All amounts in EUR, exclusive of VAT. "Incl." indicates the item is bundled within the workstream total. "n/a" indicates the item was not quoted or is not applicable per the firm's stated scope.

Scoring methodology: Fee competitiveness (20%) – lower cost = higher score, normalised against full scope; Scope completeness (25%) – breadth of RfP coverage including tax; Firm pedigree (20%) – Chambers/Legal 500 rankings in Romania for Projects, Finance, Real Estate; Team quality (20%) – seniority, team depth, relevant project finance experience; Fee certainty & flexibility (15%) – degree of capping vs. open-ended exposure, ability to reallocate between workstreams. Scores are advisory and should be considered alongside qualitative factors such as existing relationships and lender preferences.

Hourly rates matter most for: (i) out-of-scope work such as FDI filings, issue remediation and project agreement amendments; (ii) SAA and VLP where Work Streams II and/or III are fully time-based; and (iii) DLA Piper's issue resolution sub-item under WS III, quoted case-by-case. Blended rates (SAA, VLP) provide cost certainty regardless of seniority deployed. All amounts in EUR.

Recommended next steps: (1) Request SAA to confirm whether WS IV fees cover all items included by peers (intercreditor, direct agreements, CP satisfaction formalities, legal opinion); (2) Obtain separate tax advisor quotes for Clifford Chance and Dentons mandates to enable true total cost comparison; (3) Confirm expected hours with VLP for WS II and WS III to allow budget estimation; (4) Verify with all firms whether ACK SRL's prior business history triggers additional DD scope or cost uplift, per the risk flagged by Dentons.