The editorial office of BURSA has enquired on the position of the authorities and of the officials of the capital market on two controversial issues, tied to the ongoing Secondary Public Offering of Petrom.

The two questions that we have sent them are printed below:

1) Article 189 of the Law 297/2004 stipulates that a maximum price must be set for the shares in the Offering, if the latter doesn"t include the price and the number of shares offered; even though it does not meet the requirements of this article of the law, because the number of shares of "Petrom" was not stipulated in the Secondary Public Offering, the latter nevertheless sets a maximum price.

What is your opinion on this inadvertence?

2) The Code of the Bucharest Stock Exchange (BVB) stipulates that the subscriptions of the Public Offering need to be recorded in the system of the BSE for the duration of the Offering; however, the Consortium of intermediaries of ongoing public offering of "Petrom" does not enter the subscriptions in the system of the BSE.

What is your opinion on this irregularity?

We hereinafter publish the reply of the CNVM, stating that we have asked it an additional question, to make sure that the CNVM has allowed the advertising of the secondary public offering.

Naturally, we will take the liberty of commenting on the answers, according to our convictions.

* THE ANSWER OF THE CNVM

Following your enquiry, we hereby submit to you several clarifications concerning the secondary public offering for the shares issued by SC OMV Petrom SA:

1. Clarifications concerning the dispositions of art. 189 paragraph (1) of the Law no. 297/2004 in the context of the public offering for the sale of shares issued by SC OMV Petrom SA

According to the legal provisions of Romania and of the European Community (Directive 2003/71/EC concernin