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REPORT ON REVIEW OF CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS

To the shareholders, Societatea Energetica Electrica S.A.

Introduction

We have reviewed the accompanying condensed separate interim financial statements of Societatea Energetica Electrica S.A. (the "Company") as at June 30, 2021, which comprise the condensed separate interim statement of financial position as at June 30, 2021, and the condensed separate interim statement of profit and loss, condensed separate interim statement of comprehensive income, condensed separate interim statement of changes in equity and condensed separate interim statement of cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory information ("the condensed separate interim financial statements"). Management is responsible for the preparation and fair presentation of these condensed separate interim financial statements in accordance with International Financial Reporting Standard 34 – "Interim Financial Reporting" ("IAS 34") as adopted by the European Union. Our responsibility is to express a conclusion on these condensed separate interim financial statements based on our review.

We conducted our review in accordance with International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of the condensed separate interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed separate interim financial statements does not present fairly, in all material respects the condensed separate financial position of the Company as at June 30, 2021, and of its condensed separate financial performance and its condensed separate cash flows for the six months period then ended in accordance with International Financial Reporting Standard 34 – Interim Financial Reporting" as adopted by the European Union.

1. We draw attention to the fact that we have not audited nor reviewed the accompanying condensed separate interim financial statements for the six months period ended June 30, 2020 and accordingly, we do not express an opinion nor a conclusion on them.
1. This report is made solely to the Company's shareholders, as a body. Our review work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders as a body, for our review work, for this report, or for the conclusion we have formed.

Răzvan Ungureanu, Statutory Auditor

For signature, please refer to the original signed Romanian version.

Registered in the Electronic Public Register of Financial Auditors and Audit Firms under no. AF 4866

On behalf of:

Registered in the Electronic Public Register of Financial Auditors and Audit Firms under no. FA 25

The Mark Building, 84-98 and 100-102 Calea Grivitei, 8 th Floor and 9th Floor, District 1 Bucharest, Romania September 16, 2021