SIF Oltenia S.A.

Net Asset Value • May 12, 2017

Situation of assets on 31/03/2017

Net asset Total asset (it is filled in every year and semester)

1,494,899,450 lei 1,570,989,901 lei 1,729,465,485 lei 1,787,584,429 lei

	Name of the element		The beginning of the reporting period			The end of the reporting period				Differences (lei)
L.	TOTAL ASSETS	$%$ of net asset	% of total asset	Foreign Currency	Lei	% of net asset	% of total asset	Foreign Currency	Lei
	Securities and instruments of the
	monetary market, of which:	64.9736	61.8266		971,289,330	68,7120	66,4780		1,188,349,848	217,060,518
	1.1 Securities and instruments of the monetary market admitted or traded on a settled market of Romania, of which:shares, other assimilated securities to them (each category being mentioned), bonds (on categories of issuer), other receivables (being mentioned on types and categories of issuer), other securities, instruments of the monetary market (on categories);	64.9736	61.8266		971,289,330	68.7120	66.4780		1,188,349,848	217,060,518
	- BVB - shares	52.4545	49.9139		784, 142, 209	50.8279	49.1754		879,051,187	94,908,978
	- AERO -shares	12,5190	11.9127		187, 147, 121	17.8841	17.3026		309,298,661	122,151,540
	- SIBEX - shares	0.0000	0.00001		٥I	0.0000	0.0000			$\mathbf{0}$
	- Preference rights	0.0000	0.0000	n	٥I	0.00001	0.00001			$\overline{0}$
	1.2 Securities and instruments of the monetary market admitted or traded on a settled market of a member state, of which: shares, other securities assimilated to them (each category being mentioned), bonds (on categories of issuer), other receivables (being mentioned on types and categories of issuer), other securities, instruments of the monetary market (on categories);	0.00001	0.0000	01	01	0.0000	0.0000			0

Situation of assets on 31/03/2017

Net asset Total asset (it is filled in every year and semester)

1,494,899,450 lei 1,570,989,901 lei 1,729,465,485 lei 1,787,584,429 lei

Name of the element			The beginning of the reporting period				The end of the reporting period		Differences (lei)
TOTAL ASSETS	$%$ of net asset	$\frac{1}{6}$ of total asset	Foreign Currency	Lei	% of net asset	% of total asset	Foreign Currency	Lei
1.3 Securities and instruments of the monetary market admitted at the official rate of a stock exchange in a non member state or negotiated on another settled market of a non member state, which regularly operates and is recognized and open to public. approved by R.N.S.C of which: shares, other securities assimilated to them (each category being mentioned), bonds (on categories of issuer), other receivables (being mentioned on types and categories of issuer), other securities, instruments of the monetary market (on categories);	0.00001	0.00001			0.00001	0.0000
2 Newly issued securities	0.0000	0.00001			0.0000	0.0000			0
3 Other securities and instruments of the monetary market mentioned in art. 187 letter a): securities (on categories and types of issuer) and instruments of the monetary market (on categories);
	36.3708	34.6092		543.706.344	33.0133	31.9399	01	570.953.030	27.246.686

Situation of assets on 31/03/2017

ANNEX 17

1,729,465,485 lei

		Total asset			1,570,989,901 lei				1.787.584.429 lei
	Name of the element			The beginning of the reporting period				The end of the reporting period		Differences (lei)
Ι.	TOTAL ASSETS	$%$ of net asset	% of total asset	Foreign Currency	Lei	% of net asset	% of total asset	Foreign Currency	Lei
	4 Bank deposits, of which:	1.6367	1.5574	5,105,236.30	19,361,239.48	0.3574	0.3458	5,059,569.00	1,122,351.27	(18, 284, 556)
	4.1 Bank deposits made in credit institutions of IRomania∶	1.6367	1.5574	5,105,236.30	19,361,239.48	0.3574	0.3458	5,059,569.00	1,122,351.27	(18, 284, 556)
	4.2 Bank deposits made in credit institutions of a member state:	0.0000	0.0000			0.0000	0.0000]			0
	4.3 Bank deposits made in credit institutions of a Inon member state:	0.0000	0.0000	Ωl		0.0000	0.0000			0
	5 Financial instruments derived
	traded on a settled market	0.0000	0.0000			0.0000	0.0000			0
	5.1 Financial instruments derived traded on a settled market of Romania, on categories;
		0.0000	0.0000			0.0000	0.0000			0
	5.2 Financial instruments derived traded on a settled market of a member state, on categories;	0.0000	0.0000			0.0000	0.0000			0
	5.3 Financial instruments derived traded on a settled market of a non member state, on categories:	0.0000	0.0000			0.0000	0.0000			0
	5.4 Financial instruments derived negotiated outside the settled markets, on categories of linstruments:	0.0000	0.0000			0.0000	0.00001			0.
	6 Current accounts and cash	0.2347	0.2234	1,415,865	2,093,332	0.3157	0.3054	5,055,973	403,258	1,950,034
	7 Instruments of the monetary market, other than those traded on a settled market, according to art. 101paragraph (1) letter g) of the Law no. 297/2004.	0.0000	0.0000	O.	0	0.00001	0.0000	ΩI	01	0

1,494,899,450 lei

Net asset Total asset (it is filled in every year and semester)

Situation of assets on 31/03/2017

ANNEX 17

1,729,465,485 lei 1,787,584,429 lei

Differences (lei)

	Net asset Total asset	1,494,899,450 lei 1.570.989,901 lei			1,
Name of the element		The beginning of the reporting period		The end of the reporting period
	العندمة نملة مارم		$0/1.5.01 \pm 1.0/1.5.01$	CAMAINM

ь.	TOTAL ASSETS	asset	% of net 1% of total asset	Foreign Currency	Lei	$%$ of net asset	% of total asset	Foreign Currencv	Lei
	8 Participation securities of AOPC/OPCVM	0.1597	0.1519		2.386,705	0.1527	0.1478		2,641,708	255,003
	9 Other assets (amounts in transit,
	amounts at distributors, amounts	0.00001	0.00001			0.00001	0.00001			0.
	9.1 Shares due according to subscriptions to the
	lincreases of social capital	0.00001	0.00001			0.0000	0.00001
	9.2 Other rights to receive	0.00001	0.00001			0.00001	0.0000

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

(it is filled in every year and semester)

ANNEX17

Situation of unit value of net asset on 31/03/2017

No. Item	Name of the element (according to RNSC Regulations no.15/2004)	31/03/2017	31/03/2016	Differences
	No of shares issued	580, 165, 714	580, 165, 714
	Unitary value of net asset	2.9810	2.5926	0.3884

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ANNEX 17

The evolution of net asset and of VUAN in the last 3 years on 31/03/2017

No. l Item	Name of the element (according to RNSC Regulations no.15/2004)	31/12/2015	31/12/2016	31/03/2017
	Net asset	1,622,765,774	1,494,899,450	1,729,465,485
	Unit value of net asset	2.7971	2.5767	2.9810

GENERAL MANAGER Dr. ec. Tudor Ciurezu

Net asset Total asset 1,729,465,485 lei 1,787,584,429 lei

Securities admitted or traded on a settled market of Romania - BVB (shares)

No. ltem	Issuer	Symbol	transaction	Date of last No of shares held	Nominal value	Share value	Total value	Weight in the issuer's social capital	Weight in the total asset of SIF	Weight in the net asset of SIF
	1 ALTUR SLATINA	ALT	31/03/2017	49,428,571	0.1000	0.0386	1,907,943	5.9958	0.1067	0.1103
	2 ANTIBIOTICE IASI	ATB	31/03/2017	95,681,855	0.1000	0.5560	53,199,111	14.2524	2.9760	3.0760
	B.R.D.-GROUPE SOCIETE 3 GENERALE BUCURESTI	BRD	31/03/2017	15,346,845	1.0000	12.3200	189,073,130	2.2022	10.5770	10.9325
	IBANCA TRANSILVANIA 4 CLUJ	TLV	31/03/2017	40,936,647	1.0000	2.6600	108,891,481	1.1228	6.0915	6.2963
	BURSA DE VALORI 5 BUCURESTI	BVB	31/03/2017	383,709	10.0000	30.5000	11,703,125	5.0000	0.6547	0.6767
	C.N.T.E.E. TRANSELECTRICA 6BUCURESTI	TEL	31/03/2017	2,811,808	10.0000	33.0000	92,789,664	3.8359	5.1908	5.3652
	7ICOS TARGOVISTE	COS		6,142,826	0.1000	0.0000	0	8.9220	0.0000	0.0000
	ELECTROMAGNETICA 8BUCURESTI	ELMA	31/03/2017	171,717,594	0.1000	0.1760	30,222,297	25.4006	1.6907	1.7475
	9 OMV PETROM BUCURESTI SNP		31/03/2017	705,500,277	0.1000	0.3025	213,413,834	1.2455	11.9387	12.3399
	10 PRODPLAST BUCURESTI	PPL	31/03/2017	4,702,595	1.0000	2.9800	14,013,733	27.5450	0.7839	0.8103
	11IS.E. ELECTRICA SA	EL	31/03/2017	94,738	10.0000	14.3800	1,362,332	0.0274	0.0762	0.0788
	12 S.N.G.N. ROMGAZ S.A.	SNG	31/03/2017	1,551,729	1.0000	30.5000	47,327,735	0.4026	2.6476	2.7366
	SANTIERUL NAVAL 13 ORSOVA	SNO	31/03/2017	2,907,314	2.5000	3.0500	8,867,308	25.4516	0.4960	0.5127
	14 SIF MOLDOVA	SIF 2	31/03/2017	19,247	0.1000	0.8620	16,591	0.0019	0.0009	0.0010
	15 SIF TRANSILVANIA	SIF 3	31/03/2017	5,370,162	0.1000	0.2500	1,342,541	0.2459	0.0751	0.0776

Net asset Total asset

1,729,465,485 lei 1,787,584,429 lei

Securities admitted or traded on a settled market of Romania - BVB (shares)

No. l Item ∣	Issuer	Symbol	transaction	Date of last No of shares held	Nominal value	Share value	Total value	Weight in the issuer's social capital	Weight in the total	Weight in the net l asset of SIF asset of SIF
	ISNTGN TRANSGAZ
	16 MEDIAS	TGN	31/03/2017	183.8731	10.0000	379,0000	69,687,867	1.5617	3.8984	4.0294
	17 T.M.K. ARTROM SLATINA	IART	31/03/2017	6,381,540	2.5100	2.5400	16,209,112	5.4933	0.9068	0.9372
	18 TURISM FELIX BAILE FELIX TUFE		31/03/2017	84,174,259	0.1000	0.2260	19,023,383	16.9655	.0642	1.1000
							879,051,187		49.1754	50.8279

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

ANNEX 17

SIF Oltenia S.A. Detailed situation of investments on 31/03/2017

Net asset Total asset 1,729,465,485 lei 1,787,584,429 lei

Securities admitted or traded on an alternative market of Romania- AERO (BVB) - (shares)

No. Item	Issuer	Symbol	transaction	Date of last No of shares held	Nominal value	Share value	Total value	Weight in the issuer's social capital	Weight in the total asset of SIF	Weight in the net asset of SIF
	IALIMENTARA SLATINA	IALRV	29/03/2017	214,742	2.4300	20.0000	4,294,840	52.2352	0.2403	0.2483
	2 ARGUS CONSTANTA	UARG	31/03/2017	30,844,568	1.5000	3.0000	92,533,704	86.2050	5.1765	5.3504
	3 CEREALCOM ALEXANDRIA CCOM		12/08/2016	34,672,773	0.10001	0.0479	1,660,826	6.6944	0.0929	0.0960
	CONSTRUCTII FEROVIARE 4 CRAIOVA	CFED	13/03/2017	2,725,325	2.5000	0.3200	872,104	77.5001	0.0488	0.0504
	5 CONTACTOARE BUZAU	ICONQ	28/12/2016	521,220	2.5000	10.2580	5,346,684	18.1964	0.2991	0.3092
	6 FLAROS BUCURESTI	FLAO	31/03/2017	232,894	2.5000	33,0000	40,685,502	81.0386	2.2760	2.3525
	7 IAMU BLAJ	IAMU	28/03/2017	1,884,289	2.5000	4.8000	9,044,587	19.8343	0.5060	0.5230
	LACTATE NATURA 8 TARGOVISTE	INBO	23/03/2017	980,437	2.5000 2.5000	3.2800 4.1349	3,215,833 8,372,281	39.6969 25.7118	0.1799 0.4684	0.1859 0.4841
	9 MAT CRAIOVA	MTCR	17/02/2017	2,024,778		16.0000	113,677,376	97.8593	6.3593	6.5730
	10İMERCUR CRAIOVA	MRDO	29/03/2017	7,104,836	2.5000			11.4644	0.0410	0.0424
	11 RELEE MEDIAS	RELE	30/03/2017	62,080	2.5000	11.8000	732,544
	12 SINTEROM CLUJ	SIRM	12/01/2017	1,531,471	2.5000	10.9445	16,761,190	31.6302	0.9376	0.9692
	13 TUSNAD BAILE TUSNAD	TSND	28/03/2017	26,246,278	0.1000	0.0420	1,102,344	8.6965	0.0617	0.0637
	14 UNIVERS RM. VALCEA	UNVR	09/02/2017	587,519	2.5000	18.7208	10,998,846	73.7494	0.6153	0.6360
							309,298,661		17.3026	17.8841

GENERAL MANAGER Dr. ec. Tudor Ciurezu

Net asset 1,729,465,485 lei Total asset 1,787,584,429 lei

Instruments mentioned in art.187 lit.a) of RNSC Regulations no.15/2004

Shares issued by commercial companies of closed type

No. Item	Issuer	No of shares held	Acquisition date	Acquisition price	Share value	Total value	Weight in the issuer's social capital	Weight in the total asset of SIF	Weight in the net asset of SIF
	BANCA COMERCIALA
	1 IROMANA BUCURESTI	1,023,534,303	01/11/1996	0.0030	0.4218	431,763,994	6.2973	24.1535	24.9652
	BIROUL DE INVESTITII
	2 REGIONAL OLTENIA IFN	272,411	01/11/1996	15.4540	10.8623	2,959,021	19.4540	0.1655	0.1711
	BT ASSET MANAGEMENT 3 S.A.I. CLUJ	716,559	28/02/2006	0.2791	4.1920	3,003,794	9.9998	0.1680	0.1737
	COMPLEX HOTELIER
	4 DAMBOVITA	1,753,217	31/01/1998	2.7577	3.6563	6,410,364	99.9427	0.3586	0.3707
	5 COREALIS CRAIOVA	655,757	30/06/2000	2,5000	3.8686	2,536,886	19.1789	0.1419	0.1467
	6 CORINT TARGOVISTE	178,297	01/11/1996	0.4800	0.0000	0	5.7978	0.0000	0.0000
	DEPOZITARUL CENTRAL
	7 I BUCURESTI	9,878,329	31/07/1998	0.0770	0.1210	1,195,762	3.9057	0.0669	0.0691
	8 DEPOZITARUL SIBEX	12,480	27/03/2009	96.1538	96.0059	1,198,153	5.4379	0.0670	0.0693
	9 ELBA TIMISOARA	39,628	01/11/1996	2.5000	112.7097	4,466,459	2.3694	0.2499	0.2583
	IELECTRO TOTAL
	10 BOTOSANI	57,909	28/02/2003	2.5000	0.0000	01	29.8562	0.0000	0.0000
	EXIMBANK BANCA DE
	IEXPORT IMPORT A
	11 ROMANIEI BUC	4,364,430	01/11/1996	5.0892	7.6913	33,568,239	3.2702	1.8779	1.9410
	12 GEMINA TOUR RM. VILCEA	757,888	01/11/1996	1.3793	2.5302	1,917,587	88.2866	0.1073	0.1109
	13 OTELINOX TARGOVISTE	1,809,195	01/11/1996	2.8091	5.8268	10,541,762	5.4694	0.5897	0.6095
	14 PROVITAS BUCURESTI	35,139	01/11/1996	2.0114	135.2422	4,752,275	70.2780	0.2658	0.2748
	15 SAGRICOM ULMI	57,941	01/11/1996	2.5000	0.0000	ΩI	4.2057	0.0000	0.0000

Detailed situation of investments on 31/03/2017

Net asset	1,729,465,485 lei
Total asset	1,787,584,429 lei

Instruments mentioned in art.187 lit.a) of RNSC Regulations no.15/2004

Shares issued by commercial companies of closed type

No. ∣ Item l	Issuer	No of shares held	Acquisition date	Acquisition price	Share value	Total value	Weight in the issuer's social capital	Weight in the total ˈasset of SIF I asset of SIF I	Weight in the net
	16 SANEVIT ARAD	792,662	30/06/1998	0.1000	0.0000		13.2841	0.0000	0.0000
	17 TURISM LOTUS FELIX	347,859,802	18/12/2009	0.1006	0.0977	33,979,044	27.4554	l.90081	1.9647
	18 TURISM PUCIOASA	1.010.5991	01/11/1996	2.1170	4.5961	4.644.845	69.2191	0.2598	0.2686
	19 VOLTALIM CRAIOVA	5.997.519	31/10/1999	2.6734	4.6711	28,014,845	99.1942	1.56721	1.6199
						570,953,030		31.9399	33.0133

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

ANNEX 17

$\frac{1}{2} \frac{1}{\alpha} \frac{1}{\alpha} \frac{1}{\alpha} \frac{1}{\alpha} \frac{1}{\alpha} \frac{1}{\alpha}$

Carl Committee

Detailed situation of investments on 31/03/2017

Net asset Total asset 1,729,465,485 lei

1,787,584,429 lei

$\sim 10^{-1}$

Securities of AOPC/OPCVM

No. ltem	Issuer	Symbol	Quantity	Quotation	Market value	Weight in the number of operating securities	Weight in the total asset of SIF asset of SIF	Weight in the net
	IBT INDEX RO		146,000.000	11.2800	1,646,880	3.5418	0.0921	0.0952
	2 FDI NAPOCA		381,222.000	0.4971	189,505	1.1157	0.0106	0.0110
	3 FDI TRANSILVANIA		7,444,000	44.7174	332,876	1.1780	0.0186	0.0192
	4 FDI TEHNOGLOBINVEST		382.990	1,233.5761	472.4471	4.6120	0.0264	0.0273
					2,641,708		0.1478	0.1527

GENERAL MANAGER Dr. ec. Tudor Ciurezu

$\sim 10^{-11}$

Activ net Total activ 1,729,465,485 lei 1,787,584,429 lei

Bank deposits in lei made in credit institutions of Romania

No. Item	Name of the bank	Constitution date	Due time	Initial value	Daily interest	Cumulated interest	Updated value	Weight in Weight in the total asset of SIF	the net asset of 1 SIF
	1 BANCA TRANSILVANIA	31/03/2017	03/04/2017	1,112,700.00	4.6363	4.64	1.112.704.641	0.0622	0.0643
	2IBCR	31/03/2017	01/04/2017	9,646.63	0.0000	0.001	9.646.63	0.0005	0.0006
				1,122,346.63		4.64	1,122,351.27	0.0628	0.0649

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

1,729,465,485 lei

Activ net Total activ

1,787,584,429 lei

Bank deposits in foreign currency made in credit institutions of Romania

No. Item	Name of the bank	Constitution date	Due time	Initial value	Daily interest	Cumulated interest	Updated value	the total asset of SIF	Weight in Weight in the net asset of SIF
	1 BANCA TRANSILVANIA	23/03/2017	23/06/2017	2,130,750.00	14.7969	133.17	2,130,883.17	0.1192	0.1232
	2 BANCA TRANSILVANIA	23/03/2017	23/06/2017	1,278,450.00	8.8781	79.90I	1,278,529.90	0.0715	0.0739
	3 BANCA TRANSILVANIA	23/03/2017	23/06/2017	852,300.00	5.9188	53.27	852,353.27	0.0477	0.0493
	4 BANCA TRANSILVANIA	23/03/2017	23/06/2017	639,225.00	4.4391	39.95	639,264.95	0.0358	0.0370
	5 BANCA TRANSILVANIA	23/03/2017	23/06/2017	158,527.80	1.1009	9.91	158,537.71	0.0089	0.0092
				5,059,252.80		316.20	5,059,569.00	0.2830	0.2926

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea