Investors Relations Presentation
February 2020
2
1. Company Highlights
2. Capital Market Overview
3. Major Projects
4. Macro Brief
5. Financial Results Overview
Contents
3
Bucharest Stock Exchange (BVB)
Indicator BVBISIN ROBVBAACNOR0
Refinitiv ROBVB.BX
Bloomberg BVB.RO
Share price (February 18, 2020) EUR 5.23 / RON 25
Market Cap (February 18, 2020) EUR 42.1 mn/ RON 201.2 mn
No. of outstanding shares 8,049,246
ADT 12TM RON 0.09 mn
P/E (price as of February 2020, 12TM EPS) 30.98x*
P/BV (price as of February 2020) 1.85x*
Dividend Yield 4.9%
52 wk Low - High 21.30 – 27.50
Turnover velocity (12 TM ) 12%
100% free-float, listed on its own floor since 2010
20% ownership threshold, majority institutional shareholders
Shareholding structure as of January 2020:
Romanian institutional investors – 73.34%
Foreign institutional investors – 6.86%
Romanian private investors – 17.51%
Foreign private investors – 1.99%
Bucharest Stock Exchange – 0.30%Significant investors > 5%: SIF Transilvania, NN Group N.V., EBRD
0
2,000
4,000
6,000
8,000
10,000
12,000
0
10
20
30
40
50
2015 2016 2017 2018 2019 2020
Price evolution of BVB vs. BET index (5 years)
BVB BET index (rhs)
Source: BVB, Refinitiv Eikon
* P/E and P/B are calculated based on BVB Group preliminary financials as of December 2019
4
Growth story in the Emerging Europe
CCP
Impressive dividend yield
Growing Domestic Potential
Potential privatizations and
new listings
Promotion to Emerging Market
Romanian capital market has been promoted to the Emerging Market status by FTSE Russell. Thereclassification of the status will become effective in September 2020.
Romanian Capital Market recorded one of the highest dividend yields in the world, averaging 8.7% in2018 and 8% in 2019 while it is expected to deliver positive results this year as well.
Pension funds’ total assets reached EUR 13.5 bn at the end of 2019, 27% higher than the end of theprevious year while the AuM of the investment funds (apart from SIFs and FP) increased to EUR 5.4bn at the end of 2019.
The state seems keen to resume SOEs IPOs. Growing pipeline of private companies looking atfinancing options through the stock exchange.
BVB has partnered with energy and financial institutions to put the basis for the CentralCounterparty
5
Historic moment - Romania was promoted to Emerging Market status
MSCI Global Market Accessibility Review,
June 2019
In June 2019, MSCI upgraded Romaniaon Transferability after the marketreceived 3 additional upgrades onTrading, Market Regulations andInformation Flow a year earlier
Romania has been promoted toSecondary Emerging Market status 3years after being introduced on thewatchlist
MSCI
FTSE
“Of the countries listed in theconsultation, Poland and Romaniawere cited most often as countrieswhere a classification change could bejustified. As such, they may be includedin future consultations if conditionscontinue to improve”
S&P
FTSE Country Classification Review, September 2019
S&P Dow Jones Country Classification Consultation Results, October 2017
Source: FTSE Russell, MSCI, S&P Global
Capital Market Overview
6
7
Major potential for Romania to at least double its Market Cap to
GDP ratio
Romania Bulgaria
Austria
HungaryPoland
Market Capitalization and ADT as of 31.12.2019
GDP as of 31.12.2018
Source: Refinitiv, FESE, WFE, BVB, WBAG, BSE, ZSE
Czech Rep.
Croatia
27%
30%
20%
11%
8%
39%
11%
ADT: EUR 187.3 mn/dayMkt. Cap.: EUR 135.0 bn# 449 companies
ADT: EUR 122.9 mn/dayMkt. Cap.: EUR 118.7 bn # 778 companies
ADT: EUR 1.5 mn/dayMkt. Cap.: EUR 20.0 bn# 119 companies
ADT: EUR 32.1 mn/dayMkt. Cap.: EUR 29.4 bn# 44 companies
ADT: EUR 17.0 mn/dayMkt. Cap.: EUR 23.4 bn# 55 companies
ADT: EUR 0.6 mn/dayMkt. Cap.: EUR 4.5 bn# 81 companies
ADT: EUR 8 mn/dayMkt. Cap.: EUR 23.3 bn # 84 companies on Main Market
Market Cap. / GDP
Diversified Market size and structure
Note: (%) of share turnover; (%) of market capitalization
Data as of January 31, 2020
Banca Transilvania, 29%
Fondul Proprietatea, 14%
BRD Societe Generale, 13%
Romgaz, 11%
OMV Petrom, 9%
Electrica, 4%
Nuclearelectrica, 2%
DIGI Communications, 2%
SIF Oltenia, 2%
Transgaz, 2%
Transelectrica, 1%
SIF Moldova, 1%
SIF Transilvania, 1%
SIF Banat Crisana, 1%
Sphera Franchise Group, 1%
Others, 7%
Market Structure by traded turnover
OMV Petrom, 21%
Romgaz, 12%
Banca Transilvania, 12%
BRD Societe Generale, 10%
Fondul Proprietatea, 9%
Nuclearelectrica, 4%
Transgaz, 4%
Electrica, 3%
DIGI Communications, 3%
Zentiva, 2%
Rompetrol Rafinare, 2%
SIF Moldova, 2%
Alro, 1%
SIF Oltenia, 1%
SIF Banat Crisana, 1%
Transelectrica, 1%
SIF Transilvania, 1%Aerostar, 1%
Medlife, 1%
Others, 8%
Market Structure by capitalization
8
9
Significant IPOs over the past 5 years amounting EUR 362 mn
IPO on the Main Market, carried out between in2017. Largest private IPO in the BVB historyfollowing the sale of 25,6% stake in thecompany for RON 944 mn (EUR 207 mn).
IPO on the Main Market, carried in 2017, closedafter less than 48 hours following the subscriptionrate of over 270%. 15% stake sold byshareholders for RON 5.5 mn (EUR 1.2 mn).
IPO on the Main Market, carried in 2017, closedafter less than 48 hours following the subscriptionrate over 270%. 25% stake sold by shareholdersfor RON 9 mn (EUR 2 mn).
IPO on the Main Market, carried out in2017 when 25% stake was sold by theshareholders for RON 285 mn (EUR 62mn).
IPO on the Main Market, following thesale of 49% stake in the company forRON 186 mn (EUR 40 mn)
IPO on the Main Market, carried out in2016 when 44% stake was sold by theshareholders for RON 230 mn (EUR 50.5mn).
Source: BVB
10
More than EUR 5.5 bn raised over the past 5 years through
bonds issues and listings
Source: BVB
IIB – Supranational – EUR 460 mn raised, 7 issuances
NE Property – Real Estate - EUR 1 bn raised, 2 issuances
Romanian Finance Ministry – EUR 1.7 bnraised, 14 issuances
Banca Transilvania EUR 285 mn raised
Unicredit EUR 135 mn, 3 issuances
Globalworth – Real Estate - EUR 1.1 bn raised, 2 issuances
City of Bucharest, EUR 610 mn raised, 5 issuances
InvestiaFinance SA
BT Leasing EUR 40 mn, 2 issuances
Romania offers attractive dividend yields
2.5%
5.8%5.4%
8.7%
8.0%
3.6% 3.4%
4.0%
4.8% 4.6%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2015 2016 2017 2018 2019
BET index dividend yield vs. Avg. Ro.10Y treasury bond
BET Dividend Yield Avg. Romania 10 Y Gov. bond yield
7.99%
0%
2%
4%
6%
8%
10%
12%
14%
16%
BET index constituents dividend yield in 2019
Dividend yield 2019 BET dividend yield
Source: BVB, Refinitiv Eikon 11
12
Growing pension funds and asset management industry
Source: ASF, AAF
2.33.3
4.55.7
7.38.9
10.6
13.5
11.2%
15.4%
19.1% 19.2% 18.7%19.7%
17.5%
22.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
2
4
6
8
10
12
14
16
2012 2013 2014 2015 2016 2017 2018 2019
Pension Funds: Total Assets & Equity allocation
Pillar II & III Total Assets (EUR bn) Equity allocation (%)
1.9
3.2
4.3
5.05.27 5.34
4.63
5.21
6.5%
4.6% 4.4% 4.6% 4.6%
6.5%7.5%
8.7%
0
0
0
0
0
0
0
0
0
0
0
0
1
2
3
4
5
6
2012 2013 2014 2015 2016 2017 2018 2019
Open ended funds: Net Assets & Equity allocation
Net Assets (EUR, bn) Equity allocation (%)
Major Projects
13
Mid-term strategic objective: Double the market liquidity
Increasing retail investors’ base
Attracting more private issuers to the Main Market and AeRO
Improving issuers’ transparency
Launching the derivatives market
Launching new products and trading mechanisms
Establishing the Romanian CCP
Double the
Liquidity
14
A healthy market evolution will only be supported by a CCP
Spot Market
Single Stock Futures
Index FuturesSingle StockOptions
Currency (FX)Futures
Energy Derivatives
We are here..
CCP establishment and launching of Derivatives
market
Lending & Borrowing
Regulated lending platform
Phase I -1 year
Phase II –1.5 years
Phase III –1.5 years
Other asset classes (e.g. Repo)
OTC Liberalization
15
Hidroelectrica IPO – Back on the priority list for the Government. Ongoing selection processfor advisors. Expected in Q4 2020 / Q1 2021
Other privatizations: CEC Bank, Bucharest Airports – public intentions from the Governmentofficials. Starting date is yet to be decided
Fiscal changes – Challenging taxation system for retail investors. Discussions for a moreinvestor - friendly approach are held
Government Related Projects
16
Other projects
New Listings: Momentum in the primary bond market - 10 listings in Q4 2019 alone. Privatecompanies IPOs. Positive developments and potential for larger size issuers
Launch of Vektor index, January 2020 – evaluates the IR performance of the listed companies
New BVB market making scheme & issuer market making kicking off (2 companies hiring marketmakers so far in 2020)
ESG inquiries on the rise from issuers and buy-side. Ongoing discussions with ESG provider
Market data product list update
17
Financial Education at BVB
Investor Forums in Bucharest and across the country, Fluent in Finance and many other projects aiming to improve financial education
18
Made in Romania in numbers
A unique project of the Bucharest Stock Exchange, launched with the goal of identifying and promoting top Romanian companies in order to finance their growth story via the capital market. The 4th edition will take place in 2020.
NOMINATED COMPANIES
SHORT LISTED COMPANIES
FINALISTS15
50
296+50% vs 2018
19
Macro Brief
20
21
Strong economic growth and EU real convergence
-10
-5
0
5
10
15
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Romania GDP
QoQ: 1.5% YoY: 4.2%
% change
0%
10%
20%
30%
40%
50%
60%
70%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
05 06 07 08 09 10 11 12 13 14 15 16 17 18
Real GDP / capita (EUR, PPS)
Romania as % of EU area (RHS) Euro area Romania
Source: Refinitiv Eikon, INS, Eurostat
22
Challenging inflation and twin deficits
Source: Refinitiv Eikon, INS, Ministry of Finance
-4
-2
0
2
4
6
8
10
12
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Romania CPI
Headline: 4.0% Core: 2.9%
12M % change
-0.8-2.1 -2.7
-5.4
-9.1
-6.9-5.4
-3.7-2.1
-1.2 -0.6-2.6 -2.6 -2.9
-4.6
-8.7
-10.5
-13.6
-11.5 -4.6
-5.1
-5.0
-4.8
-0.8
-0.2 -0.6
-1.4-2.8
-4.4
-5.0
-18
-13
-8
-3
2
05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Romania’s twin deficits
Current Account Balance (% of GDP) Government Deficit / Surplus (% of GDP)
(% of GDP)
23
Low unemployment and low government debt / GDP ratio
0
1
2
3
4
5
6
7
8
9
10
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Romania unemployment rate
Unemployment rate: 3.8%
%
Source: Refinitiv Eikon, INS
0
10
20
30
40
50
07 08 09 10 11 12 13 14 15 16 17 18 19
Romania government debt% of GDP
24
Strong consumer confidence and solid wage growth
-60
-50
-40
-30
-20
-10
0
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Romania consumer confidence
Source: Refinitiv Eikon, INS, DG ECFIN
Net balance
14%
5% 4%
14%
32%
22%
29%
14%
-9%
4% 3%
-1%
6% 7%10% 9%
13%
33%
11%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
200
400
600
800
1,000
1,200
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Romania average gross salary
Average gross monthly salary (EUR) Annual % wage growth (%, YoY)
EUR/month, % change YoY
Financial Results Overview
25
Bucharest Stock Exchange
Central Depository
CCP.ROInvestors
Compensation Fund
Corporate Governance
Institute
100% free float
69.04% 59.52% 62.45% 100%
BVB Group and the operated markets
Entities included in the consolidation process
Not included in the consolidation
process
Markets operated by BVB
Main Market
Listed companies: 82 domestic and 2 foreign*
Domestic market cap:EUR 23.3 bn
Total market cap: EUR 37.8 bn
Instruments: shares, rights, corporate and
municipal bonds, government securities, structured
products, fund units, tradable UCITS (ETFs), warrants
Listed companies: 278 domestic and 2 foreign*
Domestic market cap: EUR 1.66 bn
Total market cap: EUR 1.87 bn
Instruments: shares, rights, bonds
AeRO market for SMEs
Segments within BVB Group:
• Trading segment – Bucharest Stock Exchange
• Post-trading segment - Clearing & settlement services of the Central Depository
• Registry segment – Registry activities of the Central Depository
• Other services – Activities of the Investors Compensation Fund26Source: BVB
Key financial highlights - consolidated
* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited.
Financial performance, BVB Group (RON mn, unless otherwise stated)
2019 (prelim) 2018 Change (%) 4Q2019 (prelim) 4Q2018 Change (%)
Operating revenue 34.96 39.82 -12% 8.51 10.85 -22%
Operating expenses 31.27 30.94 1% 8.84 9.46 -7%
Operating profit 3.7 8.88 -58% -0.33 1.39 -123%
Operating margin 11% 22% -4% 13%
Net financial revenue/(expenses) 4.42 3.63 22% 0.49 0.87 -43%
Profit before tax 8.17 12.49 -35% 0.17 2.23 -93%
Profit from continuing operations 6.83 10.44 -35% 0.14 1.86 -93%
Profit from discontinued operation - -0.25 - - -0.17 -
Profit for the period 6.83 10.19 -33% 0.14 2.04 -93%
Net margin 20% 26% 2% 19%
EPS attributable to owners (RON/share) 0.807 1.2111 -33% 0.0225 0.2329 -90%
Return on equity 5% 8% 0% 2%
27
28
Note: Dividend yields are calculated using the price on the corresponding ex-dates.
Overview of the consolidated financial position
Dec 2019 Dec 2018
Non-current assets 61.4 75.3
Current assets 151.5 138.8
Total assets 212.9 214.1
Shareholders’ equity attributable
to owners of the Company108.2 110.2
Minority interest 42.1 10.2
Short-term payables 62.6 93.7
Total equity and liabilities 212.9 214.1
Stable dividend policy, with a payout ratio of 100%, after legal
reserves.
The dividend policy is expected to remain unchanged.
1.460.87 0.92
1.681.13
3.9%3.2%
2.7%
5.9%
5.1%
0%
2%
4%
6%
8%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2014 2015 2016 2017 2018
Attractive dividend yield
Dividend/share [RON] Dividend yield [%]
Consolidated financial position (RON mn)
Current assets, + 9% y/y, from RON 138.84 mn to RON 151.50 mn, mainly as a result
of the increase in cash, influenced by the consolidation of the new subsidiary (CCP.RO
Bucharest SA - CCP. RO)
Non-current assets, --18% y/y, from RON 75.29 mn to RON 61.44 mn, mainly due to
the maturity and the sale of financial assets (government securities)
Total payables of the Group are short term only , as at December 31, 2019, amounting
to RON 62.62 mn, -33% y/y, mainly as a result of the reduction of payables related to
dividend payments held by DC
Shareholder’s equity, + 25% y/y, up to RON 150.32 mn, influenced by the increase of
the non-controlling interests by RON 31.94 mn, mainly determined by the contribution
to the share capital of the CCP.RO by the minority shareholders with the amount of
RON 32.30 mn.
* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited.
Analysis of the consolidated results for 2019
The preliminary operating revenues of the BVB Group in 2019 were RON 34.96 mn, -12% compared to 2018 (2018: RON 39.82 mn), a decrease determined by the trading
segment (BVB individual) as well as the registry segment - Central Depository (DC)
The preliminary consolidated operating expenses of the BVB Group - 2019, +1%, respectively RON 0.33 mn, from RON 30.94 mn to RON 31.27 mn mainly as a result of the
advance of other operating expenses (mainly amortization and depreciation of fixed assets expenses and rent expenses), by 9% or RON 0.92 mn
The preliminary consolidated operating profit of the BVB Group in 2019, -58%, from RON 8.88 mn to RON 3.70 mn, result of the combined effect of the decrease of the operating
revenues by 12% and the increase of the operating expenses by 1%
Preliminary net financial income, + 22%, from RON 3.63 mn to RON 4.42 mn, mainly determined by the advance of the unrealized exchange rate differences from the revaluation
of the financial instruments in foreign currency that generated a gain of RON 1.06 mn vs. RON 0.68 mn in 2018, but also as a result of the sale of financial assets (government
securities) that generated a gain of RON 0.54 mn
Preliminary consolidated net profit of the BVB Group - 2019, 33%, from RON 10.19 mn to RON 6.83 mn, 78% being generated by the Group's trading segment
34.96 39.82
3.70 8.88 6.83
10.19
2019 2018
Main financial indicators, 2019 prelim vs. 2018(RON mn)
Operating revenues Operating profit Net profit
19.36
10.25
4.62
0.742.69
0.84 0.43-0.26
Trading Post-trading Registry FCI services & otherservices
Distribution of operating revenues and result, by segment, 2019 prelim. (RON mn)
Operating revenues Operating profit
* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited. 29
30
Analysis of the Group post-trading and registry segment revenues
Post-trading segment revenues
Registry segment revenues
The revenues related to the post-trading segment
(DC) increased by 1% (from RON 10.11 mn to RON
10.25 mn) as a result of the advance of the
revenues from the cross-border settlement services
The revenues related to the registry segment (DC)
decreased by 12% (from RON 5.26 mn to RON 4.62
mn) as a base effect, considering the "one-off"
revenues registered in the first half of 2018
10.25 10.11
0.841.571.26 1.68
12M 2019 12M 2018
Operating revenues and profit, Group post-trading segment (RON mn)
Op. revenues Op. profit Net profit
4.625.26
0.430.750.60 0.80
12M 2019 12M 2018
Operating revenues and profit, Group registry segment (RON mn)
Op. revenues Op. profit Net profit
* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited.
31
Analysis of operating expenses for BVB Group
16.93 17.13
4.09 3.39.92 10.84
12M 2018 12M 2019
Breakdown of operating expenses, 2019 prelim. vs. 2018 (RON mn)
Personnel costs & Directors' fees Third party services Other operating expenses
Rent and office
utilities, 26%
Amortisation &
depreciation, 25%
FSA fees and other
taxes, 12%
Marketing (incl. travel&protocol),
12%
Other expenses,
25%
Other operating expenses, 2019 prelim (%)
Business consultancy, 8%Audit
services11%
Commissions & fees17%
Promotion activities15%
Other third party
services 50%
Third party services, 2019 prelim (%)
The preliminary consolidated operating expenses of the BVB Group - 2019, increased by
1%, from RON 30.94 mn to RON 31.27 mn
Preliminary consolidated personnel expenses - 2019, +1% or RON 0.20 mn, from RON
16.93 mn to RON 17.13 mn as a result of the increase in salary costs, while the estimated
expenses with the benefits granted in shares to the management and BVB’ employees have
decreased compared to the year 2018
Preliminary consolidated expenditure with services provided by third parties - 2019, -
19%, from RON 4.09 mn to 3.30 mn as a base effect considering the expenses with
consultancy services, of RON 0.98 mn lei, recorded in 2018 for the CCP project. In 2019, the
CCP project also generated expenses with consulting services worth RON 0.28 mn.
The category of consolidated other operating expenses - 2019, +9% or RON 0.92 mn, from
RON 9.20 mn to RON 10.84 mn, influenced by higher expenses with the rent, the utilities, the
amortization and depreciation, marketing and with the IT maintenance services
* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited.
32
Analysis of the BVB standalone revenues (1/2)
Trading segment revenues
Trading fees, 73%
Issuers fees, 12%
Data vending, 8%
Other, 7%
Breakdown of the Group trading segment revenues in 2019 prelim. (%)
19.36
23.93
2.69
6.855.31
8.24
12M 2019 12M 2018
Operating revenues and profit, Group trading segment (RON mn)
Op. revenues Op. profit Net result
The trading segment revenues – BVB in 2019, -19%, from RON 23.93
mn to RON 19.36 mn as a result of the decrease of the trading revenues
by 25%, from RON 19.20 mn to RON 14.44 mn due to the decrease of
trading revenues from the regulated market - public offers by 74% (from
RON 5.11 mn to RON 1.32 mn)
Trading activity at BVB on the stock market in 2019, -15%, reaching the
level of RON 9.96 bn while the transactions with “regular” shares on the
regulated market decreased by 3% from RON 9,68 bn up to RON 9,38
bn
The market of fixed income instruments (bonds and government
securities) in 2019, -9%, to the value of RON 2.01 bn (2018: RON 2,21
bn), influenced by the decrease of public offers in 2019
The structured products market decreased by 45% compared to 2018,
to RON 186 mn
* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited.
33
Analysis of the BVB standalone revenues (2/2)
Note: Figures are presented on a “single counted” basis and include Deal trades (for stocks and structured products) and offers. Average trading value on regulated stock market including offers.
3.88
2.77 2.66 2.452.08
4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
Trading value for shares, rights and units (RON bn)
0.084
0.037 0.038
0.058 0.053
4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
Trading value for certificates (RON bn)
0.72
0.06 0.04 0.01
1.90
4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
Trading value, fixed-income instruments (RON bn)
59.83
44.15 42.91 36.22 31.55
4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
Average trading value, shares - regulated market (RON mn/day)
Key financial highlights – BVB standalone
2019 (prelim) 2018 Change (%) 4Q 2019 (prelim) 4Q 2018 Change (%)
Operating revenue 19.68 24.25 -19% 4.44 6.84 -35%
Operating expenses 16.67 17.09 -2% 4.67 5.89 -21%
Operating profit 3.01 7.16 -58% -0.23 0.95 -124%
Operating margin 15% 30% -5% 14%
Net financial revenue/(expenses) 5.06 4.03 25% 0.43 0.75 -43%
Profit before tax 8.12 11.17 -27% 0.2 1.86 -89%
Profit for the period 7.01 9.49 -26% 0.19 1.6 -88%
Net margin 36% 39% 4% 23%
Return on equity 7% 9% 0% 1%
Financial performance of BVB standalone, before consolidation (RON mn, unless otherwise stated)
34* The preliminary financial results for FY/4Q 2019 are prepared in accordance with IFRS and are not audited.
This presentation is made solely to the intended recipient and should not be distributed to, or acted upon by, any other person. It is for general information only and reflects the personal views of the presenter.
Nothing herein is intended to constitute advice on investment, legal or tax matters, any form of personal recommendation nor is it an offering, placement or an invitation to buy or sell shares in Bursa de Valori Bucuresti SA (“Bucharest Stock Exchange” or “BVB”) or in any
other issuer of securities mentioned herein or to initiate any kind of transaction whatsoever. Neither BVB nor its directors and its delegates accept any liability of any kind for any losses arising from making use of such information. Any person considering an investment in
the BVB or any other security mentioned herein should refer to the relevant issuer’s prospectus and consult their own legal, accounting and tax advisors in order to make an independent determination of the risks, suitability and consequences of an investment in the
securities. Any person should get informed before making an investment. For investing in BVB shares, the financial statements, the quarterly/half yearly/annual reports are available on the BVB website www.bvb.ro. The distribution of this presentation in certain
jurisdictions may be restricted by law and persons who come into possession of it are required to inform themselves about and to observe such restrictions and limitations. Neither BVB nor its directors and its delegates accepts any liability to any person in relation to the
distribution or possession of the presentation in or from any jurisdiction.
The information contained in this presentation is as of its date, unless otherwise indicated, and is not a complete analysis of every material fact regarding the market, and any industry sector or security. Statements of fact cited by the presentation have been obtained
from sources considered reliable but no representation, warranty or undertaking is made as to the completeness or accuracy of such information and no liability is accepted by the BVB, its directors or any of its delegates in relation therewith. Furthermore, no
responsibility is accepted for updating any facts or assumptions in this document. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the materials. Any forward-looking statements are based upon
certain assumptions; actual events are difficult to predict and are beyond the control of the author, therefore actual events may differ from those assumed. References to particular securities are only for the limited purpose of illustrating general market or economic
conditions, as such exist at the date of this presentation, and are not recommendations to buy or sell a security or an indication of the author’s or any managed account’s holdings.
This presentation herein is issued by BVB.
IR Contact: Remus Danila
PR & IR Officer
Email: [email protected]
Phone: +40 745 013 552
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