Romania Market Daily

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1 Romania Market Daily FX, Money & Fixed Income Market Capital Market NBR BRD BRD (EUR) MarCap RON,m EUR,m Turnover RON,m EUR,m Oct Buy Sell Buy Sell BSE 74, , BSE EUR RASDAQ 10, , RASDAQ USD BONDS GBP ` CHF BSE Indices Last %Day y-t-d EURRON HUF BET 4, % % USDRON 17,500 6,000 PLN BET-C 2, % % 5,500 SEK Oct 13-Oct 14-Oct 17-Oct 18-Oct BET-FI 15, % % 16,500 5,000 BET-XT % % BET-NG % % 4,500 ROTX 8, % % 15,500 4,000 % ROBOR EURIBOR LIBOR Interest rate swap quotations ask (%) 12-Oct 13-Oct 14-Oct 17-Oct 18-Oct RON EUR USD EUR USD EUR USD EUR BET BET-FI O/N Y Y Top 5 BSE Most Traded 1W Y Y Ticker Last %Day Turnover (RON,m) %Tot Turnover 1M Y Y FP % % 3M Y Y EBS % % 6M Y Y SIF % % 12M Y Y SIF % % SIF % % Romanian benchmark government securities BRD depo rates** ISIN Code Security Maturity Ask Yield (%) RON bid ask World Indices Last %Day y-t-d Commodities Last Date NBR BRD* O/N 4.65% 5.15% WIG 39, % 03% % 11% Gold($/troy ounce) 1, RO1112CTN0T9 6M T-bill Apr W 5.10% 5.60% PX % % Silver($/troy ounce) RO1112CTN0Q5 12M T-bill Sep M 5.50% 6.00% BUX 17, % % Platinum($/troy ounce) 1, RO1114DBN011 3Y T-bond Oct M 5.70% 6.20% CAC 40 3, % % Palladium($/troy ounce) RO1116DBN024 5Y T-bond Apr M 6.00% 6.75% DJIA 11, % 0.00% Dated Brent RO1121DBN032 10Y T-bond Jun M 6.10% 6.85% S&P 500 1, % -2.57% WTI Cushing FTSE 100 5, % -8.30% Prim Alum(LME 3M /USD 2, * BRD contribution to fixing DAX 5, % % Copper(LME 3M /USD/t) 7, **The data in this bulletin are strictly informative. For exact quotations, transactions and other information, Nikkei 25 8, % % Lead(LME 3M /USD/t) 1, please contact Financial Market Division M T-BILL DJ Euro Stoxx 50 2, % % Zinc(LME 3M /USD/t) 1, Comment Germany's comments that there would be no quick solution to the crisis and lower GDP growth in China affected CEE currencies yesterday, which lost against the EUR. PLN eased by 1% d/d, HUF lost 0.6% d/d, while RON also approached new lows at (-0.6% d/d).for today, we see RON between and O/N rates around 5.3%. Comment BET declined 0.48% d/d, while BET-FI dropped by 2.03% d/d, in line with other European markets. Daily turnover remained low up to RON 14.3m (+4.4% d/d). Yesterday European markets closed on red, while Americans indices succeded to end the day on positive after an undecided start. Key Stories Franklin Templeton, FP s fund manager, calls FP s shareholders for an Extraordinary and Ordinary GM Expected Impact Neutral

2 Romania Market Daily Detailed Corporate Stories Franklin Templeton, FP s fund manager, calls FP s shareholders for an Extraordinary and Ordinary GM (by Carmen Lipara) Name Fondul Proprietatea BSE Ticker FP Bloomberg Code FP RO Sector Financials Last Closing Recommendation Buy TP 0.66 EPS'10 (RON) P/E' Latest EPS(RON) Latest P/E Franklin Templeton, Fondul Proprietatea (FP) s fund manager, called FP s shareholders of record as of November 8, 2011 (transaction date) for an Extraordinary and Ordinary General Meeting on November 23, The main items on EGM are related to changes of constitutive act, among which we state the most significant ones: one share will represent one voting right as Ministry Finance stake went below 33%; FP share capital reduction by RON m up to RON bn (out of which paid share capital of RON bn), following the cancellation of the shares bought back by the fund. The main items on Ordinary GM agenda are: the approval of the financial auditor, Deloitte Audit for a maximum of 12 months; the approval of revenues and expenses budget for The proposed registration date is December 15, The news should have a neutral impact on fund s share, but investors might be disappointed that their expectations of discussion related to listing on another stock exchange haven t met. Please read the terms and conditions at the end of the report.

3 Romania Market Daily Events for week 17 Oct - 21 Oct Macroeconomic Data Indicator No data announced for this week Reference Period Announcement Date Previous Value New Value Obs BSE Events Company Name Ticker Type of event Date of event Transelectrica TEL Resume trading - Ordinary General Meeting of Shareholders Resolutions 17-Oct

4 Romania Market Daily BSE market Company BSE Ticker Bloomberg CODE Sector Closing (RON) Gross Mcap (m) Turnover (m) Price Performance (%) EPS BVPS P/E P/Bv DivYield DPS RON EUR RON EUR 1Day 1M ytd yoy 2010 Latest* 2010 Latest* Latest 2010 Latest 2010 BRD-GSG BRD BRD RO Banking % Banca Transilvania TLV TLV RO Banking na Banca Comerciala Carpatica BCC BCC RO Banking na na na Fondul Proprietatea FP FP RO Financials na na % Petrom SNP SNP RO Oil&gas % Transelectrica TEL TEL RO Utilities % Transgaz TGN TGN RO Utilities na Impact IMP IMP RO Real-estate nm na na Antibiotice ATB ATB RO Pharma na Biofarm BIO BIO RO Pharma % Remedia RMAH RMAH RO Pharma distributor % Ropharma RPH RPH RO Pharma distributor na Alro ALR ALR RO Aluminium producer % SIF Banat Crisana SIF1 SIF1 RO Financials % SIF Moldova SIF2 SIF2 RO Financials % SIF Transilvania SIF3 SIF3 RO Financials % SIF Muntenia SIF4 SIF4 RO Financials % SIF Oltenia SIF5 SIF5 RO Financials % Dafora DAFR DAFR RO Drilling and civil engineering na Construction of gas, oil, crude Condmag COMI COMI RO oil pipelines na Rasdaq market Company BSE Ticker Bloomberg CODE Sector Closing (RON) Gross Mcap (m) Turnover (m) Price Performance (%) EPS BVPS P/E P/Bv DivYield DPS RON EUR RON EUR 1Day 1M ytd yoy 2010 Latest* 2010 Latest* Latest 2010 Latest 2010 Albalact ALBZ ALBZ RO Diary producer na na Geological and Geophysical Prospectiuni PRSN PRSN RO services na na na na Imotrust ARCV ARCV RO Real-estate na na na Iproeb IPRU IPRU RO Wire producer % Equipment producer related to Armax Gaz ARAX ARAX RO oil&gas industry nav na Argus UARG UARG RO Crude oil and fats nt nt % Ceramica Iasi CERE CERE RO Construction materials producer na na na Conpet Ploiesti COTE COTE RO Transport services via pipelines % Comnord COSC COSC RO Civil and industrial construction nt nt na na na Electromagnetica ELMA ELMA RO Instruments and appliances for measuring na na % * Based on Q1'11 RAS preliminary financial results or latest financial results available, except for SNP (IFRS)

5 Romania Market Daily BRD-GSG - Research Reports

6 Romania Market Daily BRD-GSG - Research research@brd.ro Florian LIBOCOR Chief Economist florian.libocor@brd.ro Head of Research Carmen LIPARĂ Head of Financial Markets Research carmen.lipara@brd.ro Monica CROITORU Economist monica.croitoru@brd.ro Laura SIMION,CFA Equity Analyst laura.simion@brd.ro Răzvan PANŢURU Junior Analyst razvan.panturu@brd.ro Disclaimer. This publication is issued in Romania by or through BRD Groupe Société Générale (BRD - GSG), which is regulated by the Romanian Securities and Exchange Commission and National Bank of Romania. The information herein is not intended to be an offer to buy or sell, or a solicitation of an offer to buy or sell any securities. Investments in emerging markets can involve significant risks, such as uncertainty of dividends, of benefits or of profits, market, foreign exchange, legal, credit, tax and other risks and are not suitable for all investors. The information contained herein, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable, but is not guaranteed as to accuracy or completeness although BRD - GSG believes it to be accurate, clear, fair and not misleading at the time of publication. BRD - GSG, and its affiliated companies, may from time to time to deal in, profit from the trading of, hold or act as market-makers or act as advisers, brokers or in relation to the securities, or derivatives thereof, of persons, firms or entities mentioned in this document or be represented on the board of such persons, firms or entities. Employees of BRD - GSG, and its affiliated companies, or individuals connected to them, may from time to time have a positioning or be to holding any of the investments or related investments mentioned in this document. BRD - GSG, and its affiliated companies, are under no obligation to disclose or take account of this document when advising or dealing with or for their customers and may have acted upon or made use of the information in this document prior to its publication. The views of BRD -GSG reflected in this document may change without notice. To the maximum extent possible at law, BRD - GSG does not accept any liability whatsoever arising from the use of the material or information contained herein. This research document is not intended for use by/or targeted to private customers. In case customers obtain a copy of this report, they should not base their investment decisions solely on this document, but must search for independent financial advice. Important notice: The circumstances in which materials provided by BRD - GSG have been produced are in such manner (for example because of reporting or remuneration structures or the physical location of the author of the material) that it is not appropriate to characterise it the materials as independent investment research as referred to in European MIFID directive and that it should be treated as a marketing material even if it contains a research recommendation. However, it must be made clear that all publications issued by BRD GSG will be accurate, clear, fair, and not misleading. This publication is also not subject to any prohibition or dealing ahead of the dissemination of investment research. Analyst Certification: Each author of this research report hereby certifies that (i) the views expressed in the research report accurately reflect his or her personal views about any and all of the subject securities or issuers and (ii) no part of his or her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report. Copyright BRD-Groupe Societe Generale All rights reserved. Nobody can reproduce, redistribute or pass on to any other person or publish in whole or in part for any purpose this publication.

Romania Market Daily

Romania Market Daily 4/5/2012 FX, Money & Fixed Income Market Capital Market NBR BRD BRD (EUR) 3.5 MarCap RON,m EUR,m Turnover RON,m EUR,m 5-Apr Buy Sell Buy Sell BSE 86,627.70 19,804.24 BSE 8.33 1.91