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1 REAL ESTATES INVESTMENT OPPORTUNITIES - ROMANIA

2 Summary Romania In Brief Why Investing in Romania? Investment Legal Frame Business Set-Up in Romania Taxation System IMRA In Brief IMRA Realtor Capabilities Conclusions Contact Us

3 Romania in Brief Location: South-East Central Europe Surface: 238,391 square kilometers of land (Size No. 13th in Europe) Borders: Black-Sea (S-E), Bulgaria (S), Serbia (S-W), Hungary (W), Ukraine & Moldova (N&E) E.U. Member: Yes (Full Member Since 2007) Population: 19,599,506 citizens (88.6 % Romanians, 6.5 % Hungarians, 3.2 % Romms & others) Religion: Majority are Christians (Orthodox 85.9%, Catholic 4.6%, Protestant 6% & others) Language: Romanian (Latin alphabet similar to Italian, Spanish and French) Climate: Time Zone: Continental (4 Seasons) (Averages: - 5 C in winter & C in the summer) GMT+ 2 Hours (For summer is GMT + 3 hours) Currency: Leu (RON) (Conversion to Euro: 1 Leu (RON) = 4.41 Euro) Visas: No Visa required: EU/EEA countries, Switzerland, Canada, USA & Japan Short Stay Visa: Argentina, Australia, Bahamas, Barbados, Brazil, Brunei, Chile, Costa Rica, El Salvador, Guatemala, Honduras, Hong Kong, Israel, Macao, Malaysia, Mauritius, Mexico, Nicaragua, New Zeeland, Panama, Paraguay, San Marino, Seychelles, Singapore, South Korea, Uruguay and Venezuela Visa by Invitation Letter: All the others not listed above. Note: IMRA Group is assisting its clients for visa s obtaining (if needed).

4 Why Investing in Romania? Key Facts Key Growth Drivers: Agriculture & Exports (Automotive, IT Services etc.) Key National Advantages: IMRA Group Educated & relatively low-cost labor force compared to most of the other European countries. Important natural resources and energy self-reliance. Long history of strong industrial production. Key Challenges / Opportunities: Low infrastructure investments and low productivity Small and ineffective capital markets Limited access to leading technologies Diminished access to bank financing Strengths Strategic location between Central and Eastern Europe One of the fastest growing economy in the EU Private consumption is strong, international trade and investments are seriously increasing Positive Business Climate Relatively few steps in establishing a business Less time required for establishing a business Low business cost Solid financial institutions and banking system Advantages Large agricultural land Important energy resources Skilled workforce Macro-economic stability

5 Investment Legal Frame Can Foreign EU Members Buy Properties in Romania? Accordingly with Law No. 312 / 2005 foreign individuals or legal entities that are EU member can easily purchase a plot of land, a house or an apartment in Romania. The Law No. 17 / 2014 sets out more clearly the procedures through which EU members may acquire properties in Romania. The procedures for EU members applies also to Switzerland and the EEA members. What About Non-EU Members? The Law No. 312 / 2005 also allows Non-EU members to purchase properties in Romania, but they don t own the land itself (i.e. if you buy a factory or a house, you own that property, but not the land underneath as well). However, it s a commune practice for Non-EU (and even EU) investors (individuals or legal entities) to buy properties in Romania through corporate vehicles set-up in Romania (see next slide). General Minimum Requirements Any property should be firstly legally checked in the Land Registry. Any property transfer should be made only in front of a Public Notary. Upon purchase any property should be immediately registered with the Land Registry. Note: IMRA Group can assist with company set-up, property transfer by Public Notary and all Land Registry formalities (enrollment, cadaster & measurements, land tabulation, etc.).

6 Business Set-Up in Romania Legal Frame: Accordingly with Law 31 / 1990 any individual or legal entity may freely enter into partnerships and set-up companies in order to develop business activities. Company Type: Note: Requirements: acquiring Limited Liability Company (Societate cu Raspundere Limitata - SRL) Joint Stock Company (Societate pe Actiuni - SA) General Partnership (Societate in Nume Colectiv - SNC) Limited Partnership (Societate in Comandita Simpla - SCS) Limited Partnership by Shares (Societate in Comandita pe Actiuni - SCA) IMRA Group can provide additional information by request per each type of company. All companies must be registered with the Romanian Trade Registry Office a legal status starting with company registration date. Although the Law 359/2004 got simplified, foreign investors still need guidance and local support to set-up a company in Romania. Note: IMRA Group is always assisting its clients with new company set-up.

7 Taxation System Summary of Main Taxes Standard Corporate Tax: 16 % (Fix Rate) Micro-Enterprises Tax: 3% (Of Turnover) Representative Offices Tax: Standard Individual Tax: 4, % (Annual Flat Tax) (Flat Rate) Standard VAT: 19 % (Fix Rate) Withholding Tax: 16 % (Fixed Rate) Property Tax in Romania Buildings Tax: 0.25 % - 1 % (Variable Rate) Land Tax: Land In Urban Areas: 0.01 Land Outside Urban Areas: (0.052 RON) (0.01 RON) - 18 (89.21 RON) / square meter (Variable) (0.48 RON) / square meter (Variable) Note: IMRA Group is capable to offer support and guidance through all Romanian Taxation System in order to protect the interests and investments of its clients.

8 IMRA In Brief Who We Are IMRA Group represents a Group of Companies established in 1994, having its HQs in Constanta City, Romania, on the Black Sea Coast. The Group has 3 companies registered in on 3 different continents and 7 active divisions taking care of various industries and business sectors. All the Group Companies have the same private share-holders: Harry-Michelle BOIAGIAN (50 %) - President & CEO Lucian Gabriel ASANACHESCU (50 %) - Executive Vice-President & Managing Director What We Do IMRA Group started its activity with Oil & Gas Personnel Management & Recruitment for various worldwide offshore or onshore projects. Nowadays, IMRA Group is successfully coordinating all its 7 division businesses putting always a high price on quality in all respects: Recruitment Crew Manning Real Estates I.T. & Telecom Outsourcing BD & Consulting Engineering

9 IMRA Realtor Capabilities Services IMRA Group is not acting as a simple Real Estate Agent on the Romanian market, but as a Business Development, Management & Consultancy Company offering various integrated solutions for its existing & new clients as well. We deal only with projects from minimum 500K and carefully select our clients. IMRA Group is providing the following real estates services to its clients: Local Market Surveys & Analyzes Properties / Plots Identifications & Introduction Pre-Feasibility & Feasibility Studies (for industrial projects - if required) Companies Set-Up & Business Development Local Taxation System Consultancy & Support Properties Acquisition & Rights Transfer (Notary Procedures) Land Registry Formalities (Cadaster Measurements, Land Tabulation etc.) Architectural & Design Services Local Bureaucracy Support (Authorization & Permits Obtaining, Legal Papers etc.) P.U.Z. (Zonal Urban Plan) Obtaining / Changing Support (if required) Demolition Permits Obtaining Support (if required) Demolition Coordination & Property Clean-up Support (if required) Construction Project Management (24/7 Support) Project Sales Support Many Others By Request

10 Conclusions IMRA Group is interested to establish Strategic Partnerships with various investment companies or private investors in order to represent their interests in Romania and act as the Key Partner for their further project developments in this part of European Union. What we are always aiming is to build-up long term & mutual benefits relationships based on Trust, Transparency and Reliability. Depending on the nature of required services, IMRA Group is capable to provide Consultancy Services, Business Development Services or to act as Project Management Company. Given the developments of further cooperation, IMRA Group is also able and willing to put in place a dedicated 24/7 team in order to take care exclusively to each projects we develop for our clients in Romania. We do hope this presentation offered you basic information in regards to current real estate market in Romania and please to not hesitate to contact us for additional information in regards to our services / capabilities and investment opportunities / projects that we are currently working on.. With kind consideration, Lucian G. Asãnãchescu EVP, Managing Director

11 Contact Us IMRA Group HQs: Address: Level 8, GSS Office Tower 158 Mamaia Blvd., Constanta City RO (E.U.) Key Contact: Lucian G. Asãnãchescu EVP, Managing Director Phone: Fax: imra@imra-group.com Web: Mobile: Phone: lucian@imra-group.com Skype: lucian-imra

12 THANK YOU FOR YOUR TIME!