SIF Oltenia S.A.

Annual Report • Oct 15, 2021

No. 10420 / 15.10.2021

To: BUCHAREST STOCK EXCHANGE Fax: 021-307 95 19

FINANCIAL SUPERVISORY AUTHORITY FINANCIAL INSTRUMENTS AND INVESTMENTS SECTOR Fax: 021.659.60.51

PRESS RELEASE

We enclose the attached S.I.F. Oltenia S.A. Statement of Assets and Liabilities on September 2021 (Annex 10) according to FSA Regulations no. 9/2014 and no. 7/2020, as it was prepared by the company and certified by the depositary.

We note that the data specified in Annex 10 of the FSA no. 7/2020 were sent to the Financial Supervision Authority, according to the provisions of art. 38 para. (1) of Law no. 243/2019 and art. 50 of the FSA no. 7/2020.

We note that the data specified in Annex 10 of the FSA no. 7/2020 were sent to the Financial Supervision Authority, according to the provisions of art. 38 para. (1) of Law no. 243/2019 and art. 50 of the FSA no. 7/2020.

Sorin-Iulian CIOACĂ President - General Manager

Mihai TRIFU Deputy General Manager f. Compliance Officer

ANNEX 10 S.I.F. Oltenia S.A. Statement of assets and liabilities as of date 30/09/2021

(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	6,808
2.	Tabgible assets	10,707,453
3.	Real estate investments	675,090
4.	Biological assets	0
5.	Assets representing rights to use support assets under a leasing contract	0
6.	Financial assets	2,396,074,417
6.1.	Financial assets evaluated at amortised cost	6,807,661
6.2.	Financial assets evaluated at fair value through profit or loss	4,531,351
6.2.1.	Equity interests in FIA / OPCVM – listed	0
6.2.2.	Equity interests in FIA / OPCVM – unlisted	4,531,351
6.3.	Financial assets at fair value through other items of comprehensive income	2,384,735,405
6.3.1.	Listed shares traded in the last 30 days	2,222,259,905
6.3.2.	Listed shares not traded in the last 30 days	0
6.3.3.	Unlisted shares	162,475,500
7.	Cash and cash equivalents	4,949,756
8.	Bank deposits	6,097,495
9.	Other assets	19,249,401
9.1.	Dividends or other rights receivable	18,929,212
9.2.	Other assets	320,189
10.	Accrued expenses	116,339
11.	Total assets	2,437,876,759
12.	Total liabilities	242,022,884
12.1.	Financial liabilities measured at amortised cost	69,621,173
12.2.	Deferred income tax liabilities	169,317,929
12.3.	Other liabilities	3,083,782
13.	Provisions for risks and expenses	5,160,433
14.	Deferred income	13,497
15.	Equity, of which:	2,190,679,945
15.1.	Share capital	50,000,000
15.2.	Items treated as equity	0
15.3.	Other equity items	858,516,343
15.4.	Share premiums	0
15.5.	Revaluation reserves	6,941,167
15.6.	Reserves	611,507,895
15.7.	Own shares	0
15.8.	Retained earnings	616,537,444
15.9.	Result of the financial year	47,177,096
15.10.	Losses on the issue, redemption, sale, transfer free of charge or cancellation of equity instruments	0

ANNEX 10 S.I.F. Oltenia S.A. Statement of assets and liabilities as of date 30/09/2021

(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)
16.	Net assets (11 - 12 - 13 - 14)	2,190,679,945
17.	Number of shares issued	500,000,000
18.	Unit value of net assets	4.3814
19.	Number of companies in the portfolio , of which:	40
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.	14

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	1.1078
SIF5 exposure	2,426,829,508
Commitment approach
Leverage level	1.1128
SIF5 exposure	2,437,876,759

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

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, Depository Certification Sorin – Iulian Cioacă Raiffeisen Bank

DEPUTY GENERAL MANAGER, Mihai Trifu

Annex according to art. 38 para. (4) of Law no. 243/2019

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	10173/11.10.2021	11.9825	85,133,633
2	VOLTALIM CRAIOVA	12351498	5,997,519	5906/27.05.2021	9.0462	54,255,055
3	TURISM PUCIOASA	939827	1,010,599	5907/27.05.2021	4.1096	4,153,147
4	PROVITAS BUCURESTI	7965688	35,139	5905/27.05.2021	150.0000	5,270,850
5	GEMINA TOUR RM.VILCEA	1477750	757,888	5904/27.05.2021	4.3626	3,306,332
6	COMPLEX HOTELIER DAMBOVITA	10108620	1,753,217	5903/27.05.2021	5.8145	10,194,151

* The companies were valued based on the financial statements from 31.12.2020 by the valuation method "Updating the forecasted cash flows", except for Mercur Craiova which was valued by the method "Approach through income"

GENERAL MANAGER, Sorin – Iulian Cioacă Raiffeisen Bank

DEPUTY GENERAL MANAGER, Mihai Trifu

Depository Certification