Presentation Brochure

1. Presentation Brochure

2. “Vanguard is not only one of the most successful brokerage houses in Romania, but also the Brokerage House that launched the most audacious project dedicated to its clients, providing them with an easy approach to investing on global markets and having the widest range of financial instruments, all available on the website: www.vanguard.ro Mihaela Ioana BîciuCEO Vanguard

3. Short History 1994 Vanguard is founded – one of the first brokerage houses in Romania authorized by CNVM (National Securities Commission) 1996 The first family of stock exchange indices in Romania – VAB ( Vanguard Bucharest) 1997 Vanguard is one of the brokerage houses that take part in the inaugural transaction on the Bucharest Stock Exchange. 1999 The first online share trading service in Romania – STARTRADE. 2003 The first online derivatives trading service in Romania - Derivgate 2005 The first line of credit for the purchase of shares listed on the Bucharest Stock Exchange – SMART 2006 The first online share trading service on the Sofia Stock Exchange – StartradeBG 2007 The first online share trading service on the Vienna Stock Exchange – StartradeAT; The first CFD and FOREX online trading service on worldwide markets – StartradeXT.

4. Vanguard today Trading on the most important markets worldwide Vanguard took the first step towards becoming the leading online broker in South-Eastern Europe, providing access to the most important financial markets worldwide. Extensive experience in online trading Vanguard provides you with a wide range of financial instruments allowed by the Romanian Law, having extensive experience in online trading (since 1999), along with the necessary resources and knowledge to successfully meet your investment requirements. Innovation and dynamism Vanguard has a creative, committed and experienced team, endlessly dedicated to developing innovative services, thus adding value to our clients and contributing to the investment education of interested parties.

6. Why Vanguard? Integrated trading and information services Vanguardprovides you with trading services on six types of financial instruments: shares, futures, options,mutual funds, FOREX and CFD, which are mainly distinguished not only by the gain potential and risk degree, but also by the concept underlying each of the aforementioned financial instruments, all available via our website : www.vanguard.ro and the corresponding trading platforms. Optimal balancebetween provided services and prices Highly customizable trading platforms , real time news taken from prestigious news agencies , informational and technical assistance provided both online and over the phone, are only some of the components that add quality to our services and mark us out as a top Brokerage House. To reward clients who execute transactions in Romania with Vanguard, we take into account the trading activity carried out on the Romanian market, spot and futures, when setting the commission level applied to a trading account on international markets. Thus, you can benefit from preferential commissions on any of the international trading services provided, based on the trading activity carried out on the Romanian market with Vanguard. Education and Community We do our best to meet our customers’ demands by providing trading and educational programs with the purpose of underlining the risks and benefits involved in financial instruments trading. The seminars hosted by Vanguard are intended for both novice and experienced investors. The Vanguard forum represents a gateway to the Vanguard community, the meeting place of investors who enjoy actively participating in the formation of opinions regarding the capital market. The Vanguard Forum and Blog represent two important means of communication between individuals equally passionate about the internet and financial instruments, trading on both domestic and international markets. We are committed to consolidating the Vanguard community around the company’s forum and blog.

7. Online trading with any share or bond listed on the Bucharest Stock Exchange • Launched in 1999, it is the first online trading service available on the Romanian market; • Available also in the WAP version at wap.vanguard.ro and I-mode; • Real-time quotations for all the shares/ bonds listed on the Romanian capital market • Real-time monitoring of portfolio, activity and market orders; Issuer information, shareholding structure, graphs, news, financial data for each issuer; • Fundamental and technical analysis, Vanguard Research Department commentaries on all listed issuers; • E-mail and SMS alert services conditioned by reaching a certain trading criteria; • An information module regarding hedging opportunities using derivative instruments traded on Sibiu Monetary Financial and Commodities Exchange • Comes with an accessible commission grid that rewards customer loyalty. Once becoming a StartradeRO client, you will benefit from the following information: • Financial Blitz – weekly newsletter containing information regarding issuers and the evolution of the market; • Bucharest Stock Exchange focus - portrayal of the main market indicators; • Romania reports - Analyses on Romanian companies and sectors;

8. Interest rate: 11.75% per year variable, computed on balance and payable on a monthly basis; Currency: RON Loan Term:3 months, with an automatic renewal option for periods equal to the initial one , for a period of up to 12 months. After the 12-month period has expired, the loan can be paid back or extended for periods corresponding to the initial loan term, at the client’s request and with the bank’s approval. Additional benefits • SMART comprises all the benefits of the online information and trading service on the Bucharest Stock Exchange - StartradeRO; • Online monitoring system providing real-time information about the value of the current portfolio, maximum line of credit , as well as automatic alert systems when reaching certain pre-established values that must be maintained between the portfolio’s weighted value* and the value of the total credit. Terms for granting a loan: • SMART is a product intended for active investors on the capital market, natural persons, who already hold a portfolio of shares and/or cash deposits. The amount of the loan can be equal to the initial value of the SMART account, but cannot exceed RON 500.000 for a debtor or a group of debtors. • The securities held in the client’s portfolio can be used as a guarantee of accessing SMART. During the term of the loan, the client can carry out transactions with these securities, as long as the value of the weighted portfolio will not decrease below 100% of the value of the received loan. * The securities listed on the Romanian capital market and held in the client’s portfolio are weighted with gearing level of between 0-70% according to the attachment to the financial investment services agreement with financing via bank loan.

9. Trade Futures and options on the Sibiu Monetary Financial and Commodities Exchange • It is also available in the WAP version at wap.vanguard.ro and I-mode; • Investing in the derivatives market is complementary to shares and foreign exchange operations in order to better protect one’s portfolio (hedging), also offering the possibility of profiting from the anticipation of the evolution of prices – (speculation); • Real-time quotations for all types of contracts traded on the Sibiu Exchange; • Computerized portfolio, activity and market order monitoring; • Real-time trading data lists for all the derivative products traded on the Sibiu Exchange; • An information module regarding hedging opportunities by trading with derivatives on the Sibiu Exchange; • Flexibility in crediting your account by cash deposits, bank wire transfers, transfers between share and futures accounts, and transfers from the funds administrated by Vanguard Asset Management.

10. Trade on over 50 most important ticker symbols listed on the Sofia Stock Exchange • Real-time quotations for shares and REIT listed on the Sofia Stock Exchange; daily classifications; • Computerized portfolio, activity and market order monitoring, in BGN and euro terms; • Financial/economic news on issuers and the prevailing environment of the Bulgarian capital market taken from See News and Reuters; • Easy, one-click transfer of cash between the holder’s accounts opened with Vanguard; • Periodic information regarding investment opportunities offered by the Bulgarian market; • Comes with an accessible commissions grid that rewards customer loyalty Once becoming a StartradeBG client, you will benefit from the following information: • research materials offered by our partners • weekly newsletter containing the most important events on the Sofia Stock Exchange • reports and updates on over 30 issuers listed on the Sofia Stock Exchange • research put together by our team : • synthesis of the most capitalized companies, sectoral comparisons • Bulgaria focus – valuation indicators

11. Trade on over 150 shares listed on the Vienna Stock Exchange • Real-time quotations for shares listed on the Vienna Stock Exchange; daily classifications; • Computerized portfolio, activity and market order monitoring in euro terms; • Financial/economic news taken from Reuters; • Easy, one-click transfer of cash between the holder’s accounts opened with Vanguard; • Periodic information regarding the evolution of the Vienna Stock Exchange and East-European markets; • Comes with an accessible commissions grid that rewards customer loyalty Once becoming a StartradeAT client, you will benefit from the following information : • Austria&CEE – weekly newsletter containing the most important events occurred on the Vienna Stock Exchange and on markets from Poland, the Czech Republic and Hungary; • Austria focus – valuation indicators for the most important companies (on a monthly basis); • Monitoring and financial data analysis for the most important ticker symbols on the Vienna Stock Exchange ( on a quarterly basis);

12. 17 worldwide markets, over 2000 financial instruments, 24h/day online access starting with only 1% margin StartradeXT is an advanced, flexible and reliable trading platform. Real-time position keeping allows you to monitor the evolution of your portfolio, open, pending or closed orders and to verify the available margin. This software provides fast and reliable access to thousands of instruments and allows you to trade on global markets 24h/day in a single click and from only one account. The trading platform also includes: • One-Click Transactions (in a single click), this service being of paramount importance for investors operating mainly on dynamic and highly volatile markets. Through a number of settings you can carry out transactions in a single click and you can access whatever spread you want. • A number of integrated analysis programs providing you with all necessary information, and a chart containing over 40 indicators and layouts, as well as real time news taken from prestigious news agencies. • A flexible trading platform allowing its user to create and open an unlimited number of trading screens. An unique “pop-out” window allowing you to monitor certain layouts while using different applications or browsing on the internet. • CFD - ‘Contract For Difference’- is the settling of a contract for the difference between the purchase price and the sale price of a financial instrument. Initially used by large companies in order to effectively cover the risks involved in share holdings, nowadays CFDs have become common and accessible trading instruments used by large or small-sized investors worldwide. A CFD mirrors the performance of an instrument ( such as equities, commodities or treasuries etc.), offering the benefits of trading without having to physically own the underlying instrument itself. • FOREX – is the exchange of one country’s currency for another. All foreign exchange is determined by a rate of exchange largely governed by the prevailing global interest rates. Investors simultaneously buy one currency and sell the other with the hope of making profit when the value of the currencies changes. The Forex market is the world’s largest market, with a daily turnover of over USD 1.5 trillion.

13. Open-end Investment Funds “Oportunitati Nationale” (National Opportunities) Fund The “Oportunitati Nationale” Fund provides access to the stock exchange market, controlling the degree of risk and reckoning on long and medium-term superior return on interest rates. Characteristics: • moderate degree of risk - because of the fact that the fund carries out placements on the stock market,is vulnerable to stock exchange fluctuations, however, to a lower extent in comparison to the actual investment in shares; • Suitable duration of the investment - 1 year minimum Vanguard Protector Fund The fund invests in deposits, bonds and government bonds meeting the requirements of long and medium-term investors, who do not wish to take high investment risks, thus providing a profitable alternative to natural and legal persons who usually keep important amounts of money in their current accounts, for short or uncertain periods of time. The Vanguard Protector Fund is also a refuge instrument for clients investing on the Stock Exchange during unfavorable periods for the equity market. Characteristics : • Low degree of risk - the unit has a predictable evolution • Return comparable to an on-term deposit, with the flexibility and liquidity of the current account.

14. Awards • “Best online product" – for the Startrade service, at the CERF fair of 1999; • “Best financial website" – at the Intemetics contest in 2001; • “Most active broker"on the Romanian derivatives market in 2002; • “Most active broker"on the Romanian derivatives market in 2004 • “Most active broker "on the Romanian derivatives market in 2005 • “Most active broker”on the Romanian derivatives market over the last 10 years

15. VANGUARD S.A. Unirii Avenue No.19, bl.4B, ground floor, sector 5, Bucharest, zip code 040103, ROMANIA Tel: 0040 21 336 93 25/26 ; Fax: 0040 21 336 92 33 email: office @vanguard.ro www.vanguard.ro Vasile Lascar Branch Vasile Lascar Street no. 40-40bis, fourth floor, sector 2, Bucharest , zip code: 020502, ROMANIA Tel: 0040 21 318 75 55; Fax: 0040 21 318 75 57 e-mail: helpdesk@vanguard.ro National Securities Commission license no. 398/15.02.2005 “The investment in financial instruments involves peculiar risks including but not confining to: market price fluctuations, dividend, return and/or profit uncertainty, exchange rate fluctuations.