LIKE NEVER BEFORE Peace and quiet at the General Shareholder Meeting of the Bucharest Stock Exchange

• A dividend of 2.1417 lei

Like never before, there was no scandal at the General Shareholder Meeting of the Bucharest Stock Exchange, all of the proposals went through without any objections, and the extraordinary shareholder meeting wasn't even held due to a lack of quorum.

In comparison with the traditional scandals of the General Shareholder Meetings of the BSE, the atmosphere of yesterday's shreholder meeting could be described as "civilized", even though it was actually apathetic. An apathy which actually illustrates the lack of interest.

Truth be told, the large number of general shareholder meetings being scheduled yesterday by many issuers listed on the Stock Exchange could provide an explanation for the low attendance - only about 25% of the voting shareholders have attended the meeting of the BSE. The naysayers, however, are saying that such lack of interest has never before been seen in the history of the General Shareholder Meeting.

Yesterday, the shareholders, who met in the General Ordinary Shareholder Meeting, have approved the distribution of a gross dividend of 2.1417 lei/share. The total value of the dividends represents about 97% of last year's profit of 16.9 million lei (almost 4 million Euros).

The shareholders of the Bucharest Stock Exchange have also approved the revenue and expense budget for the year 2012. Thus, the Bucharest Stock Exchange is expecting a 16% increase in turnover, to 25.2 million lei (5.7 million Euros). This year's net profit could drop 35%, from 16.9 million lei (4 million Euros), to 11.1 million lei (2.5 million Euros), due to the fact that the Bucharest Stock Exchange will no longer be earning such consistent dividends from the Depozitarul Central precum Central Depository as it did last year.

Yesterday, the shareholders did not discuss the plan to buy back a block of a maximum of 1% of the share capital, in order to distribute the shares to the employees and the managers of the company, because the Extraordinary General Shareholder Meeting did not meet the required quorum of 50% for conducting the meeting, which was required by the company's bylaws, as only 24.99% were present.