M3 - King Sturge

REPORT & VALUATION
ON
M3 SHOPPING CITY
BUDAPEST XV
AS AT
30TH SEPTEMBER 2007
King Sturge
Rakoczi ut 70
Budapest H-1074
PRESENT BBT INGATLAN FORGALMAZO KFT
M3 SHOPPING CITY SEPTEMBER 2007
BUDAPEST
CONTENTS
PAGE
INTRODUCTION ......................................................................................................................................5
EXECUTIVE SUMMARY ......................................................................................................................10
4.0 DESCRIPTION ............................................................................................................................16
5 ACCOMMODATION......................................................................................................................20
6 SERVICES ........................................................................................................................................22
7 CONDITION ....................................................................................................................................22
8 STATUTORY ENQUIRIES............................................................................................................22
9 ENVIRONMENTAL CONSIDERATIONS...................................................................................23
10 TAXATION ..................................................................................................................................24
11 TENURE .......................................................................................................................................25
12 TENANCIES.................................................................................................................................26
13 NARROWED MARKET SEGMENT REVIEW.......................................................................26
14 VALUATION................................................................................................................................29
15 S.W.O.T. ANALYSIS...................................................................................................................38
16 CONCLUSION .............................................................................................................................39
17 PROJECT ANALYSIS ................................................................................................................39
18 OVERALL PROJECT REVIEW ...............................................................................................41
Appendices
1 VALUATION CALCULATIONS
2 LOCATION PLAN
3 CADASTRAL EXTRACT AND SITE PLAN
4 VISUALISATIONS
5 COMPETING SCHEMES
6 BASIS OF VALUATION
PRESENT BBT INGÁTLAN FORGALMAZÓ KFT
M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
Location: The proposed project referred to as The M3 Shopping City is

located in the northern part of Budapest on the edge of District
XV in an area called Rakospalota. It is approximately 11 km
north –north east of the city center and directly fronts the M3
motorway. The M3 leads from Budapest towards Miskolcs and
Debrecen in eastern Hungary. The area is already reasonably
well developed with Metro, Praktiker and Gulliver Toy Store
already represented opposite the site. Other notiable retail in
the neighbourhood is Polus Center located on Szentmihaly ut
(1.5km due east) and Cora, Bricostore 1km north of the subject
site.
Description: The property comprises land with a total site area of 155,840 m2
upon which the owner intends to develop a new Out of Town
retail park. The scheme will principally provide a two phases
developments:
Phase I with a proposed scheme of 34,780m2 GLA including a

hypermarket anchor, 5 LSU’s a unit shop provision of circa 21
units, stands and a food court in the ground floor and 8,108m2
GLA including entertainment units in the first floor. Phase I will
be serviced with approximately 1,450 surface car parking
spaces orientated towards the front of the scheme.
Phase II with a proposed 11,294m2 GLA including 3 LSU’s a

unit shop provision of circa 29 units. Phase II will be serviced
with approximately 350 surface car parking spaces orientated
towards the front of the scheme.
M3 Shopping City, with a total gross built area of 55,218m2

and a gross leasable area of 54,182m2 will be amongst the
most dominant retail scheme in the northern districts of the city.
The center is arranged in a classic "U" shape with anchors/
LSU’s at either end. Anchors are anticipated to be food, office
supplies, Sports department store, electronics and fashion.
Tenure: The property is held with unlimited ownership. Present BBT

Ingátlan Forgalmazó Kft are 100% owner (the owner).
Tenancies: The development is currently under leasing and building permit

process.
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SEPTEMBER 2007
Valuation Base: Scenario 1 = MARKET VALUE assuming scheme is let
Scenario 2 = RESIDUAL SITE VALUE
Gross Development Value: Phase I:
€ 61,400,000 as at 30th September 2007 (SCENARIO 1)
Phase II:
The value applies for the sale of the subject property via a
quota sale & purchase rather then the acquisition of the asset
itself.
The above figures are for 100% interest in the asset.
Total Development Cost: Phase I: € 36,000,000 (SCENARIO 1)
Phase II: € 10,500,000 (SCENARIO 1)
Note this excludes developers profit and Land
Profit on Cost 17.5 % on Phase 1 and 20% on Phase 2
Market Value of Land: € 22,800,000 as at 30TH SEPTEMBER 2007 Euro 147 /m2
(SCENARIO 2)
Key Issues: Subject to planning and final building consents
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
26th October 2007
Present BBT Ingátlan Forgalmazó Kft

Harangvirag utca.5
1026 Budapest
Hungary
For the Attention of:

Mr Motti Peretz,
Dear Sirs,
PROPERTY VALUATION OF PHASE "M3 SHOPPING CITY" RETAIL PARK –

BUDAPEST XV.
INTRODUCTION
1.0 Instructions
In accordance with your instructions dated 25th September 2007, from Present BBT
Ingatlan forgalmazo Kft, by Motti Peretz – Managing Director, we have inspected and
valued the above property which is owned by Present BBT Ingatlan forgalmazo Kft
(“the Company”) and referred to in the appendices, in order to advise you of our
opinion of the100% interest Market Value of the freehold interest in the currently
developed property. The valuation is of the 30th September 2007.
As referred to in the appendices the valuation has been undertaken without having
seen any structural, soil survey or environmental report and we would draw your
attention to section 1.6 below.
Our valuation advice has been prepared in accordance with the basis of valuation and
valuation assumptions set out below and in accordance with the Appraisal and
Valuation Standards, fifth edition, published by the Royal Institution of Chartered
Surveyors (RICS).
Details of the surveyors inspecting and valuing each property are provided in the
Appendix to this report.
Status of Valuer & Conflicts of Interest

We confirm that we have undertaken the valuations acting as External Valuers as
defined in the RICS Appraisal and Valuation Standards.
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SEPTEMBER 2007
1.2 Purpose of Valuation
We understand that this Valuation Report is required for the purpose of the company’s
financial reports, according to the IFRS. King Sturge consents that this valuation
would be attached in its entirety to the publicly published financial reports of Sybil
Europe Public Co. Limited, to the Tel Aviv Stock Exchange and the Israel Security
Authority.
Please note the basis of valuation adopted may not be appropriate for other purposes,
so the Valuation should not be relied upon for any other purpose without prior
consultation with us.
1.3 Bases of Valuation
The value of the property has been assessed in accordance with the relevant parts of
the current Appraisal and Valuation Standards (the “Red Book”) published by the
Royal Institution of Chartered Surveyors (RICS). PS 3.2 of the Red Book defines
"Market Value" as "The estimated amount for which a property should exchange on
the date of valuation between a willing buyer and a willing seller in an arm’s-length
transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently and without compulsion".
The property is held freehold for Development and as requested by Present BBT
Ingatlan forgalmazo Kft, we have considered Market Value on the following basis:
Market Value of the proposed project assuming it is satisfactorily let on the

assumptions contained herein. We have adopted a Discounted Cash Flow approach
in order to appraise the subject property’s completed value. We have made a second
appraisal to value the land on which the project will be developed. We have adopted
a residual approach to estimate value together with adopting some comparables as
supporting evidence.
The property according to our knowledge is with planning and building permits for a
retail development.
1.4 Taxation & Costs:

No allowances have been made to reflect liability to taxation or other costs associated
with disposal. Nor, as is customary in Central & Eastern European markets, has an
allowance been made in respect of purchaser’s costs.
1.5 Assumptions and sources of information:

The Glossary to the Red Book states an assumption to be a "supposition taken to be
true". This may include information or conditions affecting the subject property or
approach to a valuation that, by agreement, need not be verified by a valuer.
In undertaking our valuations, we have made a number of Assumptions and have

relied on certain sources of information. Where appropriate, Present BBT Ingatlan
forgalmazo Kft has confirmed that our Assumptions are correct so far as they are
aware. In the event that any of these Assumptions prove to be incorrect then our
valuations should be reviewed.
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1.6 The Assumptions made for the purposes of our valuations are referred to
below:-
The client has provided us with such information as details of tenancies, use, town
planning consents and the like. We have obtained title documentation form the
Budapest Land Registry and floor plans from Casiopea Group, the schemes
architects. In preparing our valuation we have relied upon such information provided
to us by the client and their advisors and have assumed that the documentation
supplied is correct and that our understanding of the situation is also correct.
We have made an Assumption that the Company is possessed of good and

marketable freehold title in each case and that there are no encumbrances or unduly
onerous or unusual easements, restrictions, outgoings or conditions that are likely to
have an adverse effect on the value of the properties. The valuation also assumes that
the properties are free from mortgages.
We have not affected official searches and for the purposes of this valuation we have
assumed that full planning consent exists. We have assumed that established use
rights are available for the existing building in its present use.
We have not calculated areas and have relied upon areas provided by the owners,
which we assume to have been calculated in accordance with local market practice.
We have not carried out site surveys or environmental assessments or investigated

historical records to establish whether any land is, or has been contaminated. We are
not aware of the content of any environmental audit, site survey or any other
investigations which may have been carried out on the properties that may draw
attention to any contamination or the possibility of any contamination and we have
assumed that no hazardous or potentially contaminated substances have been or are
being used at the properties. Should it however be established subsequently that
contamination exists at the properties or on any neighbouring land or that the
premises have been or are being put to any contaminative uses, this might reduce the
values now reported.
No soil bearing tests have been carried out by us and we cannot offer any opinion
either as to the suitability of the sites for existing or proposed developments nor the
condition of or potential liability for any embankment, river, wharf or retaining wall.
We have not made any assessment of the potential liability for flooding and for the
purposes of this valuation have assumed the properties would not be subject to
flooding.
1.7 Compliance with Standards
This engagement letter and the report has been prepared and signed by James
Kinnell BSc, MRICS, MPhil, a Chartered Surveyor with 12 years experience in the
region and qualified to give valuation advice on this type of property and in this
locality. This valuation has been made in accordance with the Valuation and Appraisal
Standards (the Standards) published by the Royal Institution of Chartered Surveyors
(RICS), subject to the Special Assumptions explained below.
King Sturge Kft. is acting as External Valuers. An External Valuer is defined in the
Standards as “A valuer who, together with any associates, has no material links with
the client, an agent acting on behalf of the client, or the subject of the assignment.”
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We confirm that King Sturge Kft. have no direct interest in the property or the parties
associated with it. King Sturge confirms that the engagement letter signed between it
and Present BBT Ingatlan forgalmazo Kft is on an arms length basis with a
remuneration based upon a fixed fee without insentivisation. Accordingly, we are able
to provide independent advice.
Our involvement in the property dates back to April 2007 when we were asked by
Sybil Europe Public Co. Limited to provide a valuation report for the purpose of
financial reporting.
1.8 Special Assumptions

In preparing this report we have made a number of Special Assumptions regarding the
planning status of the site, the ability to lease the retail elements of the proposed
development to future owner-occupiers, and the divisibility of the site to allow a
phased release of land in the open market as outlined below. These are not matters of
fact and do not accord with the present circumstances of the property today. These
assumptions directly affect our valuation, and are therefore “Special Assumptions”
under the terms of the Standards. A Special Assumption is defined as “An
Assumption that either:
Requires the valuation to be based on facts that differ materially from those
that exist at the date of valuation; or
Is one that a prospective purchaser (excluding a purchaser with a special

interest) could not reasonably be expected to make at the date of valuation,
having regard to prevailing market circumstances.”
In the case of this report, it is the first of these definitions that is applicable. Further
information on the use of Special Assumptions is available in PS 2.3 and Appendix 2.3
of the Standards. Copies of these can be provided on request.
The specific Special Assumptions we have made are:
The valuation provided is based upon the subject site being appropriately
zoned and the subject development being permitted. In order to develop the
site, a specific design, within the constraints of the General Development Plan
has to be submitted. Currently the land does not have these detailed permits
in place as no application has been made. Accordingly, a ‘Special
Assumption’ has been made, to the effect that the land has been issued a
Building Permit, for the specific scheme contained in this report below.
In arriving at an appropriate assessment of the Gross Undiscounted Residual

Value (GURV) of the site, we have assumed land is made available to the
market (or developed directly), on a controlled and appropriately phased basis
over time and can be let to appropriate covenants on the rental levels
suggested.
The values outlined in the report are therefore calculated, and dependent upon, these
hypotheses, although are not considered inappropriate for this exercise.
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1.9 Valuation Summary

We have appraised the existing property value based upon its present cash flow with
an appropriate assumption for leasing up of the vacant parts. We have adopted a
discount rate of 8.25% for Phase 1 and 2 for the DCF and a present value adjustment
on the residual of 9% for Phase 1 and 10% for Phase 2 to reflect the possible rental
void in the first instance and the development risk inherent in the second project.
We have arrived at the Gross Development Value of both Phase 1 and Phase 2,
based upon the assumptions herein to be:
€ 83,000,000 Eighty Three million Euros
The present residual value of the land for Phase 1 and Phase 2 respectively are:
Phase 1:
€ 16,000,000 Euros (Sixteen Million Euros) for the plot extending to 108,680m2.
Phase 2:
€ 6,800,000 Euros (Six Million Eight Hundred thousand Euros) for the plot extending
to 47,159m2.
Confidentiality & Disclosure:

The contents of this Valuation Report may be relied upon only by the addressees, in
connection with the purpose described in this Valuation Report. No reliance may be
placed upon the contents of the Valuation Report by any party who is not an
addressee of this Valuation Report or by an addressee of this Valuation Report for any
purpose other than in connection with the Purpose of this Valuation Report. Before
this Valuation Report, or any part thereof, is reproduced or referred to, in any
document, circular or statement, and before its contents, or any part thereof, are
disclosed orally or otherwise to a third party, the valuer’s written approval as to the
form and context of such publication or disclosure must first be obtained, except the
inclusion and attachment of this valuation to the prospectus, as mentioned in the
Purpose of Valuation.
Such publication or disclosure will not be permitted unless, where relevant, it

incorporates the Special Assumptions referred to herein. For the avoidance of doubt
such approval is required whether or not King Sturge have been referred to by name.
The valuation has been prepared in accordance with the appropriate sections
contained within the RICS Appraisal and Valuation Standards, 5th edition (the "Red
Book"). This is an internationally accepted standard of valuation, and is in accordance
with the International Valuations Standards Committee (IVSC)".
King Sturge gives its consent that the valuation be used for the purpose of financial
reports, according to the IFRS, and that this valuation would be attached to the
publicly published financial reports of Sybil Europe Public Co. Limited, to the Tel Aviv
Stock Exchange and the Israel Security Authority.
Yours faithfully,
KING STURGE KFT
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SEPTEMBER 2007
EXECUTIVE SUMMARY
1. COUNTRY OVERVIEW
1.1 Hungary was part of the polyglot Austro-Hungarian Empire, which collapsed
during World War I. The country fell under Communist rule following World War II.
In 1956, a revolt and announced withdrawal from the Warsaw Pact were met with
a massive military intervention by Moscow. Under the leadership of Janos
KADAR in 1968, Hungary began liberalizing its economy, introducing so-called
"Goulash Communism." Hungary held its first multiparty elections in 1990 and
initiated a free market economy. It joined NATO in 1999 and the EU in 2004.
Since the mid-1990s, the Hungarian economy has grown at an annual average
rate of 4%, one of the highest growth rates in the EU. The private sector accounts
for over 80% of GDP. Foreign ownership of and investment in Hungarian firms
are widespread, with cumulative foreign direct investment totalling more than $60
billion since 1989. Hungarian sovereign debt was upgraded in 2000 and together
with the Czech Republic holds the highest rating among the Central European
transition economies; however, ratings agencies have expressed concerns over
Hungary's unsustainable budget and current account deficits. Germany is by far
Hungary's largest economic partner.
1.2 As a result of its early open policy toward foreign investment and due to its
central geographical location, Hungary has been the preferred location among
Central European countries for foreign direct investment since the beginning of
the transition to a market economy. It has been one of the region’s most popular
country amongst foreign investors, with 27% of all foreign investment in the
region ending up in Hungary, it is only overtaken by Poland.
1.3 In 2005, the retail sales rate in Hungary grew by 6.7%. Inflation has dropped from
14.7% in 1998 to 3.7% in 2005 but is expected to rise in 2006/7 by 1.6%. The
current unemployment rate is 5.9% and falling where as the employment rate has
risen to 52.3% of the population in 2005.
1.4 Interest rates have been steadily falling since 2002, when they began the year
with 34%. The current interest rates are 10.69% in Hungarian forints. The
elections in early April determined a second term of the Socialist Party (MSZP)
Hopefully better budget management should ensure that the country remains no
less attractive for international financial support and investment than its
neighbours. Policy challenges include cutting the public sector deficit to 3% of
GDP by 2008, from about 6.5% in 2005, and orchestrating an orderly interest rate
reduction without sparking capital outflows.
1.5 International developers have introduced to the Hungarian market larger

developments with greater amenities and more sophisticated marketing, resulting
in a more competitive environment. Leading international developers are mostly
from Israel, Ireland and Germany. Demand for income producing products of all
asset types is particularly strong and has been one of the key drivers of strong
yield compression. International investors are mostly from Germany, Austria, UK,
Ireland, Spain and Israel.
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Category 2005 2006

GDP 161 bn $ 168 bn $
GDP/ capita 16,100 $ 16 840 $
Retail Expenditure/ 6,260 $ 6,400 $
capita in Budapest
Fiscal Deficit 8.66 bn $ 8 bn $
Interest Rates HUF Deposit 9.3% Deposit 6.2%
Inflation 3.8 % 4.16 %
CPI Gen Index 1.65 % 1.8 %
Unemployment 6.2 % 5.9 %
Registered Cars 335,600 380,000
Budapest
Population 2,014,800 2,018,000
All figures provided by CIA & KSH Hungary (Kozponti Statistical Huvatal) 2006 Edition
1.1 Demand for retail space in shopping centers has been increasing ever since the
first institutional style shopping centers were built in the mid 1990’s. Since then,
more than 54 shopping centers have been built across Hungary and 71
hypermarkets. This has added 1.3million m2 of shopping centers and 1.4million
m2 of hypermarkets making a total of now retail of 2.7million m2. Today there is
approximately 2.3m2 of retail space per capita in Hungary, albeit most of it is
concentrated around Budapest. There is a very strong demand for modern retail
in Budapest due to the high per capita income (when compared with other
countries in Central Europe) and the growing disposable income amongst its
residents. 20% of all retail sales are concentrated in supermarkets/hypermarkets
through out the country. Analysts feel that Budapest is close to reaching retail
floor space saturation and older less successful shopping center schemes will
need to rebrand or reposition them selves in the market if they are to compete
with the larger dominant attractions in Budapest.
1.2 Set against this background are the number of new trading fascias entering the
market who struggle to find appropriate space: eg, Zara, Jysk, Decathlon, Saturn.
1.3 At the end of 2006, the annual turnover of shopping centers and hypermarkets
was estimated at 4.4bn Euros or 1,450 Euros/m2 pa turnover. The growth in the
market over the coming years is anticipated to be from additional hypermarkets in
the provinces. According to major hypermarket groups they are together planning
some 10 to 12 additional units. Furthermore, we can expect to see the
development or diversification of the retail market with more specialty orientated
schemes such and factory outlets, out of town retail power centers and home
centers.
1.4 Shopping center rents vary from 70 to 100 Euros/m2 for units between 30m2 and
70m2, 30 Euros to 50 Euros for units between 70m2 and 120m2 and for anchors
and MSU’s (Medium Sized Units) between 8 and 18 Euros/m2/month. Service
charges are typically between 4.5 and 10 Euros/m2/month.
1.5 Land prices, of all forms of real estate investment, have seen the greatest
increases over the past 18 months. This has been driven by a combination of
factors, including the lack of suitable development sites, the number of new
players entering the market and the higher returns (prime yields for retail have
compressed from 8.75% in early 2005 to circa 7% in Q1 of 2006. It is anticipated
that retail developments due for completion over 2006 will command the markets
first sub 7% yields and with the weight of money chasing the still limited product
supply line, yields could even move to nearer 6.5% in the latter part of 2006.
However if interest rates rise, this will curb further yield compression.
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2. LOCATION
2.1 The subject site is located on the Pest side of the Danube in the XV th District of
Budapest referred to as Rakospalota which is located 11 km northeast of the city
center. Rakospalota is a fringe residential and commercial area of the city and is just
within the city boundary of Budapest. The subject site fronts the start of the M3
motorway which connects Budapest to Miskolcs in eastern Hungary. The proposed
development site is also 500m from the junction of the M0 orbital motorway.
The map below indicates the sites location in relation to the M3 and the M0 motorways
The population has grown in the XV th District as a result of numerous new residential
developments over the past 3 years, the most notiable schemes are Homoktovis
Residential Park. Today the population of the XV th District is 90,000 and the 5th
largest in Pest. The District supports an average household size of 3.2.
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2.1.1 The location has also been chosen by a number of leading out of town retailers which
include Metro, Mazda, Peugeot, Praktiker, Cora and Gulliver Toys. The area was first
recognised as being a strong location for retail in the mid 1990’2 when the Polus
shopping center, located in the center of XV th District, was built and subsequently
anchored by Tesco.
2.1.2 The site can be accessed directly from the M3 via the interchange, which connects the
Metro/Praktiker developments or via Mogyorod ut and Regi Foti ut. The surrounding
area is generally undeveloped and therefore offers opportunities in the future to infill
the neighbouring sites with residential projects.
Moreover, the developer has received a preliminary approval from the highway
authorities (AAP Rt) to grant the project an access, which leads the traffic from the
M3, via an underground tunnel, directly to the parking area of the project. This solution
enhances the desirability from the retailers and the continuing negotiations with them.
M3
M0
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3.1 TRANSPORT LINKS
3.1.1 The XVth District is one of the easiest parts of Budapest to access, principally
because it is straddling one of the primary arterial roads in/out of the city. The subject
site is best reached from central Pest via the M3 dual carriageway which leads directly
from Robert Karoly Krt (inner ring road) or from the newly constructed M0 motorway
which runs to the north of the site and connect the XV th District with the IV th District.
Both roads are 2 or 3 lanes in each direction thus ensuring the free flow of carborne
traffic in the area. Estimated drive times from the main residential areas of the IV th
District are circa 10 minutes, Ujpalota in the XV th District is 5 minutes and the
northern parts of the XIV th District is 10 minutes. Accordingly, the site of the future
scheme provides good access.
3.1.2 There is a proposal within the development plan which can be seen below to construct
a new junction and link road which will be built over the M3 from the existing retail
park. This infrastructure project will provide an 8m radius roundabout from the existing
retail park which will lead on to a dual lane bridge over the M3 to a 17m radius
roundabout next to the subject site. From this round about will be a 10m wide slip
road to access the development. A second access to the site can be gained from
Mogyorod utja to the north western boundary of the site. This access is perhaps more
suited to deliveries rather than a principle means of access.
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3.1.3 By public transport the site is somewhat limited with only routes 25, 96 and 177
passing the viscinity of the site. Accordingly, it is proposed by the owner to provide a
shuttle bus service from the Polus Center and other high density pick up points to
facilitate traffic to the scheme.
3.2 SITUATION
3.2.1 The site is situated within the XV th District of Budapest which borders the IV th
District to the north west, and the XVI th District to the east and the XIV th District to
the south. The IV th and XIV th Districts are major residential districts within Budapest
and would principally form the direct catchment of the center.
3.2.2 To the north of the site are agricultural fields, a Shell petrol station and beyond some
light commercial buildings which border to Regi Foti ut and eventually the M0. To the
east the site directly borders the M3 motorway and opposite the retail park occupied
by Metro, Gulliver and Praktiker. To the south the site is defined by Mogyorod utja and
beyond residential detached houses and low rise apartment buildings whilst to the
west the site is bordered by residential properties.
Given the expected traffic generation from the retail development, a new access
junction will be developed with a filter road from the north directly in to and out of the
site. Whilst from the west, a secondary access will be constructed leading from
Mogyorod utja. It is anticipated that most of the traffic will be coming from Regi Foti ut
or the M3.
3.3 PLAN
3.3.1 Due to the rather preliminary nature of the development, plans are currently under
design by appointed architects, Casiopea Limited based in Budapest. These are
subject to change resulting from anchor and LSU occupier requirements. Thereafter
final design input can be made and the permitting plans produced.
3.4 SUMMARY
3.4.1 The property is located in what is one of the developing commercial and residential
areas of north east Budapest. There are clear signs of both residential and
commercial development and even leisure. He latter it is proposed to develop an
Aqua Park and hotel complex just south of Dunakeszi. Furthermore, with the
extension of the M0 filling the quadrant from 1 o’clock to 3 o’clock it will open up
another catchment from the XVI th District and the outer lying villages of Csomor,
Nagytarcsa and Kistarsca. This part of the M0 is scheduled for completion in 2009.
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4.0 DESCRIPTION
4.1 THE PROPERTY

The M3 Shopping City scheme design has been evolved in co-operation with
independent architects Casiopea Limited, based in Hungary, with additional design
input from Concept in Tel Aviv following input from the design team of anchor store
retail operators. We would initially comment that a scheme arranged over mainly
ground floor. By linking in the car parking directly to the front of the building and
where the majority of public transport arrives goes a long way to ensuring free
movement within the scheme. The number of shops according to the plans provided
reflects in Phase I a hypermarket, 5 LSU’s a unit shop provision of circa 21 units,
stands and a food court in the ground floor and 8,108m2 GLA including entertainment
units in the first floor and in Phase II 3 LSU’s a unit shop provision of circa 29 units.
We anticipate that this provision should be able to be absorbed in such a format where
Budapest is lacking in out of town retail. The average unit shop size in Budapest is
75m2 but for out of town retail this rises to 210m2, therefore the proposed scheme
grid reflects the retail occupier requirements.
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4.1.2 The scheme proposal broadly comprises in Phase I a ground floor of 34,780m2 GLA
and 8,108m2 GLA in second floor. In Phase II a ground floor of 11,294m2 GLA only.
The Center totaling net leaseable area of 54,182m2 served by surface parking
(providing approximately 1,800 open free car spaces). The configuration of the
center is arranged in the classic “U” shape layout with the anchor stores securing the
ends of the centre so as to encourage disbursement of consumers. The leisure/ food
court takes the form of a centrally positioned forum in the middle of the scheme with
an area of 250 m2 it is proposed to be operated by domestic catering operators.
4.1.3 The scheme will be anchored by a major hypermarket operator, since Metro, Cora
and Auchan are in close proximity discussions have been held with Interspar and
Tesco. The latter are known to be cramped in Polus and are looking to increase
their trading capacity in the neighbourhood. The LSU’s could comprise Electroworld
for electronics and consumer white goods, and a sports or furniture retailer. In
addition to the anchors the scheme will be further supported by 3 MSU’s (fashion
and office supplies, etc.) Fashion retailers could comprise C&A or Zara Outlet. The
access to the units will be from the parking.
4.1.4 The hypermarket is orientated to the southern elevation far from the main traffic
entrance to the Center with the capability to be independently serviced from the rear
access road.
4.1.5 Car parking, is on a ratio of 1 space per 30 m2 of the gross leaseable area of the
Center and is considered to be sustainable given that car ownership is 1 : 1.7
inhabitants. The scheme is based on functionality of the various units planned in
order to give the up most flexibility in dividing the space to big and small units, while
all are facing the parking with an appropriate frontage to dept ratio. In our view and
having appraised the market it seems appropriate as this will also aim to differentiate
the scheme from specialty and comparison retailers.
4.1.6 It is envisaged that the supermarket, variety anchor stores and the majority of the
unit shops should benefit from separate vehicle servicing areas which appears from
the plans to have been adopted, at the back side. The remainder of small units of
the scheme being informally serviced directly at the front. From the initial concept
plans provided this appears to have been satisfactorily implemented.
4.1.7 For a stand-alone facility, we believe the scheme will be predominantly reliant on car
access with less emphasis on public transportation. The design focuses on the car
parking as the primary shopping portal to the scheme. Pedestrian access to the
scheme will clearly be from the public transport points and we imagine that the bus /
shuttle bus stops will have direct access to the scheme.
4.1.8 The anchor stores and MSU’s are considered suitable to address the identified
demand. The main draw to the Center will inevitably be the food store and
competition in the immediate area is strong. A critical mass of 10,000m2 -
13,000m2 should be competitive but pricing of product will be a key driver.
Secondly, it is of fundamental importance to differentiate the Center from the variety
stores and comparison retailing found in the strip malls of Cora, Auchan and the new
Buy – Way. Our reservations are that the scheme will not work if the same retailers
are attracted nor if the concept claims to provide a one stop shopping forum.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
4.1.9 The M3 Shopping City needs to attract lower to middle income consumers who
represent the main catchment demographics and source retailers who are not yet
represented in the area with an increasing number of inbound trading fascias
entering the market. Nonetheless, it is important to emphasize that the Center's
location is advantageous in compares to the competition, in regards to its visibility
facing the M3, direct access from the M3 and the M0. With these parameters, the
competition is lacking at least with one parameter.
4.1.9 Servicing is provided for on the western and northern perimeter of the building with
smaller units having to be serviced at the front. Given the plans provided, the
circulation of service lorries around the scheme is peripheral and appears not to
handicap the customer shopping routes.
4.1.10 According to our research across Hungary and together with actual retailers, the
ideal size of shop units tends to vary between 37 and 120 m2. This does not apply to
anchors and MSU retailers who will look to occupy much larger units.
4.1.11 There is an increasing interest from larger multiples to take bigger units but at lower
rental costs and in peripheral areas of the city. This can be clearly evidenced by the
take up in schemes such as Buy- Way and Stop & Shop. These development are
similar in that they are stand alone peripheral retail developments of between
9,000m2 and 12,000m2 GLA and have secured occupiers such as Mountex, Media
Markt, C&A, Humanic, Office Depot, Jysk, Lira, Pannon Furniture, Brendon
Babyware and similar. In order to adequately comment on the schemes design and
content we have categorized the size of ‘Out of Town’ shop units into different
retailer types.
• Fashion: 150 to 700 m2

• Shoes & leather: 100 to 600 m2
• Jewellery: 60 to 80 m2
• Health & Beauty: 225 to 350 m2
• Sports/ Furniture: 1,500 to 2,500m2
• Gastronomy: 80 to 150 m2
4.1.12 It is not possible to be more precise than the above ranges as individual retailers
have their own preferences. However, it is our recommendation that a range of unit
sizes for each retailer type are provided for within the design of the centre in order
that differing requirements can be satisfied.
We will briefly comment on the following factors in respect of the proposed layout of
the shopping centre:
• Layout & units sizes

• Location for the Hypermarket facility
• Customer entrances
• Location of the food court
• Location of anchor tenants & MSU’s
4.1.13 Layout
In general it is fundamental to have a Power Center arranged over ground floor and
in one contiguous mass. The layout and shape of the scheme somewhat dictates the
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
placing of the anchors and the LSU’s. By having one contiguous mass and a central
promenade enables visitors to see all trading fascias in one go.
Anchors and LSU’s at either end of the scheme ensures an equal dilution of foot fall
and creates a natural gravitation from one end to the other. The choice and size of
the retail units will generally be determined by the early stages of marketing.
4.1.14 Location of the Hypermarket:
Currently the hypermarket is located on the southern elevation which is arguably,

opposite to one of the best positions within the center. Clearly loading access is a
critical element to the function of the food store, this appears to have been well
considered. It is highly likely that customers will seek to trolley through the
hypermarket purchases so though should be given to the placing of trolley parks and
the subsequent collection of these to avoid disruption. We believe food purchase is
one of the key drivers for retail visits.
4.1.15 Customer entrances:
The existing layout of the scheme proposes entrances to the centre's units at the
front directly from the car parking to each unit. The food court, located in the middle
of the scheme will provide an enticing entrance.
As a general rule, customers should be given a variety of options to access the

Power center given their specific needs (food purchases or non food), we consider
that the proposed entrances provides the flow of customers throughout the scheme.
4.1.16 Location of the food court:
In terms of the current layout of the proposed scheme the food court tenants are
situated at the center of the scheme. According to our research, food court
operators much prefer to be around the central gathering point of a scheme or at the
entrance to the Hypermarket as they benefit from the visits of their customers who
can reflect on their subsequent purchases. The design of the center allows the food
court to operate in conjunction with and independently to the rest of the scheme. We
would state that careful management of food smells will need to be monitored so as
not to infiltrate the site.
4.1.17 Location of anchor tenants:
The location of anchor tenants in the centre is positioned at either ends of the
scheme. The scheme has been so designed that from any point in the site the
shopper has an uninterrupted view of all the trading fascias present in the scheme.
The anchors are further supported by MSU’s. At present it is too early to comment
on the merchandising mix although we can assume that the positioning of these
stores is to draw customers into the centre and assist with there so called ‘inline
movement’.
4.2 STANDARD FINISHES
4.2.1 We have not been provided with any architect’s specifications for the finishes of the
power center at this stage as the final design plans and specification are not yet
prepared. Notwithstanding this, our discussions reveal that the finishes will generally
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be of composite stone, which has good insulation and traffic resistant qualities, both
of which are important for the sustainability of the scheme.
4.2.2 The quality of materials used in the project and the provision of separate service
corridors will reduce the anticipated capital expenditure on replacing finishes. It is
usual practice, to provide quality-flooring materials in the retail sites used by the
public. Trolleying heavy loads across mall flooring in order to service unit shops will
increase wear and tear on flooring materials resulting in an inevitable shorter life
span. However, this is not applicable in the site, as the service is at the back of the
units and as the scheme of the site does not include inner corridors. It appears from
the plans provided that the units are accessed separately for each unit thus they can
be serviced during trading hours without disrupting pedestrian flow.
4.2.3 The developer intends to deliver the retail units as a cold shell, sewage, sprinkler,
electricity, air conditioning and telecoms conduits will be provided for the tenants to
plug directly into.
The roof specification will be a light roof structure.
4.3 PHOTOGRAPHS
Architect’s visualisations of the property are attached at Appendix 3.
4.4 SUMMARY
4.4.1 The site is subject to a proposal to develop a modern "U" shape scheme, western
grade Strip Mall, which will be one of the first in Budapest and parallels a growing
market segment which currently remains virtually untapped. It will be arranged over
ground floor extending to a 46,074m2 GLA in 2 phases and 8,108m2 GLA in the first
floor. The center will be supported by surface car parking to the eastern elevation.
4.4.2 We understand that the project is currently at a planning stage with no planning
granted, other than an outline zoning.
5.0 ACCOMMODATION
5.1 FLOOR AREAS
5.1.1 We have been provided with final floor plans for M3 Shopping City. The schedule of
areas below are based on that information provided and may be subject to change
as a result of the final building permit. We would normally make a measured survey
of the plans in accordance with the latest addition of the RICS Code of Measuring
Practice 5th Edition. In the light of no formal information we have based our
assessment on confirmation from the schemes architects, Michael Israeli of
Casiopea who have provided the Gross Internal Floor Areas to be as follows:
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
We have relied upon the floor areas provided to us as being correct and calculated
in line with normal market practice (which varies from the 5th edition of the RICS
Code of Measuring Practice).
5.1.2 We have derived the following areas for other parts of the building:
Phase I:
Description (no. of units) m2

Hypermarket (1) 14,255
Non fashion LSU’s (3) 10,434
fashion LSU’s (2) 3,039
Unit Shops
100m2 – 250m2 (24) 2,758
250m2 – 500m2 (13) 3,944
Food Court (10) 250
Stands (10) 100
st
Entertainment (1 floor) (3) 8,108
TOTAL * (excl parking & CA) 42,888
Phase II:
Description (no. of units) m2

MSU’s (4) 4,438
Unit Shops
Less than 100m2 (14) 1,260
100m2 – 250m2 (2) 351
250m2 – 500m2 (8) 2,550
500m2 – 850m2 (4) 2,695
TOTAL * (excl parking & CA) 11,294
5.2 SITE AREA
5.2.1 Our understanding of the site boundaries are shown on the Cadastral Plan attached
at Appendix 4. The site extends to a total of 155,840 m2. The property is made up
of plot register No. 98113/1 totalling 108,681m2 and plot register No. 98109/1
totalling 47,159m2.
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BUDAPEST
SEPTEMBER 2007
5.2.2 The topography of the site is generally level and is regular is shape but generally
adopts the shape of a rectangle. The narrower part being to the north is close to the
access junction. The site approximately measures 715m along its east west axis,
200m along its northern border and 225m along its southern border. Access and
egress from the site will be via the new road.
6.0 SERVICES
6.1.1 We understand that all mains services are available to the property including
telecoms, electricity, gas and water.
Sewage infrastructure to the all area has been planned and approved by the
authorities but still has not been developed. All the property owners are to contribute
to the cost. This cost has been included in the valuation.
A new traffic solution has been developed in co-operation with Alami Auto Palya Rt
(State Motorways Authorities) and approved initially by the high way authorities. The
solution will provide a tunnel leading from the north bound carriageway of the M3
motorway, and will lead directly to the parking area of the project. It will be part of
the development and its estimated cost has been included in the valuation.
The design will be based on Hungarian OTÉK Standards. All works will be carried
out in accordance with relevant local standards and codes of practice and in
accordance with local regulations.
7.0 CONDITION
7.1 GENERAL CONDITION
7.1.1 On the date of the inspection the construction works have not yet begun. The site
has been fenced off. Pictures of the site are contained in Appendix 2.
7.2 DELETERIOUS MATERIALS
7.2.1 We understand that no deleterious materials will be used in the construction of the
property in accordance to the relevant regulations.
8.0 STATUTORY ENQUIRIES
8.1 TOWN PLANNING
8.1.1 The property lies within the jurisdiction of the XV th District Planning Department,
sub district (Rakospalota) whose planning policies are contained within the Budapest
City Masterplan, which was adopted in May 2002. We understand that the plan
period will run from 2002 to 2008.
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BUDAPEST
SEPTEMBER 2007
8.1.2 According to the Masterplan, the site is currently zoned for mixed use and would
appear to comply with the proposed retail project. The site can be developed up to
25% which allows a maximum built foot print of 41,000m2. Foot print cannot exceed
35% of the land size, with a total building rights at a multiplier of 2.1. The maximum
built height to the eaves is 10m with a maximum finished height of 12m. The internal
floor height (slab to slab) on the ground floor is 7.5m.
8.1.3 We understand that a zoning permit application was submitted which took the land
out of recreational zoning, albeit the cadastral plans still state the site as
recreational. The reader should be made aware that not formal planning application
has been submitted and the valuation is based on the assumption that a scheme
mirroring that indicated in this report will be applied for and permitted.
8.1.4 Furthermore, the valuation assumes that all necessary building and planning
consents are forthcoming and there is minimal risk in this not being obtained. If it
transpires that the building permit will not be issued then the valuation does not hold
and the value is likely to be less than the residual site value.
8.1.5 The property is not within a conservation area. We would however recommend that
your advisors check this issue in further detail.
8.1.6 The new road infrastructure works are likely to be a condition of the planning permit
and these will need to be undertaken prior to the actual property construction works
taking place. There is some inherent risk in this approach. The up side is that the
property will eventually have direct access to an adopted highway. We are aware
that the developer is in the process of approving the traffic solution.
9.0 ENVIRONMENTAL CONSIDERATIONS
9.1 CONTAMINATION
9.1.1 We have not undertaken or commissioned an environmental assessment to

establish whether contamination exists or may exist, nor are we aware of any such
assessment having been prepared by a specialist adviser in respect of the subject
property and its environs. We have not undertaken any detailed investigations into
past and present uses of the subject property or of any adjoining property.
9.1.2 During the course of our inspection of the property and its immediate vicinity for
valuation purposes and our usual subsequent enquires, the possibility that the
subject property may be contaminated has been considered by complying with the
various requirements of the Royal Institution of Chartered Surveyors. In particular,
we have had regard to the contents of the Appraisal and Valuation Manual and the
separate Guidance Note, Contamination and its implications for the Chartered
Surveyors, and the Property Observation Checklist for identifying apparent potential
for the contamination included herein.
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9.1.3 We did not observe evidence of potential and actual contamination on the property
that we consider could be likely to affect our valuation [or state any potential hazards
eg: landfill, knotweed, dumping, asbestos etc.
9.1.4 Our subsequent enquiries have not revealed any evidence that there is a significant
risk of contamination affecting the subject property or neighbouring properties that
would affect our valuation at this stage.
9.1.5 Therefore, for the purposes of this Valuation Report, we have assumed that no
contamination exists in relation to the property sufficient to affect value. However,
we would stress that should this assumption prove to be incorrect the values
reported herein might be reduced.
9.2 FLOOD RISK
9.2.1 We understand that there is no history of flooding at this site and that it is not located
in a flood plain or flood risk area. Accordingly, we have not made any adjustment to
our valuation in respect of flood risk.
10.0 TAXATION
10.1 VAT
10.1.1 We understand that the property will be leased on formal lease agreements to
tenants in order that the receivable VAT can be off set against the VAT incurred in
the construction programme.
10.1.2 If this is the case, VAT issues should not adversely affect the value of the property
and therefore we have not made adjustment to our valuation in this regard.
10.2 TRANSFER TAX (STAMP DUTY)
We understand that the property is established within a special purpose vehicle where
transfer tax may be payable at a lower rate than normal property transactions.
Although this may provide a greater realisation in the onward sale of the property
since the taxes levied on the sale of quotas are negligible in comparison to the sale of
an asset, we have specifically not reflected this in our valuation.
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BUDAPEST
SEPTEMBER 2007
11.0 TENURE
11.1.1 The Cadastral Office in Budapest registers key information related to properties
listed in the Cadastral Extract (“Title Deeds”) from the public Cadastral Register.
The extract from the Cadastral Register notes the owner of the property, as well as
most third party rights which may encumber the property, i.e., easements,
mortgages or pre-emptive rights.
11.1.2 Under Hungarian law, data contained in the Cadastral Register are presumed to be
correct, but such presumption can be disproved by evidence to the contrary.
11.1.3 We have been provide with a copy of the cadastral extracts which are both dated
13th April 2007 and state that the ownership of the land plots below are owned
freehold by Present BBT Ingatlanforgalmazo Ltd. We summarise the cadastral
extracts below:
Title no. 98113/1 & 98109/1

Cadastre extracts dated: 27.08.2007
Cadastre area: 21 Budapest XV Ker
Owner: PRESENT BBT INGATLANFORGALMAZO LTD
Land Plot Area (m2) Type of land Use Protection
number
98113/1 108,681 Recreational None
98109/1 47,159 Recreational None
Total land 155,400m2
Other The former owner was Millenium Heights Ingatlanforgalmazo Kft (a

rights
division of Sybil Holdings)
Ownership Unicredit bank have a registered mortgage amounting to 12.74m Euros

limitations
on the plot Ref No. 8000004/285044/2007/07.08.27 and a right of
purchase up to 30th December 2007 Ref: 247753/4/2006/06.11.30
Historically there were 260 independent owners of the site.
11.1.4 Based on the information contained within the Cadastral extract, there is a request of
registration in the name of Present BBT Ingatlanforgalmazo Ltd dated 27th August
2007.
11.1.5 We have not been provided with the Loan agreement and cannot comment there
upon. However, it is reasonable to assume that the ownership of the land may not
be transferred without prior written consent of the bank.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
11.1.6 For the purposes of the valuation we have assumed that there are no encumbrances
or unduly onerous or unusual easements, restrictions, outgoings or conditions that
are likely to have an adverse effect on the value of the property and we have
assumed that there is a good marketable title. If our assumptions on title are
incorrect then our valuation may be adversely affected.
12.0 TENANCIES
12.1.1 The property is not subject to any tenancies at present.
13.0 NARROWED MARKET SEGMENT REVIEW
13.1 DISTRICT REVIEW

The proposed project referred to as M3 Shopping City is located in the northern part of
Budapest. We have already commented earlier in the report on the surrounding area
and the existing commercial developments thereto.
13.2 DEMOGRAPHIC AND CUSTOMER PROFILE

13.2.1 The population of Budapest is 2,014,000 inhabitants of which District XV has 90,000.
The population is split 49.26% male and 50.07% female. The pre-working population
(i.e. under 18 years old) accounts for 15% of the population, working population is 64%
and the post working population is 23%.
Zone Residential Population Number of Population of

Population of XV Households Catchment Area
(%) (%)
1 km 12,300 13 3,843 5%
2.5 km 71,000 78 22,187 28.9%
5 km 162,000 180 50,625 66 %
Total 245,300 76,655 100

Source: KSH (Figures provided in 2005)
XV District Population in ages in 2005:
0-14 10,414
15-49 44,615
50-59 13,477
60< 21,435
Age distribution per cent (%) XVth District

0-14 11.5
15-49 49.6
50-59 14.9
60< 23.8
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BUDAPEST
SEPTEMBER 2007
13.2.2 It is anticipated that, as job opportunities in cities increase and, conversely, those in
rural areas decrease, the present levels of urban migration will continue. Labour
mobility is constrained by the lack of housing in the cities, and benefits retained by
protected housing rules. However, as incomes rise with the rapid growth of the
economy and the introduction of mortgage funding, more Hungarian people will be able
to afford their own homes and expenditure on DIY and household goods is likely to
increase.
13.2.3 The number of cars in Budapest is increasing daily and currently reflects 388,000
private vehicles. That suggests 1 car in every 1.7 people over the driving age. Our
conversations with Budapest Transport Department representatives reveal that the
figures of car ownership are in constant increase. Any new retail development should
cater for the need to provide for the car borne consumer. With increase in mobility, car
parking access and convenience will become increasingly important to shopping
behavior patterns. Information available from KSH indicates that average gross annual
wages in as of the end of the second quarter of 2005 of Eur 8,476 in Budapest.
13.2.4 Data available for the average monthly per capita expenditure by household (derived
from a family expenditure survey in Budapest undertaken by the Kozponti Statistical
Hivatal (KSH) and independent analysts GSK) suggest that the household expenditure
is Eur 10,083 per annum (p.a.). The expenditure data is limited to broad sectors and it is
difficult to identify retail expenditure in particular segments as opposed to expenditure
on education, holidays or health. The survey indicates that the bulk of household
expenditure being on food at 38% (excluding alcoholic and tobacco products) with
24.6% being spent on housing and utilities, 8% on transportation, 18.3% on clothing
and shoes etc.
13.2.5 Recent research by the Domestic Market Research Institute showed that the majority of
customers shop near their place of residence or work. There is a preference to visit
large stores where factors of convenience, choice, ease of car parking, time saving and
discount value apply. Some shops are positioned under the same retail area with
supermarket chains such as Cora, Tesco and Auchan. This indicates that such
shopping behavioral patterns are convenience based and primarily relating to fresh food
purchasing and weekly shopping. There is a clear migration towards shopping after
work or at weekends.
13.3 MARKET CONDITIONS
Although rental levels across all sectors remained stable in the last quarter, high street
rents in Budapest have increased on an annual basis. Yields have fallen in all sub-
sectors, continuing the downward trend from last quarter. Retail sales in 2005 showed a
healthy increase of 7.4%, compared to 2004, although this is a slower rate than two
years ago.
Occupier demand remains strong. The prime retail locations within Budapest are still
Váci utca Pedestrian Street and the shopping malls of Duna Plaza, Westend City
Center, Mammut Shopping Center and Árkád Center. Demand from foreign retailers is
still strong in these locations, although there is an increasing interest for other major city
centre locations.
Power centres, or smaller retail strip malls, and retail parks are an increasing focus for
developers. New schemes are underway in both Budapest and other major cities. New
plans for major shopping centres in Budapest are also expected, although it is not
certain how many will be completed. Concentration in the Hungarian market is
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
continuing, with an increasing number of hypermarkets. A further 22 hypermarkets

brought the total number to 98 by the end of 2006.
Foreign investor interest is continuing and although there were few transaction deals to
report in the second quarter, yields are showing a continuing downward trend. The
prime shopping centre yield fell to a record low of 7.30% in Q1 2006.
Going forward, the retail property market is expected to remain relatively stable. Steady,
moderate rental growth is anticipated for the best shopping centre and high street
locations. Investor interest is continuing, but whilst further yield falls are expected, the
pace of decline is likely to slow. Purchase offers nowadays are at the level of 6.5% - 7%
cap rates.
PRIME RETAIL RENTS IN HUNGARY

Location RENT Eur/m2 % Growth Compounded
m2/month m2/year 5 years 1 year Trend

Vaci utca 100 1200 4.8 14 Rising
West End 80 960 4 3.2 Rising
Debrecen 26 312 -1.8 0 Flat
Gyor 25 300 3 1.2 Stable
PRIME RETAIL YIELDS IN HUNGARY

Location Yield % Gross Last 5 years
Current Last Year Low High Trend

Vaci utca 7.5 9 7.5 10 rising
West End 6.75 7.25 - - rising
Szekesfehervar 9 10 9 12 flat
Gyor 9 10.5 9 1.2 stable
13.4 COMPETING SCHEMES
13.4.1 We refer you to our retail market overview attached in Appendix 5, which we consider
relevant to the subject property. The main competition will be felt from Polus Center,
Cora, Auchan, Buy Way and potentially ECE Arkad. The latter is planning a 15,000m2
extension which will create a very dominant shopping center in the XIV th District.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
14.0 VALUATION
14.1 VALUATION ASSUMPTIONS
14.1.1 In our development appraisal, we have proceeded as follows: The M3 Shopping City
proposal extends to some 54,182 m2 gross leaseable area in two phases. The
currently planned scheme incorporates a balanced blend of merchandise and
services. The success of the occupational element of the scheme will hinge on being
able to secure new and interesting trading facias and the creation of a critical mass
with sufficient variety and weight to pull customers to it.
14.1.2 After taking into consideration our market research as well as analysis of the existing
schemes throughout Budapest, approximately 40% of all the shop units are occupied
by fashion type retailers such as services, clothing, shoes, accessories and leather
goods. Given the above suggested size of the scheme it should be considered that
one supermarket and up to five - seven MSU’s in both phases could be supported
principally in the fashion, bulk goods (furniture) and sport goods sector.
14.1.3 We have valued the property assuming the construction of a fully let modern Retail
Park based upon a discounted cash flow.
14.1.4 We have based the areas on the assessment of the plans inspected and categorised
these areas in to Anchors, MSU’s, Unit shops and Food court. We have then applied
a market rental value for each sub category in order to arrive at a total estimated
average rent of €10.7/m2/mth for the ground floor, € 8.4/m2/mth for the first floor and €
16/m2/mth for phase 2.
14.1.5 We have not placed any rental value on the parking spaces as the scheme is
peripheral and we foresee only visitors to the site using the parking.
14.1.6 We have assumed that rental prices begin at Eur 8 /m2 for the hypermarket, Eur 9/m2
for the Anchors, Eur 13/m2 for the MSU’s, unit shops will range between Eur 22/m2 to
Eur 25/m2. The Phase 1 estimated annual income, if fully let, is at Eur 5,259,000
reflecting an average rent of Eur 10.17 /m2/month.
14.1.7 We have made adjustments to reflect capital expenditure on the center in year 5 and
year 8 for repairs and replacements up to the sum of 0.5m Eur.
14.1.8 Using a Discounted Cash Flow (DCF) approach with a discount rate of 8.25% and a
growth rate of 1.5% pa, we have discounted the future annual rental revenues back to
their present value in line with the cash-flow assumptions based above. Although CPI
indexation is generally adopted on rents, we have taken the approach that institutional
purchasers would expect to see growth in rents, albeit this could also be fixed stepped
increments. We have reduced the first year’s rental income to allow for rent free
periods, fitting out contributions and vacancies. We have made further deductions in
year 6 and year 8 where some of the leases will come up for renewal. We have
therefore allowed for a renegotiation on the passing rent, some rent free periods and
potential vacancy. Throughout the DCF we have assumed that there will be an
average of 5% - 7% vacancy across the scheme and we have allowed for this in our
DCF.
We have capitalised the reversionary income of both phase 1 and 2 at an all risks
yield of 7.2% and arrived at a market capital value of Eur 63.10 m for Phase 1. On
the basis of a simple capitalisation approach we have also applied a yield of 7.6% to
the second year passing income and arrived at a capital value of Eur 59,62m. The
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
basis of our yield is derived from similar investment transactions of retail schemes
which we have outlined on the following page.
The combined average of the DCF and direct capitalisation approach has resulted in a
capital value of the completed Phase 1 scheme of Eur 61,36 m and for Phase 2 a
value of 21.6m and the combined value for both of 83.0m Euros.
The investment yield reflects a rate commonly utilised by institutional investors as a

required return rather than a specific market-pricing requirement. The estimated total
project cost (without land) is Eur 46.46 million thus reflecting an all cash IRR of
12.75% (a detailed calculation is provided in the cash flow analysis provided in
Appendix 4). We therefore consider it is certainly capable of being viable and
producing a leveraged profit on capital cost employed of 23.8% based on an LTV of
70%. Our financial analysis demonstrates a breakeven point is achieved with
occupancy of about 64% in order to service the debt repayment.
We have made a second valuation of the land plot based upon the project parameters
and budget for development of the project. The theoretical basis of this method is that
the expected sales proceeds or the rentals from the project are capitalised at the
project yield rate to arrive at the total capital value for the specific project. In arriving
at this value, we calculate the rent resulting from the Direct Capitalisation method in
order to arrive at the total capital value, or in the case of sales we adopt market
pricing. From this figure one deducts the total gross development costs, which is a
combination of hard and soft costs. Hard costs are considered as construction
materials, site clearance and demolition whilst soft costs are defined as planning fees,
architects, project management, mechanical and electrical engineering, marketing and
agency contingency costs and cost of finance. A further amount is deducted for the
developer’s profit (the risk reward accrued to the developer for undertaking the
project). The resultant figure represents the residual value/profit.
The residual profit is the amount the developer has for the land purchase (which
includes also the cost of purchase: agents and legal fees, stamp duty and cost of the
land finance.)
Construction costs – We have assumed a construction cost between 470 and

500 Eur/m2 for the subject property based on the gross external area. For
surface parking we have allocated 50 Eur/m2. On and off-site infrastructure has
been budgeted at 1.1m Eur. We have also made a contingency allowance for
project cost over-run at 5% of construction costs.
Professional fees – We have assumed a total of 10.7% for professional fees for
architects, quantity surveyors, engineers, project management, etc.
Marketing – We have assumed a total of 0.5% for the total costs related to
marketing of the project and total agent’s fees based on the sale of the
completed development
Legal and administration fees – e.g. Planning and building regulation costs at
0.55% of total build costs.
Project Contingency – We have assumed a contingency on the entire project
at 5 % of hard costs, technical services and marketing
Financing - Interest charges during the construction period assuming
development finance at 5.8% over a construction period of 2 years for Phase 1
and 3 years for Phase 2. We have included lender’s arrangement and
supervision fees.
Developer’s profit – As this project is entirely speculative we have assumed a
developer’s profit at 17.5% for phase 1 and 20% for phase 2 on built costs,
reflecting a reasonable return for the risk.
Land Purchase – the resultant residual value suggest that the developer could
afford to pay up to Eur 22.8m for the site based upon the project parameters.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
14.1.9 CHOICE OF DISCOUNT RATE:
The discount rate used in DCF analysis is not the same as a yield as commonly
referred to in real estate transactions. A yield reflects an all risks single figure to
capture all aspects of the future performance of an investment and is growth implicit. A
discount rate is growth explicit with these factors dealt with explicitly elsewhere in the
cash flow; indexation voids and exit capitalisation rates.
The appropriate discount rate for any given investment is dependant on many factors.
The discount rate must reflect the underlying real estate characteristics of the
investment, the risk free rate of return, the risk profile of the individual investment, the
future income profile of the investment, cost of capital, cost of debt, investor’s
corporate structure, gearing ratio, target hurdle rate etc. What is immediately obvious
is that these factors are specific to individual parties and, considering the countless
interactions between the factors in the mind of any one investor, it is almost
impossible to exactly pin down one rate for all.
What is of paramount importance in estimating the appropriate discount rate for

valuation purposes is that this must reflect market value and therefore a market rate
must be applied. We have evidence of numerous market transactions in all asset
classes to base our discount rate.
Office transaction have occurred between 6.15% and 6.55% during 2007, whilst prime
retail yields are at 5.9 % and prime logistics yields are between 6.75% and 7.0%. Our
applied discount rate is usually between 1000 – 140 bp above the all risks yield paid
for such an income producing asset.
We as the valuer’s must apply our own understanding of the market to build up a
picture of the “typical investor“ for the subject investments valued. We have had to
consider the typical buyer and not any specific one for a particular product since not all
investors are willing to apply the same value to an asset. This problem is amplified in a
rising market where suitable product is scarce and too much money is chasing too
little product. The very fact that an investor has been successful in securing a deal
almost automatically means they have agreed a price that would be considered above
market value. This is particularly true in the case of Central European Markets where
the subject properties have been valued.
For straight investment product it easier to estimate suitable discount rates for
valuation purposes as the attitudes of investors and lending banks to the inherent risks
are well known. The markets in which the products we are valuing, in general, have
converged such that numerous investors are of the same mind when it comes to
specific transaction profiles and the valuer can be confident in his opinion of the typical
market purchaser. In this case we have generally adopted discount rates of between
7.5 – 8.5% depending on the type of property. In respect of the appraised property we
have taken a pragmatic assumption on the discount rate of 8.25% to reflect the
development nature of the scheme. For development property the investor profile is
spread over a wider range and investors previously averse to development risk are
beginning to enter this market. Their return expectations are obviously greater than
before but may be less than developers who have traditionally operated in this sector.
At present the discount rate for development income is predominantly influenced by
the attitudes and expectations of the developers as they remain the most active.
Since development projects expose the investor to a greater level of risk we have
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
reflected this in our appraisals by choosing rates between 9 % - 10% depending upon
the product, location and period for development – the longer the period the higher the
systematic risk.
To reach an appropriate discount rate where there is a wider range of investors active,
the attitude of the investor is most important.
Ultimately there must be a personal level of comfort above and beyond the bare
numbers. The effects of this are plain to see in emerging markets where country risk,
itself hard to quantify, has such an impact. Two projects, fundamentally the same in
countries of seemingly similar risk on paper, will see investors applying different
discount rates for no better reason than that they are familiar with one country and
have perceived a greater level of comfort from this. This snowballs into a herd
mentality on the basis that if one person has made this decision and they are of a
similar profile then the developer too must be entering this market. The current
position of the Romanian, Bulgarian and Serbian markets can be viewed in this way.
Parameters employed for the DCF calculation:
Type of Parameter Parameter Explanation
Estimation of Retail Income Ground 4,447,000 Eur

(Excl VAT) once fully let.
First 812,000 Eur
Second Phase 2,184,000 Eur
Discount Rate. We have Given that both phases are likely to reflect the
adopted 8.25% similar amount of development risk we have
for Phase 1 and chosen to reflect the letting risk on the Present
2 and a PV Value factor adopting 9% for Phase 1 and 10% for
factor of 9% for Phase 2.
P1 and 10% for
P2
Leasing Voids Up to 18 months Where vacancy occurs in the scheme at the date
void of valuation we have assumed the first 18 months
will remain unlet and thereafter let at ERV. We
have assumed releasing voids in year 5 of 4
months and releasing voids in year 8 of 3 months
on the MSU’s. We have conservatively assumed
50% occupancy during the first year of trading.
We have also allowed for approximately 500,000
Euros for non recoverable operating costs.
Reversionary Cap Rate We have adopted an increase of approximately

100bp over the ARY to capitalise the reversionary
income at the end of the cash flow.
- 32 -
M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
Indexation Harmonised We have adopted the EU 15 HICP in order to

Consumer grow the rents over the cash flow. Although the
Retail Price past 3 years have demonstrated approximately
Index 2% we have taken the 10 year average at 1.5%
pa. The percentage is considered appropriate to
local market experience.
Capitalisation Yields Yield on Term We have adopted a 7.6% ARY on the passing
income of the ground floor since this represents
the most secure income. We have placed an
ARY at 100bp above prime retail yields to reflect
the nature and initial risk of the development.
We have applied a more aggressive reversionary

yield on the core retail income at 7.2% to reflect
Yield on attraction of the location and its future
Reversion sustainability in respect of incomes.
SENSITIVITY ANALYSIS:
We have undertaken a financial sensitivity analysis to assess the robustness of the
development in the light of fundamental changes to key aspects of the project. We
have run a correlation between fluctuations in the discount rate (risk return) against
fluctuations in the anticipated ERV’s secured on retail lettings. The analysis shows
the effect of the changes in the key parameters against GDV and residual land values.
The worst case scenario is represented by a 13.4% drop in GDV from business plan
assuming ERV’s drop by 10% and the discount rate increases by 10%. Whilst this
would have the effect of wiping out a majority of the profit, it is robust enough that the
residual land value maintains close to its book value and there is still a 12.75% return
on business plan costs.
We have run a sensitivity analysis for the Gross Development Value
INCOME
-10% -5% 0% 5% 10%
-10% 77,680,000 82,000,000 86,310,000 90,630,000 94,950,000
-5% 76,170,000 80,400,000 84,630,000 88,860,000 93,100,000

Discount
Rate 0% 74,700,000 78,850,000 83,000,000 87,150,000 91,300,000
5% 73,280,000 77,350,000 81,420,000 85,490,000 89,560,000
10% 71,900,000 75,900,000 79,890,000 83,890,000 87,880,000
- 33 -
M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
Residual Land Value:
INCOME
-10% -5% 0% 5% 10%
-10% 18,800,000 22,100,000 25,400,000 28,700,000 32,000,000
-5% 17,600,000 20,900,000 24,100,000 27,400,000 30,600,000

Discount
Rate 0% 16,500,000 19,700,000 22,800,000 26,100,000 29,200,000
5% 15,400,000 18,500,000 21,700,000 24,800,000 27,900,000

10% 14,400,000 17,400,000 20,500,000 23,600,000 26,600,000
PREVIOUS INVOLVEMENT
King Sturge Kft. have previously valued the property in April 2007. The interests of
Millennium Heights Kft in the project Company were valued for €6,419,500. The
purpose of the valuation was for the Interim Balance Sheet dated 31st December 2005.
The interests of Present BBT Ingatlan forgalmazo Kft in the project Company were
valued for €18,000,00. The purpose of the valuation was for the Interim Balance Sheet
dated 31st December 2006.
This value reflected the interest of Present BBT Ingatlan forgalmazo Kft at that time.
The uplift in value between December 2006 and September 2007 is brought about by
the attribution of improved accessibility, value engineering, more advanced planning
and design fees and the growth in market value.
TRANSACTION HISTORY:
We are aware of the following former transactions in respect of the property over the
past 2 years.
On January 3rd 2006, the present BBT Kft purchased the full ownership from Millenium
Heights Kft for EUR 7,640,000 including. VAT.
On 21st September 2006, Solsbury Trading Limited purchased the 62% ownership of a
third party in the present BBT Kft at a value basis of EUR 10,000,000.
We have been informed by the company that as for December 31st 2006 the book value
of the property is recorded in the financial reports of Sybil Europe Limited at cost of
EUR 10,671,000 and in the financial reports of Present BBT Kft at cost of EUR
8,759,000 respectively to their holding shares.
- 34 -
M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
COMPARABLE TRANSACTIONS
PROPERTY PHOTO ACQUISITION AREA PRICE /

YIELD
The property 19,000m2 7.76%

MOM Park was purchased gross
Alkotas utca from BHG by
Budapest XII CDC in January
2005.
The property is
let to Match,
C&A, and many
other
international
retailers.
POLUS The property 60,500m2 8.05%

Center was purchased gross
Szentmihalyi from Tri Granit
ut. Budapest in November
XV 2005 by ING
Real Estate
Property Fund.
The property is
fully let to over
110 retailers.
Anchored by
Tesco & Office
Depot
ARENA This newly build

PLAZA scheme having 66,000 5.9%
Budapest VIII an income of m2 NLA gross
22m Eur pa
was bought by
AAiM in June
2007.
STOP & Network of Each Circa

SHOP retail scheme is 210m
Portfolio neighbourhood circa Euros
Budapest retail schemes 9,000m2 7.6%
sold in July GLA gross.
2005 to Immo
East.
Main tenants
are Media
Markt, C&A,
Spar, McD.
- 35 -
M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
14.2 MARKET VALUE
Market Value assuming sale of completed development of both Phase 1 and Phase 2:
14.2.1 Based on the facts and assumptions contained within this Valuation Report the Gross
Development Value of Phase 1 scheme as at 30th September 2007 is in the region of
Eur 61,400,000 (Sixty one Million, four Hundred Thousand Euros GROSS) for
phase 1. The reported value is exclusive of VAT.
14.2.2 The Gross Development Value of Phase 2 scheme as at 30th September 2007 is in the
region of Eur 21,600,000 (Twenty one Million, six Hundred Euros GROSS) for
Phase 2. The reported value is exclusive of VAT
Market Value of Residual Land Value
14.2.3 Based on the facts and assumptions contained within this Valuation Report the Market
Value of the property in its existing state (i.e. a land site) as at 30th September 2007 is
in the region of Eur 22,800,000 (Twenty Two Million, Eight Hundred thousand Euros
GROSS). The reported value is exclusive of VAT.
In reaching both the Gross Development Value and Residual value figures above we have
relied upon information provided to us by the client and their advisors. Our valuation assumes
that this information is true and accurate. We have inspected the basic information and found it
to be reasonable in terms of market values and in line with normal construction costs for such
types of buildings.
For the purposes of the valuation, we have not deducted disposal costs when valuing the
property such as agents, legal fees or notary's fees nor have we included transfer tax.
In accordance with standard practice, we would confirm that this valuation certificate cannot be
relied upon by any third party, which does not comply within the instructions of valuation, thus
no responsibility is accepted to any third party in respect of the whole or any part of its contents
in this regards.
Neither the whole, nor any part of this certificate, nor any reference thereto, may be included in
any document, circular or statement without our written approval of the form and context in
which it appears. King Sturge gives its consent that the valuation be used for the purpose of
financial reports, according to the IFRS and that this valuation would be attached to the publicly
published financial reports of Sybil Europe Public Co. Limited, to Tel Aviv Stock Exchange and
the Israel Security Authority.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
14.3 KEY FACTORS
In comparison to our previous valuation of the property several months ago, the
main key factors, which have attributed towards the increase in the property's
value, are: The development process of the project has advanced principally in the
planning and highways process. The developer has similarly progressed in the
building permit , traffic permits process and other technical surveys are already
underway.
The developer has received a preliminary approval from the highway authorities
(AAP zRt) to grant the project an access, which leads the traffic from the
eastbound carriageway of the M3, via an underground tunnel, directly to the
parking area of the project.
This solution is expected to enhance the projects accessibility, convenience for

deliveries and with it the recognition from the retailers and the continuing
negotiations with them, thus improving significantly the design access and
sustainability of the development.
Despite the tightening of the debt markets in recent months, we are yet to see a
softening of capitalisation rates and yields being considered in the market in
general and at the date of valuation there is still significant investment activity
which demonstrates more robust yields than those considered in this appraisal.
Our considerations in our previous report of December 2006 were more

conservative since it reflected the development nature of the project, its planning
risks and delivery. Since then the process has progressed which has mitigated a
number of these risks and accordingly these have been priced out of the project
and accordingly reflected in the adopted yields and capitalisation rates.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
15.0 S.W.O.T. ANALYSIS
15.1 STRENGTHS
Modern design and high specification Retail Park in a market, which is
becoming increasingly more and more interesting for institutional
purchasers.
Still a new and undiscovered concept in Budapest which is becoming
increasingly more sophisticated in its retail offer and incurs lower
developer's risk in the sense of lower development costs in compares to
shopping malls.
A counter weight to the Budaors Retail area in the south-western part of
Budapest
Sufficient critical mass to be able to compete.
Good volume of surface car parking
Located in an increasingly developing area with excellent visibility
Located adjacent to two main highways in Budapest – M3 and M0
Located approx. 10 min from city center
Good transport links – new access infrastructure approved in preliminary
stage for a direct access from the M3 to the project's parking, via a
underground tunnel.
A big site, which allows development in phases and blocking potential
competition
15.2 WEAKNESSES
The location is off center and is reliant on becoming locally well known and
requires a higher emphasis on private transportation.
The road access is not ideal and requires a lot of doubling back on
oneself. Visitors will need to learn the access route. It would be simpler if
the scheme was on the opposite side of the M3 (Budapest Exit).
Significant established retail already in existence in the catchment
15.3 OPPORTUNITIES
Increasing number of trading fascias looking to expand their retail formats
across Hungary, a dedicated scheme is one of the easiest methods of
entry.
Strong consumer spending growth is likely to increase over the coming
years
Increasing reversionary exit yields pushed by activity from institutional
investors entering the market improves business plan
With the completion of the M0 in the eastern quadrant the catchment area
can be increased.
Potential to expand the development in the event of identifying new trading
fascias entering the market.
15.4 THREATS
Possible future competition over time from other developments, and
developers causing pressure on rents.
Binding Planning approvals not yet been obtained for current project.
Changes in the financial markets may affect project returns.
Project does not appeal to small units city center retailers.
Potential difficulty in securing LSU’s and Hypermarket.
- 38 -
M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
16.0 CONCLUSION
16.1 KEY ISSUES

The property comprises a speculative retail development in a developing commercial
and residential location. The market is currently relatively untested in terms of this
type of Power Center development and as such involves a certain amount of
inherent development risk. It will be critical to implement a good design and secure
retailers which not only create a draw and therefore differentiate the scheme from its
competitors but also meet the needs of the catchment.
Our assessment of gross development value has been assessed in the light of
current market evidence and makes no allowance for changes in value (cost
increases) over time except for rental indexation.
The completed development is likely to target a middle income Budapest residents.

It has a greater chance of success if it can become a shopping destination and
therefore should not solely concentrate on food shopping as the principal attraction.
Retail schemes such as the M3 Shopping City and becoming increasingly sought
after by institutional investors and as such if appropriately designed and let will
attract a gaggle of institutional investors.
Our valuation is based on the successful permitting of the land plots and the
successful leasing of the scheme based upon the rental value estimates contained
here in. Notwithstanding, we have checked the residual land value in accordance
with market value and would state that it is 30% higher than other available plots on
the M0, arguably this subject site is better located.
17.0 PROJECT ANALYSIS
17.1 SCOPE REVIEW
17.1.1 It is recognised that the site is of sufficient size and orientation to accommodate the
proposed development.
17.1.2 We are satisfied that the scheme appears to have the prospect of a sufficient return at
the required levels to proceed subject to detailed analysis of costs and development
expenses.
17.1.3 The work necessary to secure the anchor pre-lettings and international MSU’s should
continue as this is crucial for a new project entering an already well developed market
17.1.4 Satisfactory pre-letting agreements to the anchor stores and MSU’s would also
provide the final design input required and the permitting drawings can be completed.
17.1.5 We recommend that the design continues to respond to the principal operator
requirements. Architects and cost consultants should be approached at all stages.
17.1.6 Letting agent input should be forthcoming as soon as possible.
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M3 SHOPPING CITY
BUDAPEST
SEPTEMBER 2007
17.2 PRICE REVIEW

We have analysed the rents being paid in the market and compared these to rents
being proposed in the surrounding developments such as Polus Center, Cora Foti,
Auchan and Buy Way. The rents proposed are inline with the market and within reach
of retailer occupier expectations. Independent discussions with fashion and
comparison goods retailers suggest according to their expectations possible sales turn
over of 1,200 Euros/m2/month on trading area may be achievable.
We have discussed our rental values with Present BBT’s team at a local level and
consider these to be sustainable and equally affordable for inbound retailers. Whilst
we have based our assessment on fixed rental values, Present BBT would be willing
to base a rent as a fixed rental values or percentage of retail turnovers, the higher of
the two.
17.3 COST REVIEW

We have not been able to fully verify the development costs as the design plans are
not final. The costs outlined in our residual appraisal are in line with market figures
and we have cross checked these with our Construction cost consultant. Our
assessment of utility infrastructure is based upon an educated review.
17.4 SCHEDULE REVIEW

The project construction schedule is estimated at 18 months, which appears to be
realistic for such a scheme. Construction delays may arise due to design changes,
poor weather or failure to build the project in accordance with the permitted plans.
17.5 PLANNING REVIEW

As the site only has one neighbour (Shell) there is limited risk of contesting the
planning. The principle risk to planning is implementing the bridge and road access,
or any other approved traffic solution, which we imagine will be a condition precedent
to securing the building permit.
17.6 LAND RISK AND PROJECT RISK REVIEW

We are advised by Present BBT Ingatlan forgalmazo Kft that a final planning permit
will be forthcoming, we have not made further investigations in this respect. We have
made further enquiries with Michael Israeli the Chief architect of Casiopea who would
not comment until the final scheme design had been completed. Therefore,
realistically, one can expect a planning consent application to be delivered in Q2 of
2008.
Discussions have been held with a number of space users including hypermarket
operators and LSU’s. Responses have generally been positive. In order to assist the
letting campaign as much information as possible will need to be provided to retailers
including population and expenditure estimates, details of the location in relation to the
highway infrastructure network and proposed improvements, details on the design and
tenant mix strategy, anchor store lettings, parking provision and anticipated service
charge liabilities will need to be provided along with an outline of the anticipated lease
structure and rent review pattern.
Reference has been made to our view that the market is strong enough for the
scheme to be leased on advantageous tenure. We envisage either a minimum term of
5 years with a mutual option to review for a further 5 or a 10-year term subject to a
rental, which is to be indexed and linked to an appropriate strong currency. We would
recommend that the rental is payable monthly/quarterly in advance in common with
- 40 -
APPENDIX 1
M3 Shopping City, Budapest - Phase I
Eur/mth Eur/mth Cap Val

1,0 Gross development value
1,1 Usable (saleable) Retail area 42 888 /sqm x 10,32 5 310 187 61 366 052
Site Area: 108 681 61 366 052
2,0 Estimated project hard costs

2,1 Site preparation Eur/mth 2 /m3 x 108 681 sqm = 217 362
2,2 Retail construction (b) Eur/mth 500 /sqm x 45 032 sqm = 22 516 200
2,3 Surface parking Eur/mth 50 /sqm x 54 341 sqm = 2 717 025
2,4 On site infrastructure Eur/mth 4 /sqm x 108 681 sqm = 434 724
2,5 Off site infrastructure, provisional sum Eur/mth 5 /sqm x 108 681 sqm = 489 065
2,6 Construction contingency @ Eur/mth 5,00% of construction costs 1 318 719
27 693 094
3,0 Technical services

3,1 Design and planning @ 4,00% of total project hard costs 1 107 724
3,2 Inspections and approvals 0,15% of total project hard costs 41 540
3,3 Engineers and Marketing Man 3,25% of total project hard costs 900 026
2 049 289
4,0 Marketing
4,1 Marketing @ 0,25% of gross development value 153 415
4,2 Promotion @ 0,75% of gross development value 460 245
5,2 Marketing Management 0,10% of gross development value 61 366
4,3 Agent's fees @ 1,40% of gross development value 859 125
1 534 151
5,0 Other expenses

5,1 Legal and accounting 0,40% of gross development value 245 464
5,2 Head Office administration 1,10% of gross development value 675 027
5,3 General liability insurance 0,15% of gross development value 92 049
1 012 540
6,0 Financing Costs

6,1 Financing of Construction costs etc 5,80% of construction costs, fees, 38 746 889
technical services & market
ing costs. Over 15 months 2 809 149
6,0 Project contingency

6,1 Contingency @ 5,00% of hard costs, technical service & marketing 229 799
7,0 Funding expenses

7,1 Lender's legal & supervision fees 0,50% 123 648
7,2 Lender's arrangement fee 0,70% 173 107
296 755
8,0 First Years Running Costs

8,1 Estimate on budget 350 000
9,0 Estimated total construction cost 35 974 778 6100000
10,0 Developer's Profit

10,1 Developer's Profit @ 17,50% of development costs 6 295 586
41 724 778
11,0 Residual Value 19 095 687

PV @ 9.0% for 2 years 0,841679993 16 072 458
Residual Value/m2 148

M3 Shopping City, Budapest - Phase II
Eur/mth Eur/mth Cap Val

1,0 Gross development value
1,1 Usable (saleable) Retail area 11 294 /sqm x 15,15 2 053 308 21 631 770
Site Area: 47 159 21 631 770
2,0 Estimated project hard costs

2,1 Site preparation Eur/mth 2 /m3 x 47 159 sqm = 94 318
2,2 Retail construction (b) Eur/mth 470 /sqm x 11 859 sqm = 5 573 589
2,3 Surface parking Eur/mth 50 /sqm x 23 580 sqm = 1 178 975
2,4 On site infrastructure Eur/mth 2 /sqm x 47 159 sqm = 94 318
2,5 Off site infrastructure, provisional sum Eur/mth 2 /sqm x 47 159 sqm = 94 318
2,6 Construction contingency @ Eur/mth 5,00% of construction costs 351 776
7 387 294
3,0 Technical services

3,1 Design and planning @ 4,25% of total project hard costs 313 960
3,2 Inspections and approvals 0,15% of total project hard costs 11 081
3,3 Engineers and Marketing Man 4,50% of total project hard costs 332 428
657 469
4,0 Marketing
4,1 Marketing @ 0,25% of gross development value 54 079
4,2 Promotion @ 0,75% of gross development value 162 238
5,2 Marketing Management 0,10% of gross development value 21 632
4,3 Agent's fees @ 2,75% of gross development value 594 874
832 823
5,0 Other expenses

5,1 Legal and accounting 0,50% of gross development value 108 159
5,2 Head Office administration 1,50% of gross development value 324 477
5,3 General liability insurance 0,15% of gross development value 32 448
465 083
6,0 Financing Costs

6,1 Financing of Construction costs etc 5,80% of construction costs, fees, 14 014 004
technical services & market
ing costs. Over 12 months 812 812
6,0 Project contingency

6,1 Contingency @ 5,00% of hard costs, technical service & marketing 97 769
7,0 Funding expenses

7,1 Lender's legal & supervision fees 0,50% 35 886
7,2 Lender's arrangement fee 0,70% 50 241
86 127
8,0 First Years Running Costs

8,1 Estimate on budget 150 000
9,0 Estimated total construction cost 10 489 378
10,0 Developer's Profit

10,1 Developer's Profit @ 20,00% of development costs 2 097 876
11,0 Residual Value 9 044 517

PV @ 10.0% for 3 years 0,751314801 6 795 279
Residual Value/m2 144
272328
M3 Retail Park
Asset Pricing Strategy
Executive Summary - 10 year Plan
PROPERTY DESCRIPTION
TYPE: Power Center

OWNER: Present BBT KFT ALL FIGURES IN EUROS
ADDRESS: Rakospalota - M3 Budapest
ALL CASH SUMMARY RESIDUAL SUMMARY
PURCHASE PRICE - 40 008 317 NET RESIDUAL VALUE 97 780 503

INITIAL CAPITALIZATION RATE 3,57% RESIDUAL CAP RATE 7,50%
INITIAL CASH-ON-CASH 3,57% RESIDUAL COST OF SALE 733 353,77
FIVE-YEAR AVERAGE CASH-ON-CASH 9,65%
PRICE PER SQUARE METER 932,86
ALL CASH IRR 13,82%
LEVERAGE SUMMARY (1)
LEVERAGED PRICE 57 154 739 INTEREST RATE 6,00%

LOAN PRINCIPAL -40 008 317 AMORTIZATION PERIOD 12 Years
LOAN FEE 140 029 LOAN-TO-VALUE RATIO 80/20
EQUITY 17 286 451 LOAN FEE 0,35%
INITIAL CASH-ON-CASH -11,35% Av. DEBT COVERAGE RATIO 1,57

LEVERAGED IRR 25,10%
(1) Leveraged analysis is based on market financing which may or may not be obtainable by an investor.
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
responsibility to confirm independently its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future
performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors
should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. King Sturge Corporate Finance is a division of
King Sturge International and are members of the RICS.
List of tenants and income from total lettable area DECEMBER 2006
AREA Lease fee ERV 0% End of Remaining 1,5% 1,5% 1,5% 1,5% 1,5% 1,5% 1,5% 1,5% 1,5% 1,5%
COMPANY Yld 0% Extn Period 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2
M2 Eur /m /mo Eur /mo Yrs End in months Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Tenant Ggr 82 997 822
Net 22 867 737
Supermarket 14 255,0 8,00 114 040,00 12 2020.05.15 - 144 684 240 1 388 323 1 408 454 1 428 876 1 449 595 1 470 614 1 491 938 1 513 571 1 535 518 1 557 783
Other Non Fashion Anchors 12 193,0 8,00 97 544,00 12 2020.05.15 - 144 585 264 1 187 501 1 204 719 1 222 188 1 239 910 1 257 888 1 276 128 1 294 631 1 313 404 1 332 448
Fashion Anchors 1 786,0 13,00 22 057,10 7 2015.05.15 84 132 343 268 523 272 417 276 367 280 374 284 440 288 564 146 374 288 564 292 748
Unit Shops 200 - 500m2 3 438,0 17,00 55 523,70 5 2013.05.15 60 333 142 675 946 685 747 695 690 705 778 358 006 705 778 716 011 726 394 736 926
Unit Shops 120 - 200m3 2 152,0 25,00 48 420,00 6 2013.05.16 72 333 142 589 465 598 012 606 684 615 480 312 202 615 480 624 405 633 459 642 644
Unit Shops 80 - 120m2 606,0 25,00 13 635,00 5 2013.05.15 60 81 810 165 992 168 399 170 841 173 318 87 916 173 318 175 831 178 381 178 381
Food Court (Incl. Open Area) 250,0 45,00 10 125,00 5 2013.05.15 60 60 750 123 262 125 049 126 862 128 702 65 284 128 702 130 568 132 461 134 382
Stands 100,0 70,00 6 300,00 5 2013.05.15 60 37 800 76 696 77 808 78 937 80 081 40 621 80 081 81 242 82 420 83 615
Sub Total Ground Floor 34 780,0 10,68 367 644,8
First Floor:
Entertainment 5 556,0 10,50 58 338,00 10 2020.05.15 120 350 028 710 207 720 505 730 952 741 551 752 303 752 303 763 212 774 278 785 505
Food 2 552,0 4,00 10 208,00 5 2013.05.15 60 61 248 124 272 126 074 127 902 129 757 65 819 129 757 131 638 133 547 135 483
Sub Total First Floor 8 108,0 8,58 68 546,0 2 659 767 5 310 187 5 387 185 5 465 299 5 544 546 4 695 093 5 642 049 5 577 485 5 798 426 5 879 916
Total Leased Area 42 888,0 PV at 8,25% 0,923787529 0,853383398 0,788344941 0,728263225 0,672760485 0,621487746 0,574122629 0,530367325 0,48994672 0,45260667 0,438897314
NPV 2 457 060 4 531 625 4 246 960 3 980 176 3 730 151 2 917 943 3 239 228 2 958 116 2 840 920 2 661 289 29 541 988
2008 2009 Reversion Value
TOTAL ANNUAL INCOME ( EURO ) 2 659 767,00 5 310 186,80 CAP VAL: 59 626 648 Eur Cap Rate: 7,60%
CAP VAL: 63 105 455 Eur Rev CP: 7,20%
Av CAP VAL: 61 366 052 Eur
PHASE 2:
MSU'S 4 438 14,00 745 584 10 2019.03.01 372 792 745 584 756 395 756 395 756 395 756 395 756 395 756 395 756 395
Unit Shops 500 -850 2 695 16,00 491 568 5 2014.03.01 245 784 491 568 498 696 505 927 513 263 513 263 520 705 528 255 535 915
Unit Shop 250 - 500 2 550 17,00 468 180 5 2014.03.01 234 090 468 180 474 969 481 856 481 856 481 856 481 856 481 856 488 843
Unit Shop 100 - 200 351 20,00 75 816 5 2014.03.01 37 908 75 816 76 915 78 031 79 162 79 162 80 310 81 474 82 656
Less than 100 1 260 20,00 272 160 5 2014.03.01 136 080 272 160 276 106 280 110 284 171 284 171 288 292 292 472 296 713
Total 11 294 15,15 2 053 308,00 1 026 654 2 053 308 2 083 081 2 102 318 2 114 847 2 114 847 2 127 558 2 140 452 2 160 521
PV at 8,25% 0,923787529 0,853383398 0,788344941 0,728263225 0,672760485 0,621487746 0,574122629 0,530367325 0,48994672 0,45260667 0,438897314
NPV 0 876 129 1 618 715 1 517 031 1 414 356 1 314 351 1 214 181 1 128 387 1 048 708 977 866 10 854 933
2008 2009 Reversion Value
TOTAL ANNUAL INCOME ( EURO ) 0,00 876 129,48 CAP VAL: 21 298 881 Eur Cap Rate: 7,60%
CAP VAL: 21 964 659 Eur Rev CP: 7,20%
Av CAP VAL: 21 631 770 Eur
COMBINED VALUE P1 & P2: 82 997 822 EUR

Amortizing Loan Payment Calculator
Input
Loan Amount 40 008 317
Annual Interest Rate 6,00%
Amortization Period (Years) 12
Due Date (Years) 15
Output
Annual Payment -3 971 000 Euro
Monthly Payment -330 956 Euro
Balance as of Due Date 13 018 537 Euro
Amortisation schedule Euros

Insert data
Loan amount 40 008 317
Equity
Libor rate (%) 3,90% Interest rate 5,40%
Margin (%) 1,50% Interest rate for period 1,35%
Baloon (% of the loan) 25,00% Baloon 10 002 079
Tenor years 12 Number of periods 48
Quarters Balance Payment Interest Principal Closing

1 40 008 317 988 490 540 112 448 378 39 559 940
2 39 559 940 988 490 534 059 454 431 39 105 509
3 39 105 509 988 490 527 924 460 566 38 644 943
4 38 644 943 988 490 521 707 466 783 38 178 160 2 123 803
5 38 178 160 988 490 515 405 473 085 37 705 075 1 830 157
6 37 705 075 988 490 509 019 479 471 37 225 604
7 37 225 604 988 490 502 546 485 944 36 739 659
8 36 739 659 988 490 495 985 492 505 36 247 155 2 022 955
9 36 247 155 988 490 489 337 499 153 35 748 001 1 931 005
10 35 748 001 988 490 482 598 505 892 35 242 109
11 35 242 109 988 490 475 768 512 721 34 729 388
12 34 729 388 988 490 468 847 519 643 34 209 745 1 916 550
13 34 209 745 988 490 461 832 526 658 33 683 086 2 037 410
14 33 683 086 988 490 454 722 533 768 33 149 318
15 33 149 318 988 490 447 516 540 974 32 608 344
16 32 608 344 988 490 440 213 548 277 32 060 067 1 804 282
17 32 060 067 988 490 432 811 555 679 31 504 387 2 149 678
18 31 504 387 988 490 425 309 563 181 30 941 207
19 30 941 207 988 490 417 706 570 784 30 370 423
20 30 370 423 988 490 410 001 578 489 29 791 934 1 685 827
21 29 791 934 988 490 402 191 586 299 29 205 635 2 268 133
22 29 205 635 988 490 394 276 594 214 28 611 421
23 28 611 421 988 490 386 254 602 236 28 009 185
24 28 009 185 988 490 378 124 610 366 27 398 819 1 560 845
25 27 398 819 988 490 369 884 618 606 26 780 213 2 393 115
26 26 780 213 988 490 361 533 626 957 26 153 256
27 26 153 256 988 490 353 069 635 421 25 517 835
28 25 517 835 988 490 344 491 643 999 24 873 836 1 428 977
29 24 873 836 988 490 335 797 652 693 24 221 143 2 524 983
30 24 221 143 988 490 326 985 661 505 23 559 638
31 23 559 638 988 490 318 055 670 435 22 889 203
32 22 889 203 988 490 309 004 679 486 22 209 718 1 289 842
33 22 209 718 988 490 299 831 688 659 21 521 059 2 664 118
34 21 521 059 988 490 290 534 697 956 20 823 103
35 20 823 103 988 490 281 112 707 378 20 115 725
36 20 115 725 988 490 271 562 716 928 19 398 798 1 143 040
37 19 398 798 988 490 261 884 726 606 18 672 191 2 810 920
38 18 672 191 988 490 252 075 736 415 17 935 776
39 17 935 776 988 490 242 133 746 357 17 189 419
40 17 189 419 988 490 232 057 756 433 16 432 986 988 148
41 16 432 986 988 490 221 845 766 645 15 666 341 2 965 811
42 15 666 341 988 490 211 496 776 994 14 889 347
43 14 889 347 988 490 201 006 787 484 14 101 863
44 14 101 863 988 490 190 375 798 115 13 303 749 824 722
45 13 303 749 988 490 179 601 808 889 12 494 859 3 129 238
46 12 494 859 988 490 168 681 819 809 11 675 050
47 11 675 050 988 490 157 613 830 877 10 844 173
48 10 844 173 988 490 146 396 842 094 10 002 079 652 291
49 10 002 079 988 490 135 028 853 462 9 148 617 3 301 669
50 9 148 617 988 490 123 506 864 984 8 283 634
51 8 283 634 988 490 111 829 876 661 7 406 973
52 7 406 973 988 490 99 994 888 496 6 518 477 470 358
53 6 518 477 988 490 87 999 900 491 5 617 987 3 483 602
54 5 617 987 988 490 75 843 912 647 4 705 339
55 4 705 339 988 490 63 522 924 968 3 780 371
56 3 780 371 988 490 51 035 937 455 2 842 917 278 399
57 2 842 917 988 490 38 379 950 111 1 892 806 3 675 561
58 1 892 806 988 490 25 553 962 937 929 869
59 929 869 988 490 12 553 975 937 (46 068)
60 (46 068) 988 490 (622) 989 112 (1 035 180) 75 864
Balloon #REF! #REF! #REF!
(1) Leveraged analysis is based on seller financing.
M3 Power Center
CASH FLOW PROJECTION (First 10 Years)
Currency = Euros
Fiscal year ending 31 December Acquisition Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10

MINIMUM RENT
Supermarket 684 240 694 504 1 408 454 1 428 876 1 449 595 1 470 614 1 491 938 1 513 571 1 535 518 1 557 783
Other Non Fashion Anchors 585 264 1 187 501 1 204 719 1 222 188 1 239 910 1 257 888 1 276 128 1 294 631 1 313 404 1 332 448
Fashion Anchors 132 343 268 523 272 417 276 367 280 374 284 440 288 564 146 374 288 564 292 748
Unit Shops 200 - 500m2 333 142 675 946 685 747 695 690 705 778 358 006 705 778 716 011 726 394 736 926
Unit Shops 120 - 200m3 333 142 589 465 598 012 606 684 615 480 312 202 615 480 624 405 633 459 642 644
Unit Shops 80 - 120m2 81 810 165 992 168 399 170 841 173 318 87 916 173 318 175 831 178 381 178 381
First Floor:
Entertainment 350 028 710 207 720 505 730 952 741 551 752 303 752 303 763 212 774 278 785 505
Food 61 248 124 272 126 074 127 902 129 757 65 819 129 757 131 638 133 547 135 483
Phase 2:
MSU'S 372 792 745 584 756 395 756 395 756 395 756 395 756 395 756 395 756 395
Unit Shops 500 -850 245 784 491 568 498 696 505 927 513 263 513 263 520 705 528 255 535 915
Unit Shop 250 - 500 234 090 468 180 474 969 481 856 481 856 481 856 481 856 481 856 488 843
Unit Shop 100 - 200 37 908 75 816 76 915 78 031 79 162 79 162 80 310 81 474 82 656
Less than 100 136 080 272 160 276 106 280 110 284 171 284 171 288 292 292 472 296 713
TOTAL RENTAL INCOME 2 561 217 5 443 063 7 237 635 7 342 581 7 438 081 6 704 035 7 548 113 7 493 232 7 723 997 7 822 440
Parking Income 0 0 0 0 0 0 0 0 0 0
TOTAL GROSS INCOME 2 561 217 5 443 063 7 237 635 7 342 581 7 438 081 6 704 035 7 548 113 7 493 232 7 723 997 7 822 440
Void - Retail 20,0% 5,0% 5,0% 5,0% 5,0% 5,0% 5,0% 5,0% 5,0% 5,0%
Void Cost 512 243 272 153 367 129 371 904 335 202 377 406 374 662 386 200 391 122 391 122
Non Recoverable Outgoings 514 656 85 776 85 776 85 776 85 776 85 776 85 776 85 776 85 776 85 776
Expenses 5 000 5 250 5 513 5 788 6 078 6 381 6 700 7 036 7 387 7 757
519 656 363 179 458 418 463 468 427 055 469 563 467 138 479 011 484 285 484 655
NET OPERATING INCOME 2 041 561 5 079 884 6 779 218 6 879 113 7 011 025 6 234 472 7 080 975 7 014 221 7 239 711 7 337 786
CAPITAL RESERVE & TENANT COSTS

Refurbishment Costs - 0 0 0 0 200 000 0 0 300 000 0 0
Commissions 0 0 0 0 0 0 0 37 500 0 0
0 0 0 0 200 000 0 0 337 500 0 0
OPERATING CASH FLOW 2 041 561 5 079 884 6 779 218 6 879 113 6 811 025 6 234 472 7 080 975 6 676 721 7 239 711 7 337 786
ACQUISITION/RESIDUAL
Acquisition Cost 57 154 739 0 0 0 0 0 0 0 0 0 0 All Cash Net Purchase Price 57 154 740
Net Residual Value 0 0 0 0 0 0 0 0 0 97 780 503 IRR Purchase Costs 2,00%
CASH FLOW BEFORE DEBT -57 154 739 2 041 561 5 079 884 6 779 218 6 879 113 6 811 025 6 234 472 7 080 975 6 676 721 7 239 711 105 118 289 13,82%
FINANCING 10,763226
Principal 40 008 317 0 0 0 0 0 0 0 0 0 13 018 537 Leveraged 9,290895
Loan Fees & debt Services 140 029 -3 971 000 -3 971 000 -3 971 000 -3 971 000 -3 971 000 -3 971 000 -3 971 000 -3 971 000 -3 971 000 -3 971 000 IRR
CASH FLOW AFTER DEBT -17 006 393 -1 929 439 1 108 884 2 808 218 2 908 113 2 840 025 2 263 472 3 109 975 2 705 721 3 268 711 114 165 825 25,10%
Cash-on-Cash Return
All Cash 3,57% 8,89% 11,86% 12,04% 11,92% 10,91% 12,39% 11,68% 12,67% 12,84%
Leveraged -11,35% 6,52% 16,51% 17,10% 16,70% 13,31% 18,29% 15,91% 19,22% 19,80%
Debt Coverage Ratio 0,51 1,28 1,71 1,73 1,72 1,57 1,78 1,68 1,82 1,85
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. Any projections, opinions,
assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a
careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Bradmore Consulting Corporate Finance is a division of Bradmore Securities Group (Europe) and are members of the RICS.
(1) Leveraged analysis is based on seller financing.
APPENDIX 2
Budapesti 1. számú Körzeti Földhivatal
Budapest, XI.,Budafoki út 59. 1519 Pf. : 415. Oldal: 1 / 62
Ne m h ite le s tu lajdon i lap - Te lje s m ásolat

Megrendelés szám:8000004/285044/2007
2007.08.27
BUDAPEST XV.KER. Szektor : 21
Belterület 98109/1 helyrajzi szám
Térképszelvény : 1743
I. R É S Z
Földrészlet területe változás elõtt: 47159 (m2) törlõ határozat:9015/2005
1. Az ingatlan adatai:
alrészlet adatok terület
kat.t.jöv. alosztály adatok
mûvelési ág/kivett megnevezés/ min.o k.fill. ha m2
ter. kat.jöv
ha m2 k.fill
------------------------------------------------------------------------------------------------
- szántó - 4 4.7154 123.07
II. R É S Z
1. hányad: 1/1 törlõ határozat: 147299/1/2001/01.06.06
bejegyzõ határozat, érkezési idõ: 68339/1988/1988.05.30
törlõ határozat: 147299/1/2001/01.06.06
jogcím: -
jogállás: tsz. földhasználati jog
név: VÖRÖSMARTHY MEZÕGAZD.TSZ.
cím: 1151 BUDAPEST XV. Szabadság utca 44
2. tulajdoni hányad: 206/47159 törlõ határozat: 113294/1/2004/04.03.04

bejegyzõ határozat, érkezési idõ: 147299/1/2001/01.06.06
törlõ határozat: 113294/1/2004/04.03.04
jogcím: részaránykiadás
jogállás: tulajdonos
név : Tóth József
szül. : 1937
a.név : Csizmadia Julianna
cím : 1151 BUDAPEST XV.KER. Batthyány utca 2.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Erzsébet
szül. : 1946
cím : 1152 BUDAPEST XV.KER. Kazinczy utca 3

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár János
szül. : 1970
cím : 2151 FÓT Március 15. utca 75.
Folytatás a k öve tk e z õ lapon


2007.08.27
Folytatás az e lõz õ lapról
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Molnár József
szül. : 1972
cím : 2151 FÓT Balassa utca 75.

törlõ határozat: 113294/1/2004/04.03.04
név : Dr. Juhász Teréz
szül. : 1954
a.név : Moór Teréz
cím : 1152 BUDAPEST XV.KER. Régifóti út 49.

törlõ határozat: 113294/1/2004/04.03.04
név : Kurucz Ferenc
szül. : 1950
a.név : Tóth Mária
cím : 1151 BUDAPEST XV. KER. FÕ út 34

törlõ határozat: 113294/1/2004/04.03.04
név : Lencsó Lajosné
sz.név: Mozsár Anna
szül. : 1942
a.név : Virág Mária
cím : 1151 BUDAPEST XV.KER. Benkõ I. utca 10.

törlõ határozat: 113294/1/2004/04.03.04
név : Kovács Lászlóné
sz.név: Tóth Terézia
szül. : 1950
a.név : Csizmadia Terézia
cím : 1152 BUDAPEST XV.KER. Törõ utca 13.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Moór Dávid Istvánné
sz.név: Tóth Erzsébet
szül. : 1951
cím : 1152 BUDAPEST XV.KER. Régifóti utca 63. 2/9.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Istvánné
sz.név: Csizmadia Teréz
szül. : 1929
a.név : Varga Terézia
cím : 1152 BUDAPEST XV.KER. Aporháza utca 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Szõke József
szül. : 1925
a.név : Mocsári Júlia
cím : 1152 BUDAPEST XV.KER. Zrínyi utca 7.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Lajosné
sz.név: Kurucz Mária
szül. : 1953
a.név : Stegmeyer Teréz
cím : 1152 BUDAPEST XV.KER. Rákosmezõ utca 45.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Veres György
szül. : 1968
a.név : Csizmadia Teréz
cím : 1154 BUDAPEST XV.KER. Aulich utca 25.

törlõ határozat: 113294/1/2004/04.03.04
név : Veres Péter
szül. : 1979
cím : 1152 BUDAPEST XV.KER. Zrínyi utca 17/b.

törlõ határozat: 113294/1/2004/04.03.04
név : Juhász Ferencné
sz.név: Barkó Judit
szül. : 1960
a.név : Varga Julianna
cím : 1152 BUDAPEST XV.KER. Károlyi S. út 80.

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Richter Erzsébet
szül. : 1930
a.név : Molnár Erzsébet
cím : 1152 BUDAPEST XV.KER. Károlyi út 80


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Juhász Ferenc
szül. : 1959
a.név : Richter Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Szerencsés Jánosné
sz.név: Naszádi Lidia
szül. : 1916
a.név : Molnár Mária

törlõ határozat: 113294/1/2004/04.03.04
név : Szerencsés János
szül. : 1938
a.név : Naszádi Lidia

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Antal
szül. : 1922
a.név : Farkas Rozália
cím : 1152 BUDAPEST XV.KER. Kazinczy utca 24.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Antalné
sz.név: Kovács Mária
szül. : 1922
a.név : Csernyik Terézia

törlõ határozat: 113294/1/2004/04.03.04
név : Varga András
szül. : 1941
a.név : Moór Verona
cím : 1152 BUDAPEST XV.KER. Szentmihályi utca 47

törlõ határozat: 113294/1/2004/04.03.04
név : Fekete József
szül. : 1949
a.név : Tóth Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Fekete István
szül. : 1954
a.név : Tóthü Erzsébet
cím : 1042 BUDAPEST IV.KER. Árpád út 165.

törlõ határozat: 113294/1/2004/04.03.04
név : Verebes József
szül. : 1936
a.név : Naszádi Júlia
cím : 1152 BUDAPEST XV.KER. Régi fóti utca 48


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
sz.név: Juhász Erzsébet
szül. : 1951
a.név : Varga Erzsébet
cím : 1165 BUDAPEST XVI.KER. Pilóta utca 3.

törlõ határozat: 113294/1/2004/04.03.04
név : Pálinkásné Czirják Ildikó
sz.név: Czirják Ildikó
szül. : 1974
a.név : Juhász Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Templom Katalin
szül. : 1959
a.név : Jóba Katalin
cím : 2141 CSÖMÖR Petõfi utca 81.

törlõ határozat: 113294/1/2004/04.03.04
név : Dr Templom József
szül. : 1960
cím : 1118 BUDAPEST XI.KER. Rézköz köz 49/c


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Özv Varga Ferencné
sz.név: Szõcs Teréz
szül. : 1929
a.név : Szõcs Teréz
cím : 1154 BUDAPEST,XV.KER. Szentmihályi út 12.

törlõ határozat: 113294/1/2004/04.03.04
név : Szmutka János
szül. : 1920
a.név : V. Varga Mária
cím : 1154 BUDAPEST XV.KER. Aulich utca 7

törlõ határozat: 113294/1/2004/04.03.04
név : Nagy Istvánné
sz.név: Sikter Julianna
szül. : 1947
a.név : Varga Teréz
cím : 1152 BUDAPEST XV.KER. Fazekas sor 38.

törlõ határozat: 113294/1/2004/04.03.04
név : T. Varga Ferenc
szül. : 1942
a.név : Juhász Rozália
cím : 1152 BUDAPEST XV.KER. Szentmihályi utca 23.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Naszádi Ferenc
szül. : 1951
a.név : Dudás Erzsébet
cím : 1152 BUDAPEST,XV.KER. Rákosmezõ utca 35

törlõ határozat: 113294/1/2004/04.03.04
név : Balogh József
szül. : 1942
a.név : Kurucz Teréz
cím : 1152 BUDAPEST XV.KER. Fazekas utca 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Bertók György
szül. : 1954
a.név : Bogácsi Anna
cím : 1152 BUDAPEST XV.KER. Mátyás utca 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Györgyné
sz.név: Bertók Erzsébet
szül. : 1920
a.név : Sinka Julianna


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Bogácsi Istvánné
sz.név: Csizmadia Katalin
szül. : 1910
a.név : Nagy Teréz
cím : 1152 BUDAPEST XV.KER. Fazekas sor 15

törlõ határozat: 113294/1/2004/04.03.04
név : Bogácsi István
szül. : 1938
a.név : Csizmadia Katalin
cím : 1152 BUDAPEST XV.KER. Vécsey utca 46

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás György
szül. : 1972
a.név : Sikter Erzsébet
cím : 1152 BUDAPEST XV.KER. Fazekas sor 20/a.

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás János
szül. : 1949
a.név : Töklinc Mária
cím : 2151 FÓT Úttörõ utca 1.

törlõ határozat: 113294/1/2004/04.03.04
név : Moór Ferenc
szül. : 1966
a.név : Kökény Gabriella
cím : 1152 BUDAPEST XV.KER. Nyaraló utca 7.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Mihály
szül. : 1963
a.név : Varga Ilona
cím : 1152 BUDAPEST,XV.KER. Zrínyi utca 4

törlõ határozat: 113294/1/2004/04.03.04
név : Gast Károlyné
sz.név: Varga Mária
szül. : 1956
a.név : Szõcs Mária
cím : 1152 BUDAPEST XV.KER. TELEK utca 96.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Ferenc
szül. : 1949
cím : 1151 BUDAPEST XV.KER. Kemény I. utca 18.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Sándor
szül. : 1980
a.név : Kobza Mária
cím : 1152 BUDAPEST XV.KER. Petõfi utca 11

törlõ határozat: 113294/1/2004/04.03.04
név : Kassai Bernadett
szül. : 1984
a.név : Kobza Zsuzsanna
cím : 1152 BUDAPEST XV.KER. Kossuth utca 65


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Ambrusné Balogh Xénia Ivett
szül. : 1975
a.név : Tóth Zsuzsanna
cím : 1152 BUDAPEST XV.KER. Petõfi utca 11.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Anikó
szül. : 1976
cím : 1152 BUDAPEST XV.KER. Juhos utca 12.

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Dávidné
sz.név: Pesti Júlianna
szül. : 1942
a.név : Fekete Júlianna
cím : 1150 BUDAPEST XV.KER. Toldi sor 2/b.

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Márta
szül. : 1972
a.név : Pesti Julanna

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Ferenc
szül. : 1964
a.név : Pesti Julianna


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1951
a.név : Sas Mária
cím : 1154 BUDAPEST XV.KER. Bezerédi utca 60.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga László József
szül. : 1968
a.név : Kiglics Mária
cím : 1154 BUDAPEST XV.KER. Népfelkelõ utca 28.

törlõ határozat: 113294/1/2004/04.03.04
név : Sas Lászlóné
sz.név: Gombkötõ Irén
szül. : 1950
a.név : Galambos Luca Mária

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs János
szül. : 1945
a.név : Varga Mária
cím : 1152 BUDAPEST XV.KER. Telek utca 22.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Özv Varga Lajosné
sz.név: Sinka Teréz
szül. : 1917
a.név : Moór Erzsébet
cím : 1152 BUDAPEST XV.KER. Mátyás út 66

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Lajos
szül. : 1943
a.név : Sinka Teréz
cím : 1152 BUDAPEST XV.KER. Mátyás utca 68

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Zsolt
szül. : 1970
a.név : Ancsin Éva
cím : 1133 BUDAPEST XIII.KER. Lehel utca 419.

törlõ határozat: 113294/1/2004/04.03.04
név : Sikter György
szül. : 1943
a.név : Szõcs Rozália
cím : 1151 BUDAPEST XV.KER. Veresegyház utca 23.

törlõ határozat: 113294/1/2004/04.03.04
név : Sikter Ferenc
szül. : 1945
cím : 1154 BUDAPEST XV.KER. Kisrákos utca 6.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Bekó György
szül. : 1960

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Györgyné
sz.név: Stegmajer Mária
szül. : 1963
a.név : Moór Mária
cím : 1152 BUDAPEST XV.KER. Régi Fóti út 4.

törlõ határozat: 113294/1/2004/04.03.04
név : Fekete Józsefné
sz.név: Bekó Ilona
szül. : 1950

törlõ határozat: 113294/1/2004/04.03.04
név : Bertók Istvánné
sz.név: Moór Erzsébet
szül. : 1941


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Stegmajer Jánosné
sz.név: Moór Mária
szül. : 1943

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Pál
szül. : 1937
cím : 1151 BUDAPEST LENVIRÁG utca 41.

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Pálné
sz.név: Kobza Terézia
szül. : 1939
a.név : Fábián Terézia
cím : 1151 BUDAPEST,XV.KER. Lenvirág utca 41

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Bekó Julianna
szül. : 1933
cím : 1046 BUDAPEST TÁBOR utca 41.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Budai Imréné
sz.név: Pásztor Mária
szül. : 1948
a.név : Töklincz Terézia
cím : 1152 BUDAPEST,XV.KER. Juhos utca 9.

törlõ határozat: 113294/1/2004/04.03.04
név : Czolk Ferencné
sz.név: Tóth Mária
szül. : 1954
a.név : Csánki Mária
cím : 1152 BUDAPEST XV.KER. Nagy S. utca 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth György
szül. : 1952
cím : 1046 BUDAPEST IV.KER. Fóti út 112.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga István
szül. : 1929
a.név : Kovács Erzsébet


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Vince
szül. : 1942
a.név : Szõcs Erzsébet
cím : 1152. BUDAPEST XV.KER. Régifóti út 27.

törlõ határozat: 113294/1/2004/04.03.04
név : Szolga János
szül. : 1929
a.név : Cselõtei Lídia
cím : 1151 BUDAPEST XV.KER. Pozsonyi utca 18.

törlõ határozat: 113294/1/2004/04.03.04
név : Szolga Jánosné
sz.név: Nyuka Júlia
szül. : 1931
a.név : Forgács Borbála

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Zoltán
szül. : 1972

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Ferenc
szül. : 1946
a.név : Sikter Mária
cím : 1152 BUDAPEST XV.KER. Kert köz 15.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Lászlóné
sz.név: Molnár Teréz
szül. : 1955
a.név : Sári Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár László
szül. : 1976
a.név : Molnár Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Dr Varga Pál
szül. : 1955

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Erzsébet
szül. : 1983

törlõ határozat: 113294/1/2004/04.03.04
név : Frey Ottóné
sz.név: Varga Teréz
szül. : 1948
a.név : Kovács Borbála
cím : 1152. BUDAPEST XV.KER. Kiss E. utca 43.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Vendelné
sz.név: Kovács Borbála
szül. : 1924
a.név : Csernyik Teréz
cím : 1151. BUDAPEST XV.KER. Fõ út 24.

törlõ határozat: 113294/1/2004/04.03.04
név : Csapó Béláné
szül. : 1946
cím : 1151. BUDAPEST XV.KER. Szlacsányi F. utca 17.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Imre
szül. : 1944
a.név : Morvai Margit

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Imréné
szül. : 1949
a.név : Stegmayer Teréz


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1979
a.név : Kovács Ilona
cím : 1151 BUDAPEST XV.KER. Szlacsányi F. utca 51.

törlõ határozat: 113294/1/2004/04.03.04
név : Palkóné Szõcs Judit
szül. : 1968
cím : 1151 BUDAPEST XV.KER. Árokhát utca 7.

törlõ határozat: 113294/1/2004/04.03.04
név : Cselõtei Teréz
szül. : 1978
a.név : Prondvai Teréz
cím : 1151 BUDAPEST XV.KER. Rákóczi utca 24.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga László
szül. : 1959
cím : 1150 BUDAPEST XV.KER. Veresegyház utca 3

törlõ határozat: 113294/1/2004/04.03.04
név : Kapitányné Varga Mária
szül. : 1962
cím : 1150 BUDAPEST XV.KER. Lenvirág utca 52


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Pál
szül. : 1959
a.név : Tóth Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó József
szül. : 1936
a.név : Matuz Erzsébet
cím : 1152 BUDAPEST XV.KER. Aporháza utca 35

törlõ határozat: 113294/1/2004/04.03.04
név : Özv. Bekó Józsefné
sz.név: Matuz Erzsébet
szül. : 1920
a.név : Agárdi Borbála

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó István
szül. : 1946
cím : 1145 BUDAPEST XIV.KER. Colombus utca 64.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Józsefné
szül. : 1939
a.név : Moór Veronika

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia Júlianna
szül. : 1954
a.név : Csizmsdia Júlianna

törlõ határozat: 113294/1/2004/04.03.04
név : Balogh Ferenc
szül. : 1940
cím : 1152 BUDAPEST ATTILA utca 36-38.

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Szõcs Istvánné
szül. : 1914
cím : 1152 BUDAPEST JUHOS utca 13.


2007.08.27
II. R É S Z
törlõ határozat: 248486/1/2003/02.10.10
név : Gyõri Istvánné
sz.név: Molnár Julianna
szül. : 1923
a.név : Sikter Julianna
cím : 1152 BUDAPEST XV.KER. Régifóti utca 25

törlõ határozat: 113294/1/2004/04.03.04
név : Szarvas Lászlóné
sz.név: Csizmadia Mária
szül. : 1935
cím : 1152 BUDAPEST XV.KER. Cserba Elemér utca 5.

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia József
szül. : 1935
cím : 1151 BUDAPEST XV.KER. Esthajnal utca 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Szarvas László
szül. : 1954
a.név : Csizmadia Mária
cím : 1152 BUDAPEST XV.KER. Régifóti út 15/a.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szõke Ferencné
szül. : 1953
cím : 1152. BUDAPEST XV.KER. Kazinczy utca 15.

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Erzsébet
szül. : 1950
cím : 1152. BUDAPEST XV.KER. Nagy S. utca 12.

törlõ határozat: 113294/1/2004/04.03.04
név : Sebeházi Katalin
sz.név: Sebeházi Katalin
szül. : 1950
a.név : Naszádi Terézia
cím : 1154 BUDAPEST XV.KER. Pöltenberg utca 20.

törlõ határozat: 113294/1/2004/04.03.04
név : Havas Veronika
szül. : 1981
a.név : Sebeházi Katalin


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Ronczai Ernõné
sz.név: Balázs Mária
szül. : 1934
a.név : Dobi Mária
cím : 1047 BUDAPEST IV.KER. Fóti út 56/b.

törlõ határozat: 113294/1/2004/04.03.04
név : Ronczai Zoltán
szül. : 1961
a.név : Balázs Mária
cím : 1042 BUDAPEST IV.KER. József A. utca 16. II. 8/a.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Sándor
szül. : 1969
a.név : Krakkai Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Zoltán
szül. : 1972
a.név : Karakkai Erzsébet
cím : 1152 BUDAPEST XV.KER. Szilaspark utca 7.2/9.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Pálné
sz.név: Molnár Terézia
szül. : 1930
a.név : Naszádi Erzsébet
cím : 1151 BUDAPEST XV.KER. Énekes utca 4/a.

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia Ferenc
szül. : 1960
a.név : Csizmadia Erzsébet
cím : 1151 BUDAPEST,XV.KER. Rákóczi utca 20.

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia István
szül. : 1958
cím : 1151 BUDAPEST,XV.KER. Bógáncs utca 37

törlõ határozat: 113294/1/2004/04.03.04
név : Naszádi József
szül. : 1937
a.név : Dudás Mária
cím : 1152 BUDAPEST XV.KER. Zrínyi utca 5


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Horváth Lászlóné
sz.név: Dudás Mária
szül. : 1930
cím : 1152 BUDAPEST,XV.KER. Kossuth utca 30

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás András
szül. : 1945
cím : 1152 BUDAPEST,XV.KER. Attila utca 6

törlõ határozat: 113294/1/2004/04.03.04
név : Juhász Józsefné
sz.név: Dudás Erzsébet
szül. : 1934
cím : 1152 BUDAPEST,XV.KER. Fazekas sor 46

törlõ határozat: 113294/1/2004/04.03.04
név : Lillik Györgyné
szül. : 1926
cím : 1028 BUDAPEST II.KER Hidegkuti utca 13.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Lillik György Pál
szül. : 1949
a.név : Moor Mária
cím : 1154 BUDAPEST XV.KER. Baksay S. utca 13.

törlõ határozat: 113294/1/2004/04.03.04
név : Lukács Erzsébet
szül. : 1966
cím : 1152 BUDAPEST XV.KER. Kiss E. utca 30.

törlõ határozat: 113294/1/2004/04.03.04
név : Ifj. Lukács László
szül. : 1961
cím : 2151 FÓT hargita utca 87.

törlõ határozat: 113294/1/2004/04.03.04
név : Györgyi Sándorné
szül. : 1960
a.név : Turcsán Mária


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Györgyné
szül. : 1914
a.név : Mocsári Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Horváthné Bertók Zsuzsanna
sz.név: Bertók Zsuzsanna
szül. : 1965
cím : 1152 BUDAPEST,XV.KER Vécsey utca 10

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1968
cím : 2151 FÓT Móricz Zs. utca 62.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Gabriella
szül. : 1970
cím : 1151 BUDAPEST XV.KER. Szõcs B. utca 56.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Kamocsa András
szül. : 1974
cím : 1151 BUDAPEST,XV.KER. Gyõztes utca 22

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1952
a.név : Bertók Julianna
cím : 1152 BUDAPEST,XV.KER. Régifóti út 60

törlõ határozat: 113294/1/2004/04.03.04
név : Mocsári István
szül. : 1938
a.név : Bertók Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Mocsári József
szül. : 1940
cím : 1151 BUDAPEST,XV.KER Kemény I. utca 102

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Árpádné
sz.név: Mocsári Éva
szül. : 1946


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Lippai Gábor
szül. : 1941
a.név : Lippai Ida
cím : 1154 BUDAPEST XV.KER. Szerencs utca 84

törlõ határozat: 113294/1/2004/04.03.04
név : Csánki Mária
szül. : 1967

törlõ határozat: 113294/1/2004/04.03.04
név : Fábián Jánosné
szül. : 1942
cím : 1152 BUDAPEST XV.KER. Leninger utca 9

törlõ határozat: 113294/1/2004/04.03.04
név : Csánki István
szül. : 1966

törlõ határozat: 113294/1/2004/04.03.04
név : Agárdi Andrásné
sz.név: Csánki Erzsébet
szül. : 1945


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Sikter Ferencné
sz.név: Sikter Erzsébet
szül. : 1916
a.név : Matuz Zsófia
cím : 1143 BUDAPEST XIV.KER. Mogyoródi út 1

törlõ határozat: 113294/1/2004/04.03.04
név : Kovács Jánosné
szül. : 1941
cím : 8220 BALATONALMÁDI Kisberényi út 9.

törlõ határozat: 276412/2/2003/03.01.08
szül. : 1909
cím : 1151 BUDAPEST XV.KER. Magyar utca 8.

törlõ határozat: 113294/1/2004/04.03.04
név : Urbancsek Györgyné
sz.név: Varga Erzsébet
szül. : 1957


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Jancsóné Varga Mária
szül. : 1963
cím : 1151 BUDAPEST XV.KER. Kossuth utca 43. 4/7.

törlõ határozat: 113294/1/2004/04.03.04
név : Naszádi Pálné
sz.név: Juhász Mária
szül. : 1924
a.név : Balogh Terézia

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás Ferenc
szül. : 1945
cím : 1151 BUDAPEST XV.KER. Kajár utca 6. fszt. 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Horváth Zoltán
szül. : 1967
a.név : Dudás Terézia
cím : 2193 GALGAHÉVÍZ József A. utca 32


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Lnekefi Ferencné
sz.név: Tréfás Myrtill
szül. : 1962
a.név : Sikter Margit
cím : 1156 BUDAPEST XV.KER. Erdõkerülõ utca 11.III.9.

törlõ határozat: 113294/1/2004/04.03.04
név : Tréfás Hajnalka
szül. : 1974

törlõ határozat: 113294/1/2004/04.03.04
név : Torma Ferenc
szül. : 1943
a.név : Szabó Szidónia
cím : 1151 BUDAPEST XV.KER. Lóvasút köz 5/b

törlõ határozat: 113294/1/2004/04.03.04
név : Hercegné Balogh Ágnes
sz.név: Balogh Ágnes
szül. : 1967
cím : 1152 BUDAPEST XV.KER. Attila utca 36-38.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs József
szül. : 1950

törlõ határozat: 113294/1/2004/04.03.04
név : Pintér István
szül. : 1947
a.név : Hencsey Erzsébet
cím : 1156 BUDAPEST XV.KER. Nádastó park 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Reisz János
szül. : 1961
a.név : Móra Margit
cím : 1155 BUDAPEST XV.KER. Karatna tér 8.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1935
a.név : Varga Rozália
cím : 1155 BUDAPEST XV.KER. Karatna tér 11

törlõ határozat: 113294/1/2004/04.03.04
név : Bertalan Árpád
szül. : 1929
a.név : Biró Erzsébet
cím : 1015 BUDAPEST I.KER. Toldy F. utca 68.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : K Szabó István
szül. : 1919
cím : 1152 BUDAPEST XV.KER. Attila utca 28.

törlõ határozat: 113294/1/2004/04.03.04
név : Brezsnyik Györgyné
sz.név: Varga Ágnes
szül. : 1954
a.név : Juhász Teréz
cím : 1162 BUDAPEST XVI.KER. Szlovák utca 103.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1957
a.név : Nuszbaum Edit

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Tamás
szül. : 1965

törlõ határozat: 113294/1/2004/04.03.04
név : Puskás László
szül. : 1955
a.név : Papp Mária


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Ifj. Pásztor István
szül. : 1956
a.név : Himics Mária
cím : 1152 BUDAPEST XV.KER. Kinizsi utca 157.

törlõ határozat: 113294/1/2004/04.03.04
név : Pásztor György
szül. : 1953
cím : 1151 BUDAPEST XV.KER. Benkõ István utca 37

törlõ határozat: 113294/1/2004/04.03.04
név : Záhonyi-Ábel Andrásné
szül. : 1963

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Istvánné
szül. : 1938
a.név : Juhász Terézia


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Gerecs Kálmán
szül. : 1939
a.név : Szakos Anna
cím : 2884 BAKONYSZOMBATHELY Táncsics M. utca 5.

törlõ határozat: 113294/1/2004/04.03.04
név : Csernyik Pál
szül. : 1942
cím : 1154 BUDAPEST XV.KER. BÁNKÚT utca 53/C.

törlõ határozat: 113294/1/2004/04.03.04
név : Csernyik Ferenc
szül. : 1944
cím : 1152 BUDAPEST XV.KER. PETÕFI utca 15.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1950
a.név : Dudás Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Sikter László
szül. : 1940


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Papp Tamásné
sz.név: Szõcs Mária
szül. : 1943
cím : 2022 TAHI Móricz Zs. utca 57.

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Zsuzsanna
szül. : 1971
a.név : Verebes Mária
cím : 1152 BUDAPEST XV.KER. FAZEKAS sor 8.

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Nikoletta
szül. : 1980

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Ferenc
szül. : 1972

törlõ határozat: 113294/1/2004/04.03.04
név : Steixner Imréné
sz.név: Bazsik Katalin
szül. : 1939
a.név : Czinege Mária
cím : 1044 BUDAPEST,IV.KER. Megyeri utca 52


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Steixner Imre
szül. : 1937
a.név : Steejerlein Anna

törlõ határozat: 113294/1/2004/04.03.04
név : Valev Lászlóné
sz.név: Gémes Julianna
szül. : 1944
a.név : Dakó Erzsébet
cím : 1046 BUDAPEST IV.KER. Fóti út 64/B.

törlõ határozat: 113294/1/2004/04.03.04
név : Szánthó Istvánné
sz.név: Varga Julianna
szül. : 1958
cím : 1151 BUDAPEST,XV.KER. Benkõ I. utca 1

törlõ határozat: 113294/1/2004/04.03.04
név : Valkóczi Sándorné
szül. : 1952
cím : 2151 FÓT Kazinczi utca 70


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Zvonorics Imre
szül. : 1955

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Gyuláné
sz.név: Sikter Mária
szül. : 1950
cím : 1152 BUDAPEST,XV.KER. Telek utca 86

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Szabó Jánosné
szül. : 1911

törlõ határozat: 113294/1/2004/04.03.04
név : Vida Ferencné
sz.név: Moór Teréz
szül. : 1941
cím : 1151 BUDAPEST,XV.KER. Harsányi K. utca 31


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Moór Ferenc
szül. : 1914
a.név : Gyõri Erzsébet
cím : 1152 BUDAPEST XV.KER. Régifóti utca 45.

törlõ határozat: 113294/1/2004/04.03.04
név : Sinka Pálné
szül. : 1936
cím : 1151 BUDAPEST XV.KER. Kertköz utca 11. 3/4.

törlõ határozat: 113294/1/2004/04.03.04
név : Sas Andrásné
szül. : 1942
a.név : Tóth Julianna
cím : 1152. BUDAPEST XV.KER. Petõfi utca 1

törlõ határozat: 113294/1/2004/04.03.04
név : Gáspár László Jánosné
sz.név: Tóth Julianna
szül. : 1949
cím : 1152 BUDAPEST XV.KER. Epres sor 2.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Dr. Adorján Magdolna
szül. : 1955
a.név : Csizmadia Magdolna

törlõ határozat: 113294/1/2004/04.03.04
név : Adorján Ágnes
szül. : 1956

törlõ határozat: 113294/1/2004/04.03.04
név : Vecsei Gyula
szül. : 1964
a.név : Csizmadia Ágnes
cím : 1152 BUDAPEST XV.KER. Vécsey utca 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Ifj Veres Lajos
szül. : 1950
cím : 1152 BUDAPEST,XV.KER. Zrínyi utca 18-20

törlõ határozat: 113294/1/2004/04.03.04
név : Matúz Jánosné
sz.név: Veres Erzsébet
szül. : 1948


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Pásztor István
szül. : 1945
a.név : Bekó Rozália
cím : 1154 BUDAPEST,XV.KER. Kisrákos utca 22

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1972
cím : 1154 BUDAPEST XV.KER. KISRÁKOS utca 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Sûlt Gyuláné
sz.név: Bekó Mária
szül. : 1956
a.név : Szmutka Ilona

törlõ határozat: 113294/1/2004/04.03.04
név : Sebõk Jánosné
szül. : 1955
cím : 1151 BUDAPEST XV.KER. Fõ utca 58.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Guba István
szül. : 1949
a.név : Kelemen Irén
cím : 1152 BUDAPEST XV.KER. TÖRÕ utca 11.

törlõ határozat: 357744/1/2003/03.11.17
név : Csépányi Zoltánné
sz.név: Horváth Róza
szül. : 1932
a.név : Gulyás Róza
cím : 1142 BUDAPEST,XIV.KER. Ungvár utca 34/b

törlõ határozat: 113294/1/2004/04.03.04
név : Verebélyi Ottó
szül. : 1930
a.név : Gulya Mária
cím : 1138 BUDAPEST,XIII.KER. Népfürdõ utca 33

törlõ határozat: 113294/1/2004/04.03.04
név : Moór János
szül. : 1951
cím : 1152 BUDAPEST,XV.KER. Kisfaludi utca 19/b

törlõ határozat: 113294/1/2004/04.03.04
név : Mislai János
szül. : 1932
cím : 1144 BUDAPEST XIV.KER Szentmihályi utca 24/C II. em. 8


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Hernek Tamásné
sz.név: Kálmán Andrea
szül. : 1971
a.név : Vona Ilona

törlõ határozat: 113294/1/2004/04.03.04
név : Moór Lajos
szül. : 1946
a.név : Országh Julianna
cím : 2143 KEREPESTARCSA Késmárk utca 58

törlõ határozat: 113294/1/2004/04.03.04
név : Moór Ferenc
szül. : 1954
cím : 1150 BUDAPEST XV.KER. Vácduka tér 20

törlõ határozat: 113294/1/2004/04.03.04
név : Hallgatné Varga Klára
sz.név: Varga Klára
szül. : 1968
a.név : Móricz Klára
cím : 1152 BUDAPEST,XV.KER. Nyaraló utca 4


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga István András
szül. : 1960
a.név : Nagy Ágnes
cím : 1153 BUDAPEST XV.KER. Lenvirág utca 37.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1964
cím : 1151 BUDAPEST XV.KER. Kossuth utca 17.I.1.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga József
szül. : 1937
cím : 2151 FÓT Madách utca 51.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Erika
szül. : 1972

törlõ határozat: 113294/1/2004/04.03.04
név : Töklincz Ferenc
szül. : 1949
a.név : Zsigmond Mária
cím : 1156 BUDAPEST XV.KER. Nyírpalota utca 12.X/62.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Töklincz Zsuzsanna
szül. : 1953
cím : 1042 BUDAPEST IV.KER. Virág utca 31.VI/40.

törlõ határozat: 113294/1/2004/04.03.04
név : Káplár Krisztián
szül. : 1976
a.név : Madarasi Julianna

törlõ határozat: 113294/1/2004/04.03.04
név : Péter Katalin
szül. : 1978
a.név : Érsek Lidia
cím : 1152 BUDAPEST,XV.KER. Nagy S. utca 6

törlõ határozat: 113294/1/2004/04.03.04
név : Jancsák Attiláné
sz.név: Péter Zsuzsanna
szül. : 1975
cím : 1152 BUDAPEST XV.KER. Nagy S. utca 6/b.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szabó Józsefné
sz.név: Péter Ildikó
szül. : 1965
cím : 1152 BUDAPEST,XV.KER. Nagy S. utca 6/a

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Sándorné
sz.név: Péter Julianna
szül. : 1961
cím : 1152 BUDAPEST,XV.KER Nagy S. utca 6

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Ágnes
szül. : 1948
a.név : Morvai Ágnes
cím : 1043 BUDAPEST IV.KER. Nyár utca 30

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1943


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Samu Imréné
sz.név: Páncél Julianna
szül. : 1941
cím : 1154 BUDAPEST,XV. Kisrákos utca 90

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Ferencné
sz.név: Páncél Erzsébet
szül. : 1940
cím : 1152 BUDAPEST,XV.KER. Vécsey utca 8

törlõ határozat: 113294/1/2004/04.03.04
név : Rumboldné Csánki Andrea
sz.név: Csánki Andrea
szül. : 1971
a.név : Vajda Erzsébet
cím : 1201 BUDAPEST,XX.KER. Virág Benedek utca 25

törlõ határozat: 113294/1/2004/04.03.04
név : Jacsó József
szül. : 1933
a.név : Sikter Lidia
cím : 1152 BUDAPEST,XV.KER. Mátyás utca 45


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Muzslai Lászlóné
sz.név: Viszt Mária
szül. : 1938
cím : 1126 BUDAPEST,XII.KER. Vöröskõ utca 21

törlõ határozat: 113294/1/2004/04.03.04
név : Toldi Sándorné
sz.név: Békési Mária
szül. : 1955
a.név : Bakanek Mária

törlõ határozat: 113294/1/2004/04.03.04
név : Bogácsi György
szül. : 1971
a.név : Soós Julianna
cím : 2600 VÁC Nagymezõ utca 6. I/4

törlõ határozat: 113294/1/2004/04.03.04
név : Dr. Juhászné Szabó Erzsébet
sz.név: Szabó Erzsébet
szül. : 1956


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Dr Vágottné Dr Csizmadia Judit
szül. : 1963
a.név : Konecsny Judit
cím : 1162 BUDAPEST XVI.KER. Szilaj utca 8.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Ferenc
szül. : 1936

törlõ határozat: 113294/1/2004/04.03.04
név : M. Tóth Erzsébet
sz.név: M. Tóth Erzsébet
szül. : 1936

törlõ határozat: 113294/1/2004/04.03.04
név : Matuz Jánosné
sz.név: Turcsán Teréz
szül. : 1912
a.név : Siker Julianna
cím : 1152 BUDAPEST,XV. Szentmihályi út 45


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Turcsány Lajos
szül. : 1967
a.név : Kisfalvi Erzsébet
cím : 1152 BUDAPEST XV.KER. Régi fóti út 44

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Tóth Lajosné
sz.név: Botos Éva
szül. : 1937
a.név : Molnár Julianna
cím : 1152 BUDAPEST,XV.KER. Vörösmarty utca 19

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Molnár Istvánné
sz.név: Péter Teréz
szül. : 1923
a.név : Gyõri Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Schiller Lászlóné
sz.név: Bózsing Teréz
szül. : 1951
cím : 1151 BUDAPEST,XV.KER. Énekes utca 16/c


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Sarlósné Szõcs Anna Borbála
szül. : 1949
a.név : Szöllõsi Anna
cím : 1146 BUDAPEST XIV.KER. ABONYI utca 4. 2/30.

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Juhász Vendelné
sz.név: Tóth Rozália
szül. : 1931
cím : 1152 BUDAPEST,XV.KER. Kazinczy utca 23.

törlõ határozat: 113294/1/2004/04.03.04
név : Srankó Gyula
szül. : 1941

törlõ határozat: 113294/1/2004/04.03.04
név : Feketéné Varga Erzsébet
szül. : 1974
a.név : Srankó Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1976
cím : 1152 BUDAPEST XV.KER. Vécsey K. utca 34.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Mohácsi Lászlóné
sz.név: Srankó Julianna
szül. : 1947
cím : 1152. BUDAPEST XV.KER. Rákosmezõ utca 50.

törlõ határozat: 113294/1/2004/04.03.04
név : Kristóf Gyula
szül. : 1933
a.név : Csekõ Rozália
cím : 1152 BUDAPEST,XV.KER. Mátyás utca 64/a

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsány Tibor
szül. : 1945
a.név : Murányi Etelka
cím : 1152 BUDAPEST XV.KER. Damjanich utca 83.

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsány Pál
szül. : 1946
cím : 1154 BUDAPEST XV.KER. Gábor Áron utca 102


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Valisek Róbertné
sz.név: Magyar Julianna
szül. : 1943
cím : 1047 BUDAPEST IV.KER. Fénycsõ utca 4 B ép. földszint 2

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Károly
szül. : 1941

törlõ határozat: 113294/1/2004/04.03.04
név : Stéger Lajos
szül. : 1948
a.név : Blõzer Mária
cím : 1157 BUDAPEST XV.KER. Nyírpalota utca 97

törlõ határozat: 113294/1/2004/04.03.04
név : Merk Lajos
szül. : 1925
a.név : Lángi Julianna
cím : 1152 BUDAPEST XV.KER. Szántóföld utca 208.

törlõ határozat: 113294/1/2004/04.03.04
név : Merk Márton
szül. : 1936
cím : 1152 BUDAPEST XV.KER. Cserba utca 36.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Merk Pál
szül. : 1956
a.név : Schiller Terézia
cím : 1134 BUDAPEST XIII.KER. Kassák L. utca 74.

törlõ határozat: 113294/1/2004/04.03.04
név : Merk Péter
szül. : 1964
a.név : Fehér Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Milián Zsuzsanna
szül. : 1976
a.név : Hornyák Mária
cím : 1151 BUDAPEST XV.KER. Kossuth utca 21.

törlõ határozat: 113294/1/2004/04.03.04
név : Ambrus Zita
szül. : 1975
a.név : Kis Teréz
cím : 1042 BUDAPEST IV.KER. Venetiáner utca 11,

törlõ határozat: 113294/1/2004/04.03.04
név : Antal Edit Ilona
szül. : 1969
a.név : Tóth Ilona
cím : 1151 BUDAPEST XV.KER. Csõvár utca 39.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Antal István
szül. : 1968

törlõ határozat: 113294/1/2004/04.03.04
név : Gyõri Anikó
sz.név: Gyõri Anikó
szül. : 1974
a.név : Németh Anna

törlõ határozat: 113294/1/2004/04.03.04
jogcím: törvényes lemenõági öröklés
utalás: II /102.
név : Weisz László
szül. : 1968
a.név : Gyõri Julianna
cím : 1150 BUDAPEST XV.KER Kisrákos utca 14.

törlõ határozat: 113294/1/2004/04.03.04
jogcím: törvényes lemenõági öröklés
utalás: II /102.
név : Reinerné Weisz Krisztina
szül. : 1977
cím : 1140 BUDAPEST XIV.KER. Táborhely utca 10


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
jogcím: Végrendeleti öröklés
utalás: II /142.
szül. : 1957

törlõ határozat: 113294/1/2004/04.03.04
jogcím: Végrendeleti öröklés
utalás: II /142.
név : Jacsóné Varga Mária
szül. : 1963

törlõ határozat: 113294/1/2004/04.03.04
jogcím: törvényes öröklés
utalás: II /198.
név : Csépányi Valéria
szül. : 1956
a.név : Horváth Róza
cím : 2626 NAGYMAROS Szív utca 8.

törlõ határozat: 112091/1/2006/06.03.02
jogcím: Vétel
utalás: II /2-260.
név: MILLENIUM-HEIGHTS INGATLANFORGALMAZÓ KFT.
cím: 1026 BUDAPEST II.KER. Harangvirág utca 5


2007.08.27
II. R É S Z
262. tulajdoni hányad: 1/1
jogcím: Vétel
utalás: II /261.
név: PRESENT BBT INGATLANFORGALMAZÓ KFT.
cím: 1026 BUDAPEST II.KER. Harangvirág utca 5.
III. R É S Z
1. bejegyzõ határozat, érkezési idõ: 248486/1/2003/02.10.10
törlõ határozat: 113294/1/2004/04.03.04
özvegyi jog
utalás: II /256-257.
jogosult:
név : Gyõri István
szül. : 1921
a.név : Farkas Mária

törlõ határozat: 113294/1/2004/04.03.04
Tulajdonjog fenntartással történt eladás
utalás: II /2-260.
jogosult:
cím : 1026 BUDAPEST II.KER. Harangvirág utca 5

törlõ határozat: 268313/1/2006/06.10.20
Egyetemleges keretbiztosítéki jelzálog 12 500 000 EUR,azaz tizenkétmillió-ötszázezer EUR
erejéig.
Egyetemleges, lásd: budapesti XV. ker. 98113/1 hrsz-ú ingatlant is.
jogosult:
név: CIB KÖZÉP-EURÓPAI NEMZETKÖZI BANK RT. törzsszám: 10274014
cím : 1027 BUDAPEST II.KER. Medve utca 4-14.

törlõ határozat: 268313/1/2006/06.10.20
Vételi jog 2007.12.30-ig
utalás: II /261.
jogosult:


2007.08.27
III. R É S Z
Egyetemleges keretbiztosítéki jelzálog 12 740 000 EUR,azaz tizenkétmillió-hétszáznegyvenezer
EUR
elsõ zálogjogi ranghelyre.
jogosult:
név: HVB BANK HUNGARY ZRT. törzsszám: 10061954
cím : 1054 BUDAPEST V.KER. Szabadság tér 5-6.

utalás: II /262.
jogosult:
név: UNICREDIT BANK HUNGARY ZRT.
TULAJDO NI LAP VÉGE


2007.08.27
I. R É S Z
Földrészlet területe változás elõtt: 108681 (m2) törlõ határozat:9015/2005
1. Az ingatlan adatai:
alrészlet adatok terület
kat.t.jöv. alosztály adatok
mûvelési ág/kivett megnevezés/ min.o k.fill. ha m2
ter. kat.jöv
ha m2 k.fill
------------------------------------------------------------------------------------------------
- szántó - 10.8671 268.72
4 7.9993 208.78
5 2.8678 59.94
II. R É S Z
1. hányad: 1/1 törlõ határozat: 147032/1/2001/01.06.06
bejegyzõ határozat, érkezési idõ: 68339/1988/1988.05.30
törlõ határozat: 147032/1/2001/01.06.06
jogcím: földrendezés 1597/1960/1960.08.12
jogcím: - 68339/1988/1988.05.30
jogállás: tsz. földhasználati jog
név: VÖRÖSMARTY MEZÕGAZDASÁGI TERMELÕSZÖVETKEZET
cím: 2151 FÓT szabadság utca 44.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth József
szül. : 1937
cím : 1151 BUDAPEST XV.KER. Batthyány utca 2.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Erzsébet
szül. : 1946

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár János
szül. : 1970
cím : 2151 FÓT Március 15. utca 75.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Molnár József
szül. : 1972
cím : 2151 FÓT Balassa utca 75.

törlõ határozat: 113294/1/2004/04.03.04
név : Dr. Juhász Teréz
szül. : 1954
a.név : Moór Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Kurucz Ferenc
szül. : 1950
a.név : Tóth Mária
cím : 1151 BUDAPEST XV. KER. FÕ út 34

törlõ határozat: 113294/1/2004/04.03.04
név : Lencsó Lajosné
sz.név: Mozsár Anna
szül. : 1942
a.név : Virág Mária

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Tóth Terézia
szül. : 1950


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Moór Dávid Istvánné
szül. : 1951
cím : 1152 BUDAPEST XV.KER. Régifóti utca 63. 2/9.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Istvánné
szül. : 1929

törlõ határozat: 113294/1/2004/04.03.04
név : Szõke József
szül. : 1925
a.név : Mocsári Júlia

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Lajosné
sz.név: Kurucz Mária
szül. : 1953
a.név : Stegmeyer Teréz


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Veres György
szül. : 1968
cím : 1154 BUDAPEST XV.KER. Aulich utca 25.

törlõ határozat: 113294/1/2004/04.03.04
név : Veres Péter
szül. : 1979
cím : 1152 BUDAPEST XV.KER. Zrínyi utca 17/b.

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Barkó Judit
szül. : 1960

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Richter Erzsébet
szül. : 1930
cím : 1152 BUDAPEST XV.KER. Károlyi út 80


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1959
a.név : Richter Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Szerencsés Jánosné
sz.név: Naszádi Lidia
szül. : 1916
a.név : Molnár Mária

törlõ határozat: 113294/1/2004/04.03.04
név : Szerencsés János
szül. : 1938
a.név : Naszádi Lidia

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Antal
szül. : 1922
a.név : Farkas Rozália


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Antalné
sz.név: Kovács Mária
szül. : 1922
a.név : Csernyik Terézia

törlõ határozat: 113294/1/2004/04.03.04
név : Varga András
szül. : 1941
cím : 1152 BUDAPEST XV.KER. Szentmihályi utca 47

törlõ határozat: 113294/1/2004/04.03.04
név : Fekete József
szül. : 1949
a.név : Tóth Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Fekete István
szül. : 1954
a.név : Tóthü Erzsébet
cím : 1042 BUDAPEST IV.KER. Árpád út 165.

törlõ határozat: 113294/1/2004/04.03.04
név : Verebes József
szül. : 1936
a.név : Naszádi Júlia
cím : 1152 BUDAPEST XV.KER. Régi fóti utca 48


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
sz.név: Juhász Erzsébet
szül. : 1951

törlõ határozat: 113294/1/2004/04.03.04
név : Pálinkásné Czirják Ildikó
sz.név: Czirják Ildikó
szül. : 1974

törlõ határozat: 113294/1/2004/04.03.04
név : Templom Katalin
szül. : 1959
cím : 2141 CSÖMÖR Petõfi utca 81.

törlõ határozat: 113294/1/2004/04.03.04
név : Dr Templom József
szül. : 1960
cím : 1118 BUDAPEST XI.KER. Rézköz köz 49/c


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Özv Varga Ferencné
szül. : 1929
cím : 1154 BUDAPEST,XV.KER. Szentmihályi út 12.

törlõ határozat: 113294/1/2004/04.03.04
név : Szmutka János
szül. : 1920
a.név : V. Varga Mária
cím : 1154 BUDAPEST XV.KER. Aulich utca 7

törlõ határozat: 113294/1/2004/04.03.04
név : Nagy Istvánné
sz.név: Sikter Julianna
szül. : 1947

törlõ határozat: 113294/1/2004/04.03.04
név : T Varga Ferenc
szül. : 1942
a.név : Juhász Rozália


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1951
a.név : Dudás Erzsébet
cím : 1152 BUDAPEST,XV.KER. Rákosmezõ utca 35

törlõ határozat: 113294/1/2004/04.03.04
név : Balogh József
szül. : 1942
a.név : Kurucz Teréz
cím : 1152 BUDAPEST XV.KER. Fazekas utca 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Bertók György
szül. : 1954
a.név : Bogácsi Anna

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Györgyné
szül. : 1920
a.név : Sinka Julianna


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Bogácsi Istvánné
sz.név: Csizmadia Katalin
szül. : 1910
a.név : Nagy Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Bogácsi István
szül. : 1938
cím : 1152 BUDAPEST XV.KER. Vécsey utca 46

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1972
a.név : Sikter Erzsébet
cím : 1152 BUDAPEST XV.KER. Fazekas sor 20/a.

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás János
szül. : 1949
a.név : Töklinc Mária
cím : 2151 FÓT Úttörõ utca 1.

törlõ határozat: 113294/1/2004/04.03.04
név : Moór Ferenc
szül. : 1966
a.név : Kökény Gabriella


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Mihály
szül. : 1963

törlõ határozat: 113294/1/2004/04.03.04
név : Gast Károlyné
szül. : 1956

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Ferenc
szül. : 1949

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Sándor
szül. : 1980
cím : 1152 BUDAPEST XV.KER. Petõfi utca 11

törlõ határozat: 113294/1/2004/04.03.04
név : Kassai Bernadett
szül. : 1984
a.név : Kobza Zsuzsanna
cím : 1152 BUDAPEST XV.KER. Kossuth utca 65


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Ambrusné Balogh Xénia Ivett
sz.név: Balogh Xénia Ivett
szül. : 1975
a.név : Tóth Zsuzsanna
cím : 1151 BUDAPEST XV.KER. Petõfi utca 11.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Anikó
szül. : 1976

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Dávidné
sz.név: Pesti Júlianna
szül. : 1942
a.név : Fekete Júlianna

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Márta
szül. : 1972
a.név : Pesti Julanna


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1964
a.név : Pesti Julianna

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1951
a.név : Sas Mária
cím : 1154 BUDAPEST XV.KER. Bezerédi utca 60.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga László József
szül. : 1968
a.név : Kiglics Mária
cím : 1154 BUDAPEST XV.KER. Népfelkelõ utca 28.

törlõ határozat: 113294/1/2004/04.03.04
név : Sas Lászlóné
sz.név: Gombkötõ Irén
szül. : 1950
a.név : Galambos Luca Mária

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs János
szül. : 1945


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Özv Varga Lajosné
sz.név: Sinka Teréz
szül. : 1917
a.név : Moór Erzsébet
cím : 1152 BUDAPEST XV.KER. Mátyás út 66

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Lajos
szül. : 1943
a.név : Sinka Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Zsolt
szül. : 1970
a.név : Ancsin Éva
cím : 1133 BUDAPEST XIII.KER. Lehel utca 419.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1943
cím : 1151 BUDAPEST XV.KER. Veresegyház utca 23.

törlõ határozat: 113294/1/2004/04.03.04
név : Sikter Ferenc
szül. : 1945
cím : 1154 BUDAPEST XV.KER. Kisrákos utca 6.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Bekó György
szül. : 1960

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Györgyné
sz.név: Stegmajer Mária
szül. : 1963

törlõ határozat: 113294/1/2004/04.03.04
név : Fekete Józsefné
szül. : 1950

törlõ határozat: 113294/1/2004/04.03.04
név : Bertók Istvánné
sz.név: Moór Erzsébet
szül. : 1941


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Stegmajer Jánosné
szül. : 1943

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Pál
szül. : 1937
cím : 1151 BUDAPEST LENVIRÁG utca 41.

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Kobza Terézia
szül. : 1939
a.név : Fábián Terézia

törlõ határozat: 113294/1/2004/04.03.04
sz.név: Bekó Julianna
szül. : 1933
cím : 1046 BUDAPEST TÁBOR utca 41.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Budai Imréné
sz.név: Pásztor Mária
szül. : 1948
a.név : Töklincz Terézia
cím : 1152 BUDAPEST,XV.KER. Juhos utca 9.

törlõ határozat: 113294/1/2004/04.03.04
név : Czolk Ferencné
sz.név: Tóth Mária
szül. : 1954

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth György
szül. : 1952
cím : 1046 BUDAPEST IV.KER. Fóti út 112.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1929


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Vince
szül. : 1942
cím : 1152. BUDAPEST XV.KER. Régifóti út 27.

törlõ határozat: 113294/1/2004/04.03.04
név : Szolga János
szül. : 1929
a.név : Cselõtei Lídia

törlõ határozat: 113294/1/2004/04.03.04
név : Szolga Jánosné
sz.név: Nyuka Júlia
szül. : 1931
a.név : Forgács Borbála

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Zoltán
szül. : 1972

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Ferenc
szül. : 1946


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Lászlóné
sz.név: Molnár Teréz
szül. : 1955
a.név : Sári Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár László
szül. : 1976
a.név : Molnár Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Dr Varga Pál
szül. : 1955

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Erzsébet
szül. : 1983

törlõ határozat: 113294/1/2004/04.03.04
név : Frey Ottóné
szül. : 1948
cím : 1152. BUDAPEST XV.KER. Kiss E. utca 43.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Vendelné
sz.név: Kovács Borbála
szül. : 1924
a.név : Csernyik Teréz
cím : 1151. BUDAPEST XV.KER. Fõ út 24.

törlõ határozat: 113294/1/2004/04.03.04
név : Csapó Béláné
szül. : 1946
cím : 1151. BUDAPEST XV.KER. Szlacsányi F. utca 17.

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Imre
szül. : 1944

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Imréné
szül. : 1949
a.név : Stegmayer Teréz


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1979
cím : 1151 BUDAPEST XV.KER. Szlacsányi F. utca 51.

törlõ határozat: 113294/1/2004/04.03.04
név : Palkóné Szõcs Judit
szül. : 1968
cím : 1151 BUDAPEST XV.KER. Árokhát utca 7.

törlõ határozat: 113294/1/2004/04.03.04
név : Cselõtei Teréz
szül. : 1978
a.név : Prondvai Teréz

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1959
cím : 1150 BUDAPEST XV.KER. Veresegyház utca 3

törlõ határozat: 113294/1/2004/04.03.04
név : Kapitányné Varga Mária
szül. : 1962
cím : 1150 BUDAPEST XV.KER. Lenvirág utca 52


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Pál
szül. : 1959
a.név : Tóth Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó József
szül. : 1936

törlõ határozat: 113294/1/2004/04.03.04
név : Özv. Bekó Józsefné
sz.név: Matuz Erzsébet
szül. : 1920
a.név : Agárdi Borbála

törlõ határozat: 113294/1/2004/04.03.04
név : Bekó István
szül. : 1946
cím : 1145 BUDAPEST XIV.KER. Colombus utca 64.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Bekó Józsefné
szül. : 1939
a.név : Moór Veronika

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia Júlianna
szül. : 1954
a.név : Csizmsdia Júlianna

törlõ határozat: 113294/1/2004/04.03.04
név : Balogh Ferenc
szül. : 1940
cím : 1152 BUDAPEST ATTILA utca 36-38.

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Szõcs Istvánné
szül. : 1914
cím : 1152 BUDAPEST JUHOS utca 13.


2007.08.27
II. R É S Z
törlõ határozat: 266872/1/2002/02.10.10
név : Gyõri Istvánné
sz.név: Molnár Julianna
szül. : 1923
a.név : Sikter Julianna

törlõ határozat: 113294/1/2004/04.03.04
név : Szarvas Lászlóné
szül. : 1935
cím : 1152 BUDAPEST XV.KER. Cserba Elemér utca 5.

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia József
szül. : 1935
cím : 1151 BUDAPEST XV.KER. Esthajnal utca 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Szarvas László
szül. : 1954
a.név : Csizmadia Mária
cím : 1152 BUDAPEST XV.KER. Régifóti út 15/a.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szõke Ferencné
szül. : 1953
cím : 1152. BUDAPEST XV.KER. Kazinczy utca 15.

törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs Erzsébet
szül. : 1950
cím : 1152. BUDAPEST XV.KER. Nagy S. utca 12.

törlõ határozat: 113294/1/2004/04.03.04
név : Sebeházi Katalin
sz.név: Sebeházi Katalin
szül. : 1950
a.név : Naszádi Terézia

törlõ határozat: 113294/1/2004/04.03.04
név : Havas Veronika
szül. : 1981
a.név : Sebeházi Katalin


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Ronczai Ernõné
sz.név: Balázs Mária
szül. : 1934
a.név : Dobi Mária
cím : 1047 BUDAPEST IV.KER. Fóti út 56/b.

törlõ határozat: 113294/1/2004/04.03.04
név : Ronczai Zoltán
szül. : 1961
a.név : Balázs Mária
cím : 1042 BUDAPEST IV.KER. József A. utca 16. II. 8/a.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Sándor
szül. : 1969
a.név : Krakkai Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1972
a.név : Karakkai Erzsébet
cím : 1152 BUDAPEST XV.KER. Szilaspark utca 7.2/9.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga Pálné
sz.név: Molnár Terézia
szül. : 1930
a.név : Naszádi Erzsébet
cím : 1151 BUDAPEST XV.KER. Énekes utca 4/a.

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia Ferenc
szül. : 1960
cím : 1151 BUDAPEST,XV.KER. Rákóczi utca 20.

törlõ határozat: 113294/1/2004/04.03.04
név : Csizmadia István
szül. : 1958
cím : 1151 BUDAPEST,XV.KER. Bógáncs utca 37

törlõ határozat: 113294/1/2004/04.03.04
név : Naszádi József
szül. : 1937
cím : 1152 BUDAPEST XV.KER. Zrínyi utca 5


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Horváth Lászlóné
sz.név: Dudás Mária
szül. : 1930
cím : 1152 BUDAPEST,XV.KER. Kossuth utca 30

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás András
szül. : 1945
cím : 1152 BUDAPEST,XV.KER. Attila utca 6

törlõ határozat: 113294/1/2004/04.03.04
név : Juhász Józsefné
sz.név: Dudás Erzsébet
szül. : 1934
cím : 1152 BUDAPEST,XV.KER. Fazekas sor 46

törlõ határozat: 113294/1/2004/04.03.04
név : Lillik Györgyné
szül. : 1926
cím : 1028 BUDAPEST II.KER Hidegkuti utca 13.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Lillik György Pál
szül. : 1949
a.név : Moor Mária
cím : 1154 BUDAPEST XV.KER. Baksay S. utca 13.

törlõ határozat: 113294/1/2004/04.03.04
név : Lukács Erzsébet
szül. : 1966
cím : 1152 BUDAPEST XV.KER. Kiss E. utca 30.

törlõ határozat: 113294/1/2004/04.03.04
név : Ifj. Lukács László
szül. : 1961
cím : 2151 FÓT hargita utca 87.

törlõ határozat: 113294/1/2004/04.03.04
név : Györgyi Sándorné
szül. : 1960


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Györgyné
szül. : 1914
a.név : Mocsári Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Horváthné Bertók Zsuzsanna
sz.név: Bertók Zsuzsanna
szül. : 1965
cím : 1152 BUDAPEST,XV.KER Vécsey utca 10

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1968
cím : 2151 FÓT Móricz Zs. utca 62.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Gabriella
szül. : 1970
cím : 1151 BUDAPEST XV.KER. Szõcs B. utca 56.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Kamocsa András
szül. : 1974
cím : 1151 BUDAPEST,XV.KER. Gyõztes utca 22

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1952

törlõ határozat: 113294/1/2004/04.03.04
név : Mocsári István
szül. : 1938

törlõ határozat: 113294/1/2004/04.03.04
név : Mocsári József
szül. : 1940
cím : 1151 BUDAPEST,XV.KER Kemény I. utca 102

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Árpádné
sz.név: Mocsári Éva
szül. : 1946


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Lippai Gábor
szül. : 1941
a.név : Lippai Ida
cím : 1154 BUDAPEST XV.KER. Szerencs utca 84

törlõ határozat: 113294/1/2004/04.03.04
név : Csánki Mária
szül. : 1967

törlõ határozat: 113294/1/2004/04.03.04
név : Fábián Jánosné
szül. : 1942
cím : 1152 BUDAPEST XV.KER. Leninger utca 9

törlõ határozat: 113294/1/2004/04.03.04
név : Csánki István
szül. : 1966

törlõ határozat: 113294/1/2004/04.03.04
név : Agárdi Andrásné
sz.név: Csánki Erzsébet
szül. : 1945


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Sikter Ferencné
sz.név: Sikter Erzsébet
szül. : 1916
a.név : Matuz Zsófia
cím : 1143 BUDAPEST XIV.KER. Mogyoródi út 1

törlõ határozat: 113294/1/2004/04.03.04
név : Kovács Jánosné
szül. : 1941
cím : 8220 BALATONALMÁDI Kisberényi út 9.

törlõ határozat: 33428/1/2003/03.01.08
szül. : 1909

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1957


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1963
cím : 1151 BUDAPEST XV.KER. Kossuth utca 43. 4/7.

törlõ határozat: 113294/1/2004/04.03.04
név : Naszádi Pálné
sz.név: Juhász Mária
szül. : 1924
a.név : Balogh Terézia

törlõ határozat: 113294/1/2004/04.03.04
név : Dudás Ferenc
szül. : 1945
cím : 1151 BUDAPEST XV.KER. Kajár utca 6. fszt. 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Horváth Zoltán
szül. : 1967
a.név : Dudás Terézia
cím : 2193 GALGAHÉVÍZ József A. utca 32


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Lnekefi Ferencné
sz.név: Tréfás Myrtill
szül. : 1962
cím : 1156 BUDAPEST XV.KER. Erdõkerülõ utca 11.III.9.

törlõ határozat: 113294/1/2004/04.03.04
név : Tréfás Hajnalka
szül. : 1974

törlõ határozat: 113294/1/2004/04.03.04
név : Torma Ferenc
szül. : 1943
a.név : Szabó Szidónia
cím : 1151 BUDAPEST XV.KER. Lóvasút köz 5/b

törlõ határozat: 113294/1/2004/04.03.04
név : Hercegné Balogh Ágnes
sz.név: Balogh Ágnes
szül. : 1967
cím : 1152 BUDAPEST XV.KER. Attila utca 36-38.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szõcs József
szül. : 1950

törlõ határozat: 113294/1/2004/04.03.04
név : Pintér István
szül. : 1947
a.név : Hencsey Erzsébet
cím : 1156 BUDAPEST XV.KER. Nádastó park 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Reisz János
szül. : 1961
a.név : Móra Margit
cím : 1155 BUDAPEST XV.KER. Karatna tér 8.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1935
a.név : Varga Rozália
cím : 1155 BUDAPEST XV.KER. Karatna tér 11

törlõ határozat: 113294/1/2004/04.03.04
név : Bertalan Árpád
szül. : 1929
a.név : Biró Erzsébet
cím : 1015 BUDAPEST I.KER. Toldy F. utca 68.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : K Szabó István
szül. : 1919
cím : 1152 BUDAPEST XV.KER. Attila utca 28.

törlõ határozat: 113294/1/2004/04.03.04
név : Brezsnyik Györgyné
szül. : 1954
cím : 1162 BUDAPEST XVI.KER. Szlovák utca 103.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1957

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Tamás
szül. : 1965

törlõ határozat: 113294/1/2004/04.03.04
név : Puskás László
szül. : 1955
a.név : Papp Mária


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
szül. : 1956
cím : 1152 BUDAPEST XV.KER. Kinizsi utca 157.

törlõ határozat: 113294/1/2004/04.03.04
név : Pásztor György
szül. : 1953
cím : 1151 BUDAPEST XV.KER. Benkõ István utca 37

törlõ határozat: 113294/1/2004/04.03.04
név : Záhonyi-Ábel Andrásné
szül. : 1963

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Istvánné
szül. : 1938
a.név : Juhász Terézia


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Gerecs Kálmán
szül. : 1939
a.név : Szakos Anna
cím : 2884 BAKONYSZOMBATHELY Táncsics M. utca 5.

törlõ határozat: 113294/1/2004/04.03.04
név : Csernyik Pál
szül. : 1942
cím : 1154 BUDAPEST XV.KER. BÁNKÚT utca 53/C.

törlõ határozat: 113294/1/2004/04.03.04
név : Csernyik Ferenc
szül. : 1944

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1950

törlõ határozat: 113294/1/2004/04.03.04
név : Sikter László
szül. : 1940


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Papp Tamásné
sz.név: Szõcs Mária
szül. : 1943
cím : 2022 TAHI Móricz Zs. utca 57.

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Zsuzsanna
szül. : 1971

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Nikoletta
szül. : 1980

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsán Ferenc
szül. : 1972

törlõ határozat: 113294/1/2004/04.03.04
név : Steixner Imréné
sz.név: Bazsik Katalin
szül. : 1939
a.név : Czinege Mária


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Steixner Imre
szül. : 1937
a.név : Steejerlein Anna

törlõ határozat: 113294/1/2004/04.03.04
név : Valev Lászlóné
sz.név: Gémes Julianna
szül. : 1944
a.név : Dakó Erzsébet
cím : 1046 BUDAPEST IV.KER. Fóti út 64/B.

törlõ határozat: 113294/1/2004/04.03.04
név : Szánthó Istvánné
sz.név: Varga Julianna
szül. : 1958

törlõ határozat: 113294/1/2004/04.03.04
név : Valkóczi Sándorné
szül. : 1952
cím : 2151 FÓT Kazinczi utca 70


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Zvonorics Imre
szül. : 1955

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Gyuláné
sz.név: Sikter Mária
szül. : 1950
cím : 1152 BUDAPEST,XV.KER. Telek utca 86

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Szabó Jánosné
szül. : 1911

törlõ határozat: 113294/1/2004/04.03.04
név : Vida Ferencné
sz.név: Moór Teréz
szül. : 1941
cím : 1151 BUDAPEST,XV.KER. Harsányi K. utca 31


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Moór Ferenc
szül. : 1914
a.név : Gyõri Erzsébet
cím : 1152 BUDAPEST XV.KER. Régifóti utca 45.

törlõ határozat: 113294/1/2004/04.03.04
név : Sinka Pálné
szül. : 1936
cím : 1151 BUDAPEST XV.KER. Kertköz utca 11. 3/4.

törlõ határozat: 113294/1/2004/04.03.04
név : Sas Andrásné
szül. : 1942
cím : 1152. BUDAPEST XV.KER. Petõfi utca 1

törlõ határozat: 113294/1/2004/04.03.04
név : Gáspár László Jánosné
sz.név: Tóth Julianna
szül. : 1949
cím : 1152 BUDAPEST XV.KER. Epres sor 2.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Dr. Adorján Magdolna
szül. : 1955

törlõ határozat: 113294/1/2004/04.03.04
név : Adorján Ágnes
szül. : 1956

törlõ határozat: 113294/1/2004/04.03.04
név : Ifj. Vecsei Gyula
szül. : 1964
a.név : Csizmadia Ágnes
cím : 1152 BUDAPEST XV.KER. Vécsey utca 6.

törlõ határozat: 113294/1/2004/04.03.04
név : Ifj Veres Lajos
szül. : 1950
cím : 1152 BUDAPEST,XV.KER. Zrínyi utca 18-20

törlõ határozat: 113294/1/2004/04.03.04
név : Matúz Jánosné
sz.név: Veres Erzsébet
szül. : 1948


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Pásztor István
szül. : 1945
a.név : Bekó Rozália

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1972
cím : 1154 BUDAPEST XV.KER. KISRÁKOS utca 22.

törlõ határozat: 113294/1/2004/04.03.04
név : Sûlt Gyuláné
sz.név: Bekó Mária
szül. : 1956

törlõ határozat: 113294/1/2004/04.03.04
név : Sebõk Jánosné
szül. : 1955


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Guba István
szül. : 1949
a.név : Kelemen Irén
cím : 1152 BUDAPEST XV.KER. TÖRÕ utca 11.

törlõ határozat: 357744/1/2003/03.11.17
név : Csépányi Zoltánné
sz.név: Horváth Róza
szül. : 1932
a.név : Gulyás Róza
cím : 1142 BUDAPEST,XIV.KER. Ungvár utca 34/b

törlõ határozat: 113294/1/2004/04.03.04
név : Verebélyi Ottó
szül. : 1930
a.név : Gulya Mária
cím : 1138 BUDAPEST,XIII.KER. Népfürdõ utca 33

törlõ határozat: 113294/1/2004/04.03.04
név : Moór János
szül. : 1951
cím : 1152 BUDAPEST,XV.KER. Kisfaludi utca 19/b

törlõ határozat: 113294/1/2004/04.03.04
név : Mislai János
szül. : 1932
cím : 1144 BUDAPEST XIV.KER Szentmihályi utca 24/C II. em. 8


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Hernek Tamásné
sz.név: Kálmán Andrea
szül. : 1971
a.név : Vona Ilona

törlõ határozat: 113294/1/2004/04.03.04
név : Moór Lajos
szül. : 1946
cím : 2143 KEREPESTARCSA Késmárk utca 58

törlõ határozat: 113294/1/2004/04.03.04
név : Moór Ferenc
szül. : 1954
cím : 1150 BUDAPEST XV.KER. Vácduka tér 20

törlõ határozat: 113294/1/2004/04.03.04
név : Hallgatné Varga Klára
sz.név: Varga Klára
szül. : 1968


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Varga István András
szül. : 1960
cím : 1153 BUDAPEST XV.KER. Lenvirág utca 37.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1964
cím : 1151 BUDAPEST XV.KER. Kossuth utca 17.I.1.

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1937
cím : 2151 FÓT Madách utca 51.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Erika
szül. : 1972

törlõ határozat: 113294/1/2004/04.03.04
név : Töklincz Ferenc
szül. : 1949
cím : 1156 BUDAPEST XV.KER. Nyírpalota utca 12.X/62.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Töklincz Zsuzsanna
szül. : 1953
cím : 1042 BUDAPEST IV.KER. Virág utca 31.VI/40.

törlõ határozat: 113294/1/2004/04.03.04
név : Káplár Krisztián
szül. : 1976
a.név : Madarasi Julianna

törlõ határozat: 113294/1/2004/04.03.04
név : Péter Katalin
szül. : 1978
cím : 1152 BUDAPEST,XV.KER. Nagy S. utca 6

törlõ határozat: 113294/1/2004/04.03.04
név : Jancsák Attiláné
sz.név: Péter Zsuzsanna
szül. : 1975
cím : 1152 BUDAPEST XV.KER. Nagy S. utca 6/b.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Szabó Józsefné
sz.név: Péter Ildikó
szül. : 1965
cím : 1152 BUDAPEST,XV.KER. Nagy S. utca 6/a

törlõ határozat: 113294/1/2004/04.03.04
név : Tóth Sándorné
sz.név: Péter Julianna
szül. : 1961
cím : 1152 BUDAPEST,XV.KER Nagy S. utca 6

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Ágnes
szül. : 1948
cím : 1043 BUDAPEST IV.KER. Nyár utca 30

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1943


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Samu Imréné
sz.név: Páncél Julianna
szül. : 1941
cím : 1154 BUDAPEST,XV. Kisrákos utca 90

törlõ határozat: 113294/1/2004/04.03.04
név : Molnár Ferencné
sz.név: Páncél Erzsébet
szül. : 1940
cím : 1152 BUDAPEST,XV.KER. Vécsey utca 8

törlõ határozat: 113294/1/2004/04.03.04
név : Rumboldné Csánki Andrea
sz.név: Csánki Andrea
szül. : 1971
a.név : Vajda Erzsébet
cím : 1201 BUDAPEST,XX.KER. Virág Benedek utca 25

törlõ határozat: 113294/1/2004/04.03.04
név : Jacsó József
szül. : 1933
a.név : Sikter Lidia
cím : 1152 BUDAPEST,XV.KER. Mátyás utca 45


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Muzslai Lászlóné
sz.név: Viszt Mária
szül. : 1938
cím : 1126 BUDAPEST,XII.KER. Vöröskõ utca 21

törlõ határozat: 113294/1/2004/04.03.04
név : Toldi Sándorné
sz.név: Békési Mária
szül. : 1955
a.név : Bakanek Mária

törlõ határozat: 113294/1/2004/04.03.04
név : Bogácsi György
szül. : 1971
a.név : Soós Julianna
cím : 2600 VÁC Nagymezõ utca 6. I/4

törlõ határozat: 113294/1/2004/04.03.04
név : Dr. Juhászné Szabó Erzsébet
sz.név: Szabó Erzsébet
szül. : 1956


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Dr Vágottné Dr Csizmadia Judit
szül. : 1963
a.név : Konecsny Judit
cím : 1162 BUDAPEST XVI.KER. Szilaj utca 8.

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Ferenc
szül. : 1936

törlõ határozat: 113294/1/2004/04.03.04
név : M. Tóth Erzsébet
sz.név: M. Tóth Erzsébet
szül. : 1936

törlõ határozat: 113294/1/2004/04.03.04
név : Matuz Jánosné
sz.név: Turcsán Teréz
szül. : 1912
a.név : Siker Julianna
cím : 1152 BUDAPEST,XV. Szentmihályi út 45


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Turcsány Lajos
szül. : 1967
a.név : Kisfalvi Erzsébet
cím : 1152 BUDAPEST XV.KER. Régi fóti út 44

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Tóth Lajosné
sz.név: Botos Éva
szül. : 1937
a.név : Molnár Julianna
cím : 1152 BUDAPEST,XV.KER. Vörösmarty utca 19

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Molnár Istvánné
sz.név: Péter Teréz
szül. : 1923
a.név : Gyõri Teréz

törlõ határozat: 113294/1/2004/04.03.04
név : Schiller Lászlóné
sz.név: Bózsing Teréz
szül. : 1951
cím : 1151 BUDAPEST,XV.KER. Énekes utca 16/c


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Sarlósné Szõcs Anna Borbála
szül. : 1949
a.név : Szöllõsi Anna
cím : 1146 BUDAPEST XIV.KER. ABONYI utca 4. 2/30.

törlõ határozat: 113294/1/2004/04.03.04
név : Özv Juhász Vendelné
sz.név: Tóth Rozália
szül. : 1931
cím : 1152 BUDAPEST,XV.KER. Kazinczy utca 23.

törlõ határozat: 113294/1/2004/04.03.04
név : Srankó Gyula
szül. : 1941

törlõ határozat: 113294/1/2004/04.03.04
név : Feketéné Varga Erzsébet
szül. : 1974

törlõ határozat: 113294/1/2004/04.03.04
szül. : 1976
cím : 1152 BUDAPEST XV.KER. Vécsey K. utca 34.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Mohácsi Lászlóné
sz.név: Srankó Julianna
szül. : 1947
cím : 1152. BUDAPEST XV.KER. Rákosmezõ utca 50.

törlõ határozat: 113294/1/2004/04.03.04
név : Kristóf Gyula
szül. : 1933
a.név : Csekõ Rozália
cím : 1152 BUDAPEST,XV.KER. Mátyás utca 64/a

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsány Tibor
szül. : 1945
cím : 1154 BUDAPEST XV.KER. Damjanich utca 83.

törlõ határozat: 113294/1/2004/04.03.04
név : Turcsány Pál
szül. : 1946
cím : 1154 BUDAPEST XV.KER. Gábor Áron utca 102


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Valisek Róbertné
sz.név: Magyar Julianna
szül. : 1943
cím : 1047 BUDAPEST IV.KER. Fénycsõ utca 4 B ép. földszint 2

törlõ határozat: 113294/1/2004/04.03.04
név : Varga Károly
szül. : 1941

törlõ határozat: 113294/1/2004/04.03.04
név : Stéger Lajos
szül. : 1948
a.név : Blõzer Mária
cím : 1157 BUDAPEST XV.KER. Nyírpalota utca 97

törlõ határozat: 113294/1/2004/04.03.04
név : Merk Lajos
szül. : 1925
cím : 1151 BUDAPEST XV.KER. Szántóföld utca 208.

törlõ határozat: 113294/1/2004/04.03.04
név : Merk Márton
szül. : 1936
cím : 1152 BUDAPEST XV.KER. Cserba utca 36.


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Merk Pál
szül. : 1956
a.név : Schiller Terézia
cím : 1134 BUDAPEST XIII.KER. Kassák L. utca 74.

törlõ határozat: 113294/1/2004/04.03.04
név : Merk Péter
szül. : 1964
a.név : Fehér Erzsébet

törlõ határozat: 113294/1/2004/04.03.04
név : Milián Zsuzsanna
szül. : 1976
a.név : Hornyák Mária
cím : 1151 BUDAPEST XV.KER. Kossuth utca 21.

törlõ határozat: 113294/1/2004/04.03.04
név : Ambrus Zita
szül. : 1975
a.név : Kis Teréz
cím : 1042 BUDAPEST IV.KER. Venetiáner utca 11.

törlõ határozat: 113294/1/2004/04.03.04
név : Antal Edit Ilona
szül. : 1969


2007.08.27
II. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
név : Antal István
szül. : 1968

törlõ határozat: 113294/1/2004/04.03.04
név : Gyõri Anikó
sz.név: Gyõri Anikó
szül. : 1974
a.név : Németh Anna

törlõ határozat: 113294/1/2004/04.03.04
jogcím: öröklés
utalás: II /102.
név : Weisz László
szül. : 1968
cím : 1150 BUDAPEST XV.KER Kisrákos utca 14.

törlõ határozat: 113294/1/2004/04.03.04
jogcím: öröklés
utalás: II /102.
név : Reinerné Weisz Krisztina
szül. : 1977
cím : 1140 BUDAPEST XIV.KER. Táborhely utca 10


2007.08.27
II. R É S Z
törlõ határozat: 276412/1/2003/03.01.08
jogcím: öröklés
utalás: II /142.
név : Varga Ferencné
sz.név: Szõcs Erzsébet
szül. : 1934

törlõ határozat: 113294/1/2004/04.03.04
jogcím: öröklés 33428/2003/2003.01.08./
jogcím: kiigazítás
utalás: II /258.
szül. : 1957

törlõ határozat: 113294/1/2004/04.03.04
jogcím: öröklés 33428/2003/2003.01.08./
jogcím: kiigazítás
utalás: II /258.
szül. : 1963

törlõ határozat: 113294/1/2004/04.03.04
jogcím: törvényes öröklés
jogcím: egyezség
utalás: II /198.
név : Csépányi Valéria
szül. : 1956
a.név : Horváth Róza
cím : 2626 NAGYMAROS Szív utca 8.


2007.08.27
II. R É S Z
törlõ határozat: 112091/1/2006/06.03.02
jogcím: Vétel
utalás: II /2-261.
cím: 1026 BUDAPEST II.KER. Harangvirág utca 5
263. tulajdoni hányad: 1/1

jogcím: Vétel
utalás: II /262.
név: PRESENT BBT INGATLANFORGALMAZÓ KFT.
cím: 1026 BUDAPEST II.KER. Harangvirág utca 5.
III. R É S Z
törlõ határozat: 113294/1/2004/04.03.04
Özvegyi jog a részre.
utalás: II /256-257.
jogosult:
név : Gyõri István
szül. : 1921
a.név : Farkas Mária

törlõ határozat: 113294/1/2004/04.03.04
Tulajdonjog fenntartással történt eladás
utalás: II /2-261.
jogosult:
cím : 1026 BUDAPEST II.KER. Harangvirág utca 5

törlõ határozat: 268313/1/2006/06.10.20
Egyetemleges keretbiztosítéki jelzálog 12 500 000 EUR,azaz tizenkétmillió-ötszázezer EUR
erejéig.
Egyetemleges, lásd: budapesti XV. ker. 98109/1 hrsz-ú ingatlant is.
jogosult:


2007.08.27
III. R É S Z
törlõ határozat: 268313/1/2006/06.10.20
utalás: II /262.
jogosult:

Egyetemleges keretbiztosítéki jelzálog 12 740 000 EUR,azaz tizenkétmillió-hétszáznegyvenezer
EUR
elsõ zálogjogi ranghelyre.
jogosult:
név: HVB BANK HUNGARY ZRT. törzsszám: 10061954

utalás: II /263.
jogosult:
név: UNICREDIT BANK HUNGARY ZRT.
TULAJDO NI LAP VÉGE

APPENDIX 3
APPENDIX 4
APPENDIX 5
APPENDIX 5 - M3 RETAIL CENTER – COMPETITION MAP
Competition to the M3 Retail Center is expected to be felt from the following nearby
retail formats.
4
5
KEY:
M3
1 Auchan & Buy Way
2 Cora & Brico

M0
3 Metro, Praktiker, Gulliver
4 Polus Center
5 Asia Center & China Town
M3 Retail Center Site
M3 Power Center – Competition Analysis

AUCHAN & BUY – WAY:
The Auchan Hypermarket is located in an area called To Part on the southern edge of
Dunakeszi and approximately 5km north east of the M3 Power Center site. This
represents a drive time of under 10 minutes.
The scheme consists of a 26,000m2 GLA Auchan hypermarket, a 2,300m2 LSU

occupied by Retz Furniture and 90 unit shops arranged in a twin parallel strip mall.
The unit shop provision is mainly orientated towards services such as shoe repair, film
processing, Post Office, Bank, hairdresser, gifts and watch repair. Other fashion
occupiers include Mayo Chics, Orsay, Humanic, Pasha etc. Rents are between 16 –
28 Euros/m2/month.
Nearby retailers include Electro World and Decathlon.
BUY WAY - DUNAKESZI:

Buy Way is a retail concept developed by Ablon and is located directly east of the
Auchan Hypermarket. The scheme was completed in February 2006 and consists of
12,000m2 of in line retail. The development has focused on larger comparison retail
goods occupiers and is anchored by C&A, JYSK and A&H fashion.
Other principle retailers include Mustang Jeans, Reno Shoes, Dockers, St Oliver and
Deichmann Shoes. The development is serviced with its own dedicated car parking.
Rental rates are between 12 Euros/m2 up to 22 Euros/m2/month.

CORA & BRICO

The CORA Hypermarket is located in the Foti Retail Park just off the junction of the
M0 and M3 motorway and is approximately 2km east of the M3 Power Center site.
This represents a drive time of under 5 minutes.
The scheme consists of a 20,000m2 GLA Cora hypermarket, a 2,300m2 LSU

occupied by Retz Furniture and 90 unit shops arranged in a twin parallel strip mall.
The unit shop provision is mainly orientated towards services such as shoe repair, film
processing, Post Office, Bank, hairdresser, gifts and watch repair. Other fashion
occupiers include Mayo Chics, Orsay, Humanic, Pasha etc. Rents are between 16 –
28 Euros/m2/month. Opening times are from 7am to 9pm.
Adjoining the Cora Hypermarket is a Brico DIY store of approximately 14,000m2

GLA, Both developments are owner occupied.
There is scope to develop further big box stand along retail facilities on the park.
Giacomelli, the

M3 RETAIL PARK
M3 Retail Park is located opposite the proposed M3 Power Center development and
directly fronts the M3 motorway. Driving time from Budapest is about 5 minutes. It
is easily approachable from Fót. The complex is best accessed directly from the
motorway when leaving Budapest.
Within the retail park are Praktiker (DIY store), Peugeot (car dealer), Gulliver (toy
shop) and Metro (wholesale department store) and some wholesale warehouses selling
motor cruisers and automotive components.

POLUS CENTER:
Pólus Center was amongst the first shopping centers to be built in Budapest and was
delivered in 1996. It is located on Szentmihályi út, 3 minutes drive away from the M3
motorway.
The 56,000 sqm scheme is anchored by a 16,000m2 Tesco hypermarket, antwo LSU’s
– Office Depot and Media Markt. The design of the scheme is arranged in a twin
parallel strip mall connecting the anchors. The unit shop provision is mainly
orientated towards services such as shoe repair, film processing, Post Office, OTP
Bank, hairdresser, jewellery, gifts, sweets, travel agency, newspaper, book stores,
lottery, pharmacy, drogerie, money change and watch repair. Other fashion occupiers
include: C&A, Orsay, Jeans Club, Woodoo, Nike sport shop, Hervis, Humanic etc.
Opening times are 10 am-8 pm.
The food court – referred to as Western City has fast food chains, such as
McDonald’s, Pizza Hut, Chinese, Greek catering offers, it is positioned infront of the
in door ice rink. The development is further supported by a 14 screen Hollywood
multiplex cinema, bowling alley, fitness center.
Pólus Center provides free parking lot with 2.500 places. The development was sold
to ING Real Estate in Q3 2005 at a yield of 8.05 %.

ASIA CENTER & CHINA TOWN:
The Asia Center was developed in co-operation with Strabag, Michael Song and Li Li
Ping. It was completed in 2003. The development is is located next to Pólus Center
and consists of two detached symmetrical buildings, each with a strip mall and unit
shops principally selling Asian merchandise.
The main merchandise profile is clothes, shoes (mainly Chinese) and food.
The development totals 205,000 sqm GLA and is arranged over 3 levels. There is a
underground car park servicing the scheme.
Rental rates: 15-28/m2 Euros/month.

CHINA TOWN
China Town is located next to Asia Center. It was completed in 2005. The
development is located next to Pólus Center and consists of a single three level
detached building. Each floor is divided in to approximately 100 stalls selling
Chinese merchandise.
The main merchandise profile is clothes, shoes and food.
The development totals 35,000 sqm GLA and is arranged over 3 levels.

APPENDIX 6
GENERAL TERMS & CONDITIONS:
General Principles Applying To All European Valuations

Undertaken by King Sturge
It is our objective to provide a professional and efficient valuation service to all our clients. In the
interests of establishing clear terms of reference at the outset we believe that it is important that we
should fully understand the requirements of our clients and the purpose and basis of the valuations that
they commission and that clients should understand the usual limitations to
the services offered. We are pleased to discuss variations, where appropriate, and to arrange the
provision of extended or additional services, such as site, building or structural surveys if required.
The following General Principles apply to all valuations and appraisals undertaken by King Sturge in
the Europe unless it is specifically agreed otherwise in confirming instructions and so stated within the
main body of the report. The General Principles themselves will normally be included as an appendix
to the report but will nonetheless comprise a part of the conditions of our engagement.
1 RICS Appraisal and Valuation Standards "The Red Book"
Valuations and appraisals will be carried out in accordance with the RICS Appraisal and
Valuation Standards ("The Red Book"), by valuers who conform to its requirements, and
with regard to relevant statutes or regulations. Compliance with The Red Book is
mandatory for Chartered Surveyors in the interests of maintaining high standards of
service and for the protection of clients.
2 Confirmation of Instructions
In order to comply with The Red Book, instructions must be confirmed with clients in
writing. In addition to the matters specifically referred to below, the purpose, timetable
and extent of and limitations to the valuation service are subject to such agreement.
3 Valuation Basis
Properties are valued individually and valuations and appraisals are carried out on a basis
appropriate to the purpose for which they are intended and in accordance with the
relevant definitions, commentary and assumptions contained in The Red Book. The basis
of valuation will be stated in the body of the report and the definition will usually be
included with these General Principles
4 Title & Burdens
We do not read documents of title although, where provided, we consider and take
account of matters referred to in solicitors reports or certificates of title. We would
normally assume, unless specifically informed and stated otherwise, that each property
has good and marketable title and that all documentation is satisfactorily drawn and that
there are no unusual outgoings, planning proposals, onerous restrictions or local authority
intentions which affect neither the property nor any material litigation pending.
5 Disposal Costs and Liabilities
No allowance is made in our valuation for expenses of realisation or for taxation which
may arise in the event of a disposal and our valuation is expressed as exclusive of any
VAT that may become chargeable. Properties are valued disregarding any mortgages or
other charges.
6 Sources of Information
We rely upon the information provided to us, by the sources listed, as to details of tenure
and tenancies (subject to 'Leases' below), planning consents and other relevant matters, as
summarised in our report. We assume that this information is complete and correct.
7 Boundaries
Plans accompanying reports are for identification purposes only and should not be relied
upon to define boundaries, title or easements. The extent of the site is outlined in
accordance with information given to us and/or our understanding of the boundaries.
8 Planning, Highways and Other Statutory Regulations
Enquiries of the relevant Planning and Highways Authorities in respect of matters

affecting the property, where considered appropriate, are normally only obtained verbally,
and this information is given to us, and accepted by us, on the basis that it should not be
relied upon. Written enquiries can take several weeks for response and incur charges.
Where reassurance is required on planning matters, we recommend that formal written
enquiries should be undertaken by your lawyers who should also confirm the position
with regard to any legal matters referred to in our report. We assume that properties have
been constructed, or are being constructed, and are occupied or used in accordance with
the appropriate consents and that there are no outstanding statutory notices.
We assume that the premises comply with all relevant statutory requirements including
fire and building regulations.
9 Property Insurance
Our valuation assumes that the property would, in all respects, be insured against all usual
risks including terrorism, flooding and rising water table at normal, but commercially
acceptable premiums.
10 Building Areas & Age

Where so instructed, areas provided from a quoted source will be relied upon. Otherwise,
dimensions and areas measured on location or from plan are calculated in accordance
with the RICS Code of Measuring Practice or local measuring practice and are quoted to
a reasonable approximation, with reference to their source. Where the age of the building
is estimated, this is for guidance only
11 Structural Condition
Building, structural and ground condition surveys are detailed investigations of the
building, the structure, technical services and ground and soil conditions undertaken by
specialist building surveyors or engineers and fall outside the normal remit of a valuation.
Since we will not have carried out any of these investigations, except where separately
instructed to do so, we are unable to report that the property is free of any structural fault,
rot, infestation or defects of any other nature, including inherent weaknesses due to the
use in construction of deleterious materials. We do reflect the contents of any building
survey report referred to us or any defects or items of disrepair of which we are advised
or which we note during the course of our valuation inspections but otherwise assume
properties to be free from defect.
12 Ground Conditions
We assume there to be no unidentified adverse ground or soil conditions and that the load
bearing qualities of the sites of each property are sufficient to support the building
constructed or to be constructed thereon.
13 Environmental Investigations
Investigations into environmental matters would usually be commissioned of suitably
qualified environmental specialists by most responsible purchasers of higher value
properties or where there was any reason to suspect contamination or a potential future
liability. Furthermore, such investigation would be pursued to the point at which any
inherent risk was identified and quantified before a purchase proceeded. Anyone averse
to risk is strongly recommended to have a proper environmental investigation undertaken
and, besides, a favourable report may be of assistance to any future sale of the property.
Where we are provided with the conclusive results of such investigations, on which we
are instructed to rely, these will be reflected in our valuations with reference to the source
and nature of the enquiries. We would endeavour to point out any obvious indications or
occurrences known to us of harmful contamination encountered during the course of our
valuation enquiries.
We are not, however, environmental specialists and therefore we do not carry out any
scientific investigations of sites or buildings to establish the existence or otherwise of any
environmental contamination, nor do we undertake searches of public archives to seek
evidence of past activities which might identify potential for contamination. In the
absence of appropriate investigations and where there is no apparent reason to suspect
potential for contamination, our valuation will be on the assumption that the property is
unaffected. Where contamination is suspected or confirmed, but adequate investigation
has not been carried out and made available to us, then the valuation will be qualified by
reference to appropriate sections of The Red Book.
14 Leases
You should confirm to us in writing if you require us to read leases. Where we do read
leases we recommend that reliance is not placed on our interpretation of these documents
without reference to solicitors particularly where purchase or lending against the security
of a property is involved.
15 Covenant
We reflect our general appreciation of potential purchasers' likely perceptions of the

financial status of tenants. We do not, however, carry out detailed investigations as to the
financial standing of the tenants, except where specifically instructed, and assume, unless
informed otherwise, that in all cases there are no significant arrears of payment and that
they are capable of meeting their obligations under the terms of leases and agreements.
16 Loan Security
Where instructed to comment on the suitability of property as a loan security we are only
able to comment on any inherent property risk. Determination of the degree and adequacy
of capital and income cover for loans is the responsibility of the lender having regard to
the terms of the loan.
17 Reinstatement Assessments
A reinstatement assessment for insurance purposes is a specialist service and we

recommend that separate instructions are issued for this specific purpose. If advice is
required as a check against the adequacy of existing cover this should be specified as part
of the initial instruction and then any such indication given is only for guidance and
should not be relied upon as the basis for insurance cover.
18 Comparable Evidence
Where comparable evidence information is included in our report, this information is

often based upon our oral enquiries and its accuracy cannot always be assured, or may be
subject to undertakings as to confidentiality. However, such information would only be
referred to where we had reason to believe it's general accuracy or where it was in
accordance with expectation. In addition, we have not inspected comparable properties.
19 Responsibility
Subject to clauses 1.3 & 16 in the valuation, our valuation is confidential to the party to
whom it is addressed for the stated purpose and no responsibility is accepted to any third
party for the whole or any part of its contents. Responsibility will not subsequently be
extended to any other party save on the basis of written and agreed instructions; this may
incur an additional fee.
20 Regulated Purpose Valuations (RPV)
The RICS has established particular requirements in circumstances where a valuation although
provided for a client may also be of use to third parties, for instance, the shareholders in a
company, defined by the RICS as “Regulated Purpose Valuations”. Where a valuation is for a
Regulated Purpose, in accordance with RICS requirements, King Sturge shall state the
following in its report:
The length of time the valuer has continuously been the signatory to valuations provided to the
client for the same purpose as the Report, together with the length of time King Sturge has
continuously been carrying out the valuation instruction for the client.
When instructed in a continuing role as external or Independent Valuer, the terms of

engagement will include a statement as to policy on rotation of the surveyor responsible for
the instruction.
21 Disclosure & Publication
If our opinion of value is disclosed to persons other than the addressees of our report, the
basis of valuation should be stated. Neither the whole or any part of the valuation report
nor any reference thereto may be included in any published document, circular or
statement nor published in any way without our prior written approval of the form and
context in which it may appear, excluding the mentioned above, clauses 1.3 & 16 in the
valuation.
22 Complaints Procedure
In accordance with the requirements of the RICS a copy of our complaints procedure is
available on request.
23 Jurisdiction
English law shall apply in every respect in relation to the valuation and the agreement
with the client which shall be deemed to have been made in England. In the event of a
dispute arising in connection with a valuation, unless expressly agreed otherwise in
writing by King Sturge, the client, and any third party using the valuation, all will submit
to the jurisdiction of the English Courts only. This will apply wherever the property or
the client is located or the advice is provided.
Valuation Bases
1 Market Value (MV)
Valuations based on Market Value shall adopt the definition, and the interpretive commentary,
settled by the International Valuation Standards Committee.
Market Value is defined as:
The estimated amount for which a property should exchange on the date of valuation between
a willing buyer and a willing seller in an arm’s-length transaction after proper marketing
wherein the parties had each acted knowledgeably, prudently and without compulsion.
2 Existing Use Value (EUV)
Existing Use Value is the estimated amount for which a property should exchange on the date
of valuation based on continuation of its existing use, but assuming the property is
unoccupied, between a willing buyer and a willing seller in an arm’s-length transaction after
proper marketing wherein the parties had each acted knowledgeably, prudently and without
compulsion.
3 European Union Market Value (EUMV)
Market Value shall mean the price at which land and buildings could be sold under private
contract between a willing seller and an arm’s-length buyer on the date of valuation, it being
assumed that the property is publicly exposed to the market, that market conditions permit
orderly disposal and that normal period having regard to the nature of the property, is
available for the negotiation of the sale (91/647/EEC).
4 Market Rental Value (MRV)
Market Rental Value is the estimated rent for which a property should exchange on the date of
valuation between a willing lessee and a willing lessor in an arm’s-length transaction after
proper marketing wherein the parties had each acted knowledgeably, prudently and without
compulsion.
APPENDIX 7
HUNGARIAN RETAIL MARKET 2006/ 7
OVERVIEW
Retail spending in Hungary remained robust in 2006 despite the mid-year political unrest and
increased taxes introduced as part of the convergence package. Total retail spending during
the first 10 months of 2006 increased by 6.8% over 2005. Furthermore sales were up slightly
over the previous year during the 2006 Christmas season, in spite of the fact that everyone
expected a downturn. No new shopping centers opened in Budapest in 2006, though
construction commenced on several which will be delivered in 2007 and 2008. ECE opened
its third Hungarian shopping center in November 2006 in the city of Gy r. The 36,000 sqm
GLA development was fully let to strong local and international tenants including ZARA,
H&M, Media Markt and Hervis. Openings of strip malls and smaller format hypermarkets
continued to grow rapidly in Budapest and regional towns. The renovation of numerous
landmark buildings and the upgrading and creation of new pedestrian streets – together with
increased parking facilities – are all leading to a general rebirth of traditional downtown
Budapest, making it much more attractive for retailing.
SHOPPING CENTERS
Budapest
Over the past two years there has been renewed investor interest in developing traditional
shopping center schemes in and around Budapest, where only small neighborhood strip malls
have opened in the past several years. The bulk of Budapest’s shopping center supply was
delivered between 1996 and 2001, resulting in market saturation. Growing affluence and
accelerated growth in retail spending is making Hungary increasingly attractive to the many
international brands not yet present in the market. Recent market entrants include the Inditex
Group’s entire range of stores (Pull and Bear, Stradivarius, Bershka, etc.), Peek and
Cloppenburg, Intersport and Calvin Klein, among others. Smaller than optimal unit sizes and
full occupancy in the major shopping centers make it very difficult for new entrants to procure
suitable premises. Tenant turnover in the best three shopping centers in Budapest – still
considered to be West End City Center, Mammut and Árkád – is quite low, which puts
upward pressure on rents for new leases and the amount of key money necessary to secure a
good location. Key money paid for units in Mammut and Arkád is generally between EUR
150,000 and EUR 400,000, depending on size, location and the new rental level. Due to the
high rents and the preponderance of small footprint retail units in the better sections of West
End, turnover here is lower and the key money paid is slightly less, generally between
EUR100,000 and EUR 250,000. Many new tenants opening along the secondary corridors of
West End have not been able to generate the necessary footfall to give satisfactory sales. In all
three centers, the management is now displaying greater authority in controlling transfers of
leasing rights, allowing only those retailers to enter which will enhance the center’s tenant
mix or providing new tenants with stronger covenants at higher rent levels. This has resulted
in lower key monies being paid today than several years ago. To maintain or increase footfall,
all of the first generation centers in Budapest desperately need to address the issue of
combining small units and offering them at lower average rents to attract stronger retail
brands that are now entering the market, such as ZARA, H&M and P+C.
Vacancy rates are decreasing and rents are increasing in some secondary shopping centers
where improved management has succeeded in increasing footfall and sales per sqm. This is
most noticeable at Campona which attracted major brands including C+A, H+M, Electro
World, Hervis, Douglas and Promod in 2006 to fill spaces left vacant by the departure of
Debenhams, Match and Giacomelli Sport during the past few years. At Campona the vacancy
rate has come down from over 20% to less than 5% and tenants that had been paying only
turnover rent are being forced to either sign longer term leases with a fixed minimum rent or
move out. MOM Park has also started to attract stronger brands with Promod and Gant
signing leases at the end of 2006.
Rent
Project Opened sqm Tenants
€/sqm/m
Match, Saturn, Hervis, Marks & Spencer, Mexx, Springfield, Benetton
1 Mammut I + II 1998 / 50 (100 sqm)
52200 ProMod, Douglas, Deichmann, Libri, Gold’s Gym, Jeans Club, many
(Budapest, II District) 2001 28 (500 sqm)
restaurants, 13-screen Palace multiplex, 24 lane bowling
Match, Media Markt, C&A, Mango, Marks & Spencer, Salamander,
2 Westend City Center
1999 50000 115 (500 sqm) GAS, Douglas, New Yorker, Next, Promod, Springfield, Jeans Club,
(Budapest, VI District)
14-screen Palace multiplex, bowling,TGIF, Leroy’s
45,000 Interspar, Media Markt, Zara, C & A, Hervis, Libri, Douglas, Retro,
3 ECE Örs Vezér Arkád 38 (100 sqm)
2002 (13,000 Reserved, ProMod,Springfield, Esprit, Mexx, Deichmann, Humanic,
(Budapest X District) 24 (500 sqm)
ext) Griff Gentleman, Marks+Spencer,Vision Express
Tesco, Office Depot, C & A, Media Markt, Hervis, Libri, Humanic,
4 Pólus Center 36 (100 sqm)
1996 43500 New Yorker, DM, 10 screen Palace multiplex, ice skating, bowling,
(Budapest XV District) 22 (500 sqm)
fitness
Tesco,Tropicarium,H & M, C & A, Hervis, Elektro World, Humanic,
5 Campona (Budapest 40,000 20 (100 sqm)
1999 Jeans Club, Reserved, Springfield, Libri, Douglas, 12 screen Palace
XXII) (not Teso) 12 (500 sqm)
muliplex, Leroy’s, Bowling
Max Supermarket, Alexandra, Humanic, Diego, Office Depot,
6 Lurdy Ház (Budapest 22 (100 sqm)
1998 32000 Blombergs, 11 screen Palace multiplex, Pizza Hut, McDonald’s, large
IX) 10 (500 sqm)
fitness
Match, Humanic, Fotex Records, Electropont, Domus, Alexandra,
7 Duna Plaza (Budapest 38 (100 sqm)
1996 30000 Promod, Mango, Marks + Spencer, 11screen Intercom multiplex,
XIII) 24 (500 sqm)
bowling, fitness
Rent
Project Opened sqm Tenants
€/sqm/m
Match, Alexandra, Deichmann, Levi’s, Mexx, C&A, Betty Barclay,
8 MOM Park (Budapest 38 (100 sqm)
2001 29000 Promod, Gant, Azúr, Domus, 10 screen Palace multiplex, Pauliner
XII) 24 (500 sqm)
brewery and many restaurant
9 Auchan Dunakeszi 16 (100 sqm) Largest Auchan 20,500 sqm, 8,500 sqm mall w/Humanic, Promod,
2002 29000
(Dunakeszi) 12 (500 sqm) Orsay. Paris,Boutique, Retz furniture
10 Auchan Budaörs 16 (100 sqm) 19,000 sqm Auchan with 8,000 sqm mall w/Seaside, Deichman, Takko,
1998 27000
(Budaörs) 12 (500 sqm) Pizza Hut
12 (100 sqm) 9 19,000 sqm hypermarket with 7,000 sqm mall w/ Reno, Chicco, Götz,
11 Cora Fót (Fót) 1997 26000
(500 sqm) various furniture shops
12 Tesco Budaörs 18 (100 sqm) 20,000 sqm Tesco, 5,300 sqm Mall w/Fressnapf, Humanic, Marianaud,
1999 25250
(Törökbálint) 12 (500 sqm) Photo Hall
13 Sayova Park 26 (100 sqm) Auchan, Deichmann,Takko, Kenguru, New Yorker, AbOriginal,
2004 25000
(Budapest XI) 14 (500 sqm) Intimissimi/Calzedonia, Seaside Sports, Fitness and Kid’s Play Area
24,500
14 Europark (Budapest 30 (100 sqm) Interspar, Media Markt, Hervis, DM, New Yorker, Libri, Griff
1997 (15,000
XVIII) 16 (500 sqm) Gentleman, Gas, Jeans Club. Pizza Hut/KFC, McDonalds
ext)
15 Eurocenter 24 (100 sqm) Interspar, Euronics, DM, Orsay, Leonardo, Alexandra, 7 screen Palace
2000 21000
(Budapest III) 12 (500 sqm) multiplex, Fitness, MKB bank, OTP bank
Match, Azúr, Aranypók, Fanatique, Electropont, Libri, Dr. Jeans, CIB,
1980 24 (100 sqm)
16 Sugár 20500 OTP+ Raifeissen Banks, Post Office (2nd floor incl multiplex, bowling,
(2007) 16 (500 sqm)
casino, restaurants will open by Spring 2007)
18 (100 sqm) C+A, Kenguru Gold, Deichman Jysk, Lira + Lant, Inku, DM, S. Oliver,
17 Buy-Way Dunakeszi 2006 19500
11 (500 sqm) Mustang
18 Auchan Soroksár 16 (100 sqm) Auchan 11,500 sqm, 7,500 sqm mall (Leonardo, Kenguru, Photohall,
2000 18500
(Budapest) 12 (500 sqm) Sony)
17,000
19 Premier Outlet 26 (100 sqm) Benetton, Calvin Klein,Mexx, Helly Hansen, Nike, Adidas, Mango,
2004 (9,000
Center (Phase 1+2) 16 (500 sqm) Sarar,Levis, Mustang, Roland, Strenesse, Möve Fratanna
ext)
20 (100 sqm) AbOriginal, Retro, McGill, Energie/Miss Sixty, Calzedonia/
20 GL Outlet Center 2004 16000
12 (500 sqm) Intimissimi, Helwet Packard
16 (100 sqm) Media Markt, C&A, Kaiser’s, DM, Fressnapf, Mountex, Kenguru Gold,
21 Stop.Shop Óbuda 2003 15000
10 (500 sqm) Goldenland menswear, Pirex, HVB bank
22 Új Buda Center 16 (100 sqm)

2006 16000 Tesco, Jysk, DM, Office Depot, Fressnapf
(District XI.) 10 (500 sqm)
23 Csepel Plaza 26 (100 sqm) Humanic, Leonardo,Vision Express, Match, AbOriginal, Alexandra,
1997 14700
(District XXII.) 16 (500 sqm) More, Schlecker, 7 screen Israeli Multiplex, Fitness
24 Récsei Center 16 (100 sqm)

2004 12000 CBA, Fressnapf, DM, Office Depot, Jysk, Öltönyház, Gilda Fitness
(District XIV.) 8 (500 sqm)
13, 000
14 (100 sqm) CBA Hypermarket,Takko, Deichmann, Kenguru Gold, Players Room,
25 CBA Újhegy 2006 (2,000
9 (500 sqm) Alexandra, DM, Fitness/ Wellness Center
ext)
It is clear that the supply/demand curve has shifted and numerous shopping center projects are
now in the pipeline, guaranteeing increased market opportunities and activity over the next
few years. In 2006 construction commenced on the much delayed Arena Plaza, near the Keleti
Railway station, which is scheduled to open in late fall 2007. While the project lacks a direct
metro connection and a direct residential catchment area, demand for space in the center has
proven to be strong, as it is the only new center in Budapest available for occupancy in the
next two years. Achievable rents appear to be considerably higher than in the much better
located Arkád and Mammut shopping centers. ZARA and affiliated Inditex companies have
signed for approximately 7,000 sqm on the ground floor despite strong lobbying by ECE for
space in their center’s extension, that they have planned for 2009. Peek and Cloppenburg,
TESCO, Hervis Sports and a 20-screen multiplex together with Hungary’s first IMAX
cinema, round off the anchor tenant mix, and many major fashion retailers are following their
lead, even though most have well trading shops in Arkád which is located slightly over 3 km
away.
Construction on three other large shopping centers is scheduled to commence during 2007,
ING’s project in the downtown district XI, at the site of the former Budai Skala department
store, Futoreal’s Corvin Sétány in district VIII, (part of Hungary’s largest and most important
urban redevelopment projects) and KÖKI, located at the terminus of the third metro line with
direct access from both directions of the airport express road. Work on a smaller commercial
center (approximately 20,000 sqm retail GLA) in the main commercial area of Budapest’s
district XVII will commence in the summer of 2007 and open in the fall 2008. This is a
growing suburban area with a severe lack of retail facilities.
SCHEME DEVELOPER OPENING GLA UNITS RENTS

1 Arena Plaza 70 (100 sqm)
(District VII.) Plaza Centers 2007 Q4 65,000 80 40 (500 sqm)
2 ING Skála (District 40 (100 sqm)

XI.) ING 2010 Q2 36,000 - 50000 200 24 (500 sqm)
3 KÖKI 34 (100 sqm)

(District VIII.) R-Co 2010 Q4 50,000 100 24 (500 sqm)
4 Corvin Sétány
(District XIX.) Futureal 2010 Q3 35,000 160
5 Market Central 24 (100 sqm)

Ferihegy (Vecsés) AIG 2007 Q4 44,000 40 13 (500 sqm)
6 Palace Center 30 (100 sqm) 15

(District XVII.) Keresztúri Invest 2008 Q3 20,000 80 (500 sqm)
REGIONAL CITIES
ECE was successful in bringing most of the major international retail tenants from their
Budapest centers to their new, two-level 36,000 sqm GLA shopping center built near
downtown Gy r, an affluent county administrative center, located halfway between Budapest
and Vienna. The center opened one month before Christmas last year, registering strong
footfall figures, and is gradually establishing a firm customer base. ECE will commence
construction this spring on Debrecen Arkád in eastern Hungary, with the project scheduled to
open in fall 2008, and the company is also finalizing plans for a shopping center in Szeged,
close to the Romanian boarder.
Well-connected local developers and some new international players are planning to develop
smaller shopping centers with GLAs of between 10,000 sqm and 20,000 sqm in several
smaller, but still important, regional cities in Hungary. In Nyiregyháza, close to the Ukrainian
border, construction has begun on a dual-section 4-level shopping center located at one end of
the Downtown pedestrian zone. Tenant response has been extremely positive with nearly 70%
of the 18,000 sqm sales are already pre-let, well in advance of the scheduled opening of
spring 2008. Planning is now being finalized for the extremely well located Magellan
Shopping Center in Downtown Szombathely. Response from tenants has been extremely
strong for its 15,000 sqm GLA, and handover is scheduled for fall 2008. Smaller centers are
also being marketed and nearing completion in downtown Eger and Tatabánya. Developers
are evaluating and assembling strong downtown sites for traditional shopping centers in other
regional cities including: Miskolc, Szolnok and Sopron. This second wave of shopping center
development in the larger cities with populations over 70,000 should be completed by 2010–
2011.
OUT OF TOWN RETAIL AND STRIP MALLS

Over the past 8 years, spending on FMCGs has shifted dramatically from smaller
supermarkets and independent shops to large hypermarkets, discount retailers and
supermarket chains. By 2006, 24% of spending in this sector took place in hypermarkets, with
Tesco leading the pack with over 60 stores. Auchan and Interspar follow with 10 stores each
and Cora and CBA complete the picture. Hypermarkets have spread throughout the country
and now every city or suburban cluster with a population of 40,000 is served by at least one.
In the larger urban centers these hypermarkets have acted as anchors for ‘big box’
developments, with the major DIY chains (OBI, Praktiker, Baumax, BricoStore in order of
market share) and larger home electronics retailers (Media Markt, Elektro World and
Euronics) locating nearby. German home furnishings giant Kika opened its 6th store in Gy r,
next to a Tesco in 2006, and have two more planned for 2007 in Debrecen and Szeged.
Decathalon has opened 5 giant sporting goods stores throughout the country next to Auchan
hypermarkets. A notable trend has been the construction of small strip malls in the vicinity of
hypermarkets, providing fashion and home furnishing retailers the flexibility to open large
format units at much lower average rents than in traditional shopping centers. These non-
food-anchored strip malls have met with mixed success, as they do not always have the
critical mass to attract enough customers away from the major big box stores to generate
sufficient turnover.
Development of smaller neighbourhood strip malls with 4,000 to 6,000 sqm GLA is
flourishing throughout the country with supermarket or discount store-anchored schemes
along the American model sprouting up in almost all towns or neighbourhoods with
populations of 10,000 or more. In Budapest and the larger urban areas, some of the larger strip
malls are catering to the local community by integrating a big box tenant mix, i.e. home
furnishings and electronics retailers, with small hypermarkets. Complementing the offer they
also have fashion and service retailers. Examples include CBA’s 13,000 sqm K bánya-
Újhegy and Israeli Sybil Holding’s 16,000 sqm Újbuda Center, which opened in 2006 and
AIG’s 44,000 sqm Market Central project. Market Central is an efficient, horseshoe-shaped
strip mall across from Ferihegy airport.
It is scheduled to open in Q4 2007. Given its critical mass and the strength of anchors
including Tesco, Praktiker, Elektroworld, Hervis Sport, C+A and a KFC/Pizza Hut drive-thru,
several specialty fashion brands are considering opening stores here. In neighbouring Austria,
with a population similar to that of Hungary, there are over 150 strip mall type centers, while
in Hungary, there will only be slightly over 50 by the end of 2007.
SHOPPING CENTRE AND HYPERMARKETS - BUDAPEST
Tesco
Auchan
Interspa
Cora
Shopping Centres
Pipeline shopping cnetres
HIGH STREET
Probably the most exiting and dramatic change to retail supply and shopping patterns in
Budapest over the next four years will be the addition of over 60,000 sqm of modern high
street retail space in Downtown Pest districts V, VI and VII. Renovation work is now
proceeding on numerous historical, derelict and obsolete buildings in the city center to
convert them to mixed-use office, hotel or residential schemes, with retail space on the lower
floors. Examples of such projects include Gozsdú Udvar in District VII, Palazzo Dorottya, the
former stock exchange building, and Klothild Palace along the prime Váci utca area, and the
Paris Department store and the former Ballet Institute on Andrássy út. Even on Blaha Lujza
tér, redevelopment store, together with the lower floors of adjacent convention center will
bring over 12,000 sqm of new retail space to the market by 2009, in a neighborhood recently
transformed by the opening of two luxury 5-star hotels (the New York Palace and the Royal
Hotel). Adding strength to this movement is the increasing trend of middle- and upper-income
individuals to move back into downtown areas, and the increased availability of parking in
new underground and multi-level car parks Nearly 3,000 quality apartment units will be
handed over between 2006 and 2008 in the core central Pest districts. The local district
councils also appear to be focusing more on improving quality of life in the city center by
creating pedestrianized streets, and by renovating or creating parks and public areas. The area
on and around Vörösmarty tér and Andrássy út between Deák tér and Oktogon will witness
the greatest transformation in the city over the next two years. ING’s long awaited
development on Vörösmarty tér will be completed by the end of 2007 with New Yorker,
Hennes and Mautitz and Pull and Bear opening multi-level flagship stores in over 7,000 sqm
of retail space. In a landmark decision, permission has finally been obtained to transform the
historic Luxus department store into modern retail premises and Inditex Group’s Stradivarius
and Bershka will open flagship stores there by fall 2007. Work has begun on the
refurbishment of both the Vigado building and Palazzo Dorottya, on the soon-to-be
pedestrianized Dorottya utca, where a total of 8,000 sqm of retail space will be delivered in
2008.
Orco, meanwhile, is finalizing plans for its prize acquisition, the Stock Exchange Palace, and
is considering both retail and leisure uses for the entirety of the 17,000 sqm building. Local
development group Immobilia has succeeded in obtaining ownership of the entire southern
side of Deák Sétány, from Bécsi utca around to Fehérhajó utca, and will develop the lower
floors into a contiguous retail esplanade of about 10,000 sqm under one management. Joining
Hugo Boss and Max Mara in 2007 will be the first Hungarian restaurant from the succesful
Vapiano chain, a Benetton/Sisley flagship, Puma, Mexx and Tommy Hilfiger.
Many historic palaces on Andrássy út between Octogon and Deák tér have been privatized
recently, or at least the ground floors have been sold to serious investors that have intention of
restoring them to their former glory. Currently at least 6 buildings are hidden behind
scaffolding and are being renovated. Orco is finalizing plans for its Párizsi Divatcsarnok gem,
where there will be at least two levels of retail. It seems increasingly likely that the former
Ballet Institute across from the National Opera will finally be sold this year and completely
refurbished, with exceptional retail spaces available on the lower floors. The opening of Louis
Vuitton in Summer, 2006 across from the Opera near Emergliano Zegna, Nespresso,
Mandarina Duck and Omega brand stores solidified Andrássy as the destination for luxury
and specialty retail, in an area already popular for its many theatres and quality restaurants.
This has acted as a catalyst with forward lease contracts being signed with several top branded
retail chains for opening in late 2007 and early 2008. When these names are formally
announced, it is just a matter of time before other major international brands follow.
RENTS AND PRICES

Prime retail rents on the major high streets, and for almost all shopping centers and strip
malls, are stated in Euro and paid in Hungarian Forint (HUF), monthly or quarterly, and in
advance. Standard lease terms are 5 or 10 years, with renewal options generally subject to a
rent review. It is customary to pay ‘key money’ to obtain well located shops in the better
performing shopping centers, and better pitched high street locations in Budapest, and in the
stronger regional cities, including Szeged and Debrecen.
Due to strong tenant demand, rents in almost all of the better shopping centers are rising
gradually. Due to increased supply in the Váci utca/Vörösmarty tér area rents here are
expected to remain steady for the next few years. Andrássy út has witnessed the strongest
rental growth over the past 5 years, increasing by an average of 10% annually. This is why
investment yields for prime Andrássy retail units are currently among the lowest in the city,
averaging between 5.5–6%.

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REPORT & VALUATION

30TH SEPTEMBER 2007

EXECUTIVE SUMMARY ......................................................................................................................10

4.0 DESCRIPTION ............................................................................................................................16

13 NARROWED MARKET SEGMENT REVIEW.......................................................................26

17 PROJECT ANALYSIS ................................................................................................................39

18 OVERALL PROJECT REVIEW ...............................................................................................41

3 CADASTRAL EXTRACT AND SITE PLAN

Location: The proposed project referred to as The M3 Shopping City is

Phase I with a proposed scheme of 34,780m2 GLA including a

Phase II with a proposed 11,294m2 GLA including 3 LSU’s a

M3 Shopping City, with a total gross built area of 55,218m2

Tenure: The property is held with unlimited ownership. Present BBT

Tenancies: The development is currently under leasing and building permit

Valuation Base: Scenario 1 = MARKET VALUE assuming scheme is let

Scenario 2 = RESIDUAL SITE VALUE

Gross Development Value: Phase I:

€ 61,400,000 as at 30th September 2007 (SCENARIO 1)

€ 16,000,000 as at 30th September 2007 (SCENARIO 2)

€ 21,600,000 as at 30th September 2007 (SCENARIO 1)

€ 6,800,000 as at 30th September 2007 (SCENARIO 2)

The above figures are for 100% interest in the asset.

Total Development Cost: Phase I: € 36,000,000 (SCENARIO 1)

Phase II: € 10,500,000 (SCENARIO 1)

Note this excludes developers profit and Land

Profit on Cost 17.5 % on Phase 1 and 20% on Phase 2

Key Issues: Subject to planning and final building consents

26th October 2007

Present BBT Ingátlan Forgalmazó Kft

For the Attention of:

PROPERTY VALUATION OF PHASE "M3 SHOPPING CITY" RETAIL PARK –

Status of Valuer & Conflicts of Interest

1.2 Purpose of Valuation

1.3 Bases of Valuation

Market Value of the proposed project assuming it is satisfactorily let on the

1.4 Taxation & Costs:

1.5 Assumptions and sources of information:

In undertaking our valuations, we have made a number of Assumptions and have

We have made an Assumption that the Company is possessed of good and

We have not carried out site surveys or environmental assessments or investigated

1.7 Compliance with Standards

1.8 Special Assumptions

Is one that a prospective purchaser (excluding a purchaser with a special

The specific Special Assumptions we have made are:

In arriving at an appropriate assessment of the Gross Undiscounted Residual

1.9 Valuation Summary

€ 83,000,000 Eighty Three million Euros

Confidentiality & Disclosure:

Such publication or disclosure will not be permitted unless, where relevant, it

1.5 International developers have introduced to the Hungarian market larger

Category 2005 2006

3.1 TRANSPORT LINKS

4.1 THE PROPERTY

• Fashion: 150 to 700 m2

• Layout & units sizes

4.1.14 Location of the Hypermarket:

Currently the hypermarket is located on the southern elevation which is arguably,

4.1.15 Customer entrances: