Romanian Pension System Snapshot 2011 Crinu Andanut Phd, CEO Split, September 2011

Content I.Romanian Pension System II.Up to date market situation III.Investment results IV.Latest initiatives on the agenda 2

3 I. Romanian Pension System

4 Public Pension FundsPrivate Pension Funds Romanian Pensions System Mandatory membership Employee contribution: 10,5 % from employee gross salary (income) Employer contribution : 20,8% related to employee gross salary (income) Mandatory membership for employees < 35 years old Voluntary membership for employees > 35 years old, but < 45 Contribution (in 2011) : 3% from employee gross income Voluntary membership. Contribution: - max. 15% related to gross income; -joint contribution (employee & employer) is encouraged through the tax deductibility of 400 eur/year for both employee & employer Administration fees: ≤ 2,5% of each contribution ≤0,05% of AuM / month Administration fees: N/A Administration fees: ≤ 5% of each contribution ≤0,2% of AuM / month

5 II. Up to date market situation

Market Situation, first half 2011 – P2 (Mandatory pension funds) 6 Pension funds management companies No. of Participants Market share (by No. of Participants) Net AuM (EUR mn) Market share ( by Net AuM) ING ,4%493,438,9% ALLIANZ-TIRIAC ,8%296,623,4% GENERALI ,6%102,4 8,1% AVIVA ,4% 84,4 6,6% EUREKO ,2% 70,2 5,5% Others( BCR, BRD, AEGON, ALICO) ,6% 222,2 17,5% TOTAL market %1 269,2100%

Market Situation, first half 2011 – P3 (Voluntary pension funds) 7 Pension funds management companies No. of Participants Market share (by No. of Participants) Net AuM (EUR mn) Market share ( by Net AuM) ING ,5%41,745,8% ALLIANZ-TIRIAC ,2%20,722,7% BCR ,3%15,817,3% AVIVA ,2% 5,05,5% RAIFFEISEN AM ,0% 4,75,2% Others (GENERALLI, BRD, ASIROM, ONIX-OTP) ,8% 3,23,5% TOTAL market %91,0100%

Pillar 2 (mandatory pension funds) direct sales analysis 8

9 III. Investment results

Investment Returns (P 2 & P 3 AZT Funds) 10 VUAN*Since Inception**Since 2010Last 12Months AZT Moderato (Pillar 3)13, ,20%17,35%6,33%Gross Return 7,79%10,65%6,33%Anualized Return AZT Vivace (Pillar 3)13, ,31%14,70%6,36%Gross Return 6,81% 9,06%6,36%Anualized Return AZT Viitorul tau (Pillar 2)14, ,02%19,39%6,75%Gross Return 13,05%11,86%6,75%Anualized Return * - data as published by CSSPP for 31/7/2011 ** - inception dates are 18/6/2007 for AZT Moderato, 26/7/2007 for AZT Vivace and 20/05/2008 for AZT Viitorul Tau

Romanian Market Investment Returns 11 Pillar II Funds investment returns Fund Since Inception2010 up to date Individual Return *Rank Average Return** Individual Return *Rank Average Return** ALICO48,96%[2] 48,71% 19,37%[3] 18,76% ARIPI48,07%[3]18,69%[5] AZT VT48,02%[4]19,39%[2] BCR45,61%[5]20,82%[1] BRD32,92%[9]15,96%[8] EUREKO44,93%[6]19,15%[4] ING55,55%[1]18,64%[6] AVIVA39,34%[7]17,41%[7] VITAL38,85%[8]14,48%[9] Pillar III Fund s investment returns Risk Class Fund 2010 up to date Rank Average Return** Low BCR PRUDENT10,78%[2] 14,53% OTP STRATEG8,88%[3] BRD PRIMO11,54%[1] Medium BRD MEDIO9,86%[8] EUREKO CONFORT18,97%[1] RAIFFEISEN ACUMULARE16,92%[3] STABIL11,44%[6] ING OPTIM14,10%[5] AZT MODERATO17,35%[2] PENSIA MEA14,50%[4] CONCORDIA MODERAT10,68%[7] High AZT VIVACE14,70%[1] ING ACTIV14,18%[2] * CSSPP Data relevant for 31/07/2011 ** Calculated as a weighted average of funds returns based on the fund market share

Market weighted average returns versus Inflation 12

Portfolio Asset Allocation Structure – Pillar 2 13 AZT Viitorul Tau (Medium Risk fund) Market Average Legal limits Cash & deposits9,70% 9,84% 20% Government bonds66,53% 65,62% 70% Municipal bonds1,60% 1,01% 30% Corporate bonds7,86% 8,08% 30% Supranational bonds3,13% 1,55% 5% Listed equity 10,12% 13,02% 35% Mutual funds0,93% 0,88% 5% Derivatives 0,13% -0,02%

Portfolio Asset Allocation Structure – Pillar 3 14 AZT Moderato (Medium risk fund) AZT Vivace (High risk fund) Market Average Legal limits Cash & deposits4,55%4,21% 7,91% 20% Government bonds68,65%60,39% 63,96% 70% Municipal bonds2,45%1,50% 30% Corporate bonds7,59%6,26% 6,85% 30% Supranational bonds2,00%2,24% 3,64% 15% Listed equity13,56%24,17% 15,10% 35% / 50% Mutual funds1,03%1,06% 0,99% 5% Derivatives 0,17%0,08% 0,05%

15 IV. Latest initiatives on the agenda

Latest initiatives on the agenda 16  Private Pensions Guarantee Fund  Gross contributions guarantee  Life time cycle (Pillar 2)  Pay-out phase legal frame  Occupational pensions

Thank you for your attention!