Annual Report 2010

Mesajul Pre[edintelui Director General

Message of the Chairman & CEO

Société Générale Profile

BRD - Groupe Société Générale Profile

Key figures

Corporate governance

BRD share

Commercial activity

Retail banking

Corporate banking

Risk management

Human resources

Social and environmental responsability

Specialised services

Investment banking

Contacts

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6

7

8

10

18

19

21

22

24

25

26

28

31

34

Summary

Message of the Chairman & CEO

A Difficult Test Passed by BRD

2010 was – including for the Romanian economy- little favourable to development. The recessioncontinued; on the background of some uncertainevolutions of the international economic andfinancial environment, as well as of the euro crisis,the weak economic growth of some Europeancountries did not have the force to trigger a visiblerecovery of the EU partners’ economies. Given that 2010 was a not very encouraging yearfor the Romanian economy, the results of theBank show its capacity of resilience and, moreparticularly, the strength of the group formedaround BRD.

We also managed, due to the measures weimplemented, to maintain the macro-balances ofthe bank. We put our capacity of mobilisation totrial and, despite the difficult period, we obtaineda satisfactory profit. Thus, the net profit of thegroup, which includes the results of thesubsidiaries BRD Sogelease and BRD Finance,amounts to RON 533 million (EUR 127 million). As for the net profit of the bank alone, it totalsRON 501 million (EUR 119 million).

The general expenses were kept under strictcontrol, while special focus was placed on makingthe best use of the synergies among our businesslines as far as sales are concerned. This way, wetargeted an ambitions objective, but which provedto be accessible to our teams: to compensate asefficiently as possible for the drop in demand. Theextended loans decreased by only 1% despite thecrisis. At the same time, the deposits increasedby 2%.

Thus, 2010 confirms the viability of our businessmodel, based both on the universal bankingservices and on the specialised financial servicesprovided by our subsidiaries. We created andlaunched services with an important added value.

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5

Guy POUPET

The effects of these collective efforts can beseen in our clients', employees' andshareholders' satisfaction.

Nevertheless, we cannot talk about 2010 as ofa year of growth. But we can talk about asensibly constant client database –approximately 2.5 million. Our territorial networkremains stable and counts 937 entities. Notethat 5 private banking agencies were opened bythe end of 2010, the last one being located inCluj. The number of employees slightlyincreased in 2010, approaching 9,200 in theentire BRD group.

I think you’ll agree that making such business here and now is not easy at all, it’s actually achallenge which we take up withprofessionalism and excellent innovation. Our efforts did not go unnoticed by either ourclients or our partners. Last year, we were alsoawarded a distinction that honours us, “The Bank of the Year” in Romania, byprestigious publications specialised in thefinancial an banking fields, such as “The Banker” and “Global Finance”.

We approached 2011 with confidence, becausewe rely both on our strength and on the supportof our parent – company. We privilege ascenario that forecasts the moderateimprovement of the economic situation, in spiteof sometimes contradictory evolutions, mainly atthe international level.

We think that 2011 will be yet another difficultyear. Still, we remain confident that, on the longrun, Romania will resume its sustainable andlong-lasting economic growth.

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Société Générale Group Profile

Société Générale is one of the major financialservice groups in Europe. The Group has built itsbusiness on a diversified universal bank model,while also aiming at financial strength and long-lasting growth, with the ambition to become aclient-oriented bank, a reference on its markets,chosen for the quality of its services andpersonnel.

The 157,000 employees present in 85 countriesaccompany over 33 million clients in the entireworld, on a daily basis. The Société Généraleteam proposes consulting and services dedicatedto individuals, companies and institutions, on thefollowing 3 business lines:

Retail bank in Francerepresented by the Société Generale, Crédit duNord and Boursorama brands;

Retail bank outside Francepresent in Central and Eastern Europe and inRussia, the Mediterranean Basin, Sub-SaharanAfrica, Asia and the former French territories;

Financing and Investment Bankingwith global expertise in investments, financing andmarket operations.

Société Générale is also an important player in thefollowing fields: specialised financial services,insurance, private banking, asset managementand investor services.

The group is included in the internationalsustainability indices: FTSE4good and ASPI.www.societegenerale.com

SOCIETE GENERALERATING

Fitch: Long term A+Moody’s: Long term Aa2S&P: Long term A+

BRD - Groupe Société Générale Profile

BRD - Groupe Société Générale has been, formore than a decade, among the top universalbanks in Romania. The commercial offer of theBank addresses all the client categories:individuals, freelance professionals, SMEs or largecompanies, which it accompanies with productsand services throughout their lifetime.

Thanks to our network of agencies located allover the country, we are close to our clients andmake available to them modern facilities andhighly qualified personnel: 937 agencies – the largest territorial activenetwork, 9,227 employees.

The quality of the services and the proximity toour clients define our commercial mission.

Retail Banking■ More than 2,300,000 clients■ More than RON 16 billion loans to the

population■ Over 2.2 million banking cards included in the

3D Secure system

Corporate BankingCustomised services to the Romanian corporatecustomers, to the subsidiaries of largemultinational companies, to SMEs, micro-enterprises and local authorities.■ more than 140,000 clients■ RON 20 billion loans extended

Specialised Services■ International operations: more than 1,000

banking correspondents in 100 countries■ Factoring: operations totalling RON 2,508

million■ BRD Finance – consumer loans. Improvement

of the financial result.■ BRD Pensii – pension fund management

company, 145,000 clients and assets worthapproximately RON 100 million.

■ BRD Asigur`ri de Via]` already has 220,000clients in its second year of business.

■ BRD Sogelease. Financed goods worth EUR99 million.

■ ALD Automotive – full operational leasing andcar fleet management. Number 1 in Romaniawith 6,079 vehicles and 240 clients

Investment BankingBrokerage, market operations, asset management,deposit and custody of securities and consultingservices. We are one of the large players on theRomanian investment banking market. We provide these services either directly orthrough the specialised subsidiaries: ■ BRD Corporate Finance – consulting in

privatizations and mergers & acquisitions■ BRD Asset Management ranks third on the

investment funds market, with a portfolio of 6opened-end investment funds (UCITS), two ofwhich were launched in 2010.

BRDRATING

Fitch: Long term foreign currency rating BBBMoody’s: Long term foreign currency deposit rating Baa3

Long term local currency deposit rating Baa2

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Net Banking Income(million RON)

Gross Operating Result (million RON)

Return on Equity (ROE) Net Income (million RON)

2008 2009 2010 2007 2008 2009

2,082 2,056

2,111

2008 2009 2010

43%

25%

19%

2008 2009 2010

1,573

1,139

1,009

Key Figures

3,215

3,6643,693

Number of employees

Shareholders’ equity(million RON)

2008 2009 2010

9,502

9,150

9,227

2008 2009 2010

4,268

4,944

5,749

Evolution of earnings /share (RON)

2008 2009 2010

2.26

1.64 1.45

figures in accordance with IFRS, consolidated

9

Corporate Governance

The corporate governance principles aretransposed in the regulatory framework of BRDthrough its Articles of Incorporation, InternalRegulations and other in-house normativedocuments which regulate the organisation ofthe committees set up to support the Board ofDirectors and the executive management, theinformation flow, insider trading, professionalethics.

BRD has voluntarily adopted and complies withthe provisions of the Corporate GovernanceCode of the Bucharest Stock Exchange,adopted by the BSE Council in December2007.

In applying the recommendations of theBucharest Stock Exchange, BRD elaborated adocument in which there are presented themain corporate governance aspects – the BRDGovernance Code.

This Code presents especially the attributions,responsibilities, work methods of thesupervisory and management structures of thebank, as well as of the major committees setup to support such structures.

The provisions of the Code are in line with thenational legislation and the regulatoryframework specific to the credit institutions,established by the National Bank of Romania(NBR), with the corporate governanceprinciples issued by the Bucharest StockExchange for the listed companies, as well aswith the best practices in the field, developedby the Société Générale Group.

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Administration andManagement of the BankBRD-Groupe Société Générale has adoptedthe unitary system of administration in fullharmony with the principles of good corporategovernance, of the transparency of relevantcorporate information, of the protection of theshareholders and of other categories ofconcerned persons, as well as of an efficientoperation on the banking market.

The Board of Directors is made up of 11members, elected by the General Meeting ofthe Shareholders for a 4-year term of office. The structure of the Board of Directorsensures a balance between the executive andthe non-executive members, so that noperson or limited group of persons candominate, in general, the decision-makingprocess of the Board of Directors. It includesthree executive and eight non-executivemembers, among which one is anindependent non-executive member.

The year 2010 brought changes to thecomposition of the Board of Directors, asfollows:

■ As of January 1, 2010, Mr Guy POUPETtook over the position of Chairman – CEO ofBRD, following the renunciation by MrPatrick GELIN to his term of office;

■ On March 19, 2010, Mrs AnneFOSSEMALLE gave up her term of office asdirector of BRD;

■ On October 6, 2010, Mr BernardoSANCHEZ INCERA took over the position ofinterim member of the Board of Directors ofBRD, following the receipt of the approval ofthe National Bank of Romania.

■ On April 18, 2011, Mr. Aurelian DOCHIAended its term of office as member of theBoard of Directors of BRD;

■ On April 14, 2011, Mrs Anne ClementineMarcelle MARION-BOUCHACOURT waselected member of the Board. Her term ofoffice will start on the date of approval byNBR;

1 Guy POUPET■ Chairman of the Board of Directors and CEO of BRD■ Chairman of the Board of Directors of BRD FinanceIFN S.A., ■ Member of the Board of Directors of ALD AutomotiveSRL, Vice-Chairman of the Board of Mobiasbanca –Republic of Moldova,■ Member of the Board of Directors of Société GénéraleEuropean Business Services SA.

2 Petre BUNESCU■ Member of the Board of Directors ■ Deputy CEO ■ First Vice-Chairman of the Romanian BankingAssociation■ Member of the Board of Directors of Transfond S.A.

3 Sorin - Mihai POPA■ Member of the Board of Directors■ Deputy CEO ■ Member of the Board of Directors of BRD SogeleaseIFN■ Member of the Board of Directors of BRD Societatede Administrare a Fondurilor de Pensii Private SA ■ Member of the Board of Directors of BRD Asigurari deViata S.A.

4 Bernardo SANCHEZ - INCERA■ Non-executive member of the Board of Directors ■ Deputy CEO of the Société Générale Group

1 2 3

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Members of the

Board of Directors

5 Jean-Louis MATTEI■ Non-executive member of the Board of Directors ■ Chairman of the Audit Committee■ Chairman of the Remuneration Committee■ Head of BHFM – International Retail Banking Divisionof the Société Générale Group

6 Bogdan BALTAZAR■ Non-executive member of the Board of Directors

7 Dumitru D. POPESCU■ Non-executive member of the Board of Directors■ Member of the Audit Committee

8 Didier ALIX■ Non-executive member of the Board of Directors ■ Adviser to the CEO of Société Générale Group

9 Sorin Marian COCLITU■ Independent member of the Board of Directors ■ Member of the Audit Committee■ Member of the Remuneration Committee■ Chairman – CEO of the Romanian Credit GuaranteeFund for Private Entrepreneurs ■ Secretary General of the SIF Muntenia Shareholders’Representative Council

10 Ioan CUZMAN■ Non-executive member of the Board of Directors ■ Chairman & CEO of SIF Banat Crisana

4 5 6

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Remuneration of the Members ofthe Board of Directors For 2010, the Ordinary General Meeting of theShareholders approved a remuneration for thenon-executive members of the Board ofDirectors amounting to EUR 1,500 / month(gross amount, in lei equivalent), as well as ageneral limit for the directors’ and officers’additional remunerations for 2010, amountingto RON 6,5 million, gross amount.

Audit CommitteeThe Audit Committee is made up of 3 non-executive directors, one of which isindependent, elected by the Board of Directorsamong its members: Jean-Louis MATTEI(Chairman), Aurelian DOCHIA (member), SorinMarian COCLITU (member, independentdirector).

The members of the Audit Committee have theexperience required by their specificattributions within the Committee.The Audit Committee meets at least once ahalf-year.

The Audit Committee assists the Board ofDirectors in performing its responsibilities interms of internal control and financial audit. Tothis effect, the Audit Committee makesrecommendations to the Board of Directorsregarding the strategy and policy of the creditinstitution in the field of internal control andfinancial audit.

Remuneration Committee It is a committee set up to support the Boardof Directors, in order to elaborate and

supervise the implementation of theremuneration policy of the bank.The Audit Committee is made up of 3 non-executive directors, one of which isindependent, elected by the Board of Directorsamong its members: Jean-Louis MATTEI(Chairman), Aurelian DOCHIA (member), SorinMarian COCLITU (member, independentdirector).

Risk Management CommitteePresided over by the CEO, the RiskManagement Committee meets on a quarterlybasis or more often, if necessary. Its objectiveis the management of the significant risks, riskswith high impact on the assets and/or image ofthe bank (credit risk, market risk, liquidity risk,operational risk, and reputational risk), as wellas the risks associated to the outsourcedactivities.

Executive Management The operational management and thecoordination of the daily activity of the bank aredelegated by the Board of Directors to theexecutive officers.

The executive officers of the bank are electedby the Board of Directors among the directorsor from outside the Board, and together theyrepresent the Executive Committee.

The Executive Committee is made up of theCEO and the Deputy CEOs. The Committee isrun by the CEO who is also the Chairman ofthe Board of Directors.

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1 2 3

1 Guy POUPET■ Chairman - CEO

2 Petre BUNESCU■ Deputy CEO

3 Sorin-Mihai POPA■ Deputy CEO

4 Claudiu CERCEL■ Deputy CEO

5 Gabriela GAVRILESCU■ Deputy CEO (as of February 24, 2011)

6 Jean Luc GRASSET■ Deputy CEO (as of February 24, 2011)

Each executive office is vested with all the powers toact on behalf of the Bank and to represent it in therelationships with third parties, in any circumstancesrelated to the activities they coordinate, incompliance with the legal provisions and the Articlesof Incorporation.

Within the limit of the powers and responsibilitiesestablished by the Board of Directors, the officers acttogether, organised in the Executive Committee, for aseries of activities/operations specific to the bank,detailed in the Articles of incorporation and theInternal Regulations of the bank.

Members of the

Executive Committee:

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4 5 6

Rights of the Shareholders BRD respects the rights of its shareholders andensures equal treatment for them.

Voting right

The bank’s shares are indivisible and conferequal rights to their holders, each share entitlingto one vote in the General Meeting of theShareholders. General meetings are called by the Board ofDirectors.General meetings are ordinary and extraordinary.The Ordinary General Meeting of theShareholders meets at least once a year, withinno more than 5 months as of the end of thefinancial year, and the Extraordinary GeneralMeeting of the Shareholders meets whenevernecessary.

The notice of meeting is sent at least 30 daysbefore the date set, in compliance with the legalprovisions regarding the publicity and notificationof the National Securities Commission ("CNVM")and of the Bucharest Stock Exchange ("BVB”).In order to ensure the equal treatment and thefull and equitable exercise of the shareholders’rights, the bank makes available to them all theinformation related to the General Meeting of theShareholders and to the adopted decisions, bothby mass communication means and in thespecial section on its own Internet page(www.brd.ro).

The shareholders may attend the works of theGeneral meetings personally, through arepresentative or they may vote bycorrespondence. Forms of power of attorney andvote by correspondence are made available tothe shareholders in the special section on thebank’s Internet page. The procedures regarding the works of theGeneral Meeting of the Shareholders aresubmitted to the shareholders’ approval, in orderto ensure an orderly and efficient development ofsuch works.

Within the General Meetings of the Shareholders,dialogue between the shareholders and themembers of the Board of Directors and/or executive management is allowed andencouraged. Each shareholder can ask thedirectors questions regarding the activity of thebank.

Right to dividends

Each share of the bank, held by a shareholder atthe registration date (set according to the specificregulations and approved by the General Meetingof the Shareholders), entitles the shareholder todividends for the prior financial year, in thequantum and conditions established by theGeneral Meeting of the Shareholders. In 2010, the General Meeting approved thedistribution of a gross dividend of RON 0.27947 /share and established the dividend distributionprocedure.

Right to information

BRD makes sure its shareholders have access torelevant information, so that they may exercise alltheir rights in an equitable manner. BRD set up and maintains an adequate structurefor its relation with the investors, in general, andwith its own shareholders, in particular. Theshareholders / investors may send their requeststo the Bank through e-mail or over the telephone,at the contact data displayed on the institutionalsite. Also, all the shareholders receive an annualindividual letter of information regarding theirshares and the dividends due to them for theended financial year. The relevant information is published on thebank’s Internet page.In order to communicate on its financial results,BRD organises meetings with financial analysts,investment consultants, brokers and investors.These reunions are an opportunity for the bankmanagement and the financial market analysts toexchange opinions.For the information of the shareholders andinvestors, the Bank sets at the beginning of theyear a financial reporting calendar.

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Other Corporate GovernanceElements

1. Conflicts of interest

In 2010, there were not identified any conflictsof interests between the members of the Boardof Directors and of the Management Board andthe interests of the Bank.

2. Transactions with affiliated persons

The internal regulations establish a set of rulesto be observed by all the members of theBoard of Directors, the members of theexecutive management and the employees ofthe Group when performing their owntransactions, and also in order to avoid any realor apparent (potential) conflict of interest.

The power of approval of the loans granted toprivate and corporate clients who are affiliatedto the Bank belongs with the Board ofDirectors.

3. Insider trading

In order to set a preventive and secured actionframework for market operations performed bypersons who, on account of their positionwithin the Bank, have access to privilegedinformation, the Group established and applieda series of professional ethics rules which mustbe observed by the directors, executive officersand the other initiated persons, in order toavoid the breach of the legal frameworkapplicable to trading with financial instrumentsissued by BRD.

THE FINANCIAL CALENDAR FOR2011

Presentation of the preliminary annual results February 14, 2011 General Meeting of the Shareholders April 14, 2011Presentation of the annual results 2010 April 14, 2011Presentation of Q1 results May 3, 2011Presentation of Q2 results August 1, 2011Presentation of Q3 results November 1, 2011

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Starting with January 15, 2001, the shares of theBank are listed in the 1st category of theBucharest Stock Exchange and are included in theBET and BET-C index. During 2010, the average price of the BRD sharehad a similar evolution with the average of the BET

index. The closing price of the BRD share as atDecember 30, 2010, the last trading day of 2010,was RON 12.35/share. On the same date, the market capitalisation wasRON 8,606,733,747.

5.233

3.515

5.913

9.265

1.218656

5.788

1.834

3.147

7.673 5.682

12,9

9,3

16,9

24,5

11,3

5,4

3,5

1,9

1,0

17,5

13,8

0

500

1000

1500

2000

2500

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*

5.233

3.515

5.913

9.265

1.218656

5.788

1.834

3.147

7.673 5.682

12,9

9,3

16,9

24,5

11,3

5,4

3,5

1,9

1,0

17,5

13,8

0

500

1000

1500

2000

2500

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*

The dividends are distributed to the shareholders proportionally to their participating interests. The income from dividends is subject to tax deduction at source.

BRD Share

Evolution of the AveragePrice on the BucharestStock Exchange

In 2010, neither the Bank, nor its subsidiariesredeemed their own shares.

DividendsAccording to the Romanian legislation and theArticles of Incorporation, dividends are paid fromthe funds created for this purpose after theapproval by the General Meeting of theShareholders („GMS”), within no more than 60

days from the date of publication in the OfficialGazette of the GMS decision on the approval ofthe dividends. The net annual profit is distributed as dividendsaccording to the GMS decision. The distributableprofit is based on the income as per the individualfinancial statements drafted according to the localaccounting standards. The change in the volumeof approved and distributed dividends looks asfollows:

DISTRIBUTION OF DIVIDENDS

BRD Net Profit (RAS) 2009 2010

Net profit (RON) 779,069,717 500,589,835 Distributable profit (RON) 779,069,717 500,589,835 Total dividends (RON) 194,767,429 125,147,459 Dividend per share (RON) 0.27947 0.17957Rate of allocation out of the distributable profit 25% 25%

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Commercial activity

BRD – Groupe Société Générale has the largestnetwork of active entities among the private banksthat operate in Romania. This statement issupported by both large cities and average townsand high-potential rural areas.

In only five years, the BRD network also markedan important qualitative evolution, as it isinnovation that makes a difference on anincreasingly competitive market.

The presence of new and innovative concepts onthe Romanian market – BRD Express, BRD 24H,BRD Blitz, BRD Café – in response to the marketneeds, allows us now to be more focused onoptimising our activities. 2005 2006 2007 2008 2009 2010

Evolution of the number ofagencies

326

600

806 930 930 937

The client database is robust, even if thenumber of clients slightly decreased

2008 2009 2010

Corporate customers (x 1000)

162

149 141

2008 2009 2010

Individual customers(x 1000)

2,430

2,379 2,334

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BRD is the second bank in Romania in terms of size, having the following market shares as atDecember 31, 2009 and December 31, 2010:

31.12.2009 (%) 31.12.2010 (%)

Total assets 14,1 13,9 Corporate loans 15,3 14,2 Corporate deposits 18,4 17,8 Loans for individuals 16,0 15,7Deposits for individuals 14,8 14,1

In 2010, the commitments at the bank levelamounted to RON 42.9 billion, divided onmarket segments as follows:

BRD permanently develops and optimises thefast and practical remote banking channels:the customer relations centre Vocalis, theMobile Banking, Internet Banking and e-Commerce services.

At the end of December 2010, the totalnumber of subscribers to the internet bankingservice, BRD-Net, was of 310,000, and thetotal amount of the transactions was of RON1.2 billion, 20% higher than at the end of theprevious year. At the same time, more than93,000 clients have subscribed to the mobilebanking service, Mobilis.

15%

Small companies

18 %

Medium companies

27 %

Major companies

40%

Individuals

2005 2006 2007 2008 2009 2010

DepositsBRD consolidated(end of period, MRON)

Individuals

49%

14.681

24.590

27.011

28.552 29.249

Corporate

51%

29.820

2005 2006 2007 2008 2009 2010

LoansBRD consolidated(end of period, MRON)

Individuals

48%

10.464

18.715

26.905

34.260 34.865

Corporate

52%

34.470

The evolution of the deposits and loans showsthat BRD has maintained its business leveldespite a contracted economic environment,marked by a modest demand for financing.

The commercial offer has been adapted to thecurrent economic conditions. BRD hassupported its loan holders by providing themwith customised debt restructuring solutions.At the same time, attention was paid toimproving risk management.

BRD continued to be a trend setter in terms ofinnovation, to develop and promote the offersof products and services adapted to thevarious client categories.

Thus, regarding loans to individuals, just like in2009, BRD participated actively in the Primacasa programme, the production of this typeof loans amounting to approximately RON 690million. In addition, in the second quarter, theBank launched a promotional campaign onconsumer loans ("Primavera" loan), whichgenerated a production of over RON 600million.

BRD InnovationsA la Carte – the banking card with a 100%customisable design, launched in February2010, was an innovation for the banking offerin Romania. Issued by BRD – up until nowunder the exclusive logos of Visa Classic andMasterCard Standard – the debit card A laCarte has been very well received by theclients.

Instant Pay –in March 2010, BRD was alsothe first large bank to introduce thecontactless technology in Romania.MasterCard PayPass is a debit card in lei

which enables its holder to make small valuepayments without entering a PIN. The projecthas been extremely well received both by theclients and by the accepting traders.

A special project based on the contactlesstechnology has been the subway accesssolution, which represents a triple innovationof BRD: innovation in terms of payment, ofset-up the partnership with the subway, andof introduction of contactless cards inRomania. The payment is made directly fromthe card account, without need to buyseparate travel credit. This solution has beendeclared by MasterCard unique in Europe.

Mini Automated Bank – reunites, in asingle device, card and cash operations thatwere previously made on 4 distinct bankingteller machines. The Mini Automated Bank is asolution that exploits the best adaptedtechnologies by which BRD simplifies the lifeof its clients. This solution is currently beingexpanded.

We’ve continued to pay special attention tothe youth segment. Apart from developing our dedicated offer,we’ve organised campaigns in order to attractnew BRD clients and to build their loyalty.

Also, the Bank used the experience of thespecialised subsidiaries of the group anddiversified the offer of placement, privatepensions and bank insurance products.

Retail Banking

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SMEs and Freelance ProfessionalsIn 2010, BRD relaunched the financing offerdedicated to the small and medium-sizedenterprises and freelance professionals. Theshort, medium or long term lending aims atsatisfying the specific needs of this marketsegment in terms of current expenses, butespecially of investments, favoured by thegrants of up to EUR 200 thousand / SME.Relaunching and promoting the offer for liberalprofessions and freelance professionals 3 yearsafter the first launch have brought 639 newloans, which stand for 45% of the entireportfolio at the end of 2010.In line with the aspects listed above, BRDsigned in 2010 new agreements with theNational Loan Guarantee Fund for SMEs,Eximbank and the Rural Credit GuaranteeFund.The Bank also kept on extending financingbased on the sources from the European Bankfor Reconstruction and Development and theEuropean Investment Bank, mainly aimed atsupporting the SME sector, in profitableconditions.

By the EU/EBRD energy efficiency financefacility of EUR 10 million, 12 companies werefinanced, who benefitted from: ■ investment loans extended by BRD;■ free technical assistance services provided

by consultants hired by EBRD;■ grant of up to 15% of the loan value on the

end of the investment.In 2010, BRD signed a second EU/EBRDenergy efficiency facility of EUR 10 million.

By the EIB facility, 45 SMEs were financed witha total of EUR 15.3 million for businessdevelopment projects.

On the other hand, BRD supported its clientsby loan restructuring or rescheduling solutions.In 2010, the restructured and rescheduledloans represented 12% of the totalcommitments.

At the same time, BRD was the first bank tolaunch the offer for the purchase of newvehicles and tractors for juridical persons andfreelance professionals within the REMATprogram.

The EUROBRD Program (financing ofinvestment projects benefitting from Europeannon-repayable funds) has also registered asatisfactory evolution. The range of servicesincludes: pre-financing and/or co-financing thecustomer’s own contribution, financing non-eligible expenses, covering the working capitalneeds for carrying out the current business andnew investments.

In 2010, under the post-accession Europeanfunds programs there were financed 272projects worth over EUR 100 million, carriedout by private companies, SMEs and largeenterprises in the agricultural and industrialfields, as well as by local public authorities,public institutions and non-governmentalorganisations.

The clients’ preference for remote bankingservices has been highlighted by the increaseby 25% of the number of subscribers to theBRD@ffice service, compared to last year. The rate of use of this channel increasedconsiderably in 2010, the number oftransactions made through this serviceaugmenting by 44% compared to 2009,totalling approximately RON 24 billion.

BRD is the leader of the e-commerce market,with a processed volume of more than EUR109 million, and a market share of over 85%.

At the 2010 E-Commerce Awards Gala, theBank was awarded the titles of “Bank of theYear in E-Commerce” and „The LargestNumber of 3D Secure Standard ActivatedCards”.

Corporate Banking

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Major Corporate CustomersThe year 2010, which was marked byrecession and economic crisis, meant for thelarge corporations either a continuation of theirdevelopment plans, despite different volumesand dynamisms of transactions, depending onthe economic sector and the customersegment (Romanian public and privatecompanies, multinational companies), or afreezing of the projects until the stabilizationand recovery of industrial and individualconsumption.

In this context, the corporate banking activityof BRD consisted in: - attracting new clients and accompanying theexistent ones; - supporting new and viable projects;- getting actively involved in projects eligiblefor co-financing from European funds; - readjusting the debt service for thecompanies whose activity was impacted bythe economic crisis and the recession; - coordinating club deals for high valuetransactions.

With a new production of loans of more thanEUR 400 million and with constant corporatedeposits compared to last year, BRDconsolidated in 2010 its position of leadingcorporate bank, and the prestigious magazine“Pia]a Financiar`” awarded BRD the prize“Bank of the Year on the Corporate Market”.

A few landmarks:■ General corporate purpose financings:

The multi-options ceilings werepredominant, but there were also seasonalfunding of stocks or factoring lines

■ Financing of the local public authorities: - long-term investment loans of approx.

EUR 40 million for various infrastructure andlocal development projects which were co-financed with European funds;- financial leasing of EUR 8 million forfinancing the fleet of buses for urbantransport

■ Structured financing and syndicated loans: - Retail sector: financing the development ofa shopping centre by means of a long-termconstructions and investment loan of EUR10 million; - Telecom sector: participating with USD 50million in a syndicated loan of USD 100million; - Metallurgical sector: participating in asyndicated loan organised by EBRD, of USD80 million; - Agricultural sector: participating with USD20 million in a B-loan syndicated by EBRD;- Constructions sector: EUR 60 millionsyndicated loan, out of which BRD’s shareis of EUR 30 million; BRD participated asMLA agent, security agent.

■ Hedging operations: increase of the numberof transactions against the foreign exchangerisk and the interest rate risk for mediumand long-term loans, both with multinationaland Romanian private companies.

■ Cash Management: signing of several cashpooling and cash management contractswith multinational and Romanian privatecompanies.

24

General frameworkBRD has a prudential risk approach, accordingto its long-term strategy. The risk managementpolicies and activities are in line with theSociété Générale practices and are focused onidentifying and evaluating the risks in an earlystage. The Bank implements this approachthrough a risk management function which isindependent from the commercial structures.

Organisation The Board of Directors of the Bank sets thestrategic vision in the field of risk management,which is then translated into policies by theManagement Board. Some of theresponsibilities of the Management Board aredelegated to two main committees: RiskManagement Committee and Assets andLiabilities Committee.The Central Risk Control Department is incharge of monitoring and managing the creditrisk, the operational risk and some of themarket risks, while the liquidity and interest raterisks in the banking book are monitored andmanaged by the Financial Department.

Credit RiskThe credit risk is mainly the risk that acounterparty does not meet its paymentobligations towards the Bank. The credit riskmanagement within the Bank is integrated inthe risk management process of SociétéGénérale.

Risk costLike in 2009, the net risk cost increasedsignificantly because of the unfavourableeconomic environment and of the varioustechnical measures (revaluation of guarantees,insolvency of many companies). Despite this, the bad loans rate (*) remainedunder the banking system average (December2010):

■ BRD: 9.13%■ Banking system average

(*) Loans classified as “Loss 2” ( 90 days past due and/orlegal action )(**) Source: NBR statistics

Business ContinuityIn order to reduce the operational risks towhich the bank is exposed, and to ensure thecontinuity of its vital and critical activities, theBank implemented a plan that defines theorganisation and resources required in a crisissituation.For this purpose, at the level of theorganisational structures of the Bank, both inthe head office and in the network, cells wereset up, coordinated by the managers of therespective structures.

Operational Risk and PermanentSupervision BRD has a strong system for steering theoperational risk and the permanent supervision,both benefiting from a sound control, acoherent normative framework and well trained

Net risk cost/commitmentsBRD consolidated

(*) excluding the impact of the legal framework = 285 b.p.

2005 2006 2007 2008 2009 2010

26,9

23,4

34,3

34,9

10,5

66 b.p.

97 b.p.

141 b.p.

326 b.p.(*)

34,5

458 b.p.(*)

Risk Management

25

Key Figures:■ 9.227 employees of BRD and SociétéGénérale Group’s entities in Romania■ 524 new employees■ 86% of the personnel attended at least oneprofessional training course

Within the HR Department, the activities andprojects carried out in 2010 were in line withthe objectives of Société Générale Group andtargeted the development of the human capital,the creation of a new leadership model and atighter communication with the employees.

Thus, the human resources activity this yearfocused on the employees' careermanagement, i.e. professional training,identification of high-potential persons,performance management system, but also theoptimisation of the HR activities.

Career management is based on a behaviouralcompetences system which is unique at theSociété Générale level, also introduced in theperformance management system.

The internal mobility of the personnel remainedsignificant (14.79%), reflecting the structures’capacity to adapt to the requirements of themacroeconomic context.

Also, promotions increased slightly comparedto 2009 and represent 7.68% of the totalnumber of employees.

Regarding the training of the employees, wecontinued out training programmes in 2010, inline with the development plans set upon theevaluation of the employees’ performance, butalso according to their specific career paths.We also started integrated managerial trainingprograms, adapted to the various hierarchicallevels. The average number of trainingdays/employee: 4.2 days.

In 2010, the HR policy remained constant withrespect to the salary package. We continued toreward both collective and individualperformance. At the same time, we kept for all of ouremployees elements that ensure socialprotection either on the short-term (medicalservices, meal tickets, various indemnities, etc)or on the long-term (private pension fund,accident insurance, retirement indemnities,etc.).

The HR processes accompanied in 2010 thereorganisation processes within the company,aimed at setting Regional Centres for ClientServices in Brasov and Cluj.

Human Resources

Social and Environmental Responsibility

26

Corporate Social and EnvironmentalResponsibility at BRD is clear internally through aresponsible management of the employees, andexternally through its will to minimize the impactof the bank’s activities on the environment andthrough community involvement projects.

Community involvementBRD’s priorities in this respect are: education,the fight against dropping out of school and theprofessional insertion of the persons excludedfrom the labour market.

A few of the 2010 projects■ The employees’ involvement programme“Change a destiny. Give value to life.” Throughthis programme, 800 disadvantaged children andyoung people were helped to continue theireducation, to keep a job or to pursue their talent.14 NGOs were supported with a total amount ofEUR 130,000, 50% of which were donated bythe employees.

■ Youth Bank. The programme through whichmore than 300 high school students learn tomanage funds and to build projects for theircommunities.

■ The programme through which we addressedthe floods of the summer of 2010. More thanEUR 100,000 were donated by BRD to rebuildthe damaged houses, to provide emergencysupplies and to send 75 children from thefamilies affected by the floods to camps, in theBRD training centres.

■ Supporting the ARCA team in the spaceprogramme aimed at building the firstRomanian rocket able to land on the Moon.

Cultural PatronageBRD got involved in 2010, as well, in supportingmodern and contemporary art, the Romaniancultural patrimony and classical music. We’vegot traditional partnerships with such institutionsas the Romanian Opera, the National Museum ofContemporary Art, the Village Museum, etc.A new project was “Save the Pianos of theConservatory”, by which BRD committed todonate EUR 15,000 for the renovation of thepianos of the Bucharest Conservatory, which arestrongly degraded (including Dinu Lipatti's piano).

Sports PartnershipsFor 11 years, BRD has been the Official Partnerof the Romanian Cycling and Triathlon Federationand the sponsor of the Romanian Cycling Tour. The bank has continued its partnership with HagiAcademy, through which it supports aprogramme dedicated to young, talentedfootballers. BRD also started a partnership with theRomanian Handball Federation, becoming one ofthe supporters of Romanian handball.

Environmental indicators Unit 2010 2009 2008

Scope of collection % 100% 100% 100%

Total power consumption GWh 81 80 92Total consumption / employee KWh 8,771 8,735 9,694Total consumption / sqm KWh 232 243 369

Water consumption Thousands m3 131 394 303Consumption / employee m3 14 43 32

Consumption of office paper Tons 749** 567 263Out of which FSC certified paper * tons 749** 567 263

% 100% 100% 100%Consumption paper/employee kg 81 62 28

Professional travels Thousands Km 18,093 19,642 20,011Professional travels/employee Km 1,966 2,138 2,100

CO2 emissions Tons 32,429 33,588 32,154CO2 emissions / employee Tons 3.52 3.65 3.38

ENVIRONMENTAL PERFORMANCES

BRD undertakes to enforce its commitments and to make continuous progresses.

Environmental responsibilityThe Société Générale Group has decided tobecome Carbon Neutral by 2012. The objectiveis to reduce the CO2 emission by 11% /employee between 2008 and 2012, whichincludes the consumption of energy, travels forprofessional purposes and office paper.

By applying the same policy, BRD started in2010 to implement a measure plan whichwould reduce the negative impact and whichfocuses

in 3 main directions:1. Optimised consumption (electricity, paper,water) and travels for professional purposes;2. Energetic efficiency of the buildings;3. Decreased negative impact of the IT activity.

BRD also favours the eco behaviours of itscollaborators and builds trustworthy relationswith its suppliers, based on the development ofeco-responsible practices, as well.

27

*FSC-serificate paper coming from responsibly managed forests

**Readjusted perimeter

Financing for individuals BRD Finance has been, ever since its set-up,one of the main players on the consumer loansmarket, recording a fast development of both itsportfolio of products and clientele. Starting with2009, the difficult macro-economic conditionshave gradually moderated the demand forconsumer loans and, implicitly, influenced theactivity of BRD Finance. Nevertheless, thestrategies adopted by the company at thecommercial, risk and operational levels enabled itto optimise its results and to advance inreaching its objectives. The major commercial coordinates of 2010 werethe new partnerships concluded with the Altex-MediaGalaxy network, and the expansion of thecollaboration with the Renault Group. In parallelwith these successful projects, we’ve continuedto develop our existing relations withcollaborators such as Carrefour, Real, Dedemanor Praktiker.The positive financial result of 2010 was alsodue to the cut down of the risk-related costs

and to the improvement of the debt collectionperformances. One of the permanent improvement sources inthe company – operational risks – saw its valuediminished by the operational efficiencyprogrammes, which will continue in 2011, aswell.

Private pensions: BRD Fond de pensiiThe year 2010 ended with good results for BRDPensii, which currently manages one compulsoryprivate pension fund and two optional privatepension funds.

The company’s efforts during the yearparticularly concerned the qualitativeimprovement of the services offered to theclients and potential clients, the furthersecurisation of the investments and thepromotion.

At the end of 2010, BRD Fond de PensiiAdministrat Privat held a market share of 2.7%,larger than in 2009, and in terms of performanceit had a return of 13.09%, thus successfullymaintaining the balance between performanceand safety.

As for the two optional pension funds managedby BRD Pensii, even though the economiccircumstances were not exactly beneficial, theycount together 5,400 participants two years aftertheir set-up, and are active players on theoptional private pensions market.

The BRD Pensii subsidiary currently managesthe savings of more than 145,000 clients andassets worth approximately RON 100 million forcompulsory and optional private pensions.

Car loans

Revolving loans

Consumer loans

Classic loans

2004 2005 2006 2007 2008 2009 2010

314

83

24

82 161

170

91

77

441 319

55

57

491433

170

100

214

51

Specialised Services

28

29

Life insurance: BRD Asigurari de ViataThe BRD subsidiary specialised in life insurance,BRD Asigurari de Viata, dedicated the year2010 to developing and expanding its portfolioof products and also added to its offer newproducts for companies and individuals:■ the term group insurance for the corporate

clients of the Group; ■ an insurance product with a savings

component, EduPlan, for individuals. Apart from the collaboration with BRD, in 2010BRD Asigurari de Viata also developed astrategic partnership with another subsidiary ofthe BRD Group, BRD Finance, by providing itsclients with a large range of insurance productsassociated to loans and cards.In its second year of activity, BRD Asigurari deViata already has 220,000 clients and ranks 14in the top of the 22 life insurance companies onthe market.

Corporate Financing International OperationsIn 2010, the international operations activitysaw its volume increase by 8% compared to2009. The volume increase is due to theinternational transfers that kept their risingtrend, as well as to the documentaryoperations.By a complete offer of commercial services

(letters of credit, documentary collection,international guarantees, conditioned paymentorders, stand-by letters of credit, cheques andavals) and Western Union fund transfer services(both inbound, and outbound), BRD makesavailable to its clients the professionalism of itsteam of specialists and relations with more than1,100 correspondent banks in 100 countries. The vast network of correspondents throughoutthe world and the support of the SociétéGénérale Group are a real competitiveadvantage, which brings extra quality andpromptness to the services dedicated to theinternational market.

Factoring servicesIn 2010, the factoring activity recorded asignificant increase of its turnover, + 62%compared to the previous year, proving thatfactoring is a product accessed by the clientsdespite the difficult economic context.In the turnover structure there can be seen thatthe domestic factoring operations weigh 66% ofall the operations, while the remaining 34% arerepresented by international factoringtransactions. Similar to the previous year, in 2010 focus wasplaced on promoting the non-recourse factoringoperations, whose weight increased to 70% ofthe total turnover, compared to 62% in 2009.The Bank’s objective was to diversify thefactoring products by launching, in the secondhalf of 2010, the reverse factoring operationswhich led to the increase of the number ofclients, as well as to maintain a high qualitativestandard of its factoring services and a leadingplace in the top of the best domestic & exportfactors within Factors Chain International.

2009 2010

Evolution of turnover (M RON)1,551

2,508

Domestic factoring

International factoring

Structure of turnover by types of operations

34 % 66 %

Leasing: BRD SOGELEASE In an increasingly competitive environment,BRD Sogelease, the leasing subsidiary of BRD-Groupe Société Générale, ended the year 2010with more than 1,400 leasing contracts, thefinanced goods amounting to EUR 99 million.

The structure of the BRD Sogelease portfolioas at December 31, 2010 was the following:commercial vehicles – 40%, cars – 14%,constructions equipment – 14%, medical,industrial and agricultural equipment – 20%,IT and office equipment– 8%, real estate 4%.

Balance of debt receivables

(millions of RON))

ALD Automotive – operationalleasing and car fleet management

Operational in Romania since 2005, ALDAutomotive offers full service operationalleasing services, ensuring financing and acomplete range of car fleet managementservices.

ALD Automotive is the leader of the Romanianoperational leasing market, managing a fleet of6,079 vehicles for 240 clients (in December2010).

In 2010, ALD Automotive launched ALDCarmarket, an online platform for promotingand selling used cars at the end of theoperational leasing contracts. 793 vehicleswere sold through the sitewww.aldcarmarket.ro in 2010.

ALD Automotive has a team of 67 employeesand a network of more than 700 suppliersthroughout the country.

2005 2006 2007 2008 2009 2010

65

135

207

222

Managed vehicles

(number)

Corporate clients

(number)

240

2003 2004 2005 2006 2007 2008 2009 2010

343 409

566 714

1.037 1.372 1.092

845

30

Investment Banking

Brokerage In 2010, BRD consolidated its position ofleader in the trading of all the financialinstruments on the Bucharest Stock Exchange.

Also, BRD intermediated the most importantpublic tenders that took place in 2010 andparticipated in the consortium thatintermediated the listing of “FondulProprietatea”.

Market operationsBRD remained a major player on the financialmarkets in 2010.

The Bank actively promoted the interest rateand forex risk hedging products, recording asignificant change of the number of concludedtransactions, as well as of the related volumes,despite the decrease of the volatility on theforeign exchange and monetary market.

Hedging operations: the number oftransactions against the forex and interest raterisks for medium and long term loans increasedin the case of both multinational corporationsand Romanian private companies.

31

32

Asset Management BRD Asset Management ranks third onthe investment funds market, with a portfolio of6 opened-end investment funds (UCITS), two ofwhich were launched in 2010: BRD Eurofond -May 2010 and Index Europa Regional - July2010.

The Simfonia 1 investment fund recorded asignificant increase, of almost 117.6% of its netasset. Simfonia 1 thus remains one of the mostimportant funds on the Romanian market, witha net asset of RON 280.38 million.

The fund BRD Obliga]iuni, launched in 2006,increased its assets by almost 64% and had apositive performance of 5.89%, due toplacements mainly made on the bond and fixedrate instrument markets.

The fund Ac]iuni Europa Regional, launched inMarch 2009, targets making up to 90% of itsplacements in shares listed on the markets inthe region (Romania, Czech Republic, Poland,Hungary) or in equity interests of UCITS and/ornon-UCITS that invest mainly in shares. At theend of 2010, the performance of the fund was9.94% and its net asset had increased by113.1%.

The fund Diverso Europa Regional, launched inthe same period as Acţiuni Europa Regional,aims at making up to 50% of its placements inshares listed on the markets in the region or in

equity interests of UCITS or non-UCITS thatinvest mainly in shares. At the end of 2010, thefund had a performance of 9.70%, and the netasset increase rate was of 106.7%.

Fund denominated in EUR, BRD Eurofond

applies a policy of prudent diversification of itsassets among the various asset categories andinvests its assets in markets considered ashaving a low risk, such as the monetary andfixed-income instruments markets. Comparedto the launch date - May 2010, the fundrecorded a performance of 4.87% and a netasset of RON 109.12 mil. (EUR 25.47 mil.).

The Index Europa Regional fund holds adiversified portfolio that targets investing at least75% of its assets in shares of the companiesthat are part of a mix of indicators, based on: ■ BET-XT 50%,■ WIG-20 20%,■ Budapest SE Index-10% [i■ Prague SE Index 20%.

The fund’s performance since July 2010 untilthe end of the year was 3.83%, and the netasset amounted to RON 2.34 mil.

33

Deposit / custody of securities On a highly competitive market, the 13-yearexperience as depositary / custodian bank, aswell the expertise of the Société GénéraleGroup (the second depositary bank in Europeand the sixth worldwide, with acorrespondents’ network that covers 84countries) enabled BRD to diversify its activityin agreement with the widening of its offer ofproducts and services.

The win-win philosophy in its relationship withits clients, corroborated with the “one stopshop services” principle helped the custodianBRD to obtain the “Domestic Top Rated”rating, a title conferred by “Global CustodianMagazine” –the leader of the internationalpublications specialised in the financialservices field.

BRD got actively involved in the capital marketdevelopment projects, being the firstcustodian bank authorised on the SIBEX spotmarket, and it consolidated its leading positionas a depository on the Romanian market, interms of deposited assets.

In 2010, BRD tried to meet as well as possiblethe needs specific to the corporate and issuerclients, by more flexible offers and services ofdistribution of dividends / squeeze outoperations adapted to the difficult economiccontext.

Consulting servicesBRD Corporate Finance, the BRD subsidiaryspecialised on consulting operations, has anexperience of over 13 years on the localmarket, during which time it developed itsexpertise in capital operations (acquisitions /sales of companies, mergers, scissions,privatisations), in operations related to capitalmarkets (acquisitions / sales of listedcompanies, issues of shares or bonds), as wellas in corporate restructuring operations.

BRD FinanceBernard HISTE - General Manager Tel: + 4021.200.81.00Fax: + 4021.200.81.92e-mail: bernard.histe@brd.ro

BRD SogeleaseBRD Sogelease Asset RentalVorles MORLOT - General Manager Tel.: + 4021-301.41.88Fax: + 4021-301.41.04e-mail: vorles.morlot@brd.ro

ALD AutomotiveShane DOWLING - General ManagerTel: + 4021.301.49.77Fax: + 4021.301.49.99e-mail: shane.dowling@aldautomotive.com

SOGECAP RomâniaDamien MARECHAL- Country ManagerBRD PensiiRozaura ST~NESCU - General Manager Tel: + 4021.408.29.00Fax: + 4021.408.29.20e-mail: rozaura.stanescu@brd.ro

BRD Asigur`ri de Via]`Damien MARECHAL- General ManagerTel: + 4021.408.29.29Fax: + 4021.408.29.13e-mail: damien.marechal@brd.ro

BRD Corporate FinanceBogdan ILIESCU - General ManagerTel: + 4021.301.41.40Fax: + 4021.301.41.45e-mail: bogdan.iliescu@brdsg.ro

BRD Asset ManagementDan NICU - General Manager Tel: + 4021.327.22.28Fax: + 4021.327.14.10e-mail: dan.nicu@brdam.ro

SOGEPROM RomâniaGeanina PALADE - Project ManagerTel: + 4021.301.48.14Fax: + 4021.301.48.11 e-mail: geanina.palade@sogeprom.ro

ECS RomaniaSorin VL~DESCU - General ManagerTel: + 4021.301.42.38Fax: + 4021.301.42.05e-mail: sorin.vladescu@ecs-group.com

34

Head Office:BRD Tower, 1-7 Ion Mihalache Bd., 1 st district, Bucharest, Postal code 011171, Romania Tel.: (+40) 21-301.61.00; Fax.: (+40) 21-301.66.36 e-mail: communication@brd.ro; web site: www.brd.ro

VOCALIS: 0800 803 803 (free number in the Romtelecom network) (+40) 21-302.61.61 (normal toll number) *banca (*22622) - normal toll number in the Orange and Vodafone networksvocalis@brd.roMonday to Sunday, from 8 A.M. to 10 P.M.

GENERAL SECRETARIAT Tel.: +4021-301.61.21Fax: +4021-301.61.22

Secretary General: Gheorghe MARINELE-mail: gigi.marinel@brd.ro

Head of Communication: Bianca DORDEAE-mail: bianca.dordea@brd.ro

Deputy Head of Communication: Mihaela BURADAE-mail: mihaela.burada@brd.ro

Subsidiaries

Contacts

35

MAJOR CORPORATE BRANCH, BucharestPetronel CHIVA - Executive DirectorTel.: + 4021-301.40.00Fax: + 4021-301.40.04e-mail: petronel.chiva@brd.ro

ACADEMIEI BRANCH, BucharestMarius CALI}OIU - Executive DirectorLiliana GROZA - Delegated Executive DirectorTel.: + 4021-305.69.00/01Fax: + 4021-305.69.99e-mail: marius.calitoiu@brd.roe-mail: liliana.groza@brd.ro

DOROBAN}I BRANCH, BucharestDana B~JESCU - Executive DirectorTel.: + 4021-208.65.55Fax: + 4021-208.65.47e-mail: dana.bajescu@brd.ro

NORD-EST BRANCH, BucharestMarius MARINESCU - Executive DirectorTel: + 4021-200.59.00Fax: + 4021-200.59.25e-mail: marius.marinescu@brd.ro

UNIREA BRANCH, BucharestAdrian MAR}I{ - Executive Director Tel.: + 4021-320.98.29Fax: + 4021-320.98.41e-mail: adrian.martis@brd.ro

GRUP BAC~ULucian LAZ~R - Delegated Executive DirectorTel.: 0234-207.722Fax: 0234-510.576e-mail: lucian.lazar@brd.ro

GRUP BAIA MAREPetric` VAN} - Executive DirectorTel.: 0262-212.115Fax: 0262-215.237e-mail: petrica.vant@brd.ro

GRUP BRA{OVSorin G~ITAN - Executive DirectorTel.: 0268-301.106Fax: 0268-301.230e-mail: sorin.gaitan@brd.ro

GRUP CLUJMihai TEODORESCU - Executive DirectorPetru PETRU} - Delegated Executive DirectorTel.: 0264-405.110Fax: 0264-598.222e-mail: mihai.teodorescu@brd.roe-mail: petru.petrut@brd.ro

GRUP CONSTAN}AGigi CARATA{ - Executive DirectorTel.: 0241-508.604Fax: 0241-613.233e-mail: gigi.caratas@brd.ro

GRUP CRAIOVARadu NEAGOE - Executive Director Tel.: 0251-413.753Fax: 0251-406.358e-mail: radu.neagoe@brd.ro

GRUP DROBETA TURNU SEVERINBogdan NICULESCU - Executive DirectorTel.: 0252-316.074Fax: 0252-313.570e-mail: bogdan.niculescu@brd.ro

GRUP GALA}ICristian DOBRE - Executive Director Tel.: 0236-307.800Fax: 0236-418.097e-mail: cristian.dobre@brd.ro

GRUP IA{IDumitru VIRTU - Executive Director Tel.: 0232-213.050Fax: 0232-212.515e-mail: dumitru.virtu@brd.ro

GRUP PIATRA NEAM}Constantin MARE{ - Executive DirectorD`nu] FLORESCU - Delegated Executive DirectorTel.: 0233-214.494Fax: 0233-213.950e-mail: constantin.mares@brd.roe-mail: danut.florescu@brd.ro

GRUP PITE{TIGeorge Dorin CAVAL - Executive Director Tel.: 0248-218.503Fax: 0248-221.273e-mail: george.caval@brd.ro

GRUP PLOIE{TILauren]iu VASILIEF - Director Executiv Tel.: 0244-595.610Fax: 0244-595.605e-mail: laurentiu.vasilief@brd.ro

GRUP SIBIUPatric POPOVICI - Executive DirectorTel.: 0269-202.600Fax: 0269-217.690e-mail: patric.popovici@brd.ro

GRUP TIMI{OARAPetru NEGRU - Executive Director Tel.: 0256-302.089Fax: 0256-302.092e-mail: petru.negru@brd.ro

GRUP TÂRGU MURE{Kalman BARTHA - Executive Director Tel.: 0265-207.410Fax: 0265-261.058e-mail: kalman.bartha@brd.ro

GRUP VALAHIAClaudiu C~LIN - Executive Director Tel: + 4021-319.00.41Fax: + 4021-317.00.06e-mail: claudiu.calin@brd.ro

BRD network

Romania, Bucharest, no. 1-7 Ion Mihalache Bvd, sector 1Tel: 40 21 301 61 00Fax: 40 21 301 66 36E-mail: communication@brd.ro, http://www.brd.roTelex: 11877 BRD SAR, 10381 BRD SARCod SWIFT: BRDE RO BU

Design and conception: SEGL/COMBRD-Groupe Société Générale has all rightsFoto: Sorin Lup[a, Lavinia Nu]eanu