As per the provisions of Regulation 32/2006, BRD acts in a correct, loyal and professional manner, in the best interest of the customers, and favours the market in its entirety. BRD abides by the rules of organisation and functioning of the markets on which it operates.

Any order from the customer with respect to a financial instrument is registered by BRD and transmitted as soon as possible to the company's traders to be introduced on the markets it operates on.

The total cost of a transaction is made up of the price of the financial instrument, increased by the various costs related to the execution of the order, including fees, expenses, own expenses specific to the execution place, compensation and payment expenses and any other potential expenses made by third parties having participated in the execution of the order.

The markets on which BRD operates are:

• BUCHAREST STOCK EXCHANGE - regulated market
• SIBIU MONETARY, FINANCIAL and COMMODITIES EXCHANGE - regulated market

Policy of selection of the market members for the financial instruments traded on external markets:

BRD acts with competence, responsibility and the necessary diligence in selecting and appointing the market members. It takes into account especially the expertise and reputation of the respective member on the market, as well as any legal, regulatory or practical requirements of the market.

Upon receipt of an order from the Customer with respect to a financial instrument regulated by the foreign legislation, it is recorded by BRD and transmitted as soon as possible to a member of the market.

BRD will select those members of the market that will take all reasonable measures to obtain the best possible result for the execution of the customer's order, taking into account the following compulsory criteria:

• total cost
• security,
• rapidity and probability of execution and payment.

The total cost is not necessarily determined, considering that on certain foreign markets security may be privileged in order to ensure the good execution and payment of the transaction.

Processing of specific instructions:

Where the customer's order contains a specific instruction, particularly to execute the order on a certain market, the customer should be informed that BRD cannot apply the above-described policy aiming at obtaining the best possible result.

In compliance with the provisions of the CNVM regulation no. 32/2006, BRD will meet its "best execution" obligation in executing the order or a specific aspect of the order according to the customer's instructions.

Control and amendment of the policy:

BRD undertakes:

• to review its execution policy on an annual basis and any time there occurs a substantial modification likely to affect the company's capacity of keeping to regularly obtain the best possible result in executing its customers' orders (e.g., the creation of a new market that would manage to rapidly attract a significant part of the cash on the financial instruments traded for the customers' account or, on the contrary, the brutal loss of liquidity by a market on the same financial instruments);
• to inform its customers on any substantial amendment of its execution policy.