To Investkredit Bank AG Attention to: Mrs. Denitza Hodjaeva Mr. Andr Frhwirth Mr.

Leopold Deufl Renngasse 10 A-1013 Vienna Austria

PROPERTY VALUATION UPDATE FOR Investkredit Bank AG

Vienna, 19th of November 2012

VALUATED PROPERTY Calea Aradului DN 69 Km 6 + 200 Timisoara, Timis County Total Land size: 74.687m Principal: Investkredit Bank AG VALUATION UPDATE OF VALUATION REPORT FROM 7th of April 2011

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Dear Mrs. Hodjaeva, In accordance with your request for a valuation update, we herewith submit our valuation report referring to the property located in Timisoara, Timis County, located on Calea Aradului (DN 69) at km 6+200, Romania. For the purpose of this report we have used the information provided by you and analyzed the current situation and the future trends of the local real estate market. Through the present letter we assert that we have no interest in the subject property, either present or prospective and that our employment and compensation are not contingent upon our findings and valuation. The valuation is subject to the assumptions and limitative conditions included in our report. Based on these assumptions, we estimate the Fair Market Value of the subject property, with a land size of 74.687m as of November 19th, 2012, to be Fair Market Value: EUR 49 / m2 or EUR 3.659.663,We were clearly instructed by Mrs. Denitza Hodjaeva that a site visitation is not necessary and to provide a valuation update report based on the assumptions and data provided for the prior valuation report from 07.04.2011. The property had been inspected on February 28th, 2011, along with the surrounding neighborhood and location from which comparable data was taken where possible. Application of this approach, due to the current market situation could result in a further decrease of the property value (based on a retail development). Explanations and assumptions to this approach can be found on the respective pages in this report. The above values are exclusive of VAT. Spiegelfeld Immobilien GmbH does not guarantee the fulfillment of any estimates contained within this report, although they have been conscientiously prepared on the basis of our research and information made available to us. Subsequently, our valuation figures should be considered as best estimates of the achievable values. No allowance has been made for the effects of possible dislocation or reorganization due to changes in political or economic policies in Romania or elsewhere. Should you need any additional information regarding the valuation of the subject property, we would be glad to discuss it with you. Spiegelfeld Immobilien GmbH was appointed to value the property located in Timisoara, Timis County, located on Calea Aradului (DN 69) at km 6+200, Romania. The scope of our proceeding was the estimation of the fair market value of the property for internal purposes. The market comparison approach provides the best estimation of the fair market value when sufficient information is available. As the land market is not very active in the subject area, we have taken into consideration, beside the comparative method, the residual land value method as well.

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CONTENT

I. II.

EXECUTIVE SUMMARY ............................................................................................................................... 5 VALUATION TERMS ..................................................................................................................................... 7

2.1 Our Appointment / Scope of Work ................................................................................................................ 7 2.1.1 Definition of Market Value .......................................................................................................................... 7 2.2 Used assumptions and procedures for Property Appraisal: ......................................................................... 7 2.3. Compliance with appraisal and valuation standards.................................................................................. 11 2.4 Basis of Valuation ....................................................................................................................................... 11 2.5 Confidentiality.............................................................................................................................................. 11 2.6 Approaches for Valuation Update ............................................................................................................... 11 III. VALUATION OF THE PROPERTY ............................................................................................................. 12

3.1 Property & Area Description ....................................................................................................................... 12 3.2 Data used for Valuation .............................................................................................................................. 13 3.3 Property Valuation based on Comparative Method .................................................................................... 14 3.4 Financial & Market Assumptions for Residual Land Value Method ............................................................ 14 IV. PROPERTY VALUATION Residual Land Value Method for a RETAIL development ................................... 15 V. RESIDUAL LAND VALUE REDUCTION FACTORS ................................................................................... 17 VI. SUMMARY OF THE VALUATION METHOD RESULTS ............................................................................ 18 VII. PROPERTY DOCUMENTATION ................................................................................................................ 19 7.1 City Map with property location Timisoara City View ............................................................................ 19 7.2 Location Map of the property Timisoara .................................................................................................. 20 7.3 Satellite View of the property Timisoara .................................................................................................. 21 7.4 Satellite View of the property Close-Up - Timisoara ................................................................................ 22 7.5 Original Master Plan Close-up View of the Property Area ....................................................................... 23 7.6 Original Development Intentions of the Property Area ............................................................................... 24 7.7 Master Plan of the Property ........................................................................................................................ 25 7.8 PUZ Plan Urbanistic Zonal Urban Zoning Plan of the Property............................................................ 26 7.9 Location Map Retail Competition close to Property ................................................................................. 27 VIII. MARKET COMPARISON OFFERS ............................................................................................................ 28 IX. PROPERTY PICTURES .............................................................................................................................. 30 X. GENERAL VALUATION CONDITIONS ...................................................................................................... 38

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I.

EXECUTIVE SUMMARY
SC Sybil Investments Romania SRL Investkredit Bank AG / Rewo Holding GmbH

Owner of the Property: Owner of Valuation Report:

Location of the property: Calea Aradului (DN 69) km 6 + 200, northern outskirts of Timisoara Country: Romania Total land size: Appraised land size: Existing building(s) on property: Property data (including both parcels) Length of south border line: Length of north border line: Length of west border line: Length of east border line: n. d. n. d. n. d. n. d. County: Timis Municipality: Timisoara 74.687m 74.687m None, Green Field

Urbanistic data according to existing PUZ (Zoning Plan): POT: 55% (development density) CUT: 2,0 (development factor) Buildable Gross Floor Area approved by PUZ: 149.374m Property Identification data (as provided by Rewo Holding GmbH): Provided Documents: Registered Owner: Ownership Title: Extras de Cartea Funciara, nr. 147079 PUZ- Plan Urbanistic Zonal / Zoning Plan S.C. Sybil Investments Romania S.R.L Company owned through sale-purchase agreement The sale-purchase agreement was not provided by the principal Cc268/1/2-4/2 147079, Excerpt from 07.02.2008 Timisoara Yes, in favor of Investkredit Bank AG Viena 1 parcel, extravilan, buildable land Urban Zoning Plan (PUZ) issued by Municipality Timisoara CUT 2.0, POT 55% 149.374m2 Commercial Development Vacant plot of land Freehold

Cadastral Number: Land Registry Number: Municipality: Registered Encumbrances: Property Status: Currently Valid Zoning: Valid Zoning Data: Buildable Gross Space: Best Use of Property: Status of Property: Ownership Status:

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General Appraisal Assumptions: Appraisal has been based on fair market value as of 19th of November 2012. Highest or Best Use of the property has been considered for a retail development. No legal, technical, or environmental problems exist in regard to the property. No time delays or obstacles to be taken into consideration from buyers point of view in regard to a sale-purchase transaction Consideration of the Property Zoning The land has been valued based on the valid zoning data according to an assumed valid PUZ that was provided by the principal and its representatives. Appraisal has been based on buildable gross-floor data based on originally planned project data (by Sybil Investments Romania SRL) and not on using the fully building capacity allowed by the zoning plan (PUZ). Appraisal has been based on a 100% retail development of the property. The Building Permit can be obtained in accordance with the zoning plan (PUZ) and conform the laws and regulations valid in Romania as of today, to obtain such permit. No account has been taken of any additional prospective purchaser with a special interest. No allowance has been made with regard to any expenses of realization, or for any taxation arising in case of disposal. We have disregarded the existence of any mortgage, debenture or other charge to which the property may be subject, and assumed that the property is free and clear of all debt. The present valuation report was completed under the assumption that the site has proper and legal zoning characteristics provided by the city of Timisoara and the property can be connected to all the necessary utilities (electricity, gas, water & canalization). The property has no financial, legal, technical or environmental issues preventing a commercial development according to legal zoning resp. a sale of the property in form of a share or asset deal.

Market value appraisal date: Day: 19 - Month: November - Year 2012 Applied Valuation Methods: Residual land value method, Comparative land value method

Averaged Fair Market Value of the property: Averaged Fair Market Value of the property per m2:

EUR 3.659.663,EUR 49,-

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II.

VALUATION TERMS

2.1 Our Appointment / Scope of Work

It is our understanding that this valuation report is for internal use of Investkredit Bank AG. The aim of the valuation is to obtain an overview about the fair market value based on the reference date of November 19th, 2012 under the following assumptions (even if deviating from the current property situation): The scope of the present report is to provide Investkredit Bank AG with the Fair Market Value of the property located in Timisoara City, Timis County, Calea Aradului (DN 69) km 6 + 200, Romania as per valuation date. The valuation of the property has been prepared on the basis of the information and documents provided by representatives of the client. This report should be read and interpreted taking into consideration the observations under the heading Used Assumptions and Procedures for Property Appraisal. Spiegelfeld Immobilien GmbH acts as independent appraiser for Investkredit Bank AG.

2.1.1 Definition of Market Value

The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

2.2 Used assumptions and procedures for Property Appraisal:

Valuation Approaches In general, there are three methods that can be used to determine the open market value of a real estate property: 1. the Comparative Method / Market Comparison Approach, 2. the Residual Land Value Method / Residual Income Approach and 3. the Cost / Re-construction Approach. We have used the first two above mentioned methods to assess the subject property value depending on its applicability for each case. As the subject property does not have any constructions or buildings on it, the Cost/Re-construction approach has not been applied.

The Comparative Method / Market Comparison Approach The market comparison approach (or sale comparison approach) is based upon direct comparison of the subject property with other comparable properties, which have been recently

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sold or are currently offered for sale. This method is the most recommended and reliable one in determination the Open Market Value of a property when market information is available. The sales comparison approach to value is based on the principle of substitution, which affirms that a prudent purchaser will not pay more for a property than the price of an equally desirable substitute property under similar conditions. This approach provides a reliable indication of value particularly in an active market, given a reasonable availability of market data comparable to the subject property.

The Residual Land Value Method / Residual Income Approach This method estimates the value of a vacant plot of land, taking into consideration the future buildings that can be developed on the site and utilized financially. First we estimate the open market value of the future building, once completed. From this value we deduct the costs related to the development of the building and the profit expected by the developer. The residual value represents the value of the land in relation to that particular project, but does not reflect the market value of land as vacant because of the large number of variable elements from one project to another. As the best use of the property is herein assumed as a retail development, we have applied the Residual Land Value Method based on a developed and leased property sale.

The Cost / Re-construction Approach This approach evaluates the necessary financial means needed in order to re-construct resp. to assess the re-construction costs including land or costs for a certain property under current market conditions. As our valuation work is only subject to a plot of land without any constructions on it, the cost / re-construction approach is therefore not applicable.

Highest and Best Use Approach The client has provided us with details regarding the project which will or should be developed on the analyzed site. In the highest and best use analysis we have concluded that the land value will maximize, if a retail project will be developed. We have analyzed different cases for a potential development on the subject property and came to the conclusion that a retail development would maximize the propertys potential. The reason for that is that due to the propertys location, access and future visibility, a retail development is most likely and would represent therefore the highest value.

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General valuation base: We have valuated the property based on the fair market value. The plot of land is free of constructions. It has an almost rectangular form, situated in the first plan, in a commercial resp. industrial area at the outskirts of the city of Timisoara. The property valuation refers to one (1) land parcels, valuated as one single development property. The valuation has been conducted based on the residual & comparative land value method. Currency: Date of Valuation All values in the report are expressed in Euro and are exclusive of VAT. The present report is valid as of November 19, 2012. Due to the current very volatile situation on the Romanian real estate market, we must emphasize that significant alterations of value can be encountered within short periods of time, while marketing periods for a sale based on fair market value have to be significantly enlarged (ca. 9-12 months).

Sources of Information The analysis carried out in this report relies on written information obtained from Rewo Holding GmbH. Following persons and institutions have been contacted and are considered reliable: Institution / Representative Handed over Information / Company Documentation Rewo Holding GmbH Mrs. Denitza Hodjaeva Extras din Cartea Funciara nr. 147079, PUZ approved (copy of PUZ) S.C. Sybil Investments Mr. Zur Genosar Development Master Plan, Building Data, Romania SRL Expos of the property from 15.09.2008 The property has NOT been inspected during the valuation period as agreed with the principal. The property had been inspected on February 28th, 2011, along with the surrounding neighborhood and location from which comparable data was taken where possible. The market information was provided by various sources: Through public open internet brokerage sites (www.immobiliare.ro, Argus, etc.) Offers from the Spiegelfeld International SRL property data base providing properties in the area Newspapers classifieds Other properties for sale in the area We did not carry out: Legal Due Diligence in regard to the property Title registration verification at the land registry Environmental Due Diligence of the property Technical Due Diligence of the property Financial Due Diligence of the property Our valuation assumptions consider the above mentioned verification procedures as 100% satisfactory, if conducted.

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Legal assumptions The property is free of any legal disputes and the ownership title is clear and valid. The property has a valid PUZ and can be developed through a receivable building permit. The property can be rezoned from extravilan to intravilan conform legal procedures. The property faces no juridical problems of any kind. Rewo Holding GmbH can sell the property anytime without major delays due to internal or external legal procedures The land is 100% private property, no concessions or value limiting servitudes are involved.

Environmental assumptions The property has no contamination issues, not now and not in the future. There are no environmental protection issues (e.g. removal and replacement of trees, pipes, etc.) Neighboring plots and their potential impact on market values for the respective property have been taken into account.

Technical assumptions The property has main access from a main road. The property does provide full developed infrastructure in terms of gas, water, electricity and canalization (sewage) with connection points alongside the main road. Underground levels could be built without major underground network obstacles (major pipes for gas or other municipal or private supply lines). The property is fully accessible for construction machinery. The property can be developed to its full urban planning status conform PUZ of the City of Timisoara, allowing to build several buildings with min. 2 levels. The land has been regarded as intravilan and no costs have been considered to change from extravilan (farming status) zoning status to intravilan.

Financial assumptions A sale-purchase transaction would be conducted in form of an asset deal. Taxes and other official duties or necessary payments have not been included into the calculations, except costs for building permit and brokerage. The land is debt-free, free of mortgages and fully pledgeable to a bank for finance. The developer profit for any kind of a development project has been assumed with 20% on total project costs. The Exit Yield for a completed and leased project has been estimated at 9%. The residual land values per m2 has to be seen as a maximum negotiation basis between vendor and buyer and could still lead to a reduced price per m2, lower than valued in this appraisal.

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2.3. Compliance with appraisal and valuation standards

We could not apply with the RICS valuation and appraisal standards for the following reasons: We have not conducted a legal, technical and environmental due diligence and have relied on the information provided by Rewo Holding GmbH and SC Sybil Investments Romania SRL and its representatives. We have not made formal inquiries at the Local Planning Authorities regarding the urban planning status of the property. We have not made formal inquiries at the Local Environmental Authorities regarding the environmental status of the property. We have not made formal inquiries at the Local Land Registry regarding the ownership title, registered mortgages or registered or ongoing restitution cases or legal disputes. The property has not been inspected during the valuation period as agreed with the principal.

2.4 Basis of Valuation

In accordance with Rewo Holding GmbH and the given instructions, we have done our valuation on Fair Market Value for the reference day of November 19th, 2012. In the event that our assumptions prove to be incorrect, our valuation should be reviewed. This valuation update has been created based on the same assumptions as used in the valuation report from 07.04.2011, due to the fact that since 07.04.2011 no significant market changes have been observed.

2.5 Confidentiality
The contents of this valuation report and its annexes are treated strictly confidential and will only be handed over to Investkredit Bank AG / Rewo Holding GmbH and its entitled employees, consultants or third parties by written confirmation of Investkredit Bank AG / Rewo Holding GmbH.

2.6 Approaches for Valuation Update

As we have been assigned to provide an updated valuation report on the subject property, we have used the same information base as provided for the prior valuation from 07.04.2011. All valuation assumptions from the prior report have been applied for this valuation as well. As we do not see significant market changes since the last valuation report, we are convinced that the value of the property should not have significantly changed. Still, it should be taken into consideration that Romania has not yet come out of its real estate crisis, while prices still have a descending tendency for the year 2012. We therefore recommend conducting a new valuation in Q1-2013 in order to analyze the propertys value in this upcoming period.

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III.

VALUATION OF THE PROPERTY

3.1 Property & Area Description

The subject property is located on Calea Aradului (DN 69) km 6+200 (meaning approx. 6.2km from the center of Timisoara), at the northern outskirts of Timisoara City, in the County Timis, Romania. During the last years this area was supposed to experience a strong development, especially in terms of retail. KIKA and Baumax have acquired properties in the same area around the existing round-about. The KIKA plot borders directly the subject property, while Baumax has bought a similar plot right across Calea Aradului to the left of the subject property. The property is located directly at a round-about, connecting the ring road of Timisoara with the access road to the city (Calea Aradului). Calea Aradului is also the direct traffic route to the city Arad, further north of Timisoara. Unfortunately, Baumax and KIKA have stopped their development intentions at the location due to the market situation, so the only remaining development next to the round-about is the company Mahle, an automotive parts supplier. A weakness of the location is its poor development situation, making it questionable whether a retail development would be successful at this time. The reason for the very slow development of this location, especially in terms of retail, is that just max. 2.5km away from the location in direction to the city, another round-about exists, where the retail markets Selgros and Real are located. Actually this closer location to the city, providing already major retail facilities, represents a strong competition to the subject property location. Also it has to be taken into consideration that Timisoara has a large shopping mall in central position (Iulius Mall Timisoara) and many retail markets inside the city. The property itself represents a flat land without constructions on it. Utility connections should be available alongside Calea Aradului. We would like to emphasize that the property has been placed on the market for sale by SC Sybil Investments Romania SRL in 2008. A sale could not be concluded, even though the price had been reduced each quarter.

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3.2 Data used for Valuation

For the subject property we have used the originally intended development data of SC Sybil Investments Romania SRL, as promoted by them and put for sale on the market in 2008. Total land size: Appraised land size: Total Buildable Gross Space - according to PUZ: Total Buildable Gross Space - used for appraisal: Gross Floor Area of Buildings: Shopping Gallery Development (single-storey): Big Box Retailer (single-storey): Net Leasable Area of Buildings: Shopping Gallery Development: Big Box Retailer: Market Rents Assumptions: Shopping Gallery: Big Box Retailer: 74.687m 74.687m 149.374m (not used for appraisal) 34.000m (used for appraisal)

22.000m 12.000m

20.000m 11.000m

average rent/m of EUR 12,average rent/m of EUR 8,-

Financial Data Summary Exit / Selling Yield: Developer Profit on Total Project Costs: Assumed Construction Period: Assumed Finance Costs: Assumed Equity Contribution: Construction Costs Buildings: Vacancy Factor: Annual Ownership Costs: Land Acquisition Fees:

9% 20% 1.5 years 8% p.a. 30% EUR 500/m2 15% 3% 5%

The valuation calculation is based on the average values of the results of the residual land value method combined with the comparative method results.

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3.3 Property Valuation based on Comparative Method

Lands for sale in the area: Prices vary between Euro 20 per m2 and Euro 60 per m2

The offered lands provide sometimes a PUZ, sometimes not, but offer sometimes also built infrastructure for gas, canalization or electricity and have good traffic access.

For the Comparative Method we have therefore taken the average value of Euro 40,- per m2 of land.
Therefore developers intend to valuate properties according to the residual land value method which provides a more secure valuation, as eventually land values are based on urban planning status and depending on the gross or net spaces buildable on them, but often still not feasible to be built (size being too large, market absorption problems, buildable parking place not sufficient in comparison to buildable spaces, etc.)

3.4 Financial & Market Assumptions for Residual Land Value Method
Project Type Describes a suitable project development according to the location of the parcel within the property. A parcel can either be developed for residential or commercial (retail, office, logistics, hotel) use. We have assumed potential projects as commercial developments only. Real Estate Market Approach The valuation has been based on a conservative scenario approach, meaning that financial results of residual land values should display maximum values while construction costs (project costs) are estimated at a minimum costs approach. Residential Approach We have not used a Residential Development Scenario for the appraisal, as the area is neither suitable for a residential development (traffic and noise) nor allows the current zoning status of the property such development.

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IV. PROPERTY VALUATION FOR A RETAIL DEVELOPMENT

0 1 1.1 1.2 1.3 1.5 1.4 1.6 1.7 1 2 2.1 2.2 2.3 2.4 2.5 2 3 4 4.1 4.2 4 5 5.1 5.2 5 6 6.1 6.2 6.3 6.4 6.5 6

RESIDUAL LAND VALUE METHOD

7 7.1 7.2 7

RESIDUAL LAND VALUE CALCULATION Construction Costs m2 Construction Costs Shopping Gallery 22,000 Construction Costs Big-Box Retailer 12,000 Construction Costs Parking - 864 units 25,512 Outside Facilities - Green Area 15,175 Demolition Costs 0 Technical interior facilities of building (chillers, heating, pumps, etc.) included Utility Connection Costs Lump sum TOTAL CONSTRUCTION COSTS (TCC) Development Management Fees Architectural Planning from TCC Project Management from TCC Technical Management, Engineering, Supervision from TCC Commercial Management from TCC Zoning Costs (PUZ) included TOTAL DEVELOPMENT MANAGEMENT FEES BUDGET RESERVES CONSTRUCTION COSTS Building Permit Taxes 0.5% (City Hall tax for building permit) from TCC 0,8% (State Inspectorate in Construction) from TCC TOTAL BUILDING PERMIT TAXES Sales & Advertisement Costs (Marketing) Real Estate Broker Costs for Pre-Lease / Lease Agreements from NOIc Advertisement Costs Lumpsum TOTAL SALES & ADVERTISMENT COSTS Finance Costs Finance Amount - Positions 1-5 Equity Stake in percent Finance Amount - reduced by Equity Finance Costs p.a. Finance Period in Years TOTAL FINANCE COSTS TOTAL PROJECT COSTS POSITIONS 1-6 Developer Profit - Project Costs TOTAL PROJECT COSTS / VALUE without profit on land POTENTIAL ANNUAL NET OPERATING INCOME (NOI) NLA Annual Net Operating Income from Shopping Gallery (NOI) 20,000 Annual Net Operating Income from Big-Box Retailer (NOI) 11,000 TOTAL POTENTIAL ANNUAL NET OPERATING INCOME (NOI) CALCULATION CONTINUES ON NEXT PAGE

EUR/m2 500 500 50 50 0 0

11,000,000 6,000,000 1,275,600 758,750 0 0 300,000 19,334,350 483,359 580,031 386,687 96,672 0 1,546,748 966,718 96,672 154,675 251,347 387,302 300,000 687,302 21,819,747 6,545,924 15,273,823

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

2.50% 3.00% 2.00% 0.50% 0.00% 5.00% 0.50% 0.80%

12.00%

30% 8.00% 1.5

20% EUR/m2 12 8

1,832,859 EUR 24,619,323 EUR 4,923,865 EUR 29,543,188 EUR Rental Income 2,880,000 EUR 1,056,000 EUR 3,936,000 EUR

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CONTINUED CACLULATION FROM PRIOR PAGE 8 8.1 8.2 8.3 8 9 9.1 9.2 9 10 9 10.1 10.2 10.3 10.4 10 11 CORRECTION OF NET OPERATING INCOME (NOIc) Total Potential Annual Net Operating Income Vacancy Rate Administration & Ownership Costs CORRECTED ANNUAL NET OPERATING INCOME (NOIc) Transaction Exit Sales Value Assumed Exit Yield in % Rent Factor TRANSACTION EXIT SALES VALUE RESIDUAL LAND VALUE CALCULATION TRANSACTION EXIT SALES VALUE TOTAL PROJECT COSTS / VALUE without profit on land RESIDUAL LAND VALUE incl. Developer Profit for land 20% DEVELOPER PROFIT for land costs RESIDUAL LAND VALUE before acquisition costs Acquisition fees (incl. Taxes, DD, Brokerage, etc.) RESIDUAL LAND VALUE in EUR Land Size in m2 RESIDUAL LAND VALUE per m2 of LAND in EUR

15% 3%

3,936,000 590,400 118,080 3,227,520

EUR EUR EUR EUR

9.00% 11.11

based on NOIc 35,861,333 EUR

20% 5%

35,861,333 29,543,188 6,318,146 1,053,024 5,265,121 250,720 5,014,401 74,687 67

EUR EUR EUR EUR EUR EUR EUR m2 EUR

Legend: TCC TPC GFA NLA NOI Vacancy Rate NOIc Exit Yield Rent Factor Equity Stake Total Construction Costs of Project Total Project Costs (to be financed) calculated without developers profit Gross Floor Area Net Leasable Area Net Operating Income, stated annually Assumed percentage of NLA not to be leased in the midterm or until sale Corrected Net Operating Income by Vacancy Rate and Ownership Costs Percentage assumed for a property sale based on annual NOI as annual return to the purchaser based on the purchase price Expressed Exit Yield as a Factor (1/Yield in %) multiplied by the annual NOIc Percentage of the total project costs (TPC) requested by the financing institute in form of cash or assets to be contributed by a developer to receive finance for a project Amounts to be deducted

Red Numbers

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V. RESIDUAL

LAND VALUE

REDUCTION FACTORS

As Romania has been hit very hard by the international financial and economic crisis, the Romanian real estate market has paid its toll. The market came to an almost stand-still, where no major transactions have been taken place since Q4-2008. All segments of the real estate market are affected. Investment yields have risen from an average of 6.5%-7.5% up to 8.5% to 11%.

Even when placed on the market for very attractive prices, investments, projects and development properties do not find a real market to be offered and sold due to the lack of investors, equity and difficult and expensive finance availability on the market.

Reasons for value reduction are the following:

1. The property does not provide utilities (electricity, gas, water, canalization) ready to be connected. 2. The area is a future development area of the city of Timisoara, but transactions, developments, leases and sales have almost come to a stand-still. Due to this situation, a developer has to consider mid- to long-term land banking costs, meaning that the property even after purchase cannot immediately be developed due to the market situation. 3. Due to the mainly greenfield area the valued property is located in, it is not sure how fast this area will develop. 4. The current market situation cannot guarantee to find buyers accepting the fair value of the property. 5. The marketing time necessary to find buyers accepting a fair market value could be significantly long, maybe up to a year or even longer. 6. The general development risk (lack of building permit, utility connection, construction and lease risk) compared to the propertys sale value has also to be taken into consideration as the residual land value method is based on a fully developed project scheme. Taking all these above mentioned factors in consideration, a fast intended sale of the property can lead to a reduction of the propertys sale price, as potential purchasers would value the above mentioned risk factors. We considered therefore a risk reduction factor of 10% for the subject property.

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VI.

SUMMARY OF THE VALUATION METHOD RESULTS

Applied Valuation Method Average Valuation Result Euro 40 / m2 Euro 67 / m2 Euro 54 / m2 Euro 49 / m2

1 2 3 4

Comparative Method based on Public Market Offerings Residual Land Value Method for a Retail Development PROPERTY VALUE averaged PROPERTY VALUE after considering Reduction Factor of 10%

We would like to emphasize that the current market situation in Romania does not provide a functioning market in terms of demand and supply.

Supply of properties to the market to be sold exceed by far the demand of present investors. As a result of this market situation, purchase offers for the subject property could deviate significantly lower from the result of the propertys value, as most of the present investors ready to acquire projects are looking for bargain deals resp. need to keep such properties in their land bank portfolios until the market will recuperate to absorb new developments.

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VII. PROPERTY DOCUMENTATION

7.1 City Map with property location Timisoara City View

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7.2 Location Map of the property Timisoara

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7.3 Satellite View of the property Timisoara

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7.4 Satellite View of the property Close-Up - Timisoara

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7.5 Original Master Plan Close-up View of the Property Area

Remarks: The KIKA plot is not part of the property. KIKA has purchased the adjacent plot of the subject property. Between the KIKA and Baumax plots, Calea Aradului leads south towards the city of Timisoara. In continuation towards the north of the round-about, Calea Aradului leads directly to the city of Arad. The hypermarket chain PIC had to announce insolvency and is not operative anymore. PIC was part of the planning procedure by SC Sybil Investments Romania SRL and had signed a pre-lease contract according to our information.

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7.6 Original Development Intentions of the Property Area

Remarks: The above plan shows the development intention of the area in the year 2008. Due to the international financial crisis and the following down-turn of the Romanian real estate market, actually all development plans had been stopped. The project on the subject property could not be realized by Sybil Investments Romania SRL. Also Baumax and KIKA have stopped their development intentions as well as the development of a logistics park by SC Tomis SA. Today, only MAHLE is the only development realized at the left northern corner of the round-about.

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7.7 Master Plan of the Property

Remarks: The above seen plan shows one of the master plan options of Sybil Investments Romania SRL for the intended development. The plan also shows the KIKA site to the left of the subject property (red box). Further up, the round-about can be seen with its access ways to the property.

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7.8 PUZ Plan Urbanistic Zonal Urban Zoning Plan of the Property

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7.9 Location Map Retail Competition close to Property

Remarks: The map shows the location of the property (red circle) as well as the position of the hypermarkets SELGROS and REAL (A on the map with blue circle), also located on Calea Aradului further south and closer to the city, in a distance of approx. 2.5km away from the subject property.

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VIII. MARKET COMPARISON OFFERS

In order to illustrate some of our property value analysis results from the subject or a comparable area in regard to the valued property, please find further below the following listings. Please note that the below mentioned offers are only an excerpt of many offers analyzed and were only used to estimate a property value due to the Comparison Approach while not representing the single calculation basis for the final property value as stated in this report.

Excerpts from ARGUS Online Database System:

-------------------------------------------------------------------------vanzare teren intravilan TIMIS, CALEA ARADULUI, vanzare teren intravilan, suprafata 50.000 mp. stradal, pret 20 EUR/mp, d=90ml --------------------------------------------------------------------------------------------------------------------------------------------------vanzare teren intravilan TIMIS, CALEA ARADULUI, vanzare teren intravilan, suprafata 60.000 mp. stradal, pret 60 EUR/mp, d=110ml --------------------------------------------------------------------------

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Excerpt from Immobiliare.ro / Comparable Retail Property

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IX.

PROPERTY PICTURES

Picture 1: View on the property from the round-about towards East. The road turning to the right on the picture is the newly built ring road of Timisoara.

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Picture 2:

View of the intersection of the round-about with the ring road of Timisoara. The property has its Eastern border right there.

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Picture 3: View of the property towards South from the round-about. Further to the right starts the KIKA property.

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Picture 4: View of the property (actually KIKA property) towards South from the round-about. At the right side of the property the road Calea Aradului leads in Southern direction to the city of Timisoara.

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Picture 5: View of the KIKA property towards South from the round-about. The road next to the KIKA property is Calea Aradului leading in Southern direction to the city of Timisoara.

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Picture 6: View of the KIKA property and parts of the subject property towards South. To the right Calea Aradului borders the property and the round-about.

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Picture 7: Calea Aradului in Southern direction towards the city of Timisoara. The subject property is directly located to the left (from view point) of Calea Aradului.

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Picture 8: View from Calea Aradului towards North on the round-about. The subject property is located to the right side of Calea Aradului (actually KIKA property to be seen). The plot of land located on the left side of Calea Aradului is the Baumax plot. Further north on the other side of the round-about, the company Mahle can be seen, circulated in yellow color and the only development currently existing at this location.

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X.
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GENERAL VALUATION CONDITIONS

This report is to be used in whole and not in part(s). No responsibility is assumed for matters of a legal nature, nor do we render any opinion as to title, which is assumed to be marketable and free of any deed restrictions and easements. The property is valued as though free and clear unless otherwise stated. There are no hidden or unapparent conditions of the property, subsoil or structures that would render it more or less valuable. No responsibility is assumed for these conditions or any engineering that may be required to discover them. In case of existing buildings or constructions on a valued property, we have not considered the existence of potentially hazardous materials used in the construction or maintenance of the buildings, such as asbestos, urea formaldehyde foam insulation, or PCBs, nor have we considered the presence of any form of toxic waste. The appraisers are not qualified to detect these substances and urge the client to retain an expert in this field; if desired. No survey of the property has been made by the appraisers and no responsibility is assumed in connection with such matters. Sketches, pictures, maps and other exhibits are included to assist the reader in visualizing the property. It is assumed that the use of the land and premises is within the boundaries of the property described and that there is no encroachment or trespass unless noted. All information (including financial operating statements, estimates and opinions) obtained from parties not employed by Spiegelfeld Immobilen GmbH is assumed to be true and correct. No liability resulting from misinformation can be assumed by the appraisers. Unless noted, it is assumed that there are no encroachments or planning and building violations encumbering the property. It is assumed that the subject property is in full compliance with all applicable city, local and private codes, laws, consents, licenses and regulations and that all licenses, permits, certificates, franchises and so forth can be freely renewed and/or transferred to a purchaser. All the mortgages, liens, encumbrances, leases and servitudes have been disregarded unless specified otherwise. No portions of this report may be reproduced in any form without the permission of the appraisers, nor shall the report be distributed to the public through advertising, public relations, news, sales, or other media without the prior written consent of the appraisers.

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11.

We are not required to give testimony or attendance in court by reason of this valuation without previous arrangements and only when our standard per diem fees and travel costs are paid prior to the appearance. If the reader is making a fiduciary or individual investment decision and has any questions concerning the material contained in this report it is recommended that the reader contacts the appraisers. The appraisers take no responsibility for any events, conditions or circumstances affecting the propertys market value that take place subsequent to either the date of value contained in this report or the date of our field inspections, whichever occurs first. The quality of a propertys on-site management has a direct effect on a propertys economic viability and market value. The financial forecasts presented in this valuation assume both responsible ownership and competent management. Any variance from this assumption may have a significant impact on the forecast operating results and value estimate. The estimated operating results presented in this report are based on an evaluation of the current overall economy of the area an neither take into account nor make provision for the effect of any sharp rise or decline in local or economic conditions. To the extent that wages and other operating expenses may advance during the economic life of the property, it is expected that the prices of rooms, food, beverages and services will be adjusted to at least offset these advances. We do not warrant that the estimates will be attained, but they have been prepared on the basis of information obtained during the course of this study and are intended to reflect the expectations of typical investors. Many of these figures presented in this report were generated using sophisticated computer models that make calculations based upon numbers carried out to three or more decimal places. In the interest of simplicity most numbers presented in this report have been rounded to the nearest tenth. Thus, these figures may be subject to rounding errors in some cases. Valuing real estate is both science and art. Although this valuation employs various mathematical calculations to provide value indications, the final estimate of value is subjective and may be influenced by the appraisers experience and other factors not specifically set forth in this report. The freehold title to the property would be readily marketable without any undue restrictions, covenants or conditions except where otherwise noted. The relationship between EUR and other major world currencies remains constant as of the date of our fieldwork. While the information contained herein is believed to be correct, it is subject to change. Nothing contained herein is to be construed as a representation or warranty of any kind.

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