SUMMARY ANNUAL REPORT

Transcription

1 INVESTORS COMPENSATION FUND 2012 SUMMARY ANNUAL REPORT

2 1 Contents 1. About the Fund 3 2. Fund s activity in Fund s management Share capital and shareholders Members Investors Investment eligible for compensation (IC) Investors average portfolio Financial resources as of december 31, Initial contributions Annual contributions The evolution of initial and annual contributions between Investment of the financial resources Financial statements for Annex no. 1 - Shareholders 17 Annex no. 2 - Members 19 Annex no. 3 Method of calculation of the annual contributions 20 Annex no. 4 Organizational Chart 21 Annex no. 5 Balance Sheet 22 Annex no. 6 Profit ans loss account 23 Contact information 24

3 2 ABBREVIATIONS: BET Bucharest Exchange Trading Index BET-C Bucharest Exchange Trading Composite Index BET-FI Bucharest Exchange Trading Investment Funds Index C.N.V.M. Romanian National Securities Commission IC Investment eligible to compensation IMC Average investment eligible to compensation SAI Asset Management Company SSIF Financial Investment Services Company

4 About the Fund 3 1. About the Fund The Investors Compensation Fund is a legal person established as a joint-stock company according to its articles of incorporation, preliminary approved by the Romanian National Securities Commission (Comisia Nationala a Valorilor Mobiliare - C.N.V.M.) MISSION The Investors Compensation Fund mission is to manage a solid compensation scheme aimed at contributing to the increase of investors trust and participation to the Romanian capital market. VALUES Responsibility towards the investors and protection of their interests Strong cooperation with the members of the Fund, the regulatory authority and the financial institutions Confidentiality of information received from the members of the Fund 2.1 FUND S SCOPE In Romania, the Fund was set up in June 2005, with the purpose of paying compensation to investors in case a member of the Fund fails to return the money and/or the financial instruments owed by or belonging to investors, which have been held on their behalf for providing investment services or managing individual investment portfolios. Since the creation of the Fund, there have been no compensation situations. 2.2 LEGAL FRAMEWORK The regulatory authority of the Fund is the Romanian National Securities Commission. The Fund carries out its activity according to: The provisions of its articles of incorporation authorized by C.N.V.M; Law no.31/1990 on trade companies, republished, with further modifications and completions; The Capital Market Law no. 297/2004, with further modifications and completions; The Regulation no.3/2006 regarding the authorization, organization and functioning of the Investors Compensation Fund, issued by C.N.V.M., with further modifications and completions; The Procedures of the Fund; The accounting law no. 82/1991; The Romanian legal framework into force; Directive 97/9/EC on investor compensation schemes; Directive 2004/39/EC on markets in financial instruments (MiFID). 2.3 COMPENSATION LIMIT The Fund compensates the investors equally and nondiscriminatory up to a compensation limit specified in the Directive 97/9/EC on investor compensation schemes, representing the lei equivalent of EUR 20,000 for each investor.

5 About the Fund 4 The Board s Statement 2012 represented the 8th year of the Investors Compensation Fund (FCI) existence. Since its creation in 2005, the securities market slowly adapted to European standards, reaching, after a transition period, the minimum compensation limit imposed by the 97/9/EC Directive concerning investor compensation schemes, of EUR. In Romania, cash funds and financial instruments of eligible investors are covered 100%, within the compensation limit. The resources accumulated by the Fund over the years reached a level of lei ( EUR) in 2012 and were based on members contributions. This level offers a coverage level of 1.33% of the total investment eligible for compensation stated by the members: financial services companies, credit institutions and asset management The Investors Compensation Fund has the clear mission of managing a solid compensation scheme, aimed at contributing to the increase of investor s trust and participation to the Romanian capital market companies. The Fund collected in 2012 contributions of lei, representing almost 11% of the total reserves for compensation. The resources are being invested according to the National legislation regulation, in government bonds and treasory bills in the primary and secondary markets, deposits with negotiated interest, savings accounts and overnight deposits, with an average yield of 6.37%. Taking into account the current discussion at the level of the E.U. institutions of raising the minimum mandatory compensation limit, the Fund will continue accumulating resources and will make sure to solve any compensation situation by all possible means, thus contributing to the trust development in the securities market. The Board of the Investors Compensation Fund

6 Fund s activity in Fund s activity in 2012 In 2012, the Fund collected annual contribution with a total amount of lei, representing approximately 11% of the total annual contributions collected between 2005 and Compared to the previous year, the total amount of collected contribution increased by 12%. The Fund s activity in 2012 has been directed according to the objectives approved in the Board of Governors Report from 2011: I. Increasing the compensation capacity; II. Maintaining cooperation at an international level; III. Keeping the Fund s resources safe in the current economic context; IV. Modifying and developing the secondary legal framework applicable to the Fund in order to harmonize its activities with the Fund s needs. I. INCREASING THE COMPENSATION CAPACITY One of the Fund s objectives is to increase its compensation capacity in order to accomplish the Fund s mission to manage a solid compensation scheme aimed at increasing the investors trust and participation to the Romanian capital market. In this respect, the Fund observes the evolution of the following indicators: Coverage index of the Fund s exposure Coverage level of the investment eligible to compensation Coverage level of the cash funds TABLE NO. 1 EVOLUTION OF THE INDICATORS MEASURING THE COMPENSATION CAPACITY IN DEC-09 DEC-10 DEC-11 DEC-12 Fund s resources (thousands lei) Investment eligible to compensation-ic (thousands lei) No. members Coverage index of the Fund s exposure 1,09% 1,16% 1,25% 1,33% Coverage level of investment eligible to compensation 79,17% 75,90% 75,64% 77,78% Coverage level of cash funds 96,88% 98,80% 96,15% 97,22%

7 Fund s activity in The coverage index of the Fund s exposure (CI) Is given by the ratio between the Fund s resources and the total amount of the investments eligible to compensation: Fig. 1. Coverage Index of the Fund s exposure (IA) CI = Fund s resources Total amount of investments to compensate 100 1,31% 1,09% 1,16% 1,25% 1,33% The coverage index of the Fund s exposure (CI) for 2012 is 1.33%, and as Fig. 1 indicates, there is an increase in the Fund s capacity to compensate the investments, relative to the preceding years. The increase is due to a faster growth of the resources (12%) compared to the growth rate of the investments eligible to compensation of 5%. 0,23% 0,45% Coverage level of the investment eligible to compensation (C-Inv) Determines the number of the members that the Fund could compensate individually. Comparing the Fund s resources of lei, with the total investments eligible to compensation (monies and financial instruments) we observe that, as in the previous year, the Fund cannot compensate 16 members with investments between lei and lei. At the end of 2012, the Fund could compensate 77,78% of the total members, those members having investments eligible to compensation under the level of the resources of the Fund. C Inv = The number of members for which the investment eligible to compensation is smaller or equal to the available resources Total number of members 100 Coverage level of the cash funds (C-CF) Is calculated to analyze in detail the situation of the investments to compensate reported by the members, highlighting cash funds capacity to compensate. The coverage level of the investment to compensate and the coverage level of the cash funds are calculated assuming the appearance of a single case of compensation in a year. If we take into consideration only cash funds, the Fund can compensate the cash funds of 70 members of a total of 72, with the total amount under the level of the Fund s resources. C CF = The number of members for which cash funds are smallerl or equal to the Fund s resources 100 Total number of members

8 Fund s activity in FUND S MANAGEMENT The Fund administration is entrusted to a Board of Governors, elected by the General Meeting of Shareholders for a term of four years. The Board is composed of 5 members, legal entities authorized and supervised by The National Securities Commission (C.N.V.M.), shareholders of the Fund. In 2012, the Board of Governors was comprised of the following: Chairman of the Board: S.C. ESTINVEST S.A. - Mr. Petrica Tudoran Members: S.C DELTA VALORI MOBILIARE S.A. - Mrs. Monica Ploscaru, member until 28 May 2012 S.C NBG SECURITIES ROMANIA S.A. - Mrs. Viorica Nagy S.C FORTIUS FINANCE S.A. - Mrs. Roxana Dragan S.C ELDAINVEST S.A. - Mr. Laurentiu Anton Bibicu Capcanaru Executive Director - Mr. Fanel Chirtu 2.2 SHARE CAPITAL AND SHAREHOLDERS The Investors Compensation Fund had, in the set-up year, 73 founding shareholders: 60 financial investment services companies, 10 asset management companies, a credit institution intermediary, as well as the Bucharest Stock Exchange and RASDAQ. The initial Share capital of the company was lei. The number of shareholders decreased at the end of 2012 to a number of 63 shareholders, compared to the end of 2011, when the Fund had 69 shareholders, following a transfer of shares. In 2012 there were no changes in the Share capital of the Investors Compensation Fund, having the same value as at the previous year, of lei, corresponding to a total of shares with a nominal value of 10 lei. According to the legal regulations, the Fund s shareholders are the intermediaries and asset management companies that have as object of activity the management of individual investment portfolios. They may be shareholders of the Fund and market operators, the Central Depository and other entities regulated and supervised by C.N.V.M. The ownership structure as of December 31, 2012 is presented in Annex MEMBERS All intermediaries authorized to provide financial investment services (investment services companies and credit institutions) and asset management companies that manage investment portfolios, must be members of the Fund. The number of members decreased in 2012 to 72, compared to the value of 2011, of 78. Of the total, 46 members were brokerage companies, 12 credit institutions and 14 asset management companies. The decrease was due to the withdraw of 6 brokerage companies (W.B.S. Romania S.A., Delta Valori Mobiliare S.A., STK Trading S.A., Valahia Capital S.A., Egnatia Invest S.A., City Invest S.A.). In 2012 the Fund has not recorded any new member.

9 Fund s activity in Fig. 2. Evolution of the number of members SSIF IC SAI INVESTORS The total number of investors in 2012, without taking into account if one investor uses the services of one or more investment companies, was of Compared to 2011, when there were investors, we can observe a decrease of approximately 8%. The following tables present the evolution of the number of investors, according to the category they are part of (with eligible monies and financial instruments below the limit, above the limit or excluded from compensation): TABLE NO. 2 EVOLUTION OF THE NUMBER OF INVESTORS CATEGORIES DEC-09 DEC-10 DEC-11 DEC-12 % CHANGE Compensation limit (EUR) Investors eligible for full compensation % Investors eligible for compensation within the % compensation limit Investors excluded from compensation % Total no. of investor % TABLE NO. 3 QUARTERLY EVOLUTION OF THE NUMBER OF INVESTORS IN 2012 CATEGORII INVESTITORI MARTIE IUNIE SEPT. DEC. Investors eligible for full compensation Investors eligible for compensation within the compensation limit Investors excluded from compensation Total no. of investors

10 Fund s activity in Regarding the classification on types of investors, taking into account the compensation limit for 2012 of EUR, as it is presented in table no. 2, there have been: 6.051, 7,45% 1.353, 1,67% Investors eligible for full compensation investors eligible to full compensation investors eligible to compensation within the compensation limit investors excluded from compensation , 90,88% Investors eligible for compensation within the compensation limit Investors excluded from compensation Fig. 3. Investors classification according to the compensation limit and eligibility Fig. 4 Quarterly evolution of the no. of investors dec dec Investors eligible for full compensation Investors eligible for compensation within the compensation limit Investors excluded from compensation Total no. of investors The table below presents the number of investors classified on categories of members and types of investors. We can observe that the highest weight of investors eligible for full compensation, of 93%, was represented by investors using brokerage firms and, at the opposite side, with a weight of 0.02%, investor using the services of asset management companies. TABLE NO. 4 INVESTORS CLASSIFICATION ON CATEGORIES OF MEMBERS AS OF 2012 MEMBERS Member Investors eligible to full compensation Investors eligible to compensation within the limit Fin. Services Companies Credit institutions Inv. Manag. Companies Total Total

11 Fund s activity in INVESTMENT ELIGIBLE FOR COMPENSATION (IC) The investment eligible for compensation consists of cash funds and financial instruments owned by eligible investors at each member of the Fund. Table no. 5 shows the values of the IC, as well as of its components, monies and financial instruments. There was an increase of approx. 9.4% at the beginning of 2012, followed by a comeback at the half of the year. Compared to the end of 2011, IC increased by 4.8%, mainly due to the increase in market capitalization. TABLE NO. 5 INVESTMENT ELIGIBLE FOR COMPENSATION IN 2012 (MIL. LEI) DATE INVESTMENT ELIGIBLE FOR COMPENSATION (IC) TOTAL CASH FUNDS FINANCIAL INSTRUMENTS CHANGE OF IC FROM THE PREVIOUR PERIOD Dec Mar % Jun % Sept % Dec % Fig. 3 - Quarterly evolution of Investment eligible for compensation (lei) Inv. eligible for compensation Cash funds Financial instruments 2.6 INVESTORS AVERAGE PORTFOLIO The value of the average portfolio depending on the category of investors is presented in Table no. 6. The limit for compensation is EUR. The portfolio of an investor eligible for full compensation (with investments under EUR) is the ratio between the sum of the investments eligible for compensation under the compensation limit and the total number of investors eligible to compensation within this compensation limit.

12 Fund s activity in The average portfolio of an investor eligible for compensation within the compensation limit (with investments over the compensation limit) is the ratio between the sum of investments eligible for compensation over the compensation limit and the total number of investors eligible to compensation within the compensation limit. The average portfolio of an investor excluded from compensation is the ratio between the sum of investments excluded from compensation and the total number of investors excluded. TABLE NO. 6 THE AVERAGE PORTFOLIO OF AN INVESTOR (EURO) AVERAGE PORTFOLIO/INVESTOR DEC 2009 DEC 2010 DEC 2011 DEC 2012 Compensation limit (euro) CHANGE 2011/2012 Investors eligible to full compensation Investors eligible to comp. within the comp. limit Investors excluded from compensation % % % Fig. no. 5 - The evolution of the average portfolio held by investors (EUR) Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Investors eligible to full comp. Investors excluded from comp. Investors eligible to comp. within the comp. limit In December 2012 the overall average portfolio for all categories of investors was of EUR, while the average portfolio for investors using investment services companies had the highest value of all category of members, of EUR (Table no. 7).

13 Fund s activity in TABLE NO. 7 AVERAGE PORTFOLIO OF AN INVESTOR ELIGIBLE FOR FULL COMPENSATION (EURO) AVERAGE PORTFOLIO/INVESTOR DEC 2009 DEC 2010 DEC 2011 DEC 2012 Compensation limit (euro) CHANGE 2011/2012 Fin. Services Companies % Credit institutions % Asset Manag. Companies % Average portfolio of an investor eligible for full compensation % Fig. no. 7 Average portfolio of investors eligible to full comp ,0 1678,0 1881,0 1914, Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec FINANCIAL RESOURCES AS OF DECEMBER 31, 2012 Under the National Securities Commission s Regulation no.3/2006 regarding the authorization, organization and functioning of the Investor Compensation Fund, as amended and supplemented, the Fund's financial resources may be composed of: Initial contributions; Annual contributions and/or special contributions; Income from investing the Fund s resources Short term loans; Donations, sponsorships, financial assistance; Other revenues, including penalties from delays. At the end of 2012, the Fund s resources for compensation amounted lei and were comprised by initial and annual contributions of members.

14 Fund s activity in Initial contributions In 2012 the Fund did not collect any new initial contributions. The total amount of initial contributions collected by the Fund during was lei, representing approx. 4.41% of the total contributions (initial and annual) collected since the implementation of the Fund SAI IC SSIF Fig. 8. The evolution of initial contributions in , by categories of members TABLE NO. 8 EVOLUTION OF INITIAL CONTRIBUTIONS PAID BY MEMBERS (LEI) CATEGORY OF MEMBERS TOTAL Fin. Inv. Services Companies Credit institutions Asset Manag. Companies Total initial contributions Annual contributions In 2012 the Fund collected annual contributions of lei, representing approximately 11% of the total annual contributions collected during The total value of contributions collected in 2012 increased by 12% from the previous period, due to a higher average investment to cover. Depending on the category of members, in 2012, the financial investment services companies paid together the largest contributions ( lei) collected in 2011, followed by credit institutions ( lei and asset management companies ( lei). Fig. 9. Evolution of annual contributions in , by categories of members SAI IC SSIF

15 Fund s activity in TABLE NO. 9 EVOLUTION OF ANNUAL CONTRIBUTIONS PAID BY MEMBERS (LEI) MEMBERS TOTAL Fin. Services Companies Credit institutions Inv. Manag. Companies Total annual contributions Regarding the annual contributions, the first 10 members of the Fund ranked in descending order of the annual contributions (7 financial services companies and 2 credit institutions) have paid more than 60% of the total contributions collected in 2012 from all the members. Considering the low level of Fund members incomes and high applicable percentage rate, a total of 33 members paid the annual contribution of 1000 EUR (13 financial services companies, 7 credit institutions and 13 asset management companies) The evolution of initial and annual contributions between The total amount of initial and annual contributions collected between 2005 and 2012 amounted, at the end of 2012 of lei (approximately EUR, calculated at an exchange rate of 4,4287 lei/eur as of Dec. 31, 2012), of which: lei financial services companies contributions; lei credit institutions contributions; lei asset management companies contributions. In terms of contributions by category of members the financial services companies had the largest contribution to Fund resources, representing approximately 82% (Fig. no. 10). Fig Contributions by members category (%) IC 14% SAI 4% SSIF 82% Investment of the financial resources According to the National Securities Commission s Regulation no.3/2006 regarding the authorization, organization and functioning of the Investor Compensation Fund, as amended and supplemented, the Fund may invest its financial resources in: bonds or other fixed income instruments fully guaranteed by the State; treasury bonds and other low risk assets issued by Member States and securities issued by their central banks;

16 Fund s activity in securities issued by the U.S. Treasury; bonds of local and central public administration with the principle of risk spreading; maximum 25% of the available resources in deposits at credit institutions, provided that the Fund s exposure for each credit institution must not exceed 10% of their volume. The Investment policy adopted by the Board of Directors provides that Fund s resources are invested according to the following principles: safety, aiming to reduce counterparty risk and systemic risk; liquidity, aiming to ensure liquidity for both the administration and operation, and to make payments in case of a compensation case; yield, aiming to obtain high interest rates in terms of market data. Regarding the average yield earned by the Fund in 2012, it was about 6.37%, above the estimate income of 5.89% from the income and expenses budget (Table no. 10). TABLE NO. 10 AVERAGE RESOURCES INVESTED AND AVERAGE ANNUAL RETURN ON TYPES OF INSTRUMENTS IN 2012 TYPE OF INVESTMENT AVERAGE RESOURCES INVESTED AVERAGE YIELD (%) (LEI) Treasury bonds ,08 Benchmark bonds ,95 Deposits ,74 Savings accounts ,75 Overnight investments ,73 Total ,37 Deposits 15,36% Benchmark bonds 18,48% Saving accounts 0,03% Overnight investments 0,13% Treasory bonds 66% In 2012, the Fund s resources were invested mostly in treasury bonds and Benchmark bonds, with weights of 66% and 18.48% respectively, 15.36% in negotiated deposits and 0.16% in savings accounts and overnight investment. (fig. no. 11) Fig. 11 Types of investments in 2012

17 Financial statements for Financial statements for 2012 The Fund s financial activity was analysed by the Board of Directors based on the statements presented by the executive management regarding the collection of contributions, the fund s resources investment and the method of realization of current expenses of the Fund. 3.1 BALANCE SHEET AS OF DECEMBER 31, 2012 At the end of 2012, the assets of the Fund were comprised primarily of short-term financial assets representing deposits at commercial banks (composed of initial contributions, annual contributions and partly share capital), government bonds on the primary and secondary market and savings deposits in banks. Liabilities consist of share capital and reserves representing contributions from initial and annual contributions collected from members of the Fund up to December 31, The balance sheet as of December 31, 2012 is presented in Annex no PROFIT AND LOSS ACCOUNT AS OF DECEMBER 31,2012 The profit and loss account was realized based on the accounting records of income and expenses. The revenues in 2012 consist of financial income, which represent interest income from investments, and other operating revenue which consist of late payments for the annual contributions. Expenses represent mostly expenses with salaries, rent and maintenance, services executed by third parties and other commercial obligations. The profit and loss account is presented in Annex no. 6. Petrica Tudoran Fanel Chirtu Chairman of the Board Executive Director

18 Annex no. 1 - Shareholders 17 Annex no. 1 - Shareholders THE FUND S SHAREHOLDERS AS OF DECEMBER 31, 2012 NR. CRT SHAREHOLDER NO. OF SHARES 1 ACTINVEST S.A ,44 2 ACTIVE INTERNATIONAL S.A ,87 3 ALPHA FINANCE ROMANIA S.A ,44 4 AVANTGARDE FINANCE S.A ,44 5 BRD - GROUPE SOCIETE GENERALE 150 0,44 6 BT SECURITIES S.A ,44 7 BURSA DE VALORI BUCURESTI S.A ,30 8 CARPATICA INVEST S.A ,44 9 CONFIDENT INVEST S.A ,44 10 DORINVEST S.A ,44 11 EASTERN SECURITIES S.A ,15 12 ELDAINVEST S.A ,44 13 EQUITY INVEST S.A ,44 14 ESTINVEST S.A ,26 15 EUROBANK SECURITIES S.A ,44 16 EUROSAVAM S.A ,44 17 FAIRWIND SECURITIES S.A ,44 18 FINACO SECURITIES S.A ,44 19 FORTIUS FINANCE S.A ,44 20 GM INVEST S.A ,44 21 GOLDRING S.A ,52 22 HARINVEST S.A ,44 23 IEBA TRUST S.A ,44 24 IFB FINWEST S.A ,52 25 ING BANK N.V. AMSTERDAM Sucursala Bucuresti 150 0,44 26 INTERCAPITAL INVEST S.A ,68 27 INTERDEALER CAPITAL INVEST S.A ,44 28 INTERFINBROK CORPORATION S.A ,44 29 INTERVAM S.A ,15 30 INVEST TRUST S.A ,44 31 MOBINVEST ORADEA S.A ,44 32 MUNTENIA GLOBAL INVEST S.A ,52 33 NBG SECURITIES ROMANIA S.A ,44 34 OLTENIA GRUP INVEST S.A ,44 %

19 Annex no. 1 - Shareholders PIRAEUS BANK ROMANIA S.A ,52 36 PRIME TRANSACTION S.A ,44 37 RAIFFEISEN CAPITAL&INVESTMENT S.A ,44 38 ROINVEST BUCOVINA S.A ,44 39 ROMAXA FINANCE S.A ,44 40 ROMBELL SECURITIES S.A ,52 41 ROMCAPITAL S.A ,44 42 ROMINTRADE S.A ,37 43 S.A.I. BT ASSET MANAGEMENT S.A ,44 44 S.A.I. CERTINVEST S.A ,57 45 S.A.I. ERSTE ASSET MANAGEMENT 150 0,44 46 S.A.I. GLOBINVEST S.A ,52 47 S.A.I. PIONEER ASSET MANAGEMENT S.A ,44 48 S.A.I. SIRA S.A ,44 49 S.A.I. STK FINANCIAL S.A ,44 50 S.A.I. SWISS CAPITAL ASSET MANAGEMENT S.A ,52 51 S.A.I. TARGET ASSET MANAGEMENT S.A ,44 52 S.A.I. VANGUARD ASSET MANAGEMENT S.A ,44 53 SSIF BROKER S.A ,68 54 SUPER GOLD INVEST S.A ,44 55 SWISS CAPITAL S.A ,26 56 TRADEVILLE S.A ,44 57 TRANSILVANIA CAPITAL S.A ,52 58 TREND S.A ,44 59 UNICAPITAL S.A ,44 60 UNICREDIT CAIB SECURITIES ROMANIA S.A ,44 61 VIENNA INVESTMENT TRUST S.A ,44 62 VOLTINVEST S.A ,44 63 WBS ROMANIA S.A ,37 TOTAL ,00

20 Annex no. 2 - Members 19 Annex no. 2 - Members FUND S MEMBERS AS OF DECEMBER 31, 2012 NR. CRT FINANCIAL SERVICES COMPANIES 1 ACTINVEST S.A. 2 ACTIVE INTERNATIONAL S.A. 3 ALPHA FINANCE ROMANIA S.A. 4 AVANTGARDE FINANCE 5 BT SECURITIES S.A. 6 CARPATICA INVEST S.A. 7 CONFIDENT INVEST S.A. 8 DORINVEST S.A. 9 EASTERN SECURITIES S.A. 10 EUROBANK SECURITIES S.A. 11 ELDAINVEST S.A. 12 EQUITY INVEST S.A. 13 ESTINVEST S.A. 14 EUROSAVAM S.A. 15 FAIRWIND SECURITIES S.A. 16 FINACO SECURITIES S.A. 17 FORTIUS FINANCE S.A. 18 GM INVEST S.A. 19 GOLDRING S.A. 20 HARINVEST S.A. 21 IEBA TRUST S.A. 22 IFB FINWEST S.A. 23 INTERCAPITAL INVEST S.A. 24 INTERDEALER CAPITAL INVEST S.A. 25 INTERFINBROK CORPORATION S.A. 26 INTERVAM S.A. 27 INVEST TRUST S.A. 28 MUNTENIA GLOBAL INVEST S.A. 29 NBG SECURITIES ROMANIA S.A. 30 OLTENIA GRUP INVEST S.A. 31 PRIME TRANSACTION S.A. 32 RAIFFEISEN CAPITAL&INVESTMENT S.A. 33 ROINVEST BUCOVINA S.A. 34 ROMBELL SECURITIES S.A. 35 ROMCAPITAL S.A. 36 ROMINTRADE S.A. 37 SIGI S.A. 38 SSIF BROKER S.A. 39 SUPER GOLD INVEST S.A. 40 SWISS CAPITAL S.A. 41 TRADEVILLE S.A. 42 TRANSILVANIA CAPITAL S.A. 43 UNICAPITAL S.A. 44 UNICREDIT CAIB SECURITIES ROMANIA S.A. 45 VIENNA INVESTMENT TRUST S.A. 46 VOLTINVEST S.A. NR. CREDIT INSTITUTIONS CRT 1 ALPHA BANK ROMANIA S.A. 2 BANCA ROMANEASCA S.A. 3 BANCPOST S.A. 4 BCR S.A. 5 BRD - GROUPE SOCIETE GENERALE 6 CREDIT EUROPE BANK (ROMANIA) S.A. 7 LIBRA BANK S.A. 8 OTP BANK ROMANIA S.A. 9 PIRAEUS BANK ROMANIA S.A. 10 RAIFFEISEN BANK S.A. 11 RBS BANK (ROMANIA) S.A. 12 UNICREDIT TIRIAC BANK S.A. NR. CRT ASSET MANAGEMENT COMPANIES 1 S.A.I. BT ASSET MANAGEMENT S.A. 2 S.A.I. CERTINVEST S.A. 3 S.A.I. ERSTE ASSET MANAGEMENT 4 S.A.I. GLOBINVEST S.A. 5 S.A.I. OTP ASSET MANAGEMENT S.A. 6 S.A.I. PIONEER ASSET MANAGEMENT S.A. 7 S.A.I. ATLASS ASSET MANAGEMENT SA 8 S.A.I. RAIFFEISEN ASSET MANAGEMENT S.A. 9 S.A.I. SIRA S.A. 10 S.A.I. ZEPTER S.A. 11 S.A.I. STAR ASSET MANAGEMENT S.A. 12 S.A.I. STK FINANCIAL S.A. 13 S.A.I. SWISS CAPITAL ASSET MANAGEMENT S.A. 14 S.A.I. ZEPTER S.A. NR. CRT 1 MEMBERS THAT DO NOT CONTRIBUTE TO THE FUND ING BANK N.V. AMSTERDAM SUCURSALA BUCURESTI Member of the Netherlands ICS

21 Annex no. 3 Method of calculation of the annual contributions 20 Annex no. 3 Method of calculation of the annual contributions Annual contributions paid by the members of the Fund are calculated by applying a percentage to the calculation base. The calculation base is the following: a) for members intermediaries is represented by the income from fees / charges associated with securities transactions, as well as income generated from custody and administration of financial instruments held by them; b) for members asset management companies is represented by the income from administration of individual investment portfolios, exclusive the income obtained from the administration of pension funds; c) for members branches of intermediaries and of asset management companies of member states and for members intermediaries from member states is represented by the income obtained in Romania from activities defined at a) and b). The value of annual contribution cannot be lower than EUR.

22 Annex no. 4 Organizational Chart 21 Annex no. 4 Organizational Chart General Meeting of Shareholders Board of Governors Internal Audit Executive Director Legal Department Economic Department Network administration Department Members, compensation and shareholders Department Strategies and International Relations Department

23 Annex no. 5 Balance Sheet 22 Annex no. 5 Balance Sheet BALANCE SHEET AS OF DECEMBER 31, 2012 Name of indicator Balance (lei) A. NON CURRENT ASSETS TOTAL, of which: I. INTANGIBLE ASSETS II. TANGIBLE ASSETS III. FINANCIAL ASSETS B. CURRENT ASSETS I. STOCKS - - II. ACCOUNTS RECEIVABLE III. SHORT-TERM FINANCIAL INVESTMENTS IV. CASH AND BANK ACCOUNTS C. PREPAID EXPENSES TOTAL ASSETS TOTAL EQUITY, of which: SHARE CAPITAL SHARE PREMIUM LEGAL RESERVES OTHER RESERVES RESULT OF THE FINANCIAL YEAR PROFIT DISTRIBUTION - - TOTAL LIABILITIES, of which: SHORT-TERM DEBT LONG TERM DEBT TOTAL EQUITY AND LIABILITIES

24 Annex no. 6 Profit ans loss account 23 Annex no. 6 Profit ans loss account PROFIT AND LOSS ACCOUNT AS OF 31 DECEMBER 2012 Name of indicator Results for the reporting period (lei) Operating revenues Operating expenses Financial revenues Financial expenses Total revenues Total expenses GROSS RESULT INCOME TAX - - NET PROFIT

25 Contact information 24 Contact information PETRICA TUDORAN S.C. Estinvest S.A CHAIRMAN ROXANA DRAGAN S.C Fortius Finance S.A BOARD MEMBER VIORICA NAGY S.C NBG Securities Romania S.A BOARD MEMBER Tel Tel Tel CAPCANARU LAURENTIU S.C Eldainvest S.A BOARD MEMBER FANEL CHIRTU EXECUTIVE DIRECTOR Tel: Tel Investors Compensation Fund B-dul Carol I, nr , et. 3, sector 2, Bucharest Tel Fax