SIF Oltenia S.A.

Net Asset Value • Nov 9, 2022

No. 11.865 /09.11.2022

Translation from Romanian into English

To: BUCHAREST STOCK EXCHANGE Fax no.: 021-307.95.19

FINANCIAL SUPERVISORY AUTHORITY Financial Instruments and Investments Sector Fax no.: 021.659.60.51

CURRENT REPORT

according to Law no. 24/2017 (R) and FSA Regulation no. 5/2018 on issuers of financial instruments and market operations

Report date: 09.11.2022 Name of the issuer: Societatea de Investiţii Financiare OLTENIA S.A. Headquarters: Dolj County, Craiova, 1 Tufănele Street, postal code 200767 Phone/Fax: 0251-419.335 / 0251-419.340 Fiscal Registration Code: RO 4175676 Order number at the Trade Register: J16/1210/30.04.1993 FSA Register Number: PJR09FIAIR/160001/08.06.2021 ISIN: ROSIFEACNOR4 LEI Code: 254900VTOOM8GL8TVH59 Depozitory-Custodian: Raiffeisen Bank S.A. Depozitory: Depozitarul Central Bucuresti Share capital subscribed and paid: 50,000,000 lei Regulated market on wich the issued securities are traded on: Bucharest Stock Exchange – Shares, Premium Tier (market symbol SIF5)

Important event to report: Rectification of material errors related to NAV as of September 30, 2022

Societatea de Investiții Financiare Oltenia S.A. informs investors and shareholders the correction of a material error that appeared in the periodical reporting related to September 2022, regarding the unit value of the net asset, respectively the correct value is 4.2230 lei, and not 4.1902 lei.

Also, the correct value of the net asset is 2,005,946,799 lei, and not 1,990,345,031 lei, as a result of the change in total liabilities (the correct value of 96,064,647 lei, and not 111,666,415 lei), the level of liabilities regarding the profit tax deferred (the correct value is 41,224,518 lei, and not 56,826,286 lei) and of the value of other equity elements (the correct value is 459,943,371 lei, and not 444,341,603 lei).

We attach the corrected form of the "Statement of assets and liabilities as of 30.09.2022".

There are no other events to report.

Sorin - Iulian Cioacă President - General Manager

Viorica Bălan Compliance Officer

ANNEX 10 S.I.F. Oltenia S.A. Statement of assets and liabilities as of date 30/09/2022

(to be filled in on a monthly basis)

	The manner in which the net asset value is calculated (according to F.S.A. Regulation no. 7/2020)	Amount (lei)
1.	Intangible assets	5,090
2.	Tabgible assets	11,552,258
3.	Real estate investments	1,113,247
4.	Biological assets	0
5.	Assets representing rights to use support assets under a leasing contract	0
6.	Financial assets	2,017,612,781
6.1.	Financial assets evaluated at amortised cost	3,752,419
6.1.1.	Corporate bonds	3,752,419
6.1.1.1.	Listed corporate bonds	0
6.1.1.2.	Unlisted corporate bonds	3,752,419
6.2.	Financial assets evaluated at fair value through profit or loss	4,228,673
6.2.1. 6.2.2.	Equity interests in FIA / OPCVM – listed Equity interests in FIA / OPCVM – unlisted	0 4,228,673
6.3.	Financial assets at fair value through other items of comprehensive	2,009,631,689
	income
6.3.1.	Listed shares traded in the last 30 days	1,818,461,282
6.3.2.	Listed shares not traded in the last 30 days	69,070,942
6.3.3.	Unlisted shares	122,099,465
6.4	Shares due according to subscriptions to the share capital increase (INBO)	0
7.	Cash and cash equivalents	2,874,586
8.	Bank deposits	68,543,938
9.	Other assets	872,919
9.1.	Dividends or other rights receivable	626,114
9.2.	Other assets	246,805
10.	Accrued expenses	119,298
11.	Total assets	2,102,694,117
12.	Total liabilities	96,064,647
12.1.	Financial liabilities measured at amortised cost	51,403,291
12.1.1.	Trade debts	125,175
12.1.2.	Payment dividends	50,544,066
12.1.3.	Other debts at amortized cost	734,050
12.2.	Deferred income tax liabilities	41,224,518
12.3.	Other liabilities	3,436,838
13.	Provisions for risks and expenses	674,627
14.	Deferred income	8,044
15.	Equity, of which:	2,005,946,799
15.1.	Share capital	50,000,000
15.2.	Items treated as equity	0
15.3.	Other equity items	459,943,371
15.4.	Share premiums	0
15.5.	Revaluation reserves	6,986,818
15.6.	Reserves	655,619,922
15.7.	Own shares	2,500,000
15.8.	Retained earnings	721,733,334
15.9.	Result of the financial year	175,026,395
15.10.	Losses on the issue, redemption, sale, transfer free of charge or cancellation of equity instruments	60,863,041
16.	Net assets (11 - 12 - 13 - 14)	2,005,946,799

ANNEX 10 S.I.F. Oltenia S.A. Statement of assets and liabilities as of date 30/09/2022

(to be filled in on a monthly basis)

	The manner in which the net asset value is calculated (according to F.S.A. Regulation no. 7/2020)	Amount (lei)
17.	Number of shares issued and in circulation excluding own shares repurchased	475,000,000
18.	Unit value of net assets	4.2230
19.	Number of companies in the portfolio , of which:	39
19.1.	Companies admitted to trading on an EU trading venue	26
19.2.	Companies admitted to trading on an exchange in a third country	0
19.3.	Companies not admitted to trading.	13

According to Article 38 para. 4 of Law no. 243 / 2019 S.I.F. Oltenia publishes the leverage level and exposure value according to the provisions of EU Regulation 231 / 2013 calculated by the gross approach and the commitment approach.

Gross approach:
Leverage level	1.0482
SIF5 exposure	2,031,275,593
Commitment approach
Leverage level	1.0564
SIF5 exposure	2,102,694,117

Statement certified by Depozitar Raiffeisen Bank S.A.

Statement prepared on the basis of the trial balance determined on the basis of the A.S.F. Rule 39 / 2015 for the approval of the Accounting Regulations in compliance with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund

In accordance with IFRS 9, effective from 01.01.2018, the results of transactions with financial assets measured at fair value through other comprehensive income are reflected in retained earnings

GENERAL MANAGER, Sorin – Iulian Cioacă

DEPUTY GENERAL MANAGER, Mihai Trifu

Depository Certification Raiffeisen Bank

Assets in the portfolio of S.I.F. Oltenia S.A. that have been evaluated using valuation methods in accordance with International Valuation Standards*

Running no.	Name of the issuer	Tax Identificati on Code	No. of shares held	No. / date of the evaluation report	Amount
					lei / share	total
1	MERCUR CRAIOVA	2297960	7,104,836	107828/13.10.2022	7.5222	53,443,872
2	GEMINA TOUR RM.VILCEA	1477750	757,888	5217/30.05.2022	4.0422	3,063,544
3	ALIMENTARA SLATINA	1513357	350,342	5611/10.06.2022	40.6221	14,231,637
4	UNIVERS RM.VALCEA	1469006	587,519	12206/09.12.2021	52.2681	30,708,529
5	FLAROS BUCURESTI	350944	1,233,390	2205/08.03.2022	71.7500	88,495,724
6	VOLTALIM CRAIOVA	12351498	5,997,519	3808/19.04.2022	8.7807	52,662,246
7	COMPLEX HOTELIER DAMBOVITA	10108620	1,754,221	4928/20.05.2022	6.7266	11,799,987
8	PROVITAS BUCURESTI	7965688	35,139	3981/27.04.2022	128.0000	4,497,792
9	TURISM PUCIOASA	939827	1,010,599	5230/30.05.2022	4.4521	4,499,242
10	COS TARGOVISTE	913720	6,142,826	10770/13.10.2022	0.0000	0

* The companies: Complex Hotelier Dâmbovița, Turism Pucioasa, Gemina Tour Rm. Vâlcea, Voltalim Craiova, Provitas București, Flaros București, Mercur Craiova, Univers Rm. Vâlcea and Alimentara Slatina were evaluated according to international evaluation standards, using the evaluation method "Approach by income". Complex Hotelier Dâmbovița, Turism Pucioasa, Gemina Tour Rm. Vâlcea, Voltalim Craiova, Provitas Bucharest and Flaros Bucharest were evaluated based on the financial statements on 31.12.2021, Mercur Craiova was evaluated on the basis of the financial statements on 30/09/2022, Univers Rm. Vâlcea was evaluated based on the financial statements on 30.09.2021 and Alimentara Slatina was evaluated on the basis of the financial statements on 31.05.2022. COS Târgoviște was valued at 0 following the initiation of bankruptcy proceedings on 05.10.2022.

GENERAL MANAGER, Depository Certification Sorin – Iulian Cioacă

Raiffeisen Bank

DEPUTY GENERAL MANAGER, Mihai Trifu