PRESENTATION DOCUMENT OF S.C. EASTERN SECURITIES S.A.
IN COMPLIANCE WITH ART. 110 OF REGULATION NO. 32/2006 ISSUED BY
THE ROMANIAN NATIONAL SECURITIES COMMISSION(C.N.V.M.)

1. Identification data of S.C. EASTERN SECURITIES S.A
- Name of the trading company: S.C. EASTERN SECURITIES S.A.
- Registered office address: Strada Sevastopol, nr. 24, et.2, cam.206, sector 1, Bucharest.
- The Company has no other offices or branches
- Telephone: +40(21) 314 02 45
- Fax: +40(21) 314 08 92
- E-mail:office@easternsecurities.ro
- Social capital subscribed and paid up: 831 000 RON
- Registration number with the Trade Registry Office: J40/5106/1995
- Unique registration code (CUI): 7447600
- Bank: ABN AMRO BANK Bucharest
- IBAN code: RO80ABNA4100264100024763

2. S.C. EASTERN SECURITIES S.A. is an investment financial services company authorized by C.N.V.M. according to Decision no. 1796/12.06.2003 issued by the Romanian National Securities Commission with the main offices in Bucharest, str. Foisorului nr. 2, sector 3, tel.: 021/326 67 53, fax: 021/326 68 48, e-mail: relatii.publice@cnvm.ro.

3. S.C. EASTERN SECURITIES S.A. is a shareholder of Bucharest Stock Exchange, Romanian Clearing House SA Sibiu, Investors Compensation Fund, S.N.C.D.D.. The social capital of the Company amounts 831 000 RON, which allows the Company, according to the Law no. 297/2004, to carry out the following financial investment services:

- main services:
a) processing and transmission of the orders received from investors in connection with one or several financial instruments;
b) execution of the orders in connection with one or several financial instruments, otherwise than on own account;
c) management of the portfolios of individual accounts of the investors, on discretionary basis, with the observance of the mandate thereof, when such portfolios include one or several financial instruments.

- related services
a)custody and management of the financial instruments;
b)hiring of safe deposit boxes;
c)consultancy for companies concerning any issues related to the capital structure, industrial strategy, consultancy and services related to merger and acquisition of companies;
d)investment consultancy concerning financial instruments;
e)currency exchange services related to the activities of financial investment services.

4.Financial instruments traded through S.C.EASTERN SECURITIES S.A. are mainly securities and derivative financial instruments . Among the category of securities the most important instruments are the shares issued by the trading companies listed on the Stock Exchange of Bucharest. Also corporate bonds issued by trading companies can be traded, as well as municipal bonds issued by the municipalities. The derivative financial instruments are futures contracts and options the support thereof being represented by currencies (EUR, USD) or the price of the main shares listed on BVB (SNP, TLV, SIF, etc.).

5. - The investment strategies are carried out separately for each client, with the observance of all prudential and behaviour rules set out by the regulations of the capital market.

6. - The language to be used by the client for communication with our company or for documents and other information : Romanian and English.

7. - The communication means to be used in the client company relation are: in written form, by phone or e-mail. The client may pass orders by phone as well, and in such case the client shall agree and authorize recording of the telephone conversations by the Agent, or write them down on paper support.

8. The nature, frequency and period of the reports concerning the services to be provided by S.S.I.F. to the clients. S.S.I.F. - executing the client's order, shall immediately forward to the client, on durable support, the essential information concerning execution of the respective order, included in a confirmation form certifying the transactions execution, by which they confirm the order execution, as soon as it is possible but not later than the first working day after the order execution. At least once year the SSIF shall transmit to each and every client the statement form of client's assets relating to the financial instruments, on durable support.

10. As above mentioned under paragraph 4., S.C. EASTERN SECURITIES S.A. grants financial investment services related to shares and bonds.

The risks related to the trading of shares are: position risk occurring subsequent to modification of their price caused by events related to the market movement and standing of the issuing entities thereof, price volatility, liquidity risk, issuer risk, etc. as well as due to the fact that following the trading of financial instruments any investor may acquire financial commitments or other financial liabilities, including contingent ones, in addition to the cost of acquiring the financial instruments.

Bonds are credit stocks issued by trading companies or municipalities for financing business activities or certain projects. They may be Book entry bonds or bearer bonds, convertible into shares, ensured, with various maturity dates, with fixed or variable interest rates, and discount, etc.

The risks related to the bonds refer to the capacity of the issuing entity to pay the interests at the initially agreed dates, the price variation according to the banking interest rates, liquidity, etc.

The derivative financial instruments are: financial futures contracts, including the similar ones with final settlement into a fund, options per any financial instrument, derivatives on commodities, combinations thereof as well as other instruments qualified as such by the CNVM regulations. Although they use hedging against the currency risk and the risk related to support bonds, the derivatives also have position risk when the market goes in a different direction from that envisaged by the investor, liquidity risk, etc. The shares of the companies listed on BVB are issued as book entry bonds and are registered with the Independent Registries. The shares grant their holders the right to vote in the General Meeting of the Shareholders and the right to dividends and the preemption right for participation to the social capital increase, etc.

11. - The commissions and tariffs of S.C. EASTERN SECURITIES S.A. are negotiated with each and every client separately and represent the charges and commissions related to the trading market, other commissions (banking, registries, etc.).

12. - S.C. EASTERN SECURITIES S.A. has set up a department of internal control, represented by Mrs Medrea Daniela who can be contacted at the Company's offices, for any complaints or notifications. The complaints or notifications shall be made in writing and addressed to the department of internal control and specify the person against whom such claim is addressed and the date of the activity such intimated. The department of internal control shall reply within maximum 30 days from receipt of your notification , informing you about the actions taken for settlement of your claim.

13. The minimum elements necessary for carrying out trading activities with financial instruments, including setting up of the margins, and guarantee funds: S.C. EASTERN SECURITIES S.A. shall carry out financial investment services in the name and on the account of the clients solely according to a written agreement.
For carrying out securities trading activities the client shall have the necessary amounts available in the account, including those for payment of the charges and commissions for the services granted.
For the margin transactions - the client shall first set up the initial margin according to the requirements of S.C. EASTERN SECUROITIES S.A. and the minimum level of the margin shall be maintained for the whole duration of the contract.

15. - S.C. EASTERN SECURITIES S.A. is a member of the Investors Compensation Fund.

The sole object of activity of the fund is the collection of its members contribution and grant compensation for the investors, outstanding claims resulting from any member's incapacity of reimbursing the funds and/or financial instruments due or belonging to the investors, held and/or managed in their name while providing financial investment services, according to the limits provided for by the law.

The fund shall compensate equally and without discrimination the investors up to a maximum limit amount in lei corresponding to 20 000 Euro. Until the 31st of December, 2012 the compensation limit for the investors shall be established gradually in order to reach the level of 20 000 Euro, as follows:

a)at the date of the Fund authorization: the corresponding amount in lei of 1000 Euro/individual investor;
b)beginning with 01.01.2006: the corresponding amount in lei of 2000 Euro/individual investor;
c)beginning with 01.01.2007: the corresponding amount in lei of 4500 Euro/individual investor;
d)beginning with 01.01.2008: the corresponding amount in lei of 7000 Euro/individual investor;
e)beginning with 01.01.2009: the corresponding amount in lei of 9000 Euro/individual investor;
f)beginning with 01.01.2010: the corresponding amount in lei of 11000 Euro/individual investor;
g)beginning with 01.01.2011: the corresponding amount in lei of 15000 Euro/individual investor;
h)beginning with 01.01.2012: the corresponding amount in lei of 20000 Euro/individual investor.

The equivalent in lei of the compensation claim for the financial instruments will be calculated according to the market value of the respective financial instruments at the date when the situations specified under Art. 47 of Law no. 297/2004 concerning the capital market have been ascertained .

16. The conflict of interests: S.C. EASTERN SECURITIES S.A. shall take all the required measures to make sure that the conflict of interests between the company, including managers, employees or agents or any other person directly or indirectly holding a position of control against the company, and the clients of the company, between two clients of the company, as well as any combinations of the above mentioned situations, are duly identified and then prevented and managed in such manner as the clients interests are not affected.

Additional details regarding the policy related to the conflicts of interests shall be made available to the client on a durable support, at the client's request.

17. The policy of taking over and execution of the orders and the policy applied by S.C. EASTERN SECURITIES S.A. in its relations with the clients shall observe the laws in force and certain strict internal regulations and procedures. In its relations with the clients SSIF has obligations towards them, and also rights. Both the obligations and rights of the company are specified in the services agreement.

The rights of S.C. EASTERN SECURITIES S.A. in its relations with the clients:
- To request the amounts, values or assets necessary in order to carry out the orders received;
- To execute transactions on the account thereof in order to close the positions for which the respective client cannot provide the amounts necessary for the guarantee;
- To request from them a notification regarding any and all the modification of the data and information contained in the agency agreement as well as any modification of their financial situation which might affect the execution of future obligations;
- To request them to abstain from any action or inaction which could affect the operators on the stock exchanges, or the stock exchange companies or the clearing houses.

The obligations of S.C. EASTERN SECURITIES S.A in its relations with the clients:
- To inform the clients of the risks they assume following to the execution of a transaction;
- To inform the clients of the result of the transaction order execution, as well as of the situation of the account thereof;
- To keep confidential the result of the transaction order negotiation and the situation of the client's account;
- To show and treat distinctively the amounts and financial instruments received as guarantee for the transactions concluded and/or carry out the obligations assumed; such amounts and financial instruments shall be registered separately and not mixed with its own funds or used to the benefit of another client;
- To be responsible towards the clients for the way in which the transaction on the account thereof has been executed;
- To provide the safekeeping of the financial instruments it holds in custody;
- Not to make use of any of the financial instruments it holds in custody or the rights resulting from them and neither to transfer such financial instruments without the prior express approval of the holders;
- To return to the clients, upon their request, the financial instruments and liquid funds received.

We thank you for having read our document of presentation.
Management of S.C. EASTERN SECURITIES S.A.