of land, obtained by subtracting
the development costs of market value of the property completed. During development
can alter construction and development costs and time of execution of works, so the
prudent investor buyer will be willing to pay a price field tested by analysis of investment
risk.
Determining best use is a challenge especially in case of free land. Sometimes this use is
apparent, and the duration of the use is difficult to establish given that has a great effect
on the price.
To reflect accurately the value, comparable sales should have a similar potential to use a
similar duration of use. Duration refers to the absorption property in its entirety, after
development, is a critical element of value in addressing development, representing an
important variable affecting the market value of completed building.
In the North –East area of Bucharest (Aviatiei and adjacent areas such as Pipera, Barbu
Vacarescu, Baneasa) there are various plots of land (the number of remaining vacant
plots is descendant) to be developed for residential purposes in different locations.
Lately developed projects in this area:
Liziera
Located in a nice residential area in Pipera, a Northern suburb of the city, near the forest,
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Liziera residences offers 176 high class apartments: one, two or three bedrooms
apartments, duplex and penthouses. Parking, security, fitness, supermarket, playground
etc. More details about the condominium or on the project website: www.liziera.ro. 2008,
4 buildings will be finalized, all named after trees: Stejar (Oak), Paltin (Sycamore), Arin
(Alder) and Frasin (Ash). The four buildings total a number of 176 comfortable and
spacious apartments, distributed as follows:
48 one-bedroom apartments
102 two-bedroom apartments
16 three- bedroom apartments
9 three-bedroom apartments on two levels (duplex)
1 penthouse
The apartments benefit from generous terraces that can be transformed into your own
private garden, thus integrating with the rural/countryside look of the area. The complex
will also benefit from an underground parking lot of 167 places, its own video-monitored
commercial centre, a fitness club and children’s playgrounds that are located to maximise
safety and comfort.
Belvedere – a German project
German Neighborhood Belvedere Residence

Location:Bucuresti, Bucharest, Pipera Tunari
Description:
• German Neighborhood Belvedere Residence will be placed in Pipera Tunari and will
take a 7ha surface
• The complex is made of four apartment buildings, an office building and all the
facilities needed for a high quality living
• it will include:
• - 600 flats of 2 to 5 rooms, including duplexes of built surfaces between 70 – 200
sqm, wide terraces, elegant lobbies, direct access to elevators from underground
parking lot.
• Placed in a commercial area and also an office one of a new urban center, the
German Neighborhood Belvedere Residence ensemble blends in the exceptional
architectural view of the modern picture that the North of the city represents.
• Belvedere Residence offers all the facilities of a modern residential complex,
thought out to answer all the social, cultural and environmental life requests:
• - Health and beauty center
• - Commercial center
• - ~ 800 parking spaces
• - recreation space
• Work on the Belvedere ensemble starts on May 2007.The finalization term is
approaching November 2009
Price mp: 1 500 € / mp ( in 2008).
My Dream Residence is situated on Pipera-Tunari Road, right next to the American and
British Schools, location that ensures a good access to the city center.
In the area Pipera the prices offered during 2008 were:
My Dream 174 apartments, high standard project, located in the northern part of Pipera,
by the ring road. The prices are between 1,100 and 1,200 Euro + VAT per 1 sq.m. Oxford
Gardens One of the most luxurious villa complexes in Romania, the price per unit starts at
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EUR 500,000 and up to EUR 1,500,000. Ibiza Sol A complex of 12 apartment buildings, up
to 4 floors each. The prices are in the range of EUR 202,000 (VAT included) for a two
room apartment, and up to EUR 342,000 for the 4 room apartment (VAT included). Liziera
4-building complex of 7 to 10 floors each. The prices start at Euro 237,000, up to Euro
351,000 for a 3 room apartment of 176-230 sq.m.
Belvedere
A complex of 4 residential buildings and an office tower. The prices start from EUR 1,500
plus VAT per 1 sq.m.
In the area Tunari South Pacific has 3 residential projects:
Sydney
The residential compound comprises just 25 villas with four homes each and one villa with
two homes for those that appreciate distinguished architecture, laid on a total 26,000 sqm
field.With luxurious built areas ranging from 142 to 225 sqm, arranged on two levels, the
intelligently partitioned homes are a showcase of quality materials and design. All homes
provide parking for one or two cars and come complete with private, landscaped gardens
ranging in size from between 46 - 159 sqm. Exterior specificationsThe Sydney compound
offers four types of buildings.
Interior specificationsIn planning the modern and efficient architecture, no compromise
has been made: high quality finishes and state-of-the-art facilities are the standard. The
four individual designs all strive to meet the strictest of practicality and aesthetic needs: 3
bedrooms, 3 bathrooms, separate kitchens and an open living room.
Very close to Sydney residence, Melbourne Residence is another project that relays on the
same Armonia life style. Combining the green areas with one level buildings, Melbourne
subscribes to same relaxed, detached and clean way of life.
With the Melbourne Residence, a delicate balance between clean, crisp and beautiful
design has been achieved that unlocks the warmth of family living whilst maximising the
use of real living space.
71 homes are displayed in 8 compounds with modern architecture surrounded by
beautiful private gardens. Relaxing evenings or dinners can be spent in the living room or
in the garden at the ground floor. The first floor is dedicated to generous bedrooms
provided with balconies.
The built areas between 124 sqm and 156 sqm are accompanied by landscaped gardens
of 30-89 sqm and parking places. The entire assembly covers a 13,800 sqm field.
Just almost across the road from Sydney Residence, Adelaide Residence is the perfect
choice for young working couples and modern families. The beautiful gardens and
terraces create a sense of freshness and intimacy.
On a land of 16,000 sqm, 173 homes are sheltered by five two-level buildings with one or
two bedroom apartments and by another four compounds of duplexes, all of them having
separate entrances. 100 additional car places for visitors accompany the residents’ private
parking places.
Exterior specifications
Contemporary lines have been meticulously set out by our architects so that each home
enjoys the real sense of what is the very best of open plan living
Romfelt Plaza
ADDRESS
Bucharest, Sector 2, 19th Ziduri intre Vii Street.
Transport
Romfelt Plaza is quite near to the town center and easily reachable by the following
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transport means:
RATB: 101, 143, 282, 682
Description
Romfelt Plaza Residential is an attractive complex consisting of 9 buildings: one of 24
floors high, four of 16 and four of 4 floors high respectively, which amounts to a total of
616 apartments of 1, 2, 3 or 4 rooms. The Complex is designed with both parking lots and
underground parking places on 2 levels. On the main floor there are to be found all
needed facilities: supermarket, fitness hall, cafeterias, cleaning shop and others.
The Complex, situated in a residential area, near Doamna Ghica - Gara de Est area) and
plenty of other facilities.
The green areas, parks and lakes (Colentina, Fundeni, Pantelimon) nearby are to be
included in a larger environmental project .
General Description
Romfelt Plaza is a residential complex situated on SC Romfelt Estate SA property. The
land has a surface of 13815 sqm and is located in Bucharest, Sector 2, 19th Ziduri intre Vii
Street.
Residential Complex ComponentsRomfelt Plaza residential is composed of 9 buildings with

different heights between 2S+P+4E and 2S+24P, as follows:
• Two underground levels for parkings, storages and technical needed spaces
• The ground flour defined for renting purposes for different activities (offices,
cabinets, shops, service)
• The levels 1-24 has exclusively residential destination
Shared Elements of Apartments

Utilities used by all the apartments are placed at the underground levels: heating unit,
fire tank, domestic water tank, civil protection shelters, electrical transformer.
The exterior closings are structure elements (concrete diaphragms) or 20 cm BCA
walls. The exteriors are thermo isolated on the entire surface according to legal norms.
The facade finishing is of several types:
• Baumit system (expanded polystyrene with decorative painting) on the

balconies facade
• Coloured composite panels (Eternit type) on short faces of the high buildings
(diaphragms with few empties)
• Coloured composite stick panels (Eternite type) on the ground flour
• Balustrades of laminated glass in metal frame, with decorative vertical panels
of laminated colored glass in metal frame
Noblesse Lakeview Residence
It is located in the North area of Bucharest 3 min away from Piata Presei Libere. The land
has 1000 sq m and 32 frontage. The project is approved for buildings on S+G+3-4 5 F.
Crystal Palace Residence – Pipera
It is a villa –complex (16 units) located in area Pipera.

Total area of the house is 405 sq m and has superior finishing. The starting price is
500,000 Eur.
Among the most developed areas we remind: Baneasa – Otopeni, Lacul Straulesti, Scoala
Herastrau – Soseaua Nordului, Corbeanca.
____________________________________________________________________________________ 15
Baneasa – Otopeni – starting from 1993, this area has developed gradually and became
the best-rated residential area in Bucharest. Most houses are family residences, but there
are housing complexes built for sale or for rent.
Lacul Straulesti – this area developped starting with 1997 and is the location of the
residential complexes Sisesti and Lakeview Housing.
Scoala Herastrau – Soseaua Nordului – this area was chosen as the location for the Satul
Francez the first residential complex and starting with 1993 developed accordingly.
Short view of the residential units developed in the North Area of Bucharest
Demand
Furthermore, shifts in demand may occur while new real estate units are being
constructed, so an oversupply, rather than market equilibrium, may result.
In the analyzed case, taking into consideration the type of the market segment, the
analyzed demand for such properties comes from investors (legal persons) and
developers.
Taking into account the advantages of the location and the intrinsic characteristics
(physical, existing utilities, dimensions, etc) we could appreciate that the appraised
property is attractive for a long term investment and for developing residential units to be
sold.
The real estate properties are durable and can be looked at as investments. Are not liquid
and the sell-purchase process is long.
Due to all this factors the behaviour of the real-estate market can be difficult to estimate.
The price for lands can be influenced also by the motivation of the developers to build
real estate products, and this motivation is directly influenced by the demand of the
market.
The global financial crisis determined on the Bucharest real estate market an emphasis of
lowering prices and increasing supply for sale.
As was expected, September marks the significant growth of market sales offers of
____________________________________________________________________________________ 16
apartments but also a dramatic decrease of prices for the seventh consecutive month
The prices required by owners for apartments in Bucharest are lower and lower, many of
them are willing to sell apartments avoiding the risk of higher losses in the next period.
The level of this demand determinates the attraction of the land for building (being
appropriate for the development of residential/administrative buildings).
The attraction and competition of the studied property comes from:
Good localisation;
Suitable form;
Actual deficiencies:
The global financial crisis was followed by decreases of the real estate
market of up to 30-40% comparing to end of the year 2008 (and
higher for some segments of real estate market)
We observe that the demand for such type of land is in relation with its developing
possibility (of CMBU) and not the last by the purchase power, taking into consideration
that the property has large surfaces:
Prefer an increased intimacy of the property;,
Want real estate to a modern standard,
Want large surfaces that permit parking spaces but not excess land
Have funds available to property investment or have access to funding
sources
Taking into consideration the localization and characteristics of the property (physical
state, facilities, potential use, dimensions, etc) we can appreciate that the valuated assets
are attractive for long term investment or for a change of its actual use.
The ones interested in buying of similar properties with the analyzed one are firms with
great financial power.
Specific market overview
The land is located in Pipera 250 m away from Pipera Tunari Road in the vicinity of the
residential complex Liziera and near American School. Other residential developments in
the area „Madrid” and „ Ibiza”. The prices of similar land in the area are in the interval of
200-390 EUR/sq m.
5. Highest and best use
The highest and best use is the alternative of using the property selected from
different possible variants, which will be starting basis and will generate the valuation
assumption necessary in applying the valuation methods and approaches in the following
chapters.
The concept of the highest and best use is essential in the valuation process. Through
highest and best use analysis, the appraiser interprets the market forces that influence
the subject property and identifies the use upon which the final value estimate is based.
The definition of the highest and best use is defined as follows:

The most probable use of a property which is physically possible, appropriately justified,
legally permissible, financially feasible, and which results in the highest value of the
property being valued.
____________________________________________________________________________________ 17
The highest and best use of the land is usually analyzed in one of the next situations:
The highest and best use of the land as though vacant

The highest and best use of the land built (as improved)
The highest and best use of the real estate property has to accomplish 4 criteria:
Legally permissible –here the regulation regardind the zoning, building
restrictions, construction norms, restrictions referring to the patrimonial
constructions and histhorical sites, the environmental impact, as well as
clauses from the lease contracts are analyzed.
Physically possible. This implies the dimensions, shape and area, the geological
structure of the land and the accesibility of a plot, as well as the risk to natural
disasters (earthquaqes, floods), and the capacity and the availability to the
public utilities (sewerage, water, electrical, gas supply, heating possibilities),
and the physical characteristics.
Financial feasible.This implies the analysis and the forecast of the future
incomes generated by the property, less the operation expenses (incuding tax
on profit. A capitalization rate of the equito capital will be calculated and if it is
higher or equal to the rate expected by the investors on the market, then the
use is feasible.
Maximize its benefits (is referring to the real estate property value under
conditions of highest and best use (destination). From all feasible uses, the
highest and best use is the one that leads to the highest residual value of the
land in concordance with the rentability rate of the capital requested by the
market for this use.
The analysis assumed getting information from the residential estate market overview,
information about commercial and office spaces (prices and rents), as well studying the
possible alternatives of its utilisation.
In the analysis of highest and best use the valuer identifies the most rentable and
competitive one of the property. As a value the highest and best use is a concept led by
the market.
The highest and best use is associated with the idea that the value of the land is
equivalent to the part of the property income that left after deduction the developing
costs. The buildings could be changed, but the features of the site cannot.
The decision regarding the use is fundamental in establishing the level of the income to
be got from the site. From this perspective the income obtained from the land is the force
that generates the value of the property.
Highest and best use analysis
In the analyzed case, in concordance with the study on specific real which follows the
maximization of the value by the incomes that the property subject of the valuation brings
and it is the highest and best use of the property, the market shows that the maximum
value could be obtained in the case of vacant land.
Therefore taken into consideration that the land will be built, the highest and best use is
based on the situation that the benefits on the land could be maximized by operating the
future construction. Given these reasons, in the present case the analysis of highest and
best use is carried out in the situation of vacant land.
____________________________________________________________________________________ 18
Practically, taking into account the type of the building and its location, the best
alternative possible for the analyzed property is that of vacant land for residential
development. Under the criteria that define the concept CMBU this approach is:
Legally permissible (the notification and building permit are available)
Physically possible.
Financial feasible (taken into consideration the real estate market conditions
and the characteristics of the location)
Maximize the benefits (the project leads to the highest residual value of the
land).
6. MARKETCOMPARISON APPROACH
The market comparison approach is based on the premise that the market value of a
property is directly related to the prices of comparable, competitive properties. The value
of a property in the market is set by the availability of substitute properties of similar
utility and desirability. Externalities such as the neighbourhood and the economy can
affect property value positively or negatively. In this case it is also based on recent
market transactions with real estate in this area. The comparables comprises property
rights, legal restrictions, financing conditions, sales conditions (motivation or the parts
involved in transaction), market conditions (sale date), location, physical characteristics,
available utilities, zoning, and the highest and best use
In applying this method the valuer analyzed, compared and adjusted comparative sales
and data about similar plots of land with a view to identity a value level for the property
subject of the appraisal. This method is recommended in appraisal of vacant land, or
considered as vacant, and it is preferred when the comparables are sure and sufficient.
The sales comparison approach is the process by which a market value estimate is derived
by analysing the market activity of similar properties and comparing these properties to the
subject property. Comparative analysis techniques are fundamental to the valuation process
and are used in other approaches to value. The approach has been applied considering the
type of the subject property and the suitability to the present case.
The market determines property prices. It results from negotiations between buyers and
sellers. Buyers constitute market demand and the properties offered for sale make up the
supply. The method is bases on this relation demand-supply that are usually reflected in
mass media of other information sources.
The method is based on the unit values resulted following the transactions with vacant land
in this area.
The sales comparison approach is based on the premise that the market value of a property
is directly related to the prices of comparable, competitive properties. The value of a
property in the market is set by the availability of substitute properties of similar utility and
desirability. Externalities such as the neighbourhood and the economy can affect property
value positively or negatively.
At the valuation date the valuer had information regarding recent sales of similar land
(sales and offers of vacant or built plots). The information has been collected from
different publications.
The sales offers for similar plots of land within the analyzed area are between 200
euro/sq m and 390 eur/sq m depending on the location, area, utilities, access, highest
and best use, etc.
____________________________________________________________________________________ 19
The comparison elements taken into consideration are: the property rights, legal
restrictions, financing conditions, market conditions (date of the sale), location, physical
characteristics, utilities, zoning and highest and best use.
SALES COMPARISON GRID

Elements of comparison Subject Comp 1 Comp 2 Comp 3 Comp 4
Area 75.730,76 2.000 16.500 1.930 17.300
Price (offer) (Eur/sq. m.) 250 390 350 250
Property rights integral integral integral integral integral

Adjustment value (%) 0% 0% 0% 0%
Adjustment value (eur/sq m) 0 0 0 0
Adjusted value 250 390 350 250
Type of price
(transaction/offer) -15% offer offer offer offer
Adjustment value (eur/sq m) -37,50 -58,50 -52,50 -37,50

Adjusted value 212,50 331,50 297,50 212,50
Less favourable -
More favourable - Similar - Pipera, Less favourable -
Location Pipera - forest outskirts Pipera, Drumul
Pipera, Romstal Liziera Pipera - Radio Far
Negru
Adjustment value (%) 10% -10% 0% 5%
Adjusted value 233,75 298,35 297,50 223,13
local road (double local road (double local road (simple local road (simple local road (simple
Access
opening) opening) opening) opening) opening)
Adjustment value (eur/sq m) 0,00 20,88 20,83 15,62
Adjusted value 233,75 319,23 318,33 238,74
collective collective
collective residential residential/comm residential residential
Best use / development
(building permit for residential G+2F(no ercial G+8F(no G+4F(no building G+4F(no building
B+G+10F) building permit) building permit) permit) permit)
Adjustment value (eur/sq m) 46,75 15,96 47,75 35,81
Adjusted value 280,50 335,20 366,07 274,56
electric line, gas, water, electric line, gas, electric line, gas, electric line, gas,
Utilities sewerage - in the water, sewerage - water, sewerage - water, sewerage -
vicinity in the vicinity all utilities in the vicinity in the vicinity
Adjustment value (%) 0% -5% 0% 0%
Adjustment value (eur/sq m) 0,00 -16,76 0,00 0,00
Adjusted value 280,50 318,44 366,07 274,56
Area 75.730,76 2.000 16.500 1.930 17.300

Adjustment value (%) -35% -20% -35% -20%
Adjustment value (eur/sq m) -98,18 -63,69 -128,13 -54,91
Adjusted value 182,33 254,75 237,95 219,64
total gross adjustement 203,68 208,94 249,20 154,47
Estimated market value round 220 euro/sq. m.

Land = 75.730,76 sq. m. 16.660.800 € 71.969.658 lei lei
Following the analysis and interpretation of the available information (see the table) the
resulted market value estimated for the property subject of the appraisal is Euro 220/sq
m, given that the comparable choosen is closest to the subject plot regarding the
location.
____________________________________________________________________________________ 20
6. Extraction method
Extraction is a variant of the allocation method in which land value is extracted

from the sale price of an improved property by deducting the value contribution of the
improvements, which is estimated from their depreciated costs. The remaining value
represents the value of the land. Improved sales in rural areas are frequently analyzed in
this way because the building’s contribution to total property value is generally small and
relatively easily to indetify.
The land value estimates produces with the extraction method can also be used with the
data gathered from vacant land sales in sales comparison. Sometimes, the extraction
technique is applied to assessment ratios rather than specific numerical amounts.
However, a value indication derived in this way is generally not persuasive because the
assessment ratios may be unreliable and the extraction method does not reflect market
considerations.
The method can be used:
-when the value of the improvements could be estimated relatively precisely
-when the yearly net income established, generated by the property is known or
could be estimated.
-when the capitalisation rates could be extracted from the market information
separately for buildings and for land.
The value of the new buildings could be estimated in the case when it represents
the highest and best use and they are not depreciated of do not have functional
obsolescence.
The valuer should establish first the value of the building (present or hypotetical) which
represents the highest and best use, the yearly net income generated by operating the
property (from the market rent obtained and the estimated operation expenses as at the
valuation date). The valuer will calculated the part from the income that could be
atributed to the buildings and will obtain the income left for the land. This income
atributed to the land shall be capitalised at a capitalisation rate obtained from the real
estate market resulting the land value.
According to the urbanity certificated no. . 21/06.02.2007, the technical features show a height level
permited of B+G+10F POT max = 40% and CUTmax = 4.5.
The customer put at our disposal also a building permit no. 18/13.05.2008 for a residential collective units
complex, retail and service spaces with a height level of B+G+5F - B+G+10F.
At the inspection date the excavation works for the fundation were started on the site.
____________________________________________________________________________________ 21
POTENTIAL - COLLECTIVE RESIDENTIAL AREA

Blockhouses - Collective residential buildings
Supraface of the plot 75.731 sq. m.

Building surface area (-30% for roads,
retail and service spaces) 53.012 sq. m.
Number of plots 1000,00 sq. m. 53 lot
Number of buildings 53 buildings
Built area above ground 40% 400,00 sq. m.
Developed built area 4.400,00 mp
Total developed built area 233.200 sq. m.
Costs for designing, development and
construction (unit price) 450 EUR/sq. m.
Costs for designing, development and
construction 1.980.000 EUR
Total costs for designing, development
and construction 104.940.000 EUR
Other costs unforeseen(* 5% 5.247.000 EUR
Total bulding costs 110.187.000 EUR
Interest on financed costs (** 8% 8.814.960 EUR
Estimated sales price (53 buildings) 620 144.584.000 EUR
Total estimated income 144.584.000 EUR
Real estate agency fees (*** 1% 1.445.840 EUR
Developer profit 4% 4.760.078 EUR
Total build Expenses 125.207.878 EUR

Total estimated sales value 144.584.000 EUR
Residual value of the land 19.376.122 EUR
Actualisation @12% si n=1an 0,8929
Residual value of the land 17.300.109 EUR
Purchase cost of the land (**** 1,0% 173.001 EUR
Value of the land 17.127.100 EUR
Unit value 226 EUR/sq. m.
* % of the Total costs for designing, development and construction

** % of the Total building costs
*** % of the Total estimated income
**** % of the Present residual value
____________________________________________________________________________________ 22
7. Reconciliation of the value. Indications to a final value estimate.
area of 75,730.76 sq m located in Pipera, Voluntari, field 4, plots A93/2 and 121/1,
The value estimate applying sale comparison method is EUR 16.660.800

The value estimate applying extraction method is EUR 17.127.100
Taken into consideration the location of the property, real estate market information and
data about similar sales, the purpose of appraisal the appraiser’s opinion is the market
value estimated by comparison approach at 71.969.658 lei.respectively 16.660.800
EUR, calculated at an exchange rate of 4,3197 lei/EUR valid as at the valuation date
(December, 31st, 2011).
____________________________________________________________________________________ 23
Pictures:
land land
land land
Land and vicinities Access road
____________________________________________________________________________________ 24
Neighbourhood (Liziera) Access road from Sos. Pipera –Tunari toward the
plot
____________________________________________________________________________________ 25
Nr. 43/ 06.01.2012
ASSESSMENT REPORT
of land for construction located in Sibiu, Mihai Viteazu
Boulevard, no number, in total surface of 26,446
square meters, CF 11556 N Selimbar,
land survey no. 2598/1
Ownership: S.C. SHAPIR SIBIU S.R.L. Bucuresti
Estimated value: RON25.786.200, EUR 5.941.800
Assessment report made at 06th of IANUARY 2012 according to the

market conditions, at the exchange rate from 31st of DECEMBER 2011
SHAPIR SIBIU SRL– Sibiu Land Assessment Report
The subject of the evaluation is the land for construction situated in Sibiu, Mihai
Viteazu Boulevard, no number, a total surface of 26,446 square meters, CF 11556 N
Selimbar, land survey no 2598 / 1, SC property of SHAPIR SIBIU SRL Bucharest,
land described in this assessment report.
The purpose of this assessment report is the land evaluation, above mentioned,
on the specialized market, as defined in ANEVAR standards (National Association of
Assessors in Romania) and by International Standards Assessment.
Land value was established in accordance with the standards applicable to this type
of value taking into account the purpose for which the assessment was requested,
namely Assessment Standards of ANEVAR 2012
IVS – General framework

IVS 300 – Assessment for financial report
IV 230 – Right on the real estate
The assessement methodology and the relevance of methods of the current
assessment are described in the present report.
The report was structured as follows: The Certification of assessment
(1) Generalities – where the main specific elements, which describe the approach
used in the evaluation, are found; (2) The ownership Right of the real estate,
subject to assessement – providing information about the owner, implicitely of the
above mentioned land. (3) Land assessment – referring to the way the method of
assessment is applied and to the assessor’s conclusion regarding the established
value; (4) Annexes- containing the elements that sustain the arguments mentioned
in the report.
After applying the method of evaluation, the assessor's opinion is that the
market value of land for construction situated in Sibiu, Mihai Viteazu
Boulevard, no number, having a total surface of 26,446 square meters, CF
11556 N Selimbar, land survey no 2598 / 1, property of SC SHAPIR SIBIU
SRL Bucharest is estimated at RON25.786.200, EUR 5.941.800 at the
exchange rate of 4.3523 lei/EUR, valid for the reference data of the
assessment.
The arguments that constituted the basis of the views and considerations in
determining this value are:
The value was given taking into account solely the hypothesis, the
limitative conditions and the estimations mentioned in the present report
and it is valid within the economic and juridical conditions mentioned in the
report;
The value is valid only when used for the utilization mentioned in the
report;
The value represents the opinion of the evaluator regarding the value of
the land on the market;
The value is a prediction;
The report was prepared in accordance with the standards, recommendations and
the work methodology promoted by ANEVAR (National Association of Assessors of
Romania).
Sincerely,
Eng. Radu Constantin Paun
Director ESTIMARLtd.
2
TABLE OF CONTENTS
DECLARATION OF CONFORMITY......................................................................4
1. Generalities ............................................................................................5
1.1 Object, purpose, and use of assessment. Client and the recipient of the report. . Error!
Bookmark not defined.
1.2 Basis of assessment. Type of the estimated value ..................................................5
1.3 Estimation date of the value ................................................................................5
1.4 The currency of the report. .................................................................................5
1.5 Standards applied ................................................................................................5
1.6 The assessment procedure (steps taken, sources of information) ............................6
1.7 Clause of non-publication ....................................................................................6
1.8 Responsibility towards third parties.......................................................................6
1.9 I Hypothesis and limitative conditions ...................................................................6
1.9.1 Hypothesis ...................................................................................................7
1.9.2 LimitativeConditions:.......................................................................................7
2. Real estate market analysis (study of merchantability) ...........................8
3. Ownership of the land ..................................................................................12
3.1 Client .............................................................................................................. 12

3.2 Owner of land ................................................................................................ 12
3.3 The right of ownership ................................................................................... 12
4. Assessment of land ........................................................................................12
4.1 Data on how to do evaluation ........................................................................ 12

4.2 General data regarding the land assessed ...................................................... 12
4.3 The Best Use ................................................................................................. 12
5. Direct comparison method............................................................................13
6. Extraction method..........................................................................................15
7. Reconciling the values. Assessor’s opinion ................................................16
3
DECLARATION OF CONFORMITY
Through this we certify that:

Testimonials sustained in this report are real and accurate;
The analyses, opinions and conclusions in this report are limited only to the
hypothesis and limitative conditions, which are parts of an unbiased
analysis;
We have neither current nor future interest in ownership of assets covered
by this assessment report and have no personal interest and we are not
biased towards any of the parties involved;
Neither the assessor nor any person involved or affiliated with him is a
shareholder, associate or a person affiliated or involved with the beneficiary;
Assessor’s payment does not depend on any agreement, arrangement or
understanding that could give to the assessor or a person involved or
affiliated with him a financial incentive for the conclusions expressed in the
assessment;
Neither the assessor nor any person involved or affiliated with him has
other financial interest related to the completion of the transaction;
Our analyses and opinions were based and developed in accordance with
the standards, recommendations and work methodology promoted by
ANEVAR (The National Association of Assessors in Romania). The assessor
complied with the code of ethics of his profession;
At present I am an ANEVAR member and I completed the continuous
professional training.
Respectfully,
Eng. Radu Constantin Paun

ANEVAR Assessor
4
1. Generalities
1.1 Object, purpose and use of the assessment. The client and the
recipient of the report
The subject of the assessment is the land for construction situated in Sibiu,
Mihai Viteazu Boulevard, no number, a total surface of 26,446 square meters, CF
11556 N Selimbar, land survey no 2598 / 1, SC property of SHAPIR SIBIU SRL
Bucharest, land described in this assessment report.
The purpose of this assessment report is the estimation of land’s value, mentioned
above, on the market, as defined in ANEVAR standards (National Association of
Assessors in Romania) and in International Standards Assessment.
The current Report is addressed to S.C. SHAPIR SIBIU SRL Bucharest, as client and
as recipient. The assessor assumes responsibility only towards his client and
recipient of this assessment report, in accordance with ANEVAR status and the
Assessor Code of Ethics.
1.2 Basis of assessment. Type of the estimated value
The assessment performed in this report, in accordance with the requirements of

the beneficiary, is an estimation of the market value (with particularities
described below) of the property as defined by the International Standards of
Assessment from 2012.
According to this standard, the market value represents the estimated amount
of money for which a property could be exchanged at the assessment date,
between a decided buyer and seller, in a transaction in which the price is
determined objectively, after a proper marketing activity in which the parties
involved have acted being well informed, prudent and without constraints.
The calculation methodology “the market value” has been taken into account the
purpose of the assessment, the type of properties and the recommendations of
ANEVAR standards.
1.3 Date of value estimation
At the basis of performing this assessment lay the data regarding the price status
until 31.12.2011, date at which the data and the pieces of information are
available as well as when the valid hypothesis and the estimated values are taken
into account by the assessor. The assessment date is 06.01.2012.
1.4 The currency of the report.
The final opinion of the assessment is given in EUR and RON.
1.5 The applied standards
In performing this assessment report the following standard were taken into
account:
Assessment Standards ANEVAR 2012:
IVS – General framework
IVS 300 – Assessment for financial report
5
IVS 230 – Rights on the real estate
1.6 The assessment procedure (steps taken, sources of information)
The basis of the assessment performed in this report is the market

value as it was defined above.
The steps taken for determining this value were as follow:
documentation based on a list of information requested by the client;
land inspection;
establishing the limits and the hypothesis that are at the basis of
elaborating the report;
the selection of the type of estimated value used in this report;
determining and estimating the limitative conditions specific to the objective
needed for performing the transaction;
the analysis of all the data collected, the interpretation of the results
according to the assessment report;
applying the assessment value considered as appropriate for determining
the value and consolidating the assessor’s opinion.
The assessment procedure is in accordance with the standards, recommendations

and work methodology promoted by ANEVAR.
The sources of information that were the basis of drawing up this report were as
follow:
Documents and drawings provided by the land owner, namely:
documents certifying the ownership right over the land;
the documentation prepared in order to receive the survey number.
Other necessary information present in the specialized bibliography, namely:

The reference exchange rate of the national currency;
Real estate publications
Assessors do not assume any liability for data supplied by the client and the owner
nor for the results if they are vitiated by incomplete or erroneous data.
1.7 Clause of publication
The content of this Valuation Report could be reproduced, partially or as a whole, in other
documents, circulars or statements. S.C. ESTIMAR S.R.L. and its valuer are not responsible
to the beneficiary or any third party if, by publishing this report, prejudices should occur to
them. This Valuation Report does not contain investment suggestions, therefore, neither the
valuer, nor the company S.C. ESTIMAR S.R.L., are responsible for any prejudices occurred
to the beneficiary, or other third party, following the use of these data as investment
decision
1.8 Responsibility towards the third parties
The present assessment report was developed based on pieces of information

supplied by the client and the land owner, the accuracy and precision of the data
supplied being their responsibility. This assessment report is intended to be used for
the purpose and by the recipient specified in paragraph 1.1. The report is
confidential, strictly intended for the client and the recipient and under no
circumstances the assessor assumes responsibility towards a third party.
6
1.9 Hypothesis and limitative conditions
The main hypothesis and limitative conditions taken into account in developing this
report are as follow:
1.9.1 Assumptions
Legal issues are based exclusively on the pieces of information and documents
provided by the land owner and were presented without undertaking
additional tests or investigations. It is assumed that the ownership title is valid
and marketable, unless specified otherwise;
the pieces of information provided by the third parties is deemed reliable, but
guarantees for its accuracy are not given;
It is assumed that there are no hidden or apparent conditions of the
location.The assessor does not assume any responsibility for such conditions
nor for implementing the necessary studies to highlight them;
It is assumed that the location is in full accordance with all the local and
governmental regulations regarding the environment except those cases when
the inconsistencies are exposed, described and mentioned in the report;
From the information held by the assessor and resulting from conversations
with the land owner, there is no indication of the existence of natural or
chemical contamination affecting the value of the property assessed or the
value of neighboring properties. The assessor has no knowledge regarding the
performance of investigations or reports and which indicate the presence of
contaminants or hazardous materials and he did not perform special
investigations in this regard. The values are estimated in the hypothesis that
there are none. If proven later on, that in fact, there are contaminations on
any property or any other neighboring land or that have been or will be put
into service means that could contaminate the property, this event can result
in diminishing the value reported;
The assessor considers the assumptions made when applying the assessment
methods were reasonable in the light of information made available at the
assessment date;
the estimated market value is valid at the date of assessment. As the market,
and the market conditions may change, the estimated value may be incorrect
or inappropriate at a given point in time;
It is assumed that the legislation in force will keep steady and possible
modifications that may occur during the next period of time were not taken
into account;
The choice of assessment methods present in the current report was done
taking into account the type of the estimated value and the available data;
The assessor used in the value assessment all the pieces of information at his
disposal at the assessment date making reference to the subject of the
assessment, without excluding the possibility that other information may exist
but of which he has no knowledge.
1.9.2 Limitative Conditions :
being in the possession of a copy of this report does not give the right to its
publication;
the assessor, by the nature of his work, is not obliged to provide further
consultancy or testify in court concerning the properties in question, except
those cases when such arrangements have been concluded in advance;
7
neither the current report nor parts of it (especially conclusions referring to
values, the identity of the assessor) is not to be made public or marketed
without prior consent of the assessor;
the assessment report is valid in accordance with the economic, fiscal, legal
and political conditions at the date of its drawing up. If these conditions will
change the conclusions of this report may lose their validity.
2. Real estate market analysis (study of merchantability)
Real Estate Market is defined as a group of persons or companies that are in

contact for the purpose of completing real estate transactions. The market
participants exchange ownership rights for goods such as money. A series of special
characteristics differentiate the real estate market from the commodity market or
services market. Each real estate is unique and its location fix. The real estate
markets are not efficient markets: the number of buyers and sellers acting is
relatively small, real estate properties have high values which require a high
purchasing power, which make these markets sensitive to the stability of incomes,
to the change in salary status, to the number of available employments; this type of
markets are also sensitive to the type of finance offered, the amount of the loan
that can be withdrawn, the amount of the down payment, interests etc. Generally
speaking, the real estates are not purchased by paying in cash and if there are no
favorable financing conditions the transaction is jeopardized.
Unlike efficient markets, the real estate market is not self-adjusted, but is often
influenced by local and governmental regulations. The demand and the offer of real
estate properties may tend towards a point of equilibrium, but this is rarely
achieved and mostly theoretical, being always a gap between the offer and the
demand. An offer for a particular type of claim is developing with difficulty and a
demand can change suddenly, so that many times there is overbid or excess of
demands and not equilibrium. Buyers and sellers are not always well informed and
acts of sale do not occur frequently. Often, information about trading prices and the
level of offer are not immediately available. Real estate properties are durable and
can be viewed as investments. They cannot be viewed as fast liquidity earning-tools
and usually the sale process is long.
Because of all these factors the real estate markets are difficult to forecast.
Motivations are important, the interaction of participants on the market and the
extent to which they are affected by the endogenous and exogenous factors of the
property. Depending on the needs, desires, motivations, place, type and age of
participants on the market, on the one hand, and the type, location, design and
restrictions regarding the properties, on the other hand, different types of real
estate markets(residential, commercial, industrial, agricultural, special) have been
created. These, in turn, can be divided into smaller markets, specialized ones called
submarkets, this being a process of market segmentation and disintegration of
property.
Economic news about the land market in Romania:

(http://www.dailybusiness.ro/stiri-real-estate/piata-terenurilor-in-2011-
dezvoltatorii-sunt-mai-activi-dar-dureaza-si-un-an-pana-bat-palma-71328/ ):
Land market went through a long period of frost at the beginning of the crisis, and
in the last two years the demand was almost entirely composed of large food
retailers and DIYs (do it yourself). But, the year 2011 made more active the real
estate developers, who up to the end of 2010 din not come out of their "shell".
Although the situation is more encouraging, analysts still see a very cautious
behavior at buyers, negotiations for buying can reach an entire year.
8
DailyBusiness.ro talked to some analysts, to achieve a "picture" of the land market

this year and to see what their expectations for next year are.
"Interest in land is situated at approximately the same level this year compared to
2010. The economic situation still does not encourage investment in land
and credit granting is still very expensive, "says Cristian Raducea, retail & land
consultant at DTZ Echinox.
On the other hand, Ionut Petcu, senior consultant in the division of land at the
company The Advisers / Knight Frank, says that althought the year 2011 was
characterized by a stability of the land market, however, he notified a higher
interest from buyers, with their focus in some areas. Petcu says that there is still a
high degree of caution in terms of signing new business.
"After three years during which the market declined deeply, in 2011, prices for land
in the center and around the center of the city stabilized. We have seen declines
only for land located outside or on the outskirts, "says the analyst of The
Advisers.
Positive evolution of the land market has been led by the entry of new players,
international ones, interested in purchasing some prime locations, said Petcu.
Active players included users such as large retailers, gas stations, pharmaceutical
and manufacturing companies, say the officials from The Advisers.
"A new innovation in 2011 was represented by the active behavior of developers of
office spaces, which, after two years of waiting, began to make acquisitions in order
to develop new projects," said Ionut Petcu.
What are the most popular plots of land?
"In addition to lands used for retail (generally searched by popular big-box
operators), the demands in other areas are sparse, and belongs to the lands having
as destination offices," said Cristian Raducea from DTZ.
One of the developers who bought land for a project for building offices is
Interprime Properties, which took a plot of land in the Basarab Passage in
Bucharest, estimated at 13 million Euro deal and managed by Colliers.
In Bucharest, the demand was concentrated in certain locations, such as Calea
Floreasca, Barbu Vacarescu. Due to very low vacancy rate of office space in this
area (less than 1% today), investors are increasingly interested in acquiring lands
available here, said Ionut Petcu.
Even if developers were more active in terms of land acquisitions, however most of
the demand came from large retailers, as in 2010.
"A significant percentage of the demand continued to be generated by
large retailers such as Cora, Kaufland, Dedeman, who purchased land in key
locations, impossible to be bought in the boom years because of high prices then
prevailing. For example, NEPI bought 5 hectares in Ploiesti to develop a shopping
center, and one in Brasov, both land located near Carrefour. Another category of
active players was represented by 'discounters', while Dedeman was the most active
player in the DIY category, this year reaching a network of 24 stores, "said Ionut
Petcu of The Advisers.
"Despite the weak housing market activity, there were a number of interested
developers on this market segment, although most have expressed a desire to enter
into joint venture partnerships with landowners instead of buying them" Petcu
added.
Are landowners willing to drop the price?
"In general there are no big differences from last year on trading prices. Owners
seem slightly more flexible but this does not necessarily lead to trading, "said
9
Cristian Raducea from DTZ.
Owners who are constrained by certain aspects (credit granting, relocation activity)
are more flexible in terms of financial conditions of any transaction. Those who do
not have any obligation are not very flexible.
"Compared to last year, we can not talk about flexibility. Generally, there is a
percentage for negotiation, about 10-15%, but each trade has its peculiarities.
Usually, in the first phase, a buyer is talking to all owners of the targeted area, but
the final decision is taken, as in any real estate transactions, depending on the
report quality - price, "says Petcu.
Regarding the behavior of potential buyers, the word that best defined them in
2011, has been precaution, added The Advisers consultant.
A transaction is concluded between a period of 6-12 months. Why does it
take so long? "The main problems arising in negotiations are likely related to the
legal matters, to credit granting or to obtain permits and authorizations," said
Raducea.
How much time is necessary to conclude a transaction?
"Negotiations to conclude a transaction take time, usually between 6 and 9 months,
depending on the area acquired and the complexity of the transaction," said Ionut
Petcu, consultant in the division of land at the company The Advisers / Knight
Frank.
"The most common problems are those related to land ownership and urban
planning. To avoid these problems, most buyers require to the owners to obtain
certificates of urban planning or other necessary documents before finalizing a
transaction," said Petcu.
How many of the negotiations were finally concluded? "The success rate of
negotiations on this segment is approaching 50%, if the seller and the buyer
are open to each other about what they want to achieve and start from correct
assumptions," said Raducea from DTZ.
What to expect in 2012?
Analysts expect a slight drop in prices for some land, and in terms of transactions
there will be a slight increase.
"The only lands that present the risk of price declines are located outside the city,
or in areas with difficult accessibility and poor infrastructure. In terms of demand,
we expect a slight increase, driven both, by the big retailers and by the office
developers, "said Ionut Petcu.
Raducea expects to be a "maintenance, maybe a slight price decline and a
moderate increase in transactions of agricultural lands and buildings for retail, and
offices".
Real estate specific to the assessed land
The real estate market specific to the assessed land is that real estate market in
Sibiu which was almost blocked in the last year.
The assessor does not know about the existence of land transactions concluded hi
for more than two hectares. There were transactions with land surfaces less than
1,000 square meters, most below 300 sqm. located in areas where land price is
below 50 EUR / sqm .
Due to the lack of demand, has been reached the point where potential sellers are
discouraged to release for publication selling offers. This led to the situation that in
newspapers or on web sites are found 80% fewer selling ads than during the
upsurge of the housing market. Due to this uncertain economic situation, most real
estate transactions took place with apartments located in blocks, that can access
10
loans through the government program, the " First Home". The preference was for
purchasing apartments with small surfaces, the amount paid being between 30 to
50,000 EUR. Their unit price was between 700 and 900 EUR / sqm depending on
the location, the degree of finish and to the way they are equipped with facilities.
Failure to pay loans brought real estate properties for debt enforcement.
The land is situated in Sibiu, at the end of Mihai Viteazu Boulevard, an important
main road in the city. Since the previous assessment report, the City Hall has built a
roundabout at the intersection of Rahovei Street and Mihai Viteazu Boulevard, and
asphalted the two traffic lanes of the main road that connect the roundabout with
the Lidl " store, opened a few months ago.
DESCRIPTION OF THE AREA: Area with residential and industrial orientation, having
blocks of flats as neighboring properties.The offer of available lands in this area is
currently restricted.
Projects of new neighbourhoods in Sibiu Municipality
In four small residential neighbourhoods were built blocks of flats in Sibiu in 2011:
Panoramic Gardens in Gusterita neighbourhood, on the hill
Marguerita in Gusterita neighbourhood, on Ceaikowski Street
In Alma Grup area from Turnisor neighbourhood
Two blocks made by S.C. COMPA S.A. in Compa area
All these investments have delivered maximum 100 new apartments for Sibiu real
estate market.
Currently, there are no new apartments built in popular areas of the city such as
Hipodrom neighbourhood. Next to the assessed land, near Lidl store started the
construction of a block financed by clients' money, project which is stopped at the
moment at the slab foundation level.
Large investors have not yet decided to invest in large residential developments in
Sibiu. Small local investors are afraid to invest in new blocks because of VAT issues.
11
3. The ownership right over the land
3.1 The Client
The assessment was done at the request of S.C. SHAPIR SIBIU SRL Bucharest
3.2 The Owner
S.C. SHAPIR SIBIU SRL Bucharest
3.3 The ownership right
The land was acquired through purchase by the owner according to

survey no. 18022/2007, 18024/2007 and 18025/2007. The land was
tabulated in Selimbar CF as follows:
area of 26,446 square meters in CF 11556 N Selimbar under survey no.
2598 / 1.
4. Land assessment
4.1 Data regarding the drafting of the assessment

For the assessment has been chosen the direct comparison method and
the extraction method.
4.2 General details concerning the assessed land
The land is located in Sibu, Mihai Viteazu Boulevard, no number.
AREA DESCRIPTION: The area used for residential projects, with the
neighboring residential properties consisting of blocks .The access is
made from the road - extension of Mihai Viteazu Boulevard. The road
links the neighborhood of blocks Hipodrom III, the most densely
populated of Sibiu and Sibiu European Retail Park project developed by
Promenada Mall - center Belgian BEL ROM and contains the following
operators: Media Galaxy for the segment of electronic goods and
commercial, BauMax – for the segment of goods Real, Careffour -
hypermarket, New Yorker, one of the biggest merchants of German
clothing, Hervis Sports, - among the largest traders of sports in Europe,
the German company Deichmann, the largest footwear retailer in Europe,
Takko – the second retailer of clothing on the market clothing in
Germany.
The land has a regular shape, is not located on a slope and does not have
notable deviation from a horizontal point of view.
After finalizing the project, the beneficiary of the assessment has the
construction permit to build a residential neighborhood composed of 8
blocks with the height of S + P +6 E - 2 blocks, S + P + 7E - 2 blocks, S +
P + 8E - 2 blocks S + P +9 E - 2 blocks.
UTILITIES: The location has all utilities from the central source.
4.3 The best use
The best alternative concept is the use of property selected from different possible
alternatives that will serve as the startup and will generate the necessary working
12
hypotheses for applying assessment methods in the next chapters of the work.
The best use –is defined as reasonable, probable, and legally usage of a free or
erected land which is physically possible, appropriately founded, financially feasible
and has as a result the highest value.
The best use is usually analyzed in one of the following situations:

the best use of land free
the best use of land built.
Best use of a real estate must meet four criteria. It must be:
legally permissible
physically possible
financially feasible
highly productive
The analysis involved the collection of information from the real estate market,
commercial spaces, administrative spaces, by studying possible alternatives for
using them.
The conclusion is that the best use of the property in question is using the
land for residential buildings development.
Basically, taking into account the type of land and its location, the best possible
alternative for the object of the analysis is land for construction. In the light of
criteria that defines the notion of CMBU this approach:
is allowed by the law
complies with the possible physical condition.
is financially feasible
is highly productive thus refering to the value of the real estate, in the
condition of its best use (utilization).
5. Direct comparison method

In applying this method other plots of land are analyzed, compared and adjusted
sales and other data, in order to identify a level of value for the rated land.
In the comparison process, are taken into account similarities and differences
between plots of land.
This method is recommended for evaluating free land, or considered free for the
purposes of the evaluation, and it is preferred when data are comparable and
reliable enough.
By this method, those prices and information on similar plots of lands are
analyzed, compared and corrected according to the similarities or differentiations.
On the assessment date, the evaluator has available information on similar lands
that have been traded recently (closer to the date of valuation), the information
being collected from specialized publications, in which are presented various
offers (sales - purchases of land, with and without constructions).
Tenders for sale of land in the area where the evaluated real estate property is
situated or in similar areas are between EUR 170 / sqm and 410 EUR / sqm.
In the direct comparison method the value is estimated by analyzing the activity
of market transactions for similar properties.
The comparison elements shall include property rights, legal restrictions, terms of
financing, conditions of sale (motivation) market conditions (date of sale),
location, physical characteristics, available utilities, area and best use.
13
A very important criterion in determining land values is likely to build up the
regime which the land is rated by S + P +9 E taking into account a building
permit made available to the client, and if there is a possibility of tenders used on
area they are placed there without a permit to do so and obtaining the requisite
documentation.
TABLE WITH MARKET DATA

No. COMPARISON ELEMENTS COMPARABLE LANDS
Crt. SUBJECT Comparable 1 Comparable 2 Comparable 3 Comparable 4
0 1 2 3 4 5 6
Surface (sqm) 26.446 900 700 1.090 385
0 Price offer/sale (Euro/sqm) 250 145 290 239
Type oferta oferta oferta oferta
Correction value % -14% -14% -14% -14%
Correction value (Euro/sqm) -35,00 -20,30 -40,60 -33,45
CORRECTED PRICE (Euro/sqm) 215,00 124,70 249,40 205,51
1 Ownership right transmitted free, full free, full free, full free, full free, full
Correction value % 0% 0% 0% 0%
Correction value (Euro/sqm) 0,00 0,00 0,00 0,00
2 Financing conditions at the market (cash) at the market (cash) at the market (cash) at the market (cash) at the market
(cash)
Correction value % 0% 0% 0% 0%
3 Selling conditions independent independent independent independent independent
Correction value (%) 0% 0% 0% 0%
4 Market conditions (date) date of assessmnet december-11 december-11 december-11 february-11
5 Sibiu, Hipodrom 3, Sibiu, Hipodrom 3 Sibiu, Sibiu, Terezian Sibiu,

area -Rahovei -
Location Mihai Viteazu Mihai Viteazu Sacel extention neighbourhood Hipodrom 2 area-
area
extention - Strand 2 between blocks Luptei
Correction value (%) 0% 35% -10% 0%
Correction value (Euro/sqm) 0,00 43,65 -24,94 0,00
Physical characteristics
6 Surface (sqm) 26.446 900 700 1.090 385
Correction value (%) -5% -5% -5% -5%
Correction value (Euro/sqm) -10,75 -8,42 -11,22 -10,28
7 land for land for construction, land for land for

construction, construction, construction,
construction land,
authorization for possibility to obtain possibility to obtain possibility to obtain possibility to obtain
Destination (land usage) construction 8 blocuri authorization for authorization for authorization for authorization for
between S+P+6 E and construction
S+P+9E apartments building apartments building apartments building P+2E+M
8 all utilities at utilities at utilities at utilities at
plot limit land limit utilities in the area land limit land limit
Utilities
14
9 Access/ opening / orientation from asphalted street from asphalted from asphalted street from asphalted from asphalted
street street street
Correction value(%) 0% 10% 0% 0%
10 Construction to be demolished on the land NO no no no no
Absolute total gross correction(Euro) 66 125 98 84
Total percentage correction (%) 26% 86% 34% 35%
Number of corrections 4
The lowest gross correction has been made to 1
comparable:
PROPOSED VALUE (Euro/sqm) -round 225

Proposed total market value 5.941.800
Proposed total market value (Ron) 25.786.200
Analyzing and interpreting the information presented in the table, results that the
estimated market value of the land assessed is approximately 225 EUR / sqm,
considering that this model of comparison is approaching the most to the land
assessed, as both size and location.
The market value obtained by applying the method of comparison is:
M v, direct comp. = 5.941.800 Eur= 25.786.200 Ron
6. The Extraction Method
The meaning of the extraction method is to determine the value of the available
land as a residual amount, after reducing from the current sale price of the entire
real estate (land plus buildings and facilities) the net replacement cost of buildings
and facilities. This method is appropriate when:
● there is no available land, sold or offered for sale in the market area of the
land under assessment;
● if you can accurately determine the net replacement cost (CIN) of the
constructions.
Because in the case analysed, the two statements are valid I could apply this
metoda. The extraction method is a variant of the proportion method. The land’s
value is subtracted from the selling price of a property by lowering the contribution
of constructions which is estimated by costs and depreciation. Properties in rural
areas are often estimated by this method, because the buildings contribution at the
total value is generally small and easy to identify. Land’s value given by the
extraction method can be used to compare the prices from the available land
transactions and is rather good to estimate some normalized parameters than
absolute values. In the following table is presented the calculation made through
the extraction method:
15
POTENTIAL BUILDINGS
Blocks of flats S+P+9E
Land surface 26,446 sqm
Land surface for development (-5% for roads) 25,124 sqm
Number of obtainable plots 1500 sqm/plot 17 plots
Number of blocks 17 blocks
Surface build at ground Blocks 40% 600 sqm
Block built area 4,800 sqm
Total surface of build area 80,396 sqm
Costs of design, planning and construction (unitary) *nota1 500 EUR/sqm
Total costs of design, planning and construction (unitary) 40,197,920 EUR
Other unforeseen costs (* 10% 4,019,792 EUR
Total cost of construction 44,217,712 EUR
Interest on financing costs (** 8% 3,670,070 EUR
Fees for real estate agents (*** 2% 663,266 EUR
Profit of the real estate developer 10% 4,788,778
Total expenses for construction 53,339,826
Estimated selling price (EUR/SQM build) *note2 750 60,296,880 EUR

Remaining land value 6,957,054 EUR
Update factor @12% and n=1year 0.8929
Updated land value 6,211,655 EUR
Land acquisition costs (**** 3.3% 203,121 EUR
Land value 6,008,900 EUR
Land value 26,077,400 LEI
Unit land value 230 EUR/sqm
*note1 according to information on the new construction market 2011

*nota2 according to the offers annexed to the assessment report
* % of costs of design , planning and total construction
** % of total construction costs
*** % of total revenues estimated
**** % of the updated residual land value
The market value obtained by applying the extraction method is:
M v, direct comp. = 6.008.900 Eur = 26.077.400 Ron
7. Reconciling of values. Opinion of the assessor
The land situated in Sibiu, Mihai Viteazu Boulevard, no number, Sibiu County, a
total surface of 26,446 sqm, Land Survey No. 2598 / 1, is the property of SC
SHAPIR SIBIU SRL, according to the property documents presented by the client
and attached as a copy to this report, was assessed using two methods to obtain
the following results.
The value obtained using the method of market comparisons = 5.941.800 EUR
The value obtained using the extraction method = 6.008.900 EUR
Given the position of the land, the data from similar transactions on the market and
considering the purpose of the evaluation, evaluator's opinion is that the land value
is estimated through the comparison method.
According to this method, the value of land is (round) RON25.786.200,
EUR 5.941.800 at the exchange rate of RON/EUR4.3398, valid for the
reference data of evaluation and market conditions from 31.12.2011.
16
Photos:
ACCESS TOWARDS LAND LAND
LAND LAND
LAND LAND
LAND LAND
17
LAND LAND+NEIGHBOURHOOD
LAND LAND+NEIGHBOURHOOD
LAND+NEIGHBOURHOOD LAND+NEIGHBOURHOOD
18
OFFERS USED:
Offer 1:
19
20
The comparable used is located about 450 m away from the land assessed. The
land used as a comparable is located on Rahovei Street between Hidroelectrica
blocks and blocks P+4 E built in the ‘70s.
The important corrections are those related to the difference between offer /
transaction, surface, time and financial effort to obtain a certificate of authorization
for construction.
21
Offer 2:
22
23
The comparable 2 has a much lower position, being located in an area where urban
development has been chaotic. Access is still made through a road paved with
ballast, being a big distance from the asphalted street.
24
Offer 3:
25
Situated in Terezian neighbourhood, the comparable 3 is closest to the center of the

town, the Cibin Market and the Central Station. The access is very good.
26
Offer 4:
27
The comparable 4 is situated in Hipodrom 2 neighbourhood, on Luptei Street, within

800 meters of the assessed land.
28
Offer 5:
29
Situated in Turnisor neighbourhood- the comparable 5 was not used in the

calculation made through the direct comparison method.
30
Offer 6:
31
32
Comparable 6 is located centrally near Cibin Market, in the lower part of the city.
The existing buildings on this location have a demolition permit. This comparable
was not used.
33
DOCUMENTS USED:
34
35
36
37
38
39

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No.

Intravilan land with a total area of 75,730.76 sq m located in

LANDLORD: SC SHAPIR PIPERA SRL (former SC ROICHMAN

Estimated market value: 71.969.658 lei equivalent of 16.660.800

A detailed property description is included in the present appraisal report.

By applying the valuation approaches, the appraiser’s opinion is the market

Eng. Sabo Marius - Valuer ANEVAR

Eng. Anuţa Stan – Director Fairvalue Consulting

SUMMARY OF VALUATION ....................................................................................................... 2

2. PROPERTY RIGHTS .............................................................................................................. 10

2.1 Customer .............................................................................................................................................. 10

3. PROPERTY VALUATION ...................................................................................................... 10

3.1 Information about appraisal methodology ........................................................................................ 10

4. REAL ESTATE MARKET OVERVIEW................................................................................. 11

5. HIGHEST AND BEST USE .................................................................................................... 17

6. MARKETCOMPARISON APPROACH ................................................................................ 19

7. RECONCILIATION OF THE VALUE. INDICATIONS TO A FINAL VALUE

Sabo Marius - Valuer ANEVAR

A detailed property description is included in the present appraisal report.

1.2 Basis of the valuation and type of value estimate

1.3 Effective date of valuation

1.6 Appraisal procedure (steps and information sources)

Steps of the appraisal in estimating the value

Getting information and documentation on basis of a questionnaire requested to the

Other information used:

Publication of different information about real estate market overview.

1.7 Publishing and disclosure clause

1.8 Responsibility toward third party

1.9 Assumptions and limiting conditions

The appraiser is not forced to offer further consultancy or to testify in court

SC SHAPIR PIPERA SRL based in Bucharest.

2.3 Property rights

3.2 Property description

Description of the property

4. Real estate market overview

Real estate market. Generalities

Belvedere – a German project

German Neighborhood Belvedere Residence

In the area Pipera the prices offered during 2008 were:

In the area Tunari South Pacific has 3 residential projects:

Residential Complex ComponentsRomfelt Plaza residential is composed of 9 buildings with

Shared Elements of Apartments

• Baumit system (expanded polystyrene with decorative painting) on the

Noblesse Lakeview Residence

Crystal Palace Residence – Pipera

It is a villa –complex (16 units) located in area Pipera.

Specific market overview

5. Highest and best use

The definition of the highest and best use is defined as follows:

The highest and best use of the land as though vacant

Highest and best use analysis

SALES COMPARISON GRID

Property rights integral integral integral integral integral

Adjustment value (eur/sq m) -37,50 -58,50 -52,50 -37,50

Area 75.730,76 2.000 16.500 1.930 17.300

total gross adjustement 203,68 208,94 249,20 154,47

Estimated market value round 220 euro/sq. m.

Extraction is a variant of the allocation method in which land value is extracted

POTENTIAL - COLLECTIVE RESIDENTIAL AREA

Supraface of the plot 75.731 sq. m.

Total build Expenses 125.207.878 EUR

* % of the Total costs for designing, development and construction

7. Reconciliation of the value. Indications to a final value estimate.