Intercapital Invest policies on recommendations regarding investments in financial instruments

This document presents information regarding reports, recommendations, analyses and any other type of information containing recommendations provided by Intercapital Invest SA in written or unwritten form and designated as "reports" in this document. This information is presented in accordance with the CNVM Regulation No. 15/2006 on recommendations regarding investments in financial instruments.

Intercapital Invest SA is a Financial Investments Services Company licensed by CNVM decision no. 113/22.08.1995 and re-licensed in accordance with the new legislation of the capital market by CNVM decision no. 863/23.03.2005. Registration number with the Trade Register: J40/6447/1995; Fiscal Code: 7631041. Headquarters: 33 Aviatorilor Blvd., 1st floor, Bucharest, 1st Sector. The public authority with supervisory prerogatives on Intercapital Invest is the National Securities Commission (CNVM), http://www.cnvmr.ro.

Research reports are prepared by the employees of Intercapital Invest as identified in the content of the reports and having the positions indicated in the Our Team section of www.intercapital.ro.

Sources used in the preparation of reports consist mainly of own analyses by Intercapital Invest SA; sources not belonging to this category are explicitly mentioned in the content of the reports. Intercapital Invest does not communicate any recommendations and/or prepared reports to the issuers prior to their publication. Methodologies used in the preparation of our reports are presented in the material entitled "Manual for Securities Analysis" available on our website www.kmarket.ro.

Recommendations included in our reports are made for investments of minimum twelve months. The meaning of a recommendation is the following: a BUY recommendation means an estimate by Intercapital Invest as to a price increase by at least fifteen per cent of the security to which the recommendation applies; a HOLD recommendation means an estimate by Intercapital Invest as to the evolution of a security price to which the recommendation applies within a tunnel ranging from minus fifteen per cent to plus fifteen per cent of the current price; a SELL recommendation means an estimate by Intercapital Invest as to the price decrease by at least fifteen per cent of the security to which the recommendation applies.

Reports are updated/modified only by the publication of a new report at the moment deemed necessary by Intercapital Invest. The updated report is distributed through the same channels as the original report. The publication date of a report is identified in its content and/or in the channel used for its distribution. The history of written reports and issued recommendations over the past year can be found in the Intercapital Start system on www.intercapital.ro.

Where applicable, the content of the reports will include the following information: potential situations of significant conflicts of interests or significant financial interest of Intercapital Invest and/or its employees or regarding the issuer to whom the recommendation applies; potential holdings by Intercapital Invest and/or its employees of minimum five per cent of the issuer’s registered capital or potential holdings by the issuer of minimum five per cent of Intercapital Invest’s registered capital; potential positions of Intercapital Invest as a market maker for the securities recommended in the report; potential positions of Intercapital Invest as intermediary or member of an intermediation syndicate for a public offer for securities of the issuer to whom the recommendation applies; potential contracts for provision of financial services or services regarding the provision of recommendations, concluded by Intercapital Invest with the issuer to whom the recommendation applies; any other information required by CNVM Regulation No. 15/2006.

Intercapital Invest takes administrative actions in order to prevent or to avoid any conflicts of interests regarding the recommendations, including methods of information protection, by separating the analysis and research activities from any other company activities, presentation of all relevant information regarding potential conflicts of interests in the reports, maintaining the objectivity in presented reports and recommendations. The remuneration of the personnel involved in the preparation of reports is not connected to Intercapital Invest’s trades with securities to which the reports apply. Should the personnel involved in the preparation of a report have received or have bought shares of the issuer prior to a public offer the issuer has organized, their acquisition date and price are to be published in the report. The proportion and the total number of BUY, SELL and HOLD recommendations are presented in the Intercapital Start system on www.intercapital.ro. Intercapital Invest does not provide recommendations issued by third parties.