Dear All

Based upon the applications received and the interviews held in January, I am very pleased to announce that RICS Europe has selected Mike Smithing MRICS as the incoming chairman to lead the RICS Board in Hungary in the next three years. I trust you will join us in welcoming Mike and wishing him every success in this role. Below you will find his statement.

*********************************************************************************************************************************************************************************************************************** “I believe that 2012 will be a very challenging year for property professionals in Hungary, but that it will also be full of opportunities.  The past several years have been difficult for all of us and the economic situation in Hungary and Europe appears to be deteriorating.  I challenge you to seize the opportunities the approaching maelstrom will bring.  Our industry strives on market movement - and the market is headed for upheaval.

I'm excited to be taking up the chairmanship of RICS Hungary in these turbulent times.  This year I'll be focusing on broadening RICS's reach within the Hungarian property industry, particularly in property and facility management, project management and construction.  I'll also be working to find ways for RICS to actively assist underemployed members identify the new opportunities which will arise in 2012. Finally, I intend to add structure and value to our continuing educational programs.  I look forward to discussing these initiatives with many of you over the coming weeks and incorporating your ideas so that RICS Hungary can have the greatest impact possible on our members.

Pál Baross has done a fantastic job guiding and growing our organization over the past years.  I've learned much - both professionally and personally - from Pál over the many years I've know him and respect him greatly for the strength and guidance he has given to RICS Hungary.  I only hope that, when my term as chairman of RICS Hungary ends, I'll be as proud of my accomplishments in this position as Pál must be today.

On Thursday, February 16th we will be holding our Annual General Meeting at 17.00 at the the Ramada Plaza Hotel (1036 Budapest, Árpád fejedelem útja 94) in conjunction with the annual RICS Valuation Conference which begins at 13.00.  I would appeal to all of you to register with Anna Orcsik to attend the AGM - while we hope to put together an interesting program, at the very least this will be an excellent networking opportunity.

I look forward to seeing you on the 16th and to working closely with you throughout my term as chairman of RICS Hungary”.

Kind regards

Michael Smithing MRICS, LEED AP ID+C

Chairman RICS Hungary