- BVB Monthly Report - AUGUST 2015 - 2 -

BET, the main index of Bucharest Stock Exchange (BVB), was almost flat in September, performing better than other regional stock markets which registered decreases between 2.3% - 4.5%.

Country Main index

change September

Romania -0.20%

Hungary -2.30%

Croatia -3%

Bulgaria -3.60%

Austria -4.10%

Poland -4.50%

Czech Republic

-5.20%

BET Total Return (BET-TR), which includes also the dividends paid by containing companies, ended September 2.8% higher than the level recorded at the end of last year. The BET-TR index reflects the performance of the top 10 most liquid companies listed on BVB, included also in BET index, as well the dividends these companies distribute to shareholders. The international context and the evolution of markets in the last couple of weeks determined investors on the Bucharest Stock Exchange to be more cautious. Thus the trading value carried out on all the Main Market’s segments was almost RON 582mn (EUR 131.6mn), out of which the largest stake was covered by the trades carried out on the equity segment (RON 466.5mn – EUR 105.5mn). The market capitalization of all listed companies on the Bucharest Stock Exchange was RON 140.5bn (EUR 31.8bn) at the end of September, out of which RON 77.8bn (EUR 17.6bn) is the value of all Romanian companies listed on BVB.

Market news 1 Bucharest Stock Exchange organized the second edition of Romania Investor Days in Bucharest on September 24 and 25. This edition of the event aimed to bring together major companies listed on the Bucharest Stock Exchange together with the investors, in the series of 1-on-1 meetings. During the opening of the event, the key policy-makers discussed about the Romanian economy and macro-economic trends, the Next steps for the development of the Romanian capital market and about the Growth prospects and future investment stories. Over 150 people were present at the conference, and more than 300 people watched the conference on internet. Bucharest Stock Exchange streamed live the event on Bloomberg terminals, money.ro and SeeNews, so that every person interested in this event could join, regardless of their location. Bucharest Stock Exchange launched on September 22, 2015 a new Corporate Governance Code (CGC) applicable to companies whose shares are admitted to trading on the Main Market. The new code of Corporate Governance is a modernized set of rules and practices, which will increase the attractiveness and valuation of Romanian companies, for the greatest benefit of investors. The Code was designed with the support of the European Bank for Reconstruction and Development (EBRD), as part of a new corporate governance framework which will enter into force on 4 January 2016, and aims at promoting higher standards of governance and transparency of listed companies. At the center of this Code are access to information for investors and protection of shareholders’ rights. The new Corporate Governance Code is comprised of 4 sections: Responsibilities, Risk management and internal control system, Fair rewards and motivation, and

1 In reverse historic order

- BVB Monthly Report - AUGUST 2015 - 3 -

Building value through investors’ relations. Each section has an outline of “general principles”, followed by “provisions to comply with”. The enforcement of the new rules will be based on the “comply or explain” principle which is expected to give the market clear, accurate and actual information about listed companies’ compliance with corporate governance rules. Companies shall include a corporate governance statement in their annual report, as a specific section of the annual report, which shall contain a self-assessment of how the “provisions to comply with” are observed and shall include the measures taken in order to comply with provisions that are not fully met. In addition to that, companies not complying with certain mandatory provisions of the Code will be supposed, accordingly to the BVB Rulebook, to pass current reports to the market. The Romanian market was promoted also abroad, on September 17, during the first edition of the 'Poland - Romania - Moldova Cooperation Forum', organized in Wroclaw, Poland, by INC Group, EastWest Analytics and the Regional Centre for International Debate Wroclaw. The main goal of the Forum was to present to the Polish public opinion the importance of Polish-Romanian-Moldovan partnership for the region of Central and Eastern Europe.

On September 7 the tourism company Tusnad SA (TSND) debuted on the AeRO market, after the transfer

from Rasdaq. Tusnad SA is a Romanian tourism company, its major shareholder being SIF Transilvania (SIF3).

Tusnad SA debut on AeRO was marked by the official opening of the Bucharest Stock Exchange trading session

by the tourism company’s representatives in which they emphasized that they found in the AeRO market the

optimum solution for its presence on the capital market. The brokerage house SSIF Broker (BRK) is

the Authorized Advisor that assisted Tusnad in the transfer process to AeRO and will continue to assist it for

the subsequent 12 months.

As a set of prerequisites were fulfilled, using new instruments and in order to meet clients’ expectations, BVB

announced mid-September that as of October 5, it will implement a new trading program. The change in the

structure of the market for shares, in the sense of gaining more relevance of the main market (Regular) versus

the negotiable market (Deal) led BVB to introduce a special stage of the market dedicated only to the Deal

market. The weight of the main market was 82% vs. 18% for the negotiated market in the first half of 2015,

compared to almost even values in the same period of the last year, meaning that most of the trades were

realized directly in the market. The changes of the trading program will allow investors a new 20 minutes

window for executing trades on the Deal market only for shares, ETFs and fund units, with the possibility to settle on flexible terms (T+1 or T+2), on gross basis.

In order to settle the ground for a better concentration of orders by price levels, an improved process of price

discovery and a more efficient dynamics of the order book, as of September 21, 2015, BVB has new tick size

rules for all shares, rights and fund units traded on its market. The changes regarding the new tick size

envisage raising the trading price ranges compared to the current ones. The new tick size rules are applied

before the final values will enter into force at European level, on January 1, 2017, thus aligning the local capital

market to international standards faster, with a direct effect on the quality of the market and its fair and

orderly functioning. Information regarding the new tick size are available under the Regulations section of the

BVB’s website. Changing tick size rules is part of a broader set of measures to improve the structure and

liquidity of the market, among which the reduction of the trading fees, the introduction of a new phase of the

market (Trading at last) and of the auction model for trading, as well as of the new types of orders and new trading facilities should be mentioned.

Consistent to its motto “Bursa e Pentru Oameni”, the Bucharest Stock Exchange continues its projects towards the people and, on September 3, announced that on October 6 – 7 will organize the first edition of “Your Money Expo” (Banii Tai Expo) at Universitate Square in Bucharest. This is the first ever financial expo organized by the Bucharest Stock Exchange in cooperation with almost 30 names from the financial industry and not only (brokerage houses, asset managers, pension funds, life insurances and listed companies). Thus, the heart of Bucharest will become for 2 days the ultimate location to acquire valuable information about saving and investing, money management, capital markets and a spectrum of financial services available to the individuals. Held in Universitate Square, the Bucharest urban spot passed every day by at least 5,000 people, “Your Money Expo” aims to bring together representatives from different sectors of the financial and capital markets industry in order to inform the visitors about the money management and opportunities.

- BVB Monthly Report - AUGUST 2015 - 4 -

On September 1, 2015, in its quarterly meeting, the Index Committee decided to keep unchanged the composition for BET, BET-TR and BET-FI indices, while the composition of BET-XT, BET-XT-TR, BET-BK, BET-NG and BET Plus indices was changed as follows:

a. BET-XT and BET-XT-TR indices - inclusion: Albalact (ALBZ), IAR Brasov (IARV) - exclusion: Zentiva (SCD), Dafora (DAFR) b. BET-BK index - inclusion: Albalact (ALBZ), IAR Brasov (IARV) - exclusion: Zentiva (SCD), SSIF Broker (BRK) c. BET-NG index - exclusion: Dafora (DAFR), Condmag (COMI) d. BET Plus Index - inclusion: Albalact (ALBZ), Altur (ALT), THR Marea Neagra (EFO), IAR Brasov (IARV) - exclusion: Rompetrol Well Services (PTR), Alumil Rom Industry (ALU), Condmag (COMI), Dafora (DAFR)

The new structures of BVB indices is effective as of September 21, 2015.

- BVB Monthly Report - AUGUST 2015 - 5 -

BVB Monthly Report

Trading value on BVB Regulated Spot Market

SEPTEMBER 2015

A. Summary of Main Indicators

1. Trading value on the BVB’s Regulated Spot Market for September 2015 compared with August 2015

Total trading value September 2015

Total trading value August 2015

% Change

RON mil. EUR mil. RON mil. EUR mil. RON EUR

BVB Regulated Spot Market without offers:

581.88 131.60 800.50 180.84 -27.31 -27.23

Equities 466.48 105.48 746.87 168.73 -37.54 -37.49

Bonds 83.65 18.94 15.50 3.49 439.68 442.69

Unit funds, ETF 0.24 0.05 1.31 0.30 -81.68 -83.33

Structured products 31.50 7.12 36.81 8.32 -14.43 -14.42

IPO, SPO and other market offers:

0.10 0.02

Equities 0.10 0.02

Bonds

Total Regulated Spot Market, out of which:

581.98 131.62 800.50 180.84 -27.30 -27.22

Total Equities 466.58 105.50 746.87 168.73 -37.53 -37.47

Total Bonds 83.65 18.94 15.50 3.49 439.68 442.69

2. Trading value on the BVB’s Regulated Spot Market for September 2015, compared YoY

Total trading value September 2015

Total trading value September 2014

YoY % Change

RON mil. EUR mil. RON mil. EUR mil. RON

BVB Regulated Spot Market without offers:

581.88 131.60 979.06 221.92 -40.57

Equities 466.48 105.48 952.89 215.99 -51.05

Bonds 83.65 18.94 1.37 0.31 6,005.84

Unit funds, ETF 0.24 0.05 1.24 0.28 -80.65

Structured products 31.50 7.12 23.55 5.34 33.76

IPO, SPO and other market offers:

0.10 0.02 33.39 7.56 -99.70

Equities 0.10 0.02 33.39 7.56 -99.70

Bonds

Total Regulated Spot Market, out of which

581.98 131.62 1,012.45 229.48 -42.52

Total Equities 466.58 105.50 986.28 223.55 -52.69

Total Bonds 83.65 18.94 1.37 0.31 6,005.84

- BVB Monthly Report - AUGUST 2015 - 6 -

3. The value traded on the BVB’s Regulated Spot Market YTD

Total trading value YTD 2015

Total trading value YTD 2014

YTD % Change

RON mil. EUR mil. RON mil. EUR mil. RON

BVB Regulated Spot Market without offers:

6,757.77 1,521.53 7,971.25 1,793.44 -15.22

Equities 6,143.60 1,383.19 7,757.56 1,745.44 -20.80

Bonds 287.96 64.93 67.61 15.14 325.91

Unit funds, ETF 7.23 1.63 9.95 2.25 -27.34

Structured products 318.98 71.77 136.13 30.61 134.32

IPO, SPO and other market offers:

2,285.81 518.88 3,105.66 705.88 -26.40

Equities 0.71 0.16 2,305.66 524.71 -99.97

Bonds 2,285.10 518.72 800.00 181.16 185.64

Total Regulated Spot Market, out of which:

9,043.58 2,040.41 11,076.91 2,499.32 -18.36

Total Equities 6,144.31 1,383.35 10,063.22 2,270.15 -38.94

Total Bonds 2,573.06 583.65 867.61 196.30 196.57

4. The average daily value on the BVB’s Regulated Spot Market for September 2015 compared with

August 2015

Average daily value September 2015

Average daily value August 2015

% Change

RON mil. EUR mil. RON mil. EUR mil. RON EUR

BVB Regulated Spot Market without offers:

Equities 21.20 4.79 35.57 8.03 -40.40 -40.35

Bonds 3.80 0.86 0.74 0.17 413.51 405.88

Unit funds, ETF 0.01 0.00 0.06 0.01 -83.33 -100.00

Structured products 1.43 0.32 1.75 0.40 -18.29 -20.00

IPO, SPO and other market offers:

Equities 0.00 0.00

Bonds

ADV / type of financial instruments

ADV / Equities (with offers)

21.21 4.80 35.57 8.03 -40.37 -40.22

ADV / Bonds (with offers)

3.80 0.86 0.74 0.17 413.51 405.88

- BVB Monthly Report - AUGUST 2015 - 7 -

5. The average daily value on the BVB’s Regulated Spot Market YoY

Average daily value September 2015

Average daily value September 2014

YoY % Change

RON mil. EUR mil. RON mil. EUR mil. RON

BVB Regulated Spot Market without offers:

Equities 21.20 4.79 43.31 9.82 -51.05

Bonds 3.80 0.86 0.06 0.01 6,233.33

Unit funds, ETF 0.01 0.00 0.06 0.01 -83.33

Structured products 1.43 0.32 1.07 0.24 33.64

IPO, SPO and other market offers:

Equities 0.00 0.00 1.52 0.34 -100.00

Bonds

ADV / type of financial instruments

ADV / Equities (with offers)

21.21 4.80 44.83 10.16 -52.69

ADV / Bonds (with offers)

3.80 0.86 0.06 0.01 6,233.33

6. The average daily value YTD on the BVB’s Regulated Spot Market

Average daily value YTD 2015

Average daily value YTD 2014

YTD % Change

RON mil. EUR mil. RON mil. EUR mil. RON

BVB Regulated Spot Market without offers:

Equities 32.33 7.28 41.05 9.24 -21.24

Bonds 1.52 0.34 0.36 0.08 322.22

Unit funds, ETF 0.04 0.01 0.05 0.01 -20.00

Structured products 1.68 0.38 0.72 0.16 133.33

IPO, SPO and other market offers:

Equities 0.00 0.00 12.20 2.78 -100.00

Bonds 12.03 2.73 4.23 0.96 184.40

ADV / type of financial instruments

ADV / Equities (with offers)

32.34 7.28 53.24 12.01 -39.26

ADV / Bonds (with offers)

13.54 3.07 4.59 1.04 194.99

- BVB Monthly Report - AUGUST 2015 - 8 -

7. The evolution of main indices

Indice Value

(9/30/2015) % Change in

September 2015 % YTD

Index values September 2015

RON EUR RON EUR RON EUR minimum maximum

BET 6,981.62 5,496.40 -0.23 0.12 -1.43 0.03 6,966.38 7,212.92

BET-TR 7,952.19 8,089.52 -0.35 0.00 2.81 4.33 7,941.39 8,215.66

BETPlus 1,029.68 1,023.19 -0.24 0.11 -1.73 -0.28 1,027.16 1,061.31

BET-FI 30,536.70 14,973.77 1.12 1.47 0.84 2.33 29,873.96 30,678.43

BET-XT 639.36 500.20 -0.15 0.20 0.17 1.66 636.90 656.08

BET-XT-TR 749.78 752.36 -0.22 0.13 747.24 769.36

BET-NG 631.85 494.55 -3.76 -3.42 -10.38 -9.04 631.85 653.93

ROTX 13,546.22 -0.68 3.53 13,546.22 14,048.31

8. Market Indicators

RON mil. EUR mil.

Market capitalization (regulated market) 140,567.58 31,826.38

Market capitalization (domestic market) 77,878.37 17,632.70

Turnover velocity (regulated market) 3.98 3.98

Turnover velocity (domestic market) 7.09 7.08

PER 11.88

P/BV 0.89

DIVY 5.27

- BVB Monthly Report - AUGUST 2015 - 9 -

B. Specific Market Indicators

1. Trading value and market capitalization by activity sector

Sector Trading value

(RON mil.)

Market capitalization

(RON mil.) PER P/BV DIVY

FINANCIAL AND INSURANCE ACTIVITIES 322.19 76,237.25 22.51 1.17 3.56

MINING AND QUARRYING 64.80 30,625.68 9.40 0.85 6.04

MANUFACTURING 6.55 7,114.96 11.35 1.02 5.60

PROFESSIONAL, SCIENTIFIC AND TECHNICAL ACTIVITIES

40.75 4,075.17 6.12

ELECTRICITY, GAS, STEAM AND AIR CONDITIONING SUPPLY

8.65 4,021.89 8.19 0.39 7.35

TRANSPORTATION AND STORAGE 23.16 3,782.31 6.73 0.83 8.19

CONSTRUCTION 0.33 376.16 62.99 0.75 0.30

WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

0.09 229.73 17.50 1.00 9.39

ACCOMMODATION AND FOOD SERVICE ACTIVITIES

0.05 197.49 19.13 0.40 2.28

Other 0.01 13,906.91

Note: - PER is calculated based on market capitalization of companies which recorded profit - P/BV and DIVY are computed for domestic companies

2. Top 5 listed shares by turnover - September 2015

Symbol Security name Turnover

for the month (RON mil.)

Turnover for the month

(EUR mil.)

Weight in total turnover shares

(%)

FP FONDUL PROPRIETATEA 100.76 22.79 21.59

BRD BRD - GROUPE SOCIETE GENERALE S.A. 74.76 16.91 16.02

TLV BANCA TRANSILVANIA S.A. 68.36 15.45 14.65

SNG S.N.G.N. ROMGAZ S.A. 57.73 13.05 12.37

SIF1 SIF BANAT CRISANA S.A. 49.89 11.29 10.69

- BVB Monthly Report - AUGUST 2015 - 10 -

3. Top 5 listed shares with highest return - September 2015

Symbol Security name End of period

return (%)

YTD (%) Low price

(RON)

High price

(RON)

Last price

(RON)

SNO SANTIERUL NAVAL ORSOVA S.A. 23.43 12.85 2.5240 3.1600 3.1600

ELJ ELECTROAPARATAJ S.A. 18.55 -20.93 0.1000 0.1265 0.1265

OLT OLTCHIM S.A. RM. VALCEA 14.98 14.98 0.3070 0.3070 0.3530

TRP TERAPLAST SA 13.52 161.51 0.5000 0.6180 0.5960

ART TMK - ARTROM S.A. 11.00 30.58 2.9000 3.3300 3.3300

4. Top 5 listed shares by market capitalization (9/30/2015)

Symbol Security name Market capitalization P/BV

(RON) PER

(RON) DIVY

(RON) RON mil. EUR mil. % RON

EBS Erste Group Bank AG 48,782.30 11,044.97 34.70

SNP OMV PETROM S.A. 18,975.78 4,296.37 13.50 0.72 10.33 3.34

NEP NEW EUROPE PROPERTY INVESTMENTS PLC. - ISLE OF MAN

13,906.91 3,148.71 9.89

SNG S.N.G.N. ROMGAZ S.A. 11,562.67 2,617.94 8.23 1.19 8.20 10.50

FP FONDUL PROPRIETATEA 8,842.80 2,002.13 6.29 0.95 28.07 6.09

5. Top 5 structured products by turnover - September 2015

Symbol Security name Turnover

for the month (RON mil.)

Turnover for the month

(EUR mil.)

Weight in total turnover

structured products (%)

EBDAXTL37 EB DAX TURBO LONG 0.01/8790/9040 10.86 2.46 34.48

BKDOWTS17 BRK DOW TURBO SHORT 18150 3.14 0.71 9.96

EBDAXTS47 EB DAX TURBO SHORT 0.01/11230/10980 1.91 0.43 6.06

EBTLVTL4 EB TLV TURBO LONG 11.5999995/1.7859/1.8290

1.67 0.38 5.30

EBDAXTS45 EB DAX TURBO SHORT 0.01/12325/12075 1.32 0.30 4.20

- BVB Monthly Report - AUGUST 2015 - 11 -

6. Top 5 bonds products by turnover - September 2015

Symbol Security name Turnover

for the month (RON thous.)

Turnover for the month (EUR thous.)

Weight in total turnover Bonds

(%)

B1608A MINISTERUL FINANTELOR PUBLICE 36,193.50 8,201.94 43.27

B2304A MINISTERUL FINANTELOR PUBLICE 23,571.70 5,338.16 28.18

B2502A MINISTERUL FINANTELOR PUBLICE 19,426.12 4,399.33 23.22

RBRO16 RAIFFEISEN BANK OBLIGATIUNI 4,143.85 933.51 4.95

ORV27 PRIMARIA ORASULUI ORAVITA 132.64 30.00 0.16

7. Unit funds (including ETF) by turnover - September 2015

Symbol Security name Turnover

for the month (RON thous.)

Turnover for the month (EUR thous.)

Weight in total turnover Unit

funds, ETF (%)

TVBETETF FOND DESCHIS DE INVESTITII ETF TRADEVILLE

179.06 40.49 73.76

STK STK EMERGENT 61.25 13.84 25.23

IFG iFond Gold 2.46 0.56 1.01

8. IPO, SPO and other market offers - September 2015

Symbol Security name Instrument

type Type of offer

Turnover (RON mil.)

FP FONDUL PROPRIETATEA Shares Special selling 0.00

SIF3 SIF TRANSILVANIA S.A. Shares Special selling 0.10

9. New listings for September 2015

- BVB Monthly Report - AUGUST 2015 - 12 -

Symbol Security name Instrument type Listing Date

EBDAXTS46 EB DAX TURBO SHORT 0.01/11745/11495 Structured 9/3/2015

EBWTITS26 EB WTI TURBO SHORT 0.10/53.65/51.15 Structured 9/3/2015

EBWTITL22 EB WTI TURBO LONG 0.10/30.40/32.90 Structured 9/3/2015

BKDOWTL21 BRK DOW TURBO LONG 15450 Structured 9/15/2015

BKDOWTL20 BRK DOW TURBO LONG 15000 Structured 9/15/2015

BKDOWTS19 BRK DOW TURBO SHORT 17700 Structured 9/15/2015

BKDOWTS18 BRK DOW TURBO SHORT 17200 Structured 9/15/2015

EBEUSDTL8 EB EUR/USD TURBO LONG 10/1.0750/1.0800 Structured 9/21/2015

EBSPTS23 EB S&P 500 TURBO SHORT 0.01/2197.85/2147.85 Structured 9/21/2015

EBDAXTS47 EB DAX TURBO SHORT 0.01/11230/10980 Structured 9/21/2015

EBFPTL15 EB FP TURBO LONG 10/0.68/0.71 Structured 9/21/2015

EBDBKTL4 EB DBK TURBO LONG 0.10/21.50/23.50 Structured 9/21/2015

EBSPTL26 EB S&P 500 TURBO LONG 0.01/1750/1800 Structured 9/21/2015

EBDAXTL42 EB DAX TURBO LONG 0.01/9235/9485 Structured 9/21/2015

EBEUSDTS6 EB EUR/USD TURBO SHORT 10/1,250/1,200 Structured 9/21/2015

EBDBKTS3 EB DBK TURBO SHORT 0.10/33.00/31.00 Structured 9/21/2015

EBSPTL25 EB S&P 500 TURBO LONG 0.01/1650/1700 Structured 9/21/2015

BKAURTL2 BRK AUR TUTBO LONG 1050 Structured 9/24/2015

BKAURTS2 BRK AUR TURBO SHORT 1270 Structured 9/24/2015

Methodological notes

- BVB Monthly Report - AUGUST 2015 - 13 -

Section A. Summary of Main Indicators

1. The total value traded is single counted.

2. The total value traded expressed in EUR is calculated considering the daily EUR value, based on the currency

rate available for each trading session.

3. Equities includes shares and rights.

4. Bonds includes all types of bonds available for trading at BVB (municipal, corporate, government securities).

Section B. Specific Market Indicators

1. Trading value displayed in this section for a financial instrument includes the turnover registered in all market

in which the respective financial instruments is traded. Bucharest Stock Exchange undertakes all the reasonable efforts to ensure that data included in this document was correct

at the time of publication. However, Bucharest Stock Exchange shall not be responsible or liable for decisions taken or

system-related or other activity performed by any part based on this report.