FIVE ANSWERS FROM LUDWIK SOBOLEWSKI No comment

Reporter: What is the current progress of the elimination of the eight barriers which hinder the development of the stock market? When is the integral elimination of the eight barriers expected to happen?

Ludwik Sobolewski: Some of the barriers have already been eliminated, other steps will follow. It is a process, not an event.

Reporter: What is the current stage of the purchases of BSE stock, which the members of the Board of Directors were expected to make?

Ludwik Sobolewski: Concerning this aspect, as well as all the others, the members of the Board of the Exchange and the executives are complying with the legislation and regulations in effect and we have no comments concerning this otherwise absolutely normal situation.

Reporter: What were the expenses which the BSE incurred in promoting the IPO of Electrica?

Ludwik Sobolewski: The BSE does not engage in promoting the sale of financial instruments on the primary market. The BSE is focused on creating the conditions for the best execution of any transaction that takes place on the stock market, in the interest of the stakeholders of the stock market. As a result, only about 20% of the IPO of Electrica was subscribed through GDRs, while the remaining 80% was represented by the domestic and international investors. What the BSE does are awareness campaigns on the events of the stock market, allowing a large range of investors to get informed about the local stock market.

Given its position of market operator, the BSE has access to and uses many channels to disseminate that kind of information. We have conducted such an awareness campaign for the IPO of Electrica, just like we have done for the IPOs conducted previously on the BSE.

Reporter: What are the activities which the BSE will perform to promote the bonds dedicated to the population, issued by the Ministry of Public Finances and how much will the Exchange spend on that specific campaign?

Ludwik Sobolewski: The BSE will organize and promote carefully selected elements of the investment culture. I have recently explained to the BURSA newspaper the reason why this bonds issue is very important to the stock market. Please refer to those explanations, which the BURSA newspaper has only published in part so far.

Reporter: What is the reason the report of the Bucharest Stock Exchange comprising the financial statement for the first semester has not been signed by the Chairman of the Board, the Chief Financial Officer and the CEO?

Ludwik Sobolewski: The format of the reports that are published for general information purposes is different from the format that is used for a purely corporate purpose. The BSE applies the highest standards for communicating with the investors. We want to ask the BURSA newspaper to propagate that standard. Doing so would be helpful for changing practices for the better.

Reporter: Thank you!