ROMGAZ – 9 Months 2014 Results November 2014

2

Disclaimer

This document does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities and

neither this document nor anything contained herein shall form the basis of any contract, investment decisions or commitment whatsoever. This

document does not include any financial analysis or financial research and may not be construed to be a or form part of a prospectus. It is being

furnished to you solely for your information. This document and its contents are proprietary to S.N.G.N ROMGAZ S.A. (“the Company”) and neither

this document nor any part of it may be reproduced or redistributed to any other person. It may be amended and supplemented.

No reliance may be placed for any purpose whatsoever on the information contained in this document, or any other material discussed verbally, or on

its completeness, accuracy or fairness. None of the Company, connected persons, their respective affiliates, or any other person accepts any liability

whatsoever for any loss or damage howsoever arising, directly or indirectly, from any use of this document or its contents. The information and

opinions contained herein are provided as at the date of this document.

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This document includes ”forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and section 21E of the

U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this document, including,

without limitation, those regarding the Company’s financial position, business strategy, plans, and objectives of management for future operations

(including development plans and objectives relating to the Company’s products), are forward-looking statements. Such forward-looking statements

involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company,

or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking

statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies

and the environment in which the Company will operate in the future and speak only as of the date of this document. None of the future projections,

expectations, estimates or prospects in this document should in particular be taken as forecasts or promises nor should they be taken as implying

any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been

prepared or the information and statements contained herein are accurate or complete. As a result of these risks, uncertainties and assumptions, you

should in particular not place reliance on these forward-looking statements as a prediction of actual results or otherwise.

This document does not purport to contain all information that may be necessary in respect of the Company or its shares and in any event each

person receiving this document needs to make an independent assessment. The Company expressly disclaims any obligation or undertaking to

release publicly any updates or revisions to any statements including any forward-looking statements contained herein to reflect any change in the

Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

All figures included in the presentation are rounded (“round to nearest” method).

3

Company Overview

1 Based on CPR prepared by DeGolyer&MacNaughton updated to June 30, 2013 2 Distributed from the year’s net profit

Gas

Exploration &

Production

• Onshore mature natural gas reserves base1: 1P 62 bcm, 2P 75 bcm

• Production: 4.23 bcm in 9M 2014 (vs 4.20 bcm in 9M 2013 and 5.65 bcm in FY2013)

• >140 commercial gas fields

• Significant onshore and offshore exploration potential

Gas Supply • Around 50% market share of gas resources in Romania in 9M 2014 (production +

imports)

Underground

Storage

Electricity Production

• Working capacity: 2.76 bcm, market share of 90%

• Regulated activity (revenue-cap methodology)

• 800 MW installed capacity, 1,216 GWh total delivery in 9M 2014

Key Financials

(million RON)

2013 9M 2013 9M 2014

• Revenue 3,894 2,587 3,287

• EBITDA 1,960 1,475 1,918

EBITDA margin 50.3% 57.0% 58.3%

• Net Profit 996 797 1,114

Net margin 25.6% 30.8% 33.9%

• Dividends2 991 - -

• CAPEX 848 583 751

Largest Reserve Holder, Producer and Supplier of Natural Gas in Romania

4

Key Results for 2012-2014

Romgaz delivered strong EBITDA and Profit margins

Revenues advanced by 27.0% y/y in 9M 2014 (+1.5% y/y in 2013)

EBITDA: +30.0% y/y in 9M to RON 1,918 mln;

Profit after tax: +39.8% y/y to RON 1,114 mln in 9M 2014

EBITDA margins are elevated at 58.3% in 9M 2014 and 50.3% in FY2013

Net margin is also improving to 33.9% in 9M 2014 compared to 25.6% in FY2013.

Positive financial performance reported during 2012 – 9M 2014

3,838

1,854

1,119

3,894

1,960

996

2,587

1,475

797

3,287

1,918

1,114

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Revenues

EBITDA

Net Profit

9M 2014

9M 2013

2013

2012

RON million

5

Factors contributing to the financial result

Higher gas prices

45.7 45.7 45.7 48.5 49.8 50.6 51.8 53.3

45.7 49.0 55.3

63.4 68.3 72

89.4 89.4

0

20

40

60

80

100

Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014

RO

N /

MW

h

Households

Non-households

Higher storage tariffs

5.65 5.65

13.12 13.14 2.76 2.76

2.37 2.53

2.76 2.76

1.80 1.80

0

2

4

6

8

10

12

14

16

18

20

2010-2012 2012-2013 2013-2014 2014-2015

RO

N / M

Wh

Extraction

Injection

Capacity Reservation

Favorable Financial Performance in 9M 2014

Profit and loss account

Romgaz continues to post elevated profitability

Selected P&L items RON

Main events in Q3 were the state’s decision to delay the deadline for the gas

price deregulation process for households to mid-2021 and to decrease the

social insurance contribution rate paid by employers by 5%

“Other expenses” include gas royalties and other related taxes: gas royalty is

typically the largest item (9M 2014: RON 205 mln, 9M 2013: RON 159 mln)

Windfall profit tax is set on the additional revenues obtained by natural gas

producers as a result of price deregulation until 31 Dec 2014 (9M 2014: RON

235 mln, 9M 2013: RON 56 mln); also, the new tax paid on special

constructions amounted to RON 67 mln in 9M 2014

“Other gains and losses” increased mainly due to the set-up in H1 of an

allowance for doubtful clients (impairment of Electrocentrale Galati receivable

following the initiation of insolvency procedure) with a minor increase

recorded in Q3

“Investment income” represents interest from cash deposits and state bonds

EBITDA margin (EBITDA as % of sales) improved to 58.3% in 9M 2014 (vs

57.0% in 9M 2013 and 50.3% in FY2013)

EBIT margin climbed to 41.1% in 9M 2014 (from 30.2% in 2013)

Also, Net margin advanced to 33.9% in 9M 2014 (vs 30.8% in 9M 2013 and

25.6% in FY2013).

RON mln 2011 2012 2013 9M 2013 9M 2014

Revenues - of which 4,195 3,838 3,894 2,587 3,287

Revenues from Gas Production 2,466 2,508 2,808 1,866 2,584

Revenue from Gas Resale 1,354 1,053 461 359 115

Revenue from Services 368 270 394 251 330

Revenue from Energy 207 98 243

Other income 82 134 54 40 97

Cost of commodities sold -1,169 -905 -439 -338 -155

Changes in inventory 81 111 56 141 30

Raw materials -131 -118 -79 -88 -38

Exploration expense -187 -193 -59 -25 -21

Employee benefit expense -478 -503 -481 -388 -324

Other gains and losses 77 -50 -204 -41 -196

Other expenses -506 -436 -768 -398 -751

Unwinding costs -24 -24 -13 -15 -12

EBITDA 1,940 1,854 1,960 1,475 1,918

EBITDA margin 48.3% 50.3% 57.0% 58.3%

D&A -703 -606 -782 -602 -569

EBIT 1,237 1,248 1,177 874 1,349

EBIT margin 32.5% 30.2% 33.8% 41.1%

Investment income 107 148 123 84 58

Profit before tax 1,342 1,396 1,301 957 1,407

Income tax -155 -276 -305 -161 -293

Net Profit 1,188 1,119 996 797 1,114

Net margin 28.3% 29.2% 25.6% 30.8% 33.9%

6

Breakdown of Revenues

The main source of revenue of Romgaz is the sale of gas production, which increased in

the last year mostly as a result of higher prices.

Until 2014, the secondary source of revenue was the resale of imported gas; related

sales recorded a downward trend due to weaker market demand as well as to the ANRE

Order no 24/2013

Revenue from gas storage improved mostly due to higher tariffs.

Romgaz started the electric power production after the takeover of Iernut plant in 2013.

1

1

2

3

2

3

4

4

Financial Performance

Balance Sheet Summary

Robust Balance Sheet Structure, Debt-free

Selected Balance Sheet Items

mln RON 2011 2012 2013 9M 2014

Total non-current assets, thereof 6,644 6,190 6,246 6,364

Property plant and equipment 6,364 5,881 5,767 5,921

Other intangible assets 118 231 384 348

Trade and other receivables 145 53 - -

Total current assets, thereof 4,066 4,215 4,231 3,897

Inventories 451 508 464 407

Trade and other receivables 931 907 1,087 447

Govt securities and bank depos

(+3mo maturity) 1,090 928 971 1,176

Cash and equivalents 1,429 1,739 1,564 1,704

Other assets 166 132 146 163

Total assets 10,710 10,405 10,477 10,262

Shareholders‘ Equity

Share capital 1,890 1,890 1,893 385

Reserves 1,681 1,774 1,950 2,112

Retained earnings 5,593 5,681 5,450 6,919

Total equity 9,164 9,345 9,293 9,416

Non-current liabilities, thereof 573 486 423 414

Provisions 253 165 197 197

Current liabilities

Trade and other payables 639 293 203 119

Other liabilities (incl. due divids) 335 281 559 312

Total current liabilities 974 574 762 431

Total liabilities 1,547 1,060 1,184 846

Total equity and liabilities 10,710 10,405 10,477 10,262 7

Selected Cash Flow Items

RON mln 2011 2012 2013 9M 2014

Net profit for the year 1,188 1,119 996 1,114

Operating Cash Flow before Δ WC 2,058 2,099 2,249 2,121

Movements in working capital 983 -350 -278 311

Cash flows from operating activities 2,774 1,452 1,687 1,998

Cash flows from investing activities -1,441 -196 -802 -871

Cash flows from financing activities -713 -945 -1,060 -987

Net increase/(decrease) in cash and cash

equivalents 620 311 -176 140

Working Capital

RON mln 2011 2012 2013 9M 2014

Inventories 451 508 464 407

Trade and other receivables 931 907 1,087 447

Trade and other payables 639 293 203 119

Borrowings 7 0 0 0

Current tax liabilities 79 68 201 69

Other liabilities 229 185 311 208

Trade working capital 429 869 836 458

Cash and cash equivalents 1,429 1,739 1,564 1,704

WC 1,857 2,609 2,400 2,162

Trade WC ratio* 10.2% 22.7% 21.5% 13.9%

WC ratio* (* interim sales not annualised)

44.3%

68.0%

61.6%

65.8%

8

Key Financial Data

Romgaz offers Healthy FCF combined with a +50% Dividend Payout Ratio

Sales (RON mln) EBITDA Breakdown (RON mln)

Net Cash and other Short Term Financial Assets (RON mln) Dividends (RON mln) and Dividend Payout Ratios

938 1,060

991

79.0% 94.7%

99.5%

2011 2012 2013

Dividends Dividend Payout Ratio (%)

3,854 3,595 3,314

2,259 2,819

345 245

365

227

307

-351 -345 -336 -253 -328

349 343 551

355

489

2011 2012 2013 9M 2013 9M 2014

Upstream Storage Adjustment and eliminations Others

2010

1,733 1,772 1,552

1,280 1,639

190 80 270

163

175

17 2 138

48

103

2011 2012 2013 9M 2013 9M 2014

Upstream Storage Others

1,429 1,739 1,564

1,890 1,704

1,090 928

971 464 1,176

2011 2012 2013 9M 2013 9M 2014

Cash Govt securities and bank depos with maturity over 3 months

9

Gas Resource Overview in the Country

Mature Market With Long History of Production and Significant Upside Opportunities

Mature province with more than

100 years of production history

from conventional reservoirs

Recent use of new technologies

to mitigate production decline

Large discovered resources to

be brought on stream

Significant exploration potential

from conventional and

unconventional reservoirs

Recent offshore discoveries in

Black Sea

Source:Romgaz, ANRE

Brodina

Moldova Nord

Moldova Sud

Bacau Nord

Bacau Sud

Transilvania

Nord

Transilvania

Centru

Transilvania

Sud

Est

Depresiunea

Panonica

Est Rapsodia

Trident Romgaz licenses

Muntenia

Nord-Est

OMV PETROM Exploration Blocks

Romgaz commercial fields

OMV PETROM Commercial Fields

Total Gas Consumption in Romania 2003-2014* (bcm)

12.9 12.7 12.4 12.1 11.6 11.1 11.1 11.5 11.0 10.3 10.6 7.9 8.0

5.4 5.0 5.2 5.2 4.8

4.4 2.0 2.3 3.2

3.2 1.9

1.2 0.4

18.3 17.7 17.6 17.3 16.4

15.5

13.1 13.8 14.2

13.5 12.5

9.2 8.4

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 9M2013

9M2014

Domestic production Imports

Oltenia Muntenia

Centru

* Available Resources - for interim periods

10

4 14.8%

9 33.3%

14 51.9% 62

71.3%

13 14.9%

12 13.8%

Romgaz: Reserves and Resources

Sizeable reserve base with a signification portion proven developed

Source: CPR prepared by DeGolyer&MacNaughton updated to June 30, 2013. 1 Probable and possible reserves have not been risk adjusted to make them comparable to proved reserves.. 2 Application of any risk factor to contingent resources quantities does not equate contingent resources with reserves.

• Three production areas: Transylvanian Basin (around 90% of

production); Muntenia Moesian Platform and Moldavia Platform

• 25 fields hold about 70% of Romgaz reserves (average size of

proved reserves per average field is of 450 million m3, with 17

fields with over 1 bcm)

• Recovery factors between 55% and 85% for most fields (90% in

the more mature fields)

• Six gas storage facilities – native gas acts as cushion gas in the

storage process

Reserves1 and Contingent Resources2 (bcm / % of total) Revisions and New Discoveries Reserve Replacement Ratio (%)

• Reevaluation driven by investment in well workovers and installation

of compressors

• Effect of increasing gas prices

• Bringing existing discoveries on-stream

• New discoveries

Proved Probable Possible 1C 2C 3C

57 49

92

152

298

70

2008 2009 2010 2011 2012 2013

11

Exploration Works 2010-2013 of the Key Nine Blocks

Exploration Overview

Significant Resource Upside Potential

Petroleum agreements for 9 onshore exploration blocks (about

17,650 km² across the Transylvania, Moldova, Oltenia and Muntenia

basins) with 100% working interests

• 30 gas accumulations were discovered since 2000 contributing

over 3.8 bcm cumulative production

• Contingent resources (C2) in 21 discoveries of c. 19.4 bcm

2011 2012 2013

Units RON

mln Units

RON

mln Units

RON

mln

3D (km2) - - 700 52 1,830 145

2D (km2) 1,114 47 517 23 224 9

Well drilling 7 121 5 66 25 206

Other works(1) - 15 - 9 - 7

Exploration Drilling Program 2014-2015

2014 2015

Contingent

Resources

(C2)

No. of wells 13 13

Assessments of

resources (bcm)2

25.0 12.3

Prospective

Resources

(P50)

No. of wells 12 6

Assessments of

resources (bcm)2

17.5 13.6

Finalized wells as of September 2014

Contingent resources – 2 wells (2.3 bcm confirmed accumulations)

Prospective resources – 4 wells (1.5 bcm-P50 new accumulations)

Under testing – 4 wells and 5 well drilling in progress

Current exploration phase 2011-2016 with 3D/2D seismic data and 75 wells

Total investment of approximately $520 mln

Development programme in progress for 36 new wells tested (20 were

successful, 12 were dryhole, the rest -4 - are currently in progress)

Total P50 unrisked prospective volumes of c. 80 bcm; prospects in both low-

risk and deeper horizons

10% interest in offshore exploration in the Black Sea with Lukoil and Vanco:

2 deep water blocks (East Rapsodia + Trident) for c. 2,000 km²

1 Other works: MT sounding, Gore-Sorber surveys and development for experimental production. 2 Based on Romgaz own assessment.

12

17.3

15.1

14.7

13.4

12.8

11.8

10.0

9.1

8.8

8.4

8.0

7.3

7.0

6.6

6.3

6.2

5.9

5.9

5.8

5.7

5.6

5.7

5.7

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

Production of Natural Gas

Arresting Production Decline via Application of New Technologies

Arresting Production Decline – Enhanced Production from Selected Fields1

Production decline rate stabilized at below 1% over the last 5 years due to:

- Installation of gas compression and production enhancement/rehabilitation

- Acquisition of 3D seismic data, dynamic and static reservoir modelling

- Production from new discoveries

Works performed during 9M 2014:

- 9 new wells started production (output estimated at 10.8 mln cm for this period)

- 140 workover wells, up/downholes recompletion (output estimated at 95.4 mln cm in 9M)

Romgaz Annual Production 1990-2013

bc

m

1990–2002 CAGR (8.2)%

2003-2007

CAGR (4.2)%

2008-2013

CAGR (0.6)%

kb

oe

pd

1 Selected fields: (i) compression added Bazna, Filitelnic, Tg. Mures, (ii) production rehabilitation (Nades, Laslau, Roman) and (iii) 13 new producing fields. Production enhancement includes activities focused

mainly on well workovers and new completion techniques.

• Gas compression added to a number of fields

- Including Filitelnic, the largest field in Romgaz’s portfolio

• Production rehabilitation measures

- Romgaz driven for some fields

- Partnership with Schlumberger and Amromco for other fields

16.1 16.7 19.1 19.4 18.7 18.4 18.1

11.8 11.4

11.8 12.3 11.8 12.8 13.8

4.5 4.6

3.5 3.8 4.7

5.1 4.8

2007 2008 2009 2010 2011 2012 2013

Compressor Production enhancement New fields

13

Commercialising the Gas Total Gas Supply and main Customers

Largest Supplier of Gas in Romania (Domestic Production + Imports)

Largest Producer with entire production sold locally and an important Gas Importer

• Breakdown of volume sales: 55.2% un-regulated (for HH consumption 21.4% + industry 33.8%) and 44.8% regulated (HH 35.6% + industry 9.2%) at 9M 2014

• Around 60% of Romgaz’ upstream sales are to E.ON Energie and GDF Suez (in terms of value)

• 46% market share in total supply in 6M 2014 (ANRE latest data)

5,563 5,513 5,200

5,156 5,304

2,965

304 680 1,018 606 310

70

48% 48% 45%

42% 43% 46%

2009 2010 2011 2012 2013 6M 2014

Production Imports

Romgaz Gas Deliveries in Romania’s Total Supply Romgaz Key Upstream Clients H1 2014

Market share in total gas supplies

Sources: Romgaz Annual Reports, ANRE reports

millio

n c

m

33.3%

27.4%

16.6%

3.8%

3.6%

3.2%

1.7% 1.7%

8.8%

E.ON Energie

GDF Suez

Electrocentrale Bucuresti

Electrocentrale Galati

Conef

Azomures

Transgaz

Ten Gaz (former Amgaz)

Others

14

Storage and Power

Romgaz is the Largest Owner and Operator of Gas Underground Storage Facilities in Romania

Romgaz Entered the Power Segment with the Acquisition of Iernut Power Plant (CTE Iernut)

• Romgaz owns six facilities (90% market share) - working capacity 2.76 bcm

plus 40% stake in joint venture with Gaz de France - Depomures (300 mln cm)

• Regulated by ANRE using the revenue-cap methodology – third 5-year

regulatory period started in Apr 2013, royalties of 3% of operating revenues

• Capacity expansion plans - Sarmasel (0.9 bcm/cycle)

Underground Gas Storage Electricity Production

• In 2013 Romgaz expanded its business by the acquisition of CTE Iernut

Power Plant as settlement of a receivable worth RON 653 mln from

Electrocentrale Bucuresti

• Power plant with good strategic positioning in the middle of the Romanian

electricity system

• Power plant built between 1963-1967; an installed capacity of 800 MW

(4x100 MW, 2x200 MW); in 2013 the plant produced some 871 GWh

- 2x100 MW to be out of service in January 2016 (environmental issues)

- Units 5 & 6 (2x200 MW) can operate until 2020

- Units 1 & 4 (2x100 MW) being modernized (to reduce NOx emissions)

• Optimising gas production - electricity production - storage injection

• Future power strategy to be determined following the finalization of a

feasibility study (by the end of 2014)

UGS Working Capacity UGS Working Capacity

Bilciuresti • 1,310 mln cm/cycle Cetatea de

Balta

• 200 mln cm/cycle

Sarmasel • 800 mln cm/cycle Ghercesti • 150 mln cm/cycle

Urziceni • 360 mln cm/cycle Balaceanca • 50 mln cm/cycle

Seasonality of Gas Consumption in Romania

Source: ANRE

TW

h

0.00

5.00

10.00

15.00

20.00

25.00

Jan

-12

Fe

b-1

2

Ma

r-12

Ap

r-12

Ma

y-1

2

Jun

-12

Jul-1

2

Au

g-1

2

Se

p-1

2

Oct-

12

Nov-1

2

Dec-1

2

Jan

-13

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

Ma

y-1

4

Jun

-14

Jul-1

4

15

Main strategic goals

Increase of the gas resources

and reserves portfolio

through the discovery of new

resources and the

improvement of the recovery

rate of already discovered

resources

Seeking New and Diversified

Growth Opportunities

Enhanced recovery and development of already discovered resources

- Extend the life of and the amounts recoverable from existing fields

- Appraisal of substantial contingent resource base and subsequent conversion into reserves

- Continue cooperation with Schlumberger and other partners

Discovery of new resources in established geological plays

- Further exploration program (existing and new licenses)

- Acquire additional blocks for exploration and development of conventional onshore gas

resources

Frontier Reservoirs

- Further development of on-shore sub-salt reservoirs

- Exploration of unconventional potential in Romania

- Increasing focus on deep water reservoirs (Black Sea)

Potential international opportunities

Increasing the company's

performance

Optimizing the Company's Policies and Procedures (monitoring and reporting)

Risk and Controls Management

IT systems

Increase the efficiency of the gas storage facilities in order to Enhance Gas Trading

Capabilities

Optimization, development

and diversification of the UGS

activity by reconsidering its

importance in view of safety,

continuity and flexibility of the

natural gas supply

16

Management Agenda 2014

Maintain the gas production decline below 1,5%/year

Investments over 1,1 billion RON,

mainly in exploration and

production

Gas and power market challenges

Modernisation and increase the

efficiency of the gas storage

facilities

Continue to increase the company’s

performance

17

Key Achievements

February 1, 2013

Romgaz took over Iernut

Power Plant (CTE Iernut) from

S.C. “Electrocentrale

Bucuresti” along with all the

elements closely related to it:

employees, contracts, current

assets.

2013 / 2014 Selected Events

February 1, 2013

Govt Ordinance no. 7 dated Jan 23, 2013

for establishing the tax on additional

income resulting from the price

deregulation in the natural gas sector has

entered into force.

Entered into an option Agreement with

OMV Petrom and ExxonMobil for the right

to acquire 10 % share in Midia XV Block

located in Black Sea.

April 26, 2013

ANRE (National Energy Regulatory

Authority) issued Order no. 26/2013

regarding the regulated tariff for supply

of UGS-related services by S.C.

ROMGAZ S.A., whereby the regulated

income for the 1st and 2nd year of the 3rd

regulatory period and the regulated

tariffs to be applied during April 2013-

March 2014 were approved.

June 12, 2013

The Board of Directors

appointed Mr. Virgil Marius

Metea as General Manager

to whom it delegated

several powers and the right

to act as the company’s

representative.

November 12, 2013

The company’s shares

entered trading the regulated

market of the Bucharest

Stock Exchange and of the

London Stock Exchange in

form of GDRs.

December 30, 2013

In accordance with the selection process

made as per the cumulative voting

procedure the General Meeting of

Shareholders appointed the new Board of

Directors members, out of which two

independent Directors had been nominated

by minority shareholders.

April 9, 2014

ANRE issued Order no. 29/2014

regarding regulated tariffs to be applied

during April 2014 – Dec 2014 for supply

of UGS-related services by S.C.

ROMGAZ S.A.

June 11, 2014

Govt issued Ordinance no

35/2014 requiring gas

producers to sell a minimum

volume of gas from own

production on centralised

markets in order to increase

transparency.

June-July, 2014

The Ordinary Meetings of

Shareholders, held in June

and July, appointed two

board members (Dumitru

Chisălită and Sergiu Manea)

to replace vacant positions.

September 30, 2014

Govt issued Law no 127 which amended

the gas price deregulation calendar,

postponing the deadline for price

liberalisation of gas supplied to

households to July 1, 2021.

September 22, 2014

Govt amended the Fiscal Code by reducing

with 5% the social insurance contribution

owed by employers in Romania (from

20.8% to 15.8% for normal work, from

25.8% to 20.8% for special work and from

30.8% to 25.8% for heavy work).

18

19

Shareholder Structure and Stock Performance

Romanian State 70%

Property Fund 10%

Free float 20%

Current shareholders structure includes: the Romanian State/Department of Energy – majority

shareholder with a 70% stake; Property Fund (listed entity) - 10%; free float (representing shares traded

on the BVB and GDRs traded on the LSE): 20%

The stock has a market capitalisation of EUR 3.0bn* and ranges the 2nd largest domestic stock traded on

the BVB (after OMV Petrom)

8.00

8.50

9.00

9.50

10.00

10.50

11.00

11.50

12.00

30.00

31.00

32.00

33.00

34.00

35.00

36.00

37.00

US

D/G

DR

RO

N/s

ha

re

Romgaz: Trading price chart

RON/share USD/GDR

* Based on the closing price on Nov 11, 2014

The Board of Directors

Experience:

- Ministry of Economy, OPSPI, (1997-2007, department head since 2009)

- AVAS, Authority for State Assets Recovery (2007-2009)

Experience:

- SC CHIMFOREX

SA, CEO (since

1998)

Popescu

Ecaterina Independent Non-

executive Member

Aurora Negrut – Chairperson

Non-executive Member

Experience:

- SNGN Romgaz

SA (various roles

including Gas

Trading Manager

and Interim General

Manager)

- SNTGN Transgaz

SA (various roles)

- Lecturer at

University of

Construction

Brasov (since

2008)

Dumitru

Chiselita Non-executive

Member

Experience:

- Brainovate, Partner

(since 2010)

- London School of

Business and

Finance, Associated

Lecturer (since 2012)

- Cohn & Jansen

JWT, Partner (since

2002)

- Boston Consulting

Group in Romania

(2006-2008)

- MBA (NIMBAS)

(1992-93)

Jansen Petrus

Antonius Maria Independent Non-

executive Member

Experience:

- 28 years

expertise in the

gas industry, of

which 22 years

in executive

roles in Schela

de Foraj Tg

Mures, Romgaz,

Distrigaz Nord,

EON Gaz

Virgil Metea Executive Member

Nominalization

& Remuneration

Committee

Audit

Committee

The Board Comprises a Balanced Team of Privatisation

Experts, Legal & Fiscal Advisors and Industry Specialists

20

Experience:

- Independent

Consultant (since

2013)

- EBRD Risk

Management,

Managing Director

(2011-2013)

- EBRD Risk

Management,

Director (2005-

2010)

David

Klingensmith Independent Non-

executive Member

Experience:

- BCR, Executive

VP (since 2012)

- ITHUBA Capital,

Managing

Partner (2010-

2012)

- Unicredit Group,

Managing

Director (2006-

2010)

- Bank Austria

Creditanstalt AG

(2005-2006)

- ABN AMRO

(2000-2005)

Sergiu Cristian

Manea Independent Non-

executive Member

21

Romgaz investor relations:

• Manuela Ogrinja investor.relations@romgaz.ro

• Adina Stefanescu

• Brandusa Serban

Homepage: www.romgaz.ro

Financial Calendar 2014

Nov 14: Conference call with financial analysts and

investors – 9M 2014 financial results