Bucharest Stock Exchange Presentation

Page 2 www.bvb.ro

Investment positives

Operator of the leading Romanian cash, structured products & derivatives markets.

Integrated Group: Trading, Clearing, Settlement and Registry Systems

Market Cap of approx. EUR 40 million, cash equals 36% of the Market Cap

100% free-float, no major shareholder

Rich cash position, close to zero leverage

Stable dividend policy with 100% payout ratio, after legal reserves

Stock price close to the historical low, with good perspectives in privatization process

First successful Public Offer since 2008, huge investors’ interest, increased average daily turnover for Transelectrica after the offer.

A target to achieve a 10% annual growth in operating profit

Page 3 www.bvb.ro

Synopsis - BVB Group companies

Shareholder type Number of

shares

% of share

capital

Romanian institutional

shareholders 5,547,686 72.29

International Institutional

shareholders 1,084,784 14.13

Romanian private

individuals 1,028,292 13.40

International private

individuals 13,436 0.18

Total 7,674,198 100

According to the current law provisions no

shareholder of the BVB can directly or indirectly

own more than 5% of the total voting rights.

The intention to acquire more than 5% should

be disclosed to the Stock Exchange and to the

Regulator.

BVB Shareholder Structure as of December 31, 2011

Central

Depository

Cash Market

Clearing

Settlement&

Registration

Bucharest Stock

Exchange

Cash & Derivatives

Trading

Corporate

Governance

Institute

52,5 % 62,3 % 69,0 % 100 %

Bucharest

Clearing

House

Derivatives

Market Clearing

Investors

Compensation

Fund

Page 4 www.bvb.ro

New Chief Executive Officer - Profile

Installed as CEO on September 7, 2012

One of the most experienced professionals on the Romanian

financial services market, with a very solid expertise in

investment banking

Involved in multiple M&As and privatizations, both on the

sellers' and on the buyers' side.

Starting 2007 he founded and became Managing

Director of AZ Capital Advisors, specialized in mergers

and acquisitions (M&A)

During 1998-2007 he occupied different top-executive

positions in Raiffeisen Capital and Investment and

Raiffeisen Financial Advisors Romania

Completed the joint EMBA Program Washington

University (Seattle, USA) and the Academy of Economic

Studies (Bucharest)

Holds the bachelor degree in physics, Faculty of Physics, University of Bucharest.

Positio

ns h

eld

P

ers

onal data

Page 5 www.bvb.ro

BVB Board of Governors

Lucian Anghel (BCR) – President

The new BoG was approved by

CNVM on January 30,

2012 and has the following

structure:

• Adrian Lupsan (SSIF Intercapital Invest) - Vice-President

• Dan Paul (Brokers’ Association) – Vice-President

• Robert Pana (SSIF Swiss Capital) – Secretary General

• Valerian Ionescu (BCR) - Member

• Matjaz Schroll (Franklin Templeton) - Member

• Narcisa Oprea (Schoenherr & Associates )- Member

• Stere Farmache (Alpha Bank) - Member

• Octavian Molnar (SSIF IFB Finwest) - Member

Page 6 www.bvb.ro

BVB Strategic Priorities

Support the successful closing of the state

companies public offers

List new companies on Bucharest Stock

Exchange and increase number of active

investors

Develop capabilities, products and services offered by Bucharest

Stock Exchange Group

Improve the corporate governance and

functioning of the Bucharest Stock

Exchange as a Group

Simplify and improve the regulations, reduce

bureaucracy and apply international best

practices

Increase Bucharest Stock Exchange and issuers’ visibility together with

increasing awareness of the important role that the Romanian capital

market is playing

Develop dialog between Bucharest Stock

Exchange and relevant institutions/authorities

Increase Bucharest Stock Exchange educational

role

Page 7 www.bvb.ro

BVB in the region

Source: BVB, Companies, FESE July Data

Exchange

% Change

in

Market Cap

in 2011

on previous

year end,

in EURO

% Change

in

Market Cap

YTD 2012

on previous

year end,

in EURO

Warsaw Stock

Exchange -24.5% 9.5%

CEESEG -

Budapest -29.1% 9.2%

CEESEG -

Vienna -30.1% 5.2%

Bucharest

Stock

Exchange 10.7% 2.4%

CEESEG -

Prague -8.5% -2.9%

Athens

Exchange -48.4% -9.6%

Bulgarian Stock

Exchange 15.6% -13.5%

CEESEG -

Ljubljana -30.7% -15.1%

4.1 5.5 11.1 16.0 23.5 28.3

69.1

117.7

CEESEG -Ljubljana

BulgarianStock

Exchange

BucharestStock

Exchange

CEESEG -Budapest

AthensExchange

CEESEG -Prague

CEESEG -Vienna

WarsawStock

Exchange

Domestic Market Cap (EUR bn) - Main Market

28 53 62 81 96 99

270

369

CEESEG -Prague

CEESEG -Budapest

CEESEG -Ljubljana

BucharestStock

Exchange

BulgarianStock

Exchange

CEESEG -Vienna

AthensExchange

WarsawStock

Exchange

Number of total listed companies-Main Market

0.8 1.1 7.0 35.4 41.4 48.5

77.8

203.7

BulgarianStock

Exchange

CEESEG -Ljubljana

BucharestStock

Exchange

CEESEG -Budapest

CEESEG -Prague

AthensExchange

CEESEG -Vienna

WarsawStock

Exchange

Main stock market turnover in 2012 (EUR m/day)

Page 8 www.bvb.ro

BVB Market Data

Source: BVB, Eurostat

Most traded companies in 8M.2012

Symbol Company % of

turnover

FP Fondul Proprietatea 44%

BRD

BRD Groupe

Societe Generale 9%

SIF3 SIF Transilvania 8%

SIF5 SIF Oltenia 7%

SNP OMV Petrom 5%

SIF2 SIF Moldova 5%

SIF1 SIF Banat Crisana 4%

SIF4 SIF Muntenia 4%

EBS Erste Group Bank 3%

TLV Banca Transilvania 2%

TEL Transelectrica 1%

With the listing of Fondul Proprietatea, BVB

achieved in 2011 one of the highest ADT growth rate

in Europe.

Structured products segment recorded the highest

growth rate in the region, tripling in 2011 its value of

trading and almost doubling it again in 2012.

7.6

4.8 5.3

9.2

7.2

0.3

1.2

2.5

0.5

1.4 0.1

0.4

0.7

2008 2009 2010 2011 2012 YTD

Average Daily Turnover (EUR m)

Structured products Bonds Shares/Fund Units

44%

62% 62% 56%

7% 10% 11% 10%

2008 2009 2010 2011

Market Cap to GDP(%)

UE (27 countries) Romania

Page 9 www.bvb.ro

Romanian Government’s ambitious plan for 2012-2013

Company Sector

Market Cap /

Fair value

(EUR million)

Stake held

by

the state

Stake of

the public

offering

Public

offering

value

(EUR million)

Status

Transelectrica Power

transmission 212 73.7% 15.0% 38

March 14-27,

2012

Transgaz1 Gas transmission 532 73.5% 15.0% 80 Q3, 2012

Romgaz2 Gas production - 85.0% 15.0% >250 Q1, 2013

Hidroelectrica3 Power generation - 80.1% 10.0% >250 To be

announced

Nuclearelectrica Power generation - 90.3% 10.0% >100 To be

announced

Petrom Oil & Gas 4,915 20.6% 9.8% 481 To be

announced

Source: Government, BVB;

1. Consortium intermediating the offering: Raiffeisen Capital & Investment, Wood & Company Financial Services and BT Securities

2. Consortium intermediating the offering: Goldman Sachs, Erste Group Bank, BCR, Raiffeisen Capital & Investment and Intercapital Invest

3. Consortium intermediating the offering: Citigroup, Societe Generale, BRD-GSG and Intercapital Invest

Page 10 www.bvb.ro

BVB Market Data

Source: Investors Compensation Fund

Reporting 2012 and 2011 compensation ceiling is EUR 20,000, and EUR 15,000 for 2010

figures

Over 80% of investors’ accounts have portfolios bellow EUR 20,000 and are fully

compensated

The number of investors acccounts includes total number of accounts on the Romanian

capital market, no matter if an investor has accounts at several brokers.

65,304

87,664 92,865

101,254 94,545

86,453 88,143 90,621

31.12.2006 31.12.2007 31.12.2008 30.06.2009 31.12.2009 31.12.2010 31.12.2011 30.06.2012

Investor's accounts

Fully compensated investors Ceiling compensated investors Excluded investors Total investors

Page 11 www.bvb.ro

BVB Pricing Policy

Cash Equity Market Sell Buy*

Jan 2006 - May 2007 15 bps 7bps

June 2007 - Sep 2008 14bps 6bps

Oct 2008 - February

2009 13bps 5bps

After March 2009 11.7bps 4.5bps

*plus 8 bps CNVM fee on the value of a buy trade;

**plus RON 0.1 CNVM fee on each traded futures contract.

Note: Fees in basis points (bps) are charged on the value, to both counterparties (buy & sell);

BVB and CNVM fees do not refer to Market Makers.

Current pricing policy

Historical trading fees

Participants annual maintaining fee

RON 1,500,

including VAT

Issuers annual maintaining fee

btw. RON 3,600 and

RON 21,000,

without VAT

Trading fees Sell Buy

Shares, Fund Units

Main Market + Deal 11.7bps 4.5bps*

Structured products 12 bps 5bps*

Bonds 2.16 bps

T-bills 0.08bps,

btw RON 1 and 81

Futures An average of RON 0.1 per

contract **

Source: BVB

Page 12 www.bvb.ro

Growing operating performance

RON million

2008 2009 2010 2011 2012

Budget

2012

budget

vs.

2011

Sales revenue 20.9 12.4 13.1 21.7 25.2 16%

Operating Revenue 20.9 12.4 13.2 21.7 25.2 16%

Operating Expense 15.5 13.9 12.9 15.3 17.6 15%

EBITDA 7.2 -0.1 1.0 7.1 8.6 21%

Operating result 5.4 -1.5 0.3 6.4 7.6 20%

Financial Result 6.8 11.1 6.2 12.4 5.1 -59%

Net Income 10.6 8.5 5.7 17.0 11.1 -35%

EPS 1.4 1.1 0.7 2.2 1.5 -35%

RAS figures, acc. to EU

Directive No 4 Individual P&L overview

2011 was the best year since 2007, in terms of net profit, due to the listing of Fondul Proprietatea in

January 2011 which almost doubled ADT, and due to the one-off dividend received from the Central

Depository for the 2007 result.

BVB budget for 2012 is based on a 16% increase in sales revenue and a less than 15% advance in the

operating expenses.

Estimated financial result for 2012 is RON 5.1 million, down 59% than 2011, due to recording in 2011 of

dividends from Central Depository for the 2007 result – RON 4.3 million and 2010 result – RON 3.9 million,

compared to an estimated dividend for the 2011 result of RON 1.9 million (50% lower than 2010).

Page 13 www.bvb.ro

Key Financial results

• Sales revenue stood at RON 4.93 million in Q2.2012 despite a decrease of trading revenue, compensated

by the increase in data dissemination and listing revenues.

• Operating expense decreased by 12.5% in Q2.2012, mainly due to an almost 7% decrease in personnel

costs and lower expenses for promotion activities and functioning.

• The decrease of the financial result was mainly due to lower dividends to be received from the Central

Depository, of only RON 1.88 million in 2012 compared to RON 8.20 million in 2011. Last year Central

Depository’ dividends included an exceptional dividend for the 2007 result and a dividend for the strong

2010 result, influenced by the numerous transfers with Fondul Proprietatea shares before the listing.

Further weakening of RON against EURO and USD allowed BVB to record revenue from the revaluation of

BVB cash holdings and short-term investments in foreign currency.

*The financial data

are not audited and

represent the

individual results of

the Bucharest Stock

Exchange, in

accordance with the

Romanian standards

of accounting (RAS);

the financial

indicators are in

million lei and are

rounded.

RON million

Q2.2012 Q2.2011

Q2.2012

vs.

Q2.2011

H1.2012 H1.2011

H1.2012

vs.

H1.2011

Sales revenue 4.93 4.92 +0.5% 9.95 10.90 -9%

Operating expense,

out of which: 3.20 3.66 -12% 6.29 6.64 -5%

- Personnel expenses 1.54 1.66 -7% 3.14 3.17 -1%

Operating result 1.73 1.26 +37% 3.66 4.26 -14%

Financial result 3.67 9.52 -61% 4.91 9.14 -46%

Gross result 5.40 10.78 -50% 8.56 13.40 -36%

Net result 4.86 10.30 -53% 7.64 12.50 -39%

Net result per share (RON) 0.63 1.34 -53% 1.00 1.63 -39%

Page 14 www.bvb.ro

Revenues and expenses breakdown

Trading revenue, including public offers,

decreased by approx. 5%, despite a 30%

decline in trading revenue in equity and fund

units markets, compensated by higher

revenue from structured products trading and

supplemented by the Azomures offer.

Listing revenue was up due to increasing

number of companies paying maintenance to

trading fees and increase in price levels of

some companies which caused a higher level

of the fee for those companies.

Data vending revenue was up following

recording of monthly estimates for some data

vending contracts, according to accrual

recording method, applied starting 2012.

4.28

4.13

0.27

0.32

0.26

0.31

0.10 0.17

Q2.2011 Q2.2012

Breakdown of the operating revenue (RON m)

Alte venituri/ Other revenues

Vânzare date/ Data vending

Listare/ Listing

Tranzacționare/ Trading

Page 15 www.bvb.ro

Revenues and expenses breakdown

Operating expense was down 12.5%

from the second quarter of 2011, mainly

due to an almost 7% decrease in

personnel costs and lower expenses for

promotion activities and functioning.

Third party expense increased following

the recording of monthly estimates for

some expenses, under accrual

accounting method, and employment of

consultancy services for recruitment of

personnel (CEO).

Functioning- rent, utilities, administrative expenses, postal &communication.

1.66 1.54

0.71 0.83

0.48 0.42

0.22 0.21 0.00

-0.08

0.23 0.15

0.36

0.14

Q2.2011 Q2.2012

Breakdown of the operating expenses (RON million)

Marketing/ Marketing

Depreciere și Amortizare/ Depreciation

Provizioane/ Provisions

TVA și taxe CNVM/ VAT and CNVM taxes

Funcționare/ Functioning

Alte ch. operaționale/ Other operating exp.

Cheltuieli de personal/ Personnel costs

Page 16 www.bvb.ro

BVB share data

2010 Dividend: RON 0.7

Record date: May 20, 2011

Dividend yield: 1,6%

Payment date: June 1, 2011

BVB is close to the historical low

Source: BVB; 31-Aug-2012

2011 Dividend: RON 2.1

Record date: May 21, 2012

Dividend yield: 6,5%

Payment date: June 1, 2012

24.5

40.0

44.8

44.0

41.9

40.0

38.0

28.1

25.0

30.0

28.1

36.0

32.9

22.9

23.8

20.0

25.0

30.0

35.0

40.0

45.0

08-Jun-10 08-Aug-10 08-Oct-10 08-Dec-10 08-Feb-11 08-Apr-11 08-Jun-11 08-Aug-11 08-Oct-11 08-Dec-11 08-Feb-12 08-Apr-12 08-Jun-12 08-Aug-12

BVB stock price since listing (RON)

Page 17 www.bvb.ro

BVB share data statistics

Listed in June 2010

Share price at the listing RON 24.5

Current share price (31 August) RON 23.6

Outstanding shares 7,674,198

Market Cap (31 August) EUR 40.3 m

Free float 100%

Included in FTSE Mondo Visione Exchanges Index - 9th of November 2010

Included in BET Index - 21st of March 2011

Included in Dow Jones Global Exchanges Index - 17th of June 2011

Turnover Velocity: 2010: 154%

(value traded ÷ average market cap) 2011: 42%

Liquidity 2010: 104%

(shares traded ÷ shares outstanding) 2011: 32%

Analyst Coverage

Company Analyst Target Price

12 M Rating Last issued report

SSIF Alpha Finance Romania Raluca Negoescu 25.2 Hold September 5, 2012

SSIF NBG Securities Vlad Pintilie 29.2 Hold August 13, 2012

SSIF Broker Andrei Radulescu 29.1 Buy August 10, 2012

SSIF EFG Eurobank Securities Manuela Ogrinja 36.6 Hold February 13, 2012

SSIF IEBA Trust Roxana Dascalu 31.4 Accumulate December 06, 2011

Page 18 www.bvb.ro

Key financials

(RON million)

2008

Dec 31 2009

Dec 31 2010

Dec 31

2011

Dec 31

2012

Jun 30

Fixed assets 20.1 25.4 25.4 28.7 28.9

Current assets 73.4 67.2 64.6 77.5 74.1

of which: cash,

cash equivalents

and securities 70.2 64.6 63.3 73.8 66.0

Prepaid

Expenses 0.1 0.3 0.1 0.1 0.1

Total assets 93.5 92.5 90.1 106.2 103.0

Shareholder’s

equity 91.9 90.2 88.0 102.0 93.2

Short term debt 1.5 2.2 1.5 2.6 9.0

Long term debt 0.01 0.01 0 0 0

Prepaid

revenues 0.4 0.5 0.6 0.7 0.7

Provisions 0 0 0 0.9 0.1

Total equity and

liabilities 93.5 92.5 90.1 106.2 103.0

RAS figures

acc. to EU

Directive No 4 Individual Balance Sheet overview

A debt-free capital structure

Decrease in cash position in 2012 reflects the highest ever

dividends paid to BVB shareholders.

1.30

1.02

0.70

2.14

2009 2010 2011 2012

Ordinary dividend (RON per share, gross amount,

year paid)

Starting 2009 BVB had a stable

dividend policy, with a payout ratio of

100%, after legal reserves;

In the following 4 years BVB

intends to maintain the policy of

distributing cash dividends.

Page 19 www.bvb.ro

Financial Calendar and Contact Info

Bursa de Valori Bucuresti S.A.

34 - 36 Carol I Boulevard, 14th

Floor, Bucharest, sector 2,

ROMANIA

Tel: (+40)(21) 307 95 00

Fax: (+40)(21) 307 95 19

www.bvb.ro

ir@bvb.ro

Contact person:

Serban(Cojocaru) Daniela

Symbol: BVB

ISIN: ROBVBAACNOR0

Reuters: ROBVB.BX

Bloomberg: BVB:RO

Bloomberg BBGID:

BBG000BBWMN3

THIS PRESENTATION WAS PREPARED BY BURSA DE VALORI BUCURESTI. THE INFORMATION CONTAINED IN THIS

DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR

IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON THE FAIRNESS, ACCURACY, COMPLETENESS OR

CORRECTNESS OF THIS INFORMATION. PAST PERFORMANCE IS NO GUARANTEE OF FUTURES RESULTS. THIS

DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE ANY SHARES. CERTAIN STATEMENTS

CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING

STATEMENTS THAT ARE BASED ON MANAGEMENT’S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND

UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO

DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS. EXCHANGE RATE USED FOR ADT IS THE DAILY EXHANGE RATE AS ANNOUNCED BY THE NBR.

Financial Calendar 2/10/2012-2011 Preliminary results

2/10/2012- Earnings Conference Call

4/25/2012-GSM

5/10/2012-Q1.2012 Results

5/10/2012- Earnings Conference Call

8/10/2012-Q2.2012 Results

8/10/2012- Earnings Conference Call

11/9/2012-Q3.2012 Results

11/9/2012-Earnings Conference Call

Disclaimer

Page 20 www.bvb.ro

Appendix

Main ratios

Year 2008 2009 2010 2011 2012e

Operating

margin 34% -1% 2% 29% 30%

Net profit

margin 51% 67% 44% 78% 44%

Asset

turnover 0.23 0.13 0.14 0.20 0.25

Debt to

Equity Ratio 0.02 0.02 0.02 0.02 0.03

ROE 12% 9% 6% 17% 11%

ROA 11% 9% 6% 15% 11%

Current

ratio 70 39 44 32 26

EPS (RON) 1.4 1.1 0.7 2.2 1.5

DPS (RON) 1.3 1.0 0.7 2.14 1.4

Dividend

yield n/a n/a 1.6% 6.5% 5.4%