EXCHANGE RATE OF NATIONAL CURRENCY

By courtesy of the National Institute of Statistics

According to the data provided by the National Bank of Romania, the exchange rate of national currency at the end of December 2002, was ROL 33,500 in relation with the USD (+6.0% as against the end of December 2001) and ROL 34,919 in relation with the EUR (+25.2% as compared to the end of December 2001).

At the end of 2003, the exchange rate of national currency was ROL 41,117 in relation with the EURO (+17.7% as against the end of 2002) and ROL 32,595 in relation with the USD (-2.7% as against the end of 2002).

The exchange rate of national currency at the end of December 2004 was ROL 39,663 in relation to the EURO (-3.5% as against the end of 2003) and ROL 29,067 in relation to the USD (-10.8% as against the end of 2003).

Exchange rate of national currency at the end of December 2005 was RON 3.6771 in relation to the EURO (-7.3% as against the end of 2004) and RON 3.1078 in relation to the USD (+6.9% as against the end of 2004.

Reference Exchange Rate (RON/EURO)

- December each year -

According to the data provided by the National Bank of Romania, exchange rate of national currency was RON 3.5386 at the end of May 2006 in relation to the EURO (-3.8% as against the end of 2005) and RON 2.75 in relation to the USD (-11.5% as against the end of 2005).

Exchange rate of national currency at the end of September 2006 was RON 3.5334 in relation to the EURO (-3.9% as against the end of 2005) and RON 2.7889 in relation to the USD (-10.3% as against the end of 2005).

Exchange rate of national currency at the end of October 2006 was RON 3.5211 in relation to the EURO (-4.2% as against the end of 2005) and RON 2.7739 in relation to the USD (-10.7% as against the end of 2005).