REPLIES Clarifications from the BSE

Following the article published today (ed. note: November 13th) in Bursa called "A way for Lucian Anghel to become Goldman Sachs" we want to make some important statements.

We feel that they are necessary to clarify certain aspects concerning the role of BSE president Lucian Anghel in the IPO of Romgaz taking place on the Bucharest Stock Exchange.

1. Lucian Anghel, the president of the BSE was not involved in the IPO of Romgaz on behalf of the consortium that underwrote it. The involvement of Mr. Anghel was and still is related to the position of president of the BSE, by promoting Romgaz and the benefits of the IPO of Romgaz.

2. The president of the BSE has not been and can not be involved in any way in the evaluation of Romgaz. The evaluation was done by the consortium which intermediated the IPO, according to the legal and contractual provisions.

3. The remark of Mr. Anghel concerning the evaluation of Romgaz, made on the occasion of the event hosted by the BSE on November 12th, 2013, was based on the research reports of the analysts specializing in the stock market of KBC, Unicredit, Swiss Capital and EFG, who evaluated Romgaz in 2012, as part of their evaluation of the Proprietatea Fund, and implicitly of every entity in its portfolio.

4. There is a very clear separation between the entities of BCR, between the investment banking operations and the other activities of the group. BCR Pensii is a distinct entity within the group, and in the case of the listing of Romgaz it was a domestic institutional investor, as were the other private pension funds in Romania.

Also, we are providing you with these clarifications in order to prevent other statements that could arise as a result of the lack of accurate information or of misunderstood information and which can prejudice the reputation of the BSE, which we have a duty to protect.