FAQ�s

FAQ’s May’07 FAQ’s May’07 Contents Introduction What is the Romanian Eagle Land Fund? Who are the advisers to the Romanian Eagle Land Fund? What will the Romanian Eagle Land Fund do with my money? Why is this strategy right for this market? What can I expect to gain from the fund? What are these figures based on? Explanation of assumptions Why should I consider the Romanian Eagle Land Fund? What are main risk factors associated with the fund? Can I invest through my pension? When can I invest? How can I invest? Can I earn a commission for introducing other investors to Homes in Romania? Contact details 1 2 3 4 5 6 7 8 10 11 11 11 11 11 12 FAQ’s May’07 Introduction Today, real estate markets all over the world are filled with entirely new levels of investors, lenders, purchasers and developers, all seeking to maximise investment returns. Small investors and those approaching the market from outside often feel as though it’s an uphill struggle to compete with local players. The Romanian Eagle Land Fund has been established to level that playing field, by offering economies of scale, alignment of interests between fund management and the investor and expertise on the ground. Here we answer a few frequently asked questions about the fund. If you’ve any that aren’t answered here, please don’t hesitate to get in touch. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 1 What is the Romanian eagle land Fund? The Romanian Eagle Land Fund is a pooled investment vehicle that gives you the opportunity to gain exposure to Romania’s exciting land and property market without the need to actually buy land or property yourself. To put it simply, a number of investors each put a sum of money into a ‘pot’ (the ‘pot’ in this case is a CISX (Channel Islands Stock Exchange)-listed Guernsey fund). In return, the investors receive shares in the ‘pot.’ The directors and administrators (Fortis Fund Services (Guernsey) Limited, ‘FFSL’) and advisers (Homes in Romania) to the fund then use this ‘pot’ to purchase numerous sections of land and properties to which they make improvements and sell (hopefully for a profit). This money can then be reinvested. This process of ‘purchaseimprove-sell’ will be repeated for 3 years, at which point all land and property in the fund is sold and the ‘pot’ (plus any profits or losses) is divided amongst the investors according to the number of shares that they hold. The advisers to the fund receive a ‘success fee’ provided they achieve a minimum level of profit (an internal rate of return of 12% per annum relating to each property ~40% over 3 years). 2007 1. Investor Investor Investor Shares € Romanian Eagle Land Fund €€€ 2. € € € € Land/Property Land/Property Land/Property Land/Property 3. €€ Romanian Eagle Land Fund €€€€€€ €€ €€ 2010 Investor Investor Investor 1. Investors by Shares in the Romanian Eagle Land Fund 2. The Romanian Eagle Land Fund buys and sells land/property generating profit 3. Profit is returned to the share holders at the end of the Fund’s 3 year life For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 2 Who aRe the adviseRs to the Romanian eagle land Fund? The Romanian Eagle Land Fund is comprised of two key decision-making groups, the Land Adviser team (‘The Land Adviser’) and the Directors of the fund. Land and property is sourced by the Land Adviser and presented to the Directors of the fund together with a business plan detailing potential profits and costs for any proposed improvements. Based on the analyses and due diligence provided by the Land Adviser (with support from strategic adviser DTZ Echinox), the Directors of the fund decide whether to admit or reject the project to The Romanian Eagle Land Fund’s portfolio. Three of the Directors are employees of FFSL and there are two outside Directors. Part of the Fortis Group, with over 60,000 employees around the world, FFSL has close ties to Fortis Investment Bank. Fortis Investment Bank has a market capitalisation of €39bn and is amongst the 20 largest financial institutions in Europe. The Land Adviser has been created by Simon Pearce-Hughes and Edward Russell of Homes in Romania Ltd. Homes in Romania Ltd. is a British real estate firm with UK and Romanian offices which has been trading land and property in Romania since 2002. Dr Pearce-Hughes and Mr Russell will be assisted by 3 additional partners with architectural and financial expertise. The strategic adviser DTZ Echinox is a leading global real estate advisery company, located in most major cities with 10,000 people operating from 200 offices in 40 countries across the globe. The outcomes of the Land Adviser’s 5 most recent transactions are set out in the table below. In addition to these, members of the team have successfully executed 9 rezoning (see “Why this strategy for this market?”) projects, with a 100% success rate, in the last 18 months and sourced €10.8m in project finance. Description ‘2 Mai’ (6Ha Ag Land) Vama Veche (4.4 Ha Ag Land) Casota Conac (large period property) Moiecu (.18 Ha Urb Land) Argesh (Large period property) Duration change in Value 2 Months 22 months 5 months 27 months 27 months 100% >10,000% 380% 1200% 1570% Source Premier Advice SRL, Earliest purchase 04/04, Most recent sale 05/07 For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 3 What Will the Romanian eagle land Fund do With my money? The Fund will employ the following very simple strategy: 1) We will buy land/property at less than market value. 2) We will make improvements to the land/property. 3) We will sell the land/property. This investment cycle will repeat itself throughout the 3-year life of the fund. It is anticipated that the Fund will focus on buying and improving land rather than property (although we may invest in property too). We’re focusing on land for the following 3 reasons: 1) 2) 3) In broad terms, the value of land has risen more quickly in recent years than that of property. Since the objective of this fund is to maximise capital return rather than generate income from rental, it makes sense to concentrate on land. The land market is less transparent than the property market in terms of pricing so our experts on the ground are more likely to find land that’s for sale below market value. Our team has a very strong track record of purchasing land for less than its market value. (see ‘Who are the advisers to the Romanian Eagle Land Fund?’) The improvement (to the land), which we expect to attempt most frequently, is ‘rezoning’: the acquisition of a kind of planning permission, which triggers the integration of land into a town plan (see ‘Why is this strategy right for this market?’), We will focus on this for the following two reasons: 1) We have a very strong track record of success in this area (see ‘Who are the advisers to the Romanian Eagle Land Fund?’). 2) This phase in a plot of land’s development often represents the sharpest rise in its value over the shortest period of time (150-350% impact on value in 6-18 months). In a rising market where land was successfully purchased below market value and rezoning was achieved, a plot of land’s value might change, during the buy-improve-sell process, as shown in the diagram below. Rising market Land sold Value of land Value added as improvements executed Rising market Initial market value of land/property Land purchased at discount Time Buy discounted Land/Property Re-zoning Sell Land In a rising market where land was successfully purchased below market value and rezoning was achieved, a plot of land’s value might change during the buy-improve-sell process as shown in this diagram. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 4 Why is this stRategy Right FoR this maRket? Our strategy fOr generating prOfit frOm the rOmanian real estate market is as fOllOws: 1) We will buy land/property at less than market value. 2) We will make improvements to the land/property. 3) We will sell the land/property. We believe that our approach is particularly suited to current Romanian market conditions. 1) Buying land/prOperty Beneath market value Romanian real estate is in a rare position amongst modern EU countries being early in its cycle of development. Following the fall of communism, land and property was returned to its original private owners. This process was poorly managed and, since many of the original owners had died, titles were often divided between various offspring. In the case of land, this often meant creating small, unusable strips. Furthermore, during the communist era, many land owners migrated to urban areas, while the communities they left were reduced to subsistence due to desperate under-funding and poor management. This situation has, for several reasons, created a network of highly motivated sellers across the country. One major reason is that most sellers have simply not had to pay for their land or property thus they are likely to negotiate less agressively than one who has parted with money. Moreover, title-holders who moved to cities often have minimal contact with (or interest in) their rural land, while subsistent farming communities extract little agricultural value from the holdings due to poor technology. Thus both groups often hold a distorted value of their land or property and are keen to cash in. In addition to this, unusable fragments and strips of land can often be consolidated, which adds value. Furthemore, we can achieve large economies of scale by buying large plots of land. 2) executiOn Of imprOvements On land and prOperty In terms of improvements to land and property our focus will be on the process of rezoning land. This is the conversion of ‘extravilan’ (outside city limits) land into ‘intravilan’ land, which is integrated into the town plan. This process requires various permissions at a local and regional level. In Romania, a large gap exists between the value of extravilan and intravilan land (between 50-250%), making the business of rezoning potentially highly profitable. However, the process is extremely bureaucratic and is often rejected by inexperienced individual landowners. When professionals attempt rezoning though, success is relatively commonplace (indeed, our team has a 100% success rate). This is in part due to a pro-development government that recognises the country’s chronic housing shortage. Recent figures show that the number of building permits issued in Feb 2007 was up 53% on the same period in the previous year. 3) sale Of finished prOduct Development is taking place in Romania at an unprecedented rate. Land that’s ready for sale will be managed by the Land Adviser team with support from the strategic adviser (see ‘Who are the advisers to the Romanian Eagle Land Fund?’) through agents in Romania and Europe as well as developers and investment funds in Romania. There is an exceptionally strong market for land in Romania, driven by shortage. As Colliers stated in its 2006 property report: “Demand continues to outstrip supply to such an extent that, faced with an acute lack of land, developers agreed to take into consideration even plots with undecided ownership titles or urban zoning.” For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 5 What can i expect to gain FRom the Fund? Of course we cannot predict the future. We can’t guarantee a positive outcome and you must be aware that your entire investment might be lost. The Financial model below shows a possible return profile. It is not a projection or forecast. The first table ‘IRR’ (internal rate of return) describes the net annual profit for the investor, while the second, ‘100,000 Euro Investment Returns’, describes the amount that an investor could expect to receive at the end of the fund’s three year life if they had invested €100,000 at the start. The model is based on ‘rezoning’ sections of land and the entire budget being invested and reinvested twice during the life of the fund (2 investment cycles). The figures in the left hand column (500; 10,000; 1,000,000) describe the mean area, in square metres, of the plots of land in which the fund might invest. It can be seen that profits are much reduced if the budget were invested entirely in small plots (of 500m2). This is because fixed costs mean that executing improvements on such small areas of land is expensive relative to the price of the land itself. In practice the Fund will rarely consider sites of less than 10,000m2. The figures along the top row represent various possible impacts of ‘rezoning’ on the value of the land, i.e. the effect on the price that the land will fetch on the open market following successful rezoning. Our architectural partners can confirm that the impact of rezoning on the value of a section of land usually varies from 150% to 350%. It is likely that rezoning will have different impacts in different cases so these should be viewed as mean figures for the entire fund portfolio. AnnUAL IRR IMPACT oF REzonIng on VALUE oF LAnd Plot Sizes Purchased (m ) 2 150% -15.73% 29.31% 37.04% 200% 24.09% 103.10% 117.78% 250% 75.00% 195.35% 215.67% 300% 140.70% 305.51% 334.80% 500 10,000 1,000,000 1000,000 EURo InVESTMEnT RETURnS (AFTER 3 yEARS) IMPACT oF REzonIng on VALUE oF LAnd Plot Sizes Purchased (m ) 2 150% €52,803 €187,932 €211,107 200% €172,278 €409,302 €453,325 250% €325,004 €686,058 €746,996 300% €522,104 €1,016,516 €1,104,390 500 10,000 1,000,000 These figures are illustrative of part returns and are not projections or forecasts. Past performance is not a guide to future returns. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 6 What aRe these FiguRes based on? These figures are based on a range of assumptions detailed overleaf. The figures below represent the assumptions on which the above financial model is based. Since these figures are critical to the model, an explanation of how we arrived at these assumptions is also included (rising/falling real estate market conditions are not accounted for in this model). In addition to these figures, certain assumptions have been made concerning the cost of executing rezoning on land. These figures were provided by our architectural advisers and are set out in full in the Romanian Eagle Land Fund’s prospectus. Discount achieved (purchase price as percentage of market value) Portion of discount paid as commission to source Change of use application success rate Sale price of unimproved land (% of purchase price) Gearing deposit cycle 1 Gearing deposit cycle 2 Interest on loan Exchange rate RON/EUR Purchase price of land (€/m ) 2 75% 25% 80% 75% 40% 40% 8% 3.4 € 10.00 € 30,000.000 Funds raised (€) TRAnSACTIon CoSTS On purchase On sale Romanian corporate tax PERFoRMAnCE FEE On profit over benchmark On profit over performance hurdle Benchmark Performance hurdle Portion of performance fees held in escrow to offset loss Annual management fee Marketing costs (including distributor commission) Launch costs 3% 3% 16% 20% 30% 12% 100% 50% 2% 10% 5% For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 7 explanation oF assumptions Discounted price (purchase price as % of mkt value) Portion of discount paid as commission to source 75% 25% These figures indicate the difference between what the fund pays for land (the discounted price) and what the land could be sold for on the open market. We’ve also shown a success related fee tied to the level of discount achieved by the sourcing agent. One of our most recent investments, for example, was bought and rapidly resold on the open market for 380% of its purchase price. Thus, in this case, the “Discounted price” of the property would have been ~26%, since it was bought for 26% of what might be achieved on the open market. Discounts and finders’ fees will be calculated based on valuations offered by our strategic partner (DTZ Echinox). Change of use application success rate Sale price of unimproved land (% of purchase price) 80% 75% This assumes that 80% of our attempts to execute rezoning on sections of land are successful and that land on which attempts have failed can be resold for 75% of purchase price. To date, our success rate of executing such improvements is 100%. The fund will employ risk assessment procedures in a bid to maintain this record. The Fund will endeavor to pay no more than the ‘unimproved’ land’s market value, an amount reflecting the value of the real estate rather than its future rezoning potential, thus resale prices are expected to be close to purchase prices. Gearing deposit cycle 1 Gearing deposit cycle 2 Interest on loan 40% 40% 8% Here borrowing or ‘gearing’ levels are detailed. In this case a 40% deposit is paid and the remainder of the finance for the project is bank financed. For example, if a section of land were offered for €100, the fund would pay €40 and borrow €60 from the bank. This increases potential profits (and losses), since less of the Fund’s money is involved in each investment. An In-Principle offer for lending of up to 85% of the land value has been received from BCR, one of Romania’s largest banks. However, to manage risk, the fund will not usually borrow more than 70% of a propertie’s value. Estimated annual interest repayable on such loans (by BCR) is 7-8%. Exchange rate RON/EUR Purchase price of land (€/mp) Funds raised (€) 3.4 €10.00 €30,000.000 The exchange rate is necessary for certain calculations in the model and is correct at the time of going to press. The purchase price of land is an average figure which, based on our experience and the size of projects modelled here, is believed to be reasonable. We expect the fund to raise up to €30m. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 8 TRAnSACTIon CoSTS On purchase On sale 3% 3% Agency fees on purchase and sale in Romania range from 1-3%. Romanian corporate tax 16% Land will be purchased using Romanian vehicle companies. Romania enjoys a flat corporate tax rate of 16%. PERFoRMAnCE FEE On profit over benchmark On profit over performance hurdle Benchmark Performance hurdle Portion of performance fees held in escrow to offset loss 20% 30% 12% 100% 50% The Directors of the fund and the Land Adviser will receive 20% of all profits achieved in excess of 12% per year (calculated on an asset by asset basis) and 30% of all profits achieved in excess of 100% per year (calculated on an asset by asset basis). Half of this success fee will be held in a bank account until the end of the Fund’s life and paid to investors should the 12% benchmark be missed. Annual management fee Marketing costs (including distributor commission) Launch costs 2% 10% 5% Fund management fees to pay for running of the company, Directors’ expenses and marketing (including broker commissions). For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited 9 Why should i consideR the Romanian eagle land Fund? Whilst the Romanian Eagle Land Fund is dependent on the performance of the Romanian property market, it differs from purchasing property in a number of ways. Simplicity and expertise It is much easier to invest in a fund than to compile a portfolio of high quality properties for yourself. If you are comfortable with the risk/ reward profile of an investment based around Romanian land/property as well as the expertise of our team, the Fund may be the most straightforward route to investment. The interests of the fund’s management are necessarily aligned with the success of the project and, as such, they are engaged in constant proactive research in order to ensure maximum return on investment. The fund’s focus is land rather than property The land market is rising more quickly than the property market. Prices for apartments in and around Bucharest are expected to rise by 15-20% during 2007 by optimistic forecasters. Land, even in the capital, is predicted to double in value in some areas (Colliers). on the ground contact Our team of experts will rarely enter into deals available on the open market. When land/property is advertised, the vendor is savvy enough to expect the best price. Additionally, foreigners are perceived as rich and, as such, companies with an international profile will often raise land/property prices in the hope of attracting a wealthy foreign purchaser. Moreover, the Romanian Eagle Land Fund will search throughout Romania for the best investments (rather than being tied to the capital or larger cities). Economies of scale The Romanian Eagle Land Fund has the capacity to enter into much larger deals than most individuals are able to consider. As in any market, where larger deals are on the table, value for money is increased. Buying on a large scale not only has a dramatic impact on the price of land per square metre but, because of fixed costs, it can also significantly reduce the cost of rezoning. For example, a rezoning application for a 500 square metre plot of land may cost the equivalent of over 30% of the plot’s overall value. However, a rezoning application for a 100,000 square metre plot of land is unlikely to exceed 5% of the plot’s overall value. gearing The Fund may be able to achieve favourable borrowing terms. In the case of the Romanian Eagle Land Fund, 85% LTV borrowing has been agreed in principle, though in practice we will usually seek to borrow no more than 70% LTV to manage risk. In Romania mortgages are difficult for individuals (particularly foreigners) to obtain and virtually impossible to obtain for sections of land as opposed to property. diversification A fund will, at any time, possess numerous assets, whereas an individual owning a section of land or property will suffer the full impact of any loss. By controlling multiple assets the Fund will be, to some extent, buffered against the underperformance of one or more areas of its portfolio. Improvements The investor can benefit from improvements made to land and property by the adviser. Such processes are bureaucratic and extremely difficult to complete for those without a great deal of experience. Moreover, many “professionals” can prove inconsistent and unreliable. It can be very difficult to carry out any kind of adjustment to a property or to manage a sale/rental without a constant presence on the ground. We have a network of local experts (which we can monitor) to make sure that things move forward as smoothly as possible. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). 10 Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited What aRe main Risk FactoRs associated With the Fund? This is a high risk investment and Shareholders may lose a substantial part or even all of the money they invest in the Fund. An investment in the Fund is, therefore, suitable only for financially sophisticated investors who are capable of evaluating the risks and merits of such an investment and who have sufficient resources to bear any loss that might result from such an investment. If in doubt, you must consult a professional adviser authorized under the Financial Services and Markets Act 2000, who specializes in advising on the acquisition of Shares and other securities. Such an investment should be seen as medium term in nature. There can be no assurance that the Fund will achieve its investment objectives. Past and current performance does not imply that future trends will follow the same or a similar pattern. Assumptions made in this document may not be achieved. Shareholders may not get back the full value of their investment and, in certain circumstances, Shareholders could lose all of their investment. It is envisaged that the Shares of the Fund will be listed on the Channel Islands Stock Exchange (“CISX”). Whilst the Directors hope that the proposed listing may provide a means by which investors may sell their Shares before the expiry of the Fund, there is no guarantee that the Shares may be sold or if it is practicable that the sale price were to reflect the net asset value per Share of Shares in the Fund. The Fund will be trading Romanian property and plots of land. Romanian properties are viewed as a higher risk investment and of a less liquid nature than opportunities in Western Europe. There is a risk that planning consents are not obtained or delayed significantly or granted subject to conditions. Any future downturn in the Romanian property market could materially and adversely affect the value of the properties. The Fund may borrow up to five times the equity capital invested in the Fund. In a falling market, this level of borrowing materially increases the risk of loss of investors’ capital. can i invest thRough my pension? SIPP investors can buy shares in the fund as part of their portfolio. We intend that the Romanian Eagle Land Fund is listed on the Channel Islands Stock Exchange. When can i invest? You can apply for shares in the fund from 1st June 2007. hoW can i invest? If you already have a copy of the investment memorandum relating to the Romanian Eagle Land Fund, you can complete the application form and dispatch to LLP Services. If you do not yet have a prospectus, contact Homes in Romania or LLP Services directly to request one. You may also wish to discuss the scheme with your independent financial adviser. can i eaRn a commission FoR intRoducing otheR investoRs to homes in Romania? Yes, you can. We are happy to remunerate individuals generously for making introductions to us that result in business. Contact Homes in Romania for more information. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). 11 Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited FAQ’s May’07 Contact If you would like anymore information please don’t hesitate to get in touch. UK office Romanian office Email +44 1223 238 331 +40 31 805 76 96 info@romanianeaglelandfund.co.uk Out of office hours call... Simon Pearce-Hughes +44 7738 701 103 Edward Russell +40 720 16 16 16 Alternatively you can contact the fund’s promoters LLP Services* +44 207 357 9090 Email info@llpservices.com *Homes in Romania UK Limited is an introducer appointed representative of LLP Services Limited. It may market the fund and introduce investors to LLP Services Limited, authorised and regulated by the Financial Services Authority in the UK. For more information call +44 1223 238 331 (UK) or +40 31 805 76 96 (Romania) or email info@romanianeaglelandfund.co.uk. Out of office hours, call Simon Pearce-Hughes on +44 7738 701 103 or Edward Russell on +40 720 16 16 16 www.romanianeaglelandfund.co.uk HOMESINROMANIA advisers to... This financial promotion has been published by Homes in Romania (UK) Limited and has been approved by LLP Services Limited (authorised and regulated by the Financial Services Authority). 12 Homes in Romania (UK) Limited is an introducer appointed representative of LLP Services Limited