Rompetrol Well Services : Auditor Report - ar.82 Law 24/2017 - first semester 2017

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Translation from Romanian language

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Independent Report of Limited Assurance over the Information Included in the Current Reports Issued bythe Company in Accordance with Provisions of Law no. 24/2017 (Article

1. and Regulation no. 1/2006

   To the Management of Rompetrol Rafinare S.A.

   We have been employed by Rompetrol Rafinare S.A. (hereinafter referred to as "Company")for carrying out certain procedures in accordance with the certain procedures according to the Regulation no. 1/2006 of the Romanian National Securities Commission ("CNVM"), presently the Financial Supervisory Authority ("FSA"), with all the subsequent amendments and changes and to report over the information included in the current enclosed reports (no. 5147 of 30 May 2017, no. 5850 of 22 June 2017, no. 6766 of 19 July 2017 and no. 6784 of 20 July 2017) ("Current Report") that were drawn out drawn out by the Company in accordance with therequirements of the Law no. 24/2017 (article 82) ("criteria") in order to report to the Financial Supervisory Authority ("FSA") and Bucharest Stock Exchange for the period between 1stofJanuary 2017 and 30 June 2017.The Current Reports were drawn out by the Company based on the legal documents concluded by the Company with its directors,staff and main shareholders,as well as with the person involved with them. The responsibility of drawing outthe Current Reports falls upon the Company's management. Our procedures were made exclusively over the aforementioned Current Reports that refers to the period between pt of January 2017 and 30 June 2017.

   Specific purpose

   This report is exclusively drawn out for the purpose specified in the first paragraph from above, as well as for your information and must not be used for other purposes. The report refers exclusively to the Current Reports and must not be associated withthe Company's financial statements,taken as aggregate. Our procedures were not made exclusively to thecontracts concluded between 1st of January 2017 and 30 June 2017.

   Management responsibility

   The Company's management is responsible for drawing out Current Reports inaccordance withthe requirements of the Law no.24/2017 (article 82) ("criteria"). Especially,the Company's management has the responsibility to design and implement some internal auditsenablingthe drawing out of Current Reports so that they are free of significantdistortions.

   The Company'smanagement is also responsible for ensuring that the documentsprovided to theauditor are complete and accurate. The Company's management is responsible for keeping an

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   Translation from Romanian language

   internal audit system enduring reasonably the fact that the above-described documents do notcontain significant errors due to fraud or mistake.

   Auditor's responsibility

   Our assurance mission was performed in accordance with the InternationalStandards on Assurance Commitments and namely ISAE 3000 (revised), "AssuranceMissions, otherthan theaudit or revision of historical financial information" adopted by the Chamber of Financial Auditors of Romania. Theseregulations provide thatwe observe the ethical standardsand toplan and develop the assurance mission sothat we obtain a limited assurance concerning Current Reports.

   We apply theInternational Quality Control Standard 1(ISQC 1)andconsequently, we maintain a solid system of quality control, includingpolicies and procedures thatdocument thecompliance with therelevant professional and ethicalrequirements and standards fromlegislation or regulations.

   We observe the requirements of independenceand the other ethical requirements of theCode of ethics of theaccounting professionals ofIESBA, establishing the fundamental principles ofintegrity, objectivity, professional competence and due attention, confidentialityandprofessional behavior.

   The selectedprocedures depend on the auditor's reasoning. The procedures include, especially, interviews with staffresponsible for financial reporting and risk management, aswell as additional procedures that aim to obtain evidences relating toCurrent Reports.

   The assurance commitment assumed representsa limited assurance commitment. The nature,term and extent of the procedures developed within a limited assurance mission are limited compared to those necessary in a reasonable assurance mission. Consequently, the assurance levelobtained within a limited assurance commitment is lesser.

   Relating to the Company's Current Reports, we performed the following procedures:

2. We have obtained, from the Company, the enclosed Current Reports andhave verifiedwhether the signaturesincluded in suchreports are thosebelonging to the legal representatives of the Companyand we have performed a comparison of the details tobe included in such repo11s,according to Law 24/2017 (article 82) withthe information included by the Company in such reports.

3. For a selection of individual agreements/conventions that wehave analyzed, asdefined within the reports, we have established whether the details included inthe reports correspond, under all significantaspects, with the information included inthe signedagreements and conventions, made available to us, and whetherthey were signedby Company representatives, according to the newly-supplied list of authorized signatures.Where necessary, we have also compared whether the detailsincluded in the reports

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   correspond to the documentation related to the respective conventions and agreements,such as: parties having signed the legal documents; the date on which the documentationwas executed and its nature; description of the type of goods/servicesindicated in thedocumentation; total accomplished or estimated value of agreements/conventions and,where necessary, the related contractual terms and conditions.

4. We have compared whether the details presented in the attached Current Reports correspond to the info1mation we have obtained following conversations held with the Company management,as well as with the documentation of the respectiveconventions/contracts, at the detail level indicated in relation to the grounds and thenature of conventions/agreements concluded by the Company with the respective parties.

5. Based on the discussions held with the Company management and afterexamining the Company policies and procedures that were made available to us, we have performed an analysis of the extent to which the Company transactions with the Directors, staff and significant shareholders, as well as with individuals involved with such Managers, staff and shareholders, are in compliance with Company policies and procedures.

6. To the extent that there is a retail price for the goods or services provided to the Company by its Managers, staff and significant shareholders, as well as by individuals involved with such Directors, staff and shareholders, we have held discussions with theCompany management concerning the way in which prices for agreements included in thereports were set and whether, on a case-by-case basis, the prices agreed correspond to prices used by other parties (third parties) for similarservices of goods. In the event that there are no retail prices available, we have analyzed whether the respective transactions are executed based on approved and signed agreements.

   Our procedures were applied on a selection of agreements/conventions included in the attached Current Reports that were concluded Iamended during 1st of January 2017 and 30 June 2017 and with an estimated value during the reporting period higher than €50,000.We have not performed any procedures in order to verify whether the summary included all transactions and details that the Company needed to report on, according to article 82 of the Law no. 24/2017, forthis period.

   Conclusion

   According to the procedures performed and aforementioned concerning the legal documents included in the Current Reports, we have not noticed any aspect that wouldlead us into believing that:

7. Details indicated in the attached Current Repo11s do not comply with conventions I

   contracts made available to us by the Company.

8. Details indicated in the attached reports are not in compliance concerning all significant aspects with the legal requirements.

9. Related conventions/agreements made available to us were not properly authorized by theCompany representatives.

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   Translation from Romanian language .

10. Prices agreed between the parties were not accepted by mutual consent based on the typeof products/services and other te1ms and conditions stipulatedin theagreements betweenthe parties.

11. The terms and conditions of the transactions included in theagreements/conventions reported by the Company, executedwithits directors, staff andsignificant shareholders, as well as with individuals involved with such Directors,staff and significant shareholders, were not set based on the contractssigned by the Company, in relationto the natureof services and of other tennsand conditionsstipulated by the parties.

12. The purpose of our report is exclusively the one mentioned inthe first paragraph of this Report herein, as well as for your information, and may not be used for other purposes.

    This report refers only to Cu1Tent Reports attached aforementioned and may not extended overother Company reports, taken whether individually or as a whole.

    On behalf of

    Ernst &YoungAssurance Services S.R.L.

    Alexandru Lupea, Partner

    Illegible signature

    Round stamp applied of Alexandru Lupea, no. 273, Chamber of Financial Auditors of Romania 20 July 2017

    Bucharest, Romania

    Annex

    1. CU1Tent Reports

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    Subsemnata SIMOC ANDA ELENAinterpret itraducator autorizat pentru limba/limbile straine: engleza/francezain temeiul autorizatiei nr. 7546 din 2002 reinnoita in 2007 eliberata de Ministerul Justitiei din Romania, certificexactitatea traducerii efectuate din limba romana in limba engleza,ca textul prezentat a fost tradus complet,fiira omisiuni,ica, prin traducere, inscrisuluinu i-a fost denaturat continutul i sensul.

    The undersigned SIMOCANDA ELENA sworn official translatorand interpreter for English, French languages, basedon the Translation License no. 7546/2002,and renewed on 2007issued by the RomanianMinistryof Justice, I hereby certifythat this translationfrom Romanian intoEnglish is true and accurate,that the source text is translated in full, without omissions andthat the meaning and contents ofthe documentwere not modified by translation.

    INTERPRET SI TRADUCATOR AUTORIZA TI

    SWORN OFFICIAL TRANSLATOR AND INTERPRETER,