Presentation Brochure

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Presentation Brochure
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• Vanguard is not only one of the most successful
  brokerage houses in Romania, but also the
  Brokerage House that launched the most
• audacious project dedicated to its clients,
  providing them with an easy approach to investing
  on global markets and having the widest range
• of financial instruments, all available on the
  website
• www.vanguard.ro
• Mihaela Ioana BîciuCEO Vanguard

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Short History

• 1994
• Vanguard is founded one of the first brokerage
  houses in Romania authorized by CNVM (National
  Securities
• Commission)
• 1996
• The first family of stock exchange indices in
  Romania VAB ( Vanguard Bucharest)
• 1997
• Vanguard is one of the brokerage houses that take
  part in the inaugural transaction on the
  Bucharest Stock Exchange.
• 1999
• The first online share trading service in Romania
  STARTRADE.
• 2003
• The first online derivatives trading service in
  Romania - Derivgate
• 2005
• The first line of credit for the purchase of
  shares listed on the Bucharest Stock Exchange
  SMART

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Vanguard today

• Trading on the most important markets worldwide
• Vanguard took the first step towards becoming the
  leading online broker in South-Eastern Europe,
• providing access to the most important financial
  markets worldwide.
• Extensive experience in online trading
• Vanguard provides you with a wide range of
  financial instruments allowed by the Romanian
  Law, having extensive
• experience in online trading (since 1999), along
  with the necessary resources and knowledge to
  successfully
• meet your investment requirements.
• Innovation and dynamism
• Vanguard has a creative, committed and
  experienced team, endlessly dedicated to
  developing innovative services, thus
• adding value to our clients and contributing to
  the investment education of interested parties.

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Why Vanguard?

• Integrated trading and information services
• Vanguard provides you with trading services on
  six types of financial instruments shares,
  futures, options,mutual funds,
• FOREX and CFD, which are mainly distinguished not
  only by the gain potential and risk degree, but
  also by the concept
• underlying each of the aforementioned financial
  instruments, all available via our website
  www.vanguard.ro and the
• corresponding trading platforms.
• Optimal balance between provided services and
  prices
• Highly customizable trading platforms , real time
  news taken from prestigious news agencies ,
  informational and technical
• assistance provided both online and over the
  phone, are only some of the components that add
  quality to our services
• and mark us out as a top Brokerage House.
• To reward clients who execute transactions in
  Romania with Vanguard, we take into account the
  trading activity
• carried out on the Romanian market, spot and
  futures, when setting the commission level
  applied to a trading account on
• international markets. Thus, you can benefit from
  preferential commissions on any of the
  international trading services
• provided, based on the trading activity carried
  out on the Romanian market with Vanguard.
• Education and Community

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Online trading with any share or bond listed
on the Bucharest Stock Exchange

• Launched in 1999, it is the first online trading
  service available on the Romanian market
• Available also in the WAP version at
  wap.vanguard.ro and I-mode
• Real-time quotations for all the shares/ bonds
  listed on the Romanian capital market
• Real-time monitoring of portfolio, activity and
  market orders Issuer information, shareholding
  structure, graphs, news, financial data for each
  issuer
• Fundamental and technical analysis, Vanguard
  Research Department commentaries on all listed
  issuers
• E-mail and SMS alert services conditioned by
  reaching a certain trading criteria
• An information module regarding hedging
  opportunities using derivative instruments traded
  on Sibiu Monetary Financial and Commodities
  Exchange
• Comes with an accessible commission grid that
  rewards customer loyalty.
• Once becoming a StartradeRO client, you will
  benefit from the following information
• Financial Blitz weekly newsletter containing
  information regarding issuers and the evolution
  of the market
• Bucharest Stock Exchange focus - portrayal of
  the main market indicators
• Romania reports - Analyses on Romanian companies
  and sectors

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• Interest rate 11.75 per year variable,
  computed on balance and payable on a monthly
  basis
• Currency RON
• Loan Term 3 months, with an automatic renewal
  option for periods equal to the initial one , for
  a period of up to 12 months. After the 12-month
  period has expired, the loan can be paid back or
  extended for periods corresponding to the initial
  loan term, at the clients request and with the
  banks approval.
• Additional benefits
• SMART comprises all the benefits of the online
  information and trading service on the Bucharest
  Stock Exchange - StartradeRO
• Online monitoring system providing real-time
  information about the value of the current
  portfolio, maximum line of credit , as well as
  automatic alert systems when reaching certain
  pre-established values that must be maintained
  between the portfolios weighted value and the
  value of the total credit.
• Terms for granting a loan
• SMART is a product intended for active investors
  on the capital market, natural persons, who
  already hold a portfolio of shares and/or cash
  deposits. The amount of the loan can be equal to
  the initial value of the SMART account, but
  cannot exceed RON 500.000 for a debtor or a group
  of debtors.
• The securities held in the clients portfolio can
  be used as a guarantee of accessing SMART. During
  the term of the loan, the client can carry out
  transactions with these securities, as long as
  the value of the weighted portfolio will not
  decrease below 100 of the value of the received
  loan.
• The securities listed on the Romanian capital
  market and held in the clients portfolio are
  weighted with gearing level of between 0-70
  according to the attachment to the financial
  investment services agreement with financing via
  bank loan.

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Trade Futures and options on the Sibiu
Monetary Financial and Commodities Exchange

• It is also available in the WAP version at
  wap.vanguard.ro and I-mode
• Investing in the derivatives market is
  complementary to shares and foreign exchange
  operations in order to better protect ones
  portfolio (hedging), also offering the
  possibility of profiting from the anticipation of
  the evolution of prices (speculation)
• Real-time quotations for all types of contracts
  traded on the Sibiu Exchange
• Computerized portfolio, activity and market order
  monitoring
• Real-time trading data lists for all the
  derivative products traded on the Sibiu Exchange
  
• An information module regarding hedging
  opportunities by trading with derivatives on the
  Sibiu Exchange
• Flexibility in crediting your account by cash
  deposits, bank wire transfers, transfers between
  share and futures accounts, and transfers from
  the funds administrated by Vanguard Asset
  Management.

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Trade on over 50 most important ticker symbols
listed on the Sofia Stock Exchange

• Real-time quotations for shares and REIT listed
  on the Sofia Stock Exchange daily
  classifications
• Computerized portfolio, activity and market order
  monitoring, in BGN and euro terms
• Financial/economic news on issuers and the
  prevailing environment of the Bulgarian capital
  market taken from See News and Reuters
• Easy, one-click transfer of cash between the
  holders accounts opened with Vanguard
• Periodic information regarding investment
  opportunities offered by the Bulgarian market
• Comes with an accessible commissions grid that
  rewards customer loyalty
• Once becoming a StartradeBG client, you will
  benefit from the following information
• research materials offered by our partners
• weekly newsletter containing the most important
  events on the Sofia Stock Exchange
• reports and updates on over 30 issuers listed on
  the Sofia Stock Exchange
• research put together by our team
• synthesis of the most capitalized companies,
  sectoral comparisons
• Bulgaria focus valuation indicators

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Trade on over 150 shares listed on the Vienna
Stock Exchange

• Real-time quotations for shares listed on the
  Vienna Stock Exchange daily classifications
• Computerized portfolio, activity and market order
  monitoring in euro terms
• Financial/economic news taken from Reuters
• Easy, one-click transfer of cash between the
  holders accounts opened with Vanguard
• Periodic information regarding the evolution of
  the Vienna Stock Exchange and East-European
  markets
• Comes with an accessible commissions grid that
  rewards customer loyalty
• Once becoming a StartradeAT client, you will
  benefit from the following information
• AustriaCEE weekly newsletter containing the
  most important events occurred on the Vienna
  Stock Exchange and on markets from Poland, the
  Czech Republic and Hungary
• Austria focus valuation indicators for the most
  important companies (on a monthly basis)
• Monitoring and financial data analysis for the
  most important ticker symbols on the Vienna Stock
  Exchange ( on a quarterly basis)

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17 worldwide markets, over 2000 financial
instruments, 24h/day online access starting with
only 1 margin

• StartradeXT is an advanced, flexible and reliable
  trading platform. Real-time position keeping
  allows you to monitor the
• evolution of your portfolio, open, pending or
  closed orders and to verify the available margin.
  This software provides fast
• and reliable access to thousands of instruments
  and allows you to trade on global markets 24h/day
  in a single click and from
• only one account.
• The trading platform also includes
• One-Click Transactions (in a single click), this
  service being of paramount importance for
  investors operating mainly on dynamic and highly
  volatile markets. Through a number of settings
  you can carry out transactions in a single click
  and you can access whatever spread you want.
• A number of integrated analysis programs
  providing you with all necessary information, and
  a chart containing over 40 indicators and
  layouts, as well as real time news taken from
  prestigious news agencies.
• A flexible trading platform allowing its user to
  create and open an unlimited number of trading
  screens. An unique pop-out window allowing you
  to monitor certain layouts while using different
  applications or browsing on the internet.
• CFD - Contract For Difference- is the settling
  of a contract for the difference between the
  purchase price and the sale price of a financial
  instrument. Initially used by large companies in
  order to effectively cover the risks involved in
  share holdings, nowadays CFDs have become common
  and accessible trading instruments used by large
  or small-sized investors worldwide. A CFD mirrors
  the performance of an instrument ( such as
  equities, commodities or treasuries etc.),
  offering the benefits of trading without having
  to physically own the underlying instrument
  itself.
• FOREX is the exchange of one countrys currency
  for another. All foreign exchange is determined
  by a rate of exchange largely governed by the
  prevailing global interest rates. Investors
  simultaneously buy one currency and sell the
  other with the hope of making profit when the
  value of the currencies changes. The Forex market
  is the worlds largest market, with a daily
  turnover of over USD 1.5 trillion.

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Open-end Investment Funds

• Oportunitati Nationale (National Opportunities)
  Fund
• The Oportunitati Nationale Fund provides
  access to the stock exchange market, controlling
  the degree of risk and
• reckoning on long and medium-term superior return
  on interest rates.
• Characteristics
• moderate degree of risk - because of the fact
  that the fund carries out placements on the stock
  market, is vulnerable to stock exchange
  fluctuations, however, to a lower extent in
  comparison to the actual investment in shares
• Suitable duration of the investment - 1 year
  minimum
• Vanguard Protector Fund
• The fund invests in deposits, bonds and
  government bonds meeting the requirements of long
  and medium-term investors,
• who do not wish to take high investment risks,
  thus providing a profitable alternative to
  natural and legal persons who
• usually keep important amounts of money in their
  current accounts, for short or uncertain periods
  of time. The Vanguard
• Protector Fund is also a refuge instrument for
  clients investing on the Stock Exchange during
  unfavorable periods for the
• equity market.
• Characteristics
• Low degree of risk - the unit has a predictable
  evolution
• Return comparable to an on-term deposit, with the
  flexibility and liquidity of the current account.
  

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Awards

• Best online product" for the Startrade
  service, at the CERF fair of 1999
• Best financial website" at the Intemetics
  contest in 2001
• Most active broker" on the Romanian derivatives
  market in 2002
• Most active broker" on the Romanian derivatives
  market in 2004
• Most active broker " on the Romanian derivatives
  market in 2005
• Most active broker on the Romanian derivatives
  market over the last 10 years

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• VANGUARD S.A.
• Unirii Avenue No.19, bl.4B, ground floor, sector
  5, Bucharest, zip code 040103, ROMANIA
• Tel [phone] Fax [phone]
  33
• email office _at_vanguard.ro
• www.vanguard.ro
• Vasile Lascar Branch
• Vasile Lascar Street no. 40-40bis, fourth
  floor, sector 2, Bucharest , zip code 020502,
  ROMANIA
• Tel [phone] Fax [phone]
• e-mail helpdesk_at_vanguard.ro
• National Securities Commission license no.
  398/15.02.2005
• The investment in financial instruments involves
  peculiar risks including but not confining to
  market price fluctuations, dividend, return
• and/or profit uncertainty, exchange rate
  fluctuations.