Hi Andy, I will not be in the seminar but i am hoping to see sometimes...perhaps in Bucharest. It would be great to talk a bit more of the Platinum and more specifically of this area of Bucharest, Vitan area..Do you know Bucharest? Do you know what the locals think about living in the Vitan area?? My first experience asking a few local people were not that encouraging, It would be great to compare the info we are getting? also what are you plan? Do you want to reassign your contract at completion? Christian

Hi, Yes I would be looking to reassign just prior to completion. I dont know the area myself but one of my colleagues who does know it believes the area and the price are reasonable. If the PS research is correct and this is the 4th most affluent sector in the city and given its proximity to the centre and metro access, I believe in 2 years time the investment should be re-assignable as long as the pricing is competitive. I am looking at the 28-30 June to be in Bucharest... A

Hi Andy, If the prognostic on the area is correct and the contract can be reassigned , have you done some research of the Tax/gain implication? alternatively holding on a longer period would be not so interesting to you? Andy , i trying to see the pros and cons of holding on the invest between a short time period (up to completion) or holding for the medium terms (mini 5 years) ?? Could you explain the parameters to choose one way or the other? Christian

Both exit strategies are open for me - in any decent investment you should have multiple exit strategies. In a market like Romania where things are changing fast, the markeplace could be very different in 18 months from now and reassigment may no longer be an option, or vice versa - medium term hold may not be so attractive. It really depends if you have acces to an alternative investment in 18 months time you feel will perform equally well or better than this apartment over the following 3-5 year period. I asked Martin Grainger / Noreen from PS 10 days ago regarding the tax implications for pre and post completion sale. The PS tax expert was supposed to come back to me. They have not. (In contrast however I did get a response from PS within 24 hours to confirm receipt and cashing of my finders fee cheque last week...) As I understand it, the possibility to reassign contract was not in the orignial deal pack provided by PS and they had effectively not considered the tax implications of it at that time. Therefore, Noreen / Martin / 'Tax expert' - can we have an answer please?

Andy I'm in Poland (I live half in Poland, half in UK), and not so close to an international airport to get to London at present. Regards, Mike

I'll make some notes and send to you guys. It would seem you have chosen Poland in that debate already! Andy

Hi Andy, We are a bit far away (i am also travelling but between germany/Poland and France) to come and see the seminar Roumania/Poland so yes if you can , please make some notes... When we see the Platinum deal which is supposed to be at the beginning of the capital growth in an area (east Bucharest which need a lot of regeneration) and then you compare the price level with the polish cities (Warsaw and Krakow) after the Polish Boom of the last 3 years...you always wonder ! The point that the Roumanian people owns already a lot of equity is surely a beginning of explanation but from outside it makes the market very expensive to get in, especially when we compare the good financing available in Poland! So the comparison between the 2 countries is surely a great , great subject ! Christian

Hi, I would say the Polish credit market is 2 years or more ahead of the Romanian market - I would expect the credit environment to be quite different by the time we are at completion. Pricing cant be compared really - its all relevant to the local market - if the new builds are significantly higher in value I would expect the 100% privately owned Panelaks also to be that much greater in value than the Polish equivalent. What line of business are you in? Andy

Hi Andy, I am working in the German Automotive Industry (more exactly for the headlamps and rearlamps). and you see normally i should be used to technical drawings but i did not help as i could not distinguish the north from the south on the floorplan... For the real estate , i have started to be quite interested in the CEE development and especially Krakow for 3 years.. My wife is polish and you can imagine how the forum with Poland and Roumania in focus seems interesting to me... and you Andy , i understand you are already on the investment side ... Are you working for your own account or for an organisation? Christian

Hi, I work with a small number of high net wealth clients looking to invest capital into early stage deals as equity, either in direct land acquistions or equity into developments. We work across the Baltics and Romania. Regards Andrew