Report of the Independent Financial Auditor in accordance with the Regulation of the National Securities Commission no. 1/2006 on the reporting prepared to comply with Law 297/2004 (Article 225)

2)      We have compared details, for the individual contracts/agreements, to determine if the content of the Report is consistent, in all material respects, with information in signed contracts and agreements presented to us and that the presented documents have been signed by representatives of the Company that are indicated in the authorized signature schedule provided to us by the Company.As applicable, our procedures have compared the Report to the contract and agreement documentation for consistency of details on:the parties which signed the legal document; the date when documentation was signed and the nature of the documentation; the description of the scope of goods/services as indicated in the documentation; the total value of the contract/agreement documentation, and, as applicable, contract related terms and conditions.

3)      We have compared details disclosed in the Attached Reports for consistency with the information provided to us from discussion with management and to the extent indicated in contract/agreement documentation, in relation to the basis and nature of the contract/agreement entered into by the parties.

4)      From discussions with the management and from perusal of Company policies and procedures provided to us, we have considered the consistency of the transactions performed with administrators, employees and significant shareholders, as well as with persons related to them with the Company’s policies and procedures.

5)      To the extent that there is a market price for the goods or services provided by administrators, employees and significant shareholders, as well as with persons related to them, we have discussed the basis for the price agreement and considered if, to the extent applicable, the prices agreed are consistent with that used for third (other) parties, where similar goods or services could be provided. To the extent that no market prices are available, we have analyzed if the transactions have been performed based on the signed approved contracts.

Our procedures have been performed only on the contracts included in the Attached Reports, that have been concluded/modified 2016 and that have an estimated value above EUR 50,000.We have not performed any procedures to verify whether the Reporting Schedules include all the transactions and details that the Company has to report according to article 225 of Law 297/2004 for the reporting period.

Conclusion

On the basis of the procedures we have performed, as described above, regarding the legal documents which are included in the Attached Reports, nothing came to our attention that would cause us to believe that:

a)       The details as indicated in the Attached Reports are not in accordance with the related contracts/agreements presented to us.

b)       The details in the Attached Reports are not, in all material respects, consistent with the requirements of the legislation.

c)       The related contracts/agreements provided to us were not properly authorized by representatives of the Company.

d)       The prices have not been established by mutual agreement between the parties in accordance with the type of goods/services and also by considering other terms and conditions mentioned in the respective contracts/agreements.

e)       The terms and conditions of the transactions included in the agreements disclosed by the Company, that have been completed with subsidiaries and administrators, employees and significant shareholders, as well as with the persons related to them, are not established based on the agreements signed by the Company, in relation with the nature of the services and other terms and conditions stipulated by the parties.

Our report is solely for the purpose set forth in the first paragraph of this Report and for your information and is not to be used for any other purpose.

This report relates only to the Attached Reports as mentioned above and does not extend to any other reports of the Company, individually or taken as a whole.

Alexandru Lupea

Partner

On behalf of

Ernst & Young Assurance Services SRL

26 January 2016

Bucharest, Romania