SIF Oltenia S.A.

Net Asset Value • Nov 14, 2017

Situation of assets on 30/09/2017

(it is filled in every year and semester)

Net asset Total asset 1,494,899,450 lei 1,570,989,901 lei 1,654,106,097 lei 1,763,574,367 lei

	Name of the element	The beginning of the reporting period					The end of the reporting period	Differences (lei)
ι.	TOTAL ASSETS	asset	% of net 1% of total asset	Foreign Currency	Lei	% of net asset	% of total asset	Foreign Currency	Lei
	1 Securities and instruments of the monetary market, of which:	64.9736	61.8266		971,289,330	65,9730	61,8779		1,091,263,452	119,974,122
	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	65.9730	61.8779	ΩI	1,091,263,452	119,974,122
	BVB - shares	52.4545	49.9139		784,142,209	52.9003	49.6167	01	875,026,915	90,884,706
	- AERO -shares	12.5190	11.9127		187, 147, 121	13.0727	12.2613		216,236,537	29,089,416
	- Preference rights	0.0000	0.0000	0.	$\Omega$	0.0000	0.0000
	1.2 Securities and instruments of the monetary lmarket 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	0	0	0.00001	0.0000	o۱

Situation of assets on 30/09/2017

(it is filled in every year and semester)

1,494,899,450 lei 1,570,989,901 lei 1,654,106,097 lei

ANNEX 17

1,763,574,367 lei

Net asset
	Total asset

	Name of the element	The beginning of the reporting period				The end of the reporting period				Differences (lei)
ι.	TOTAL ASSETS	asset	% of net % of total asset	Foreign Currency	Lei	$%$ of net asset	% of total asset	Foreign Currency	Lei
	1.3 Securities and instruments of the monetary Imarket admitted at the official rate of a stock I exchange in a non member state or Inegotiated 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

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);
	0.0000	0.0000		0.0000	0.0000
2 Newly issued securities	0.00001	0.0000		0.0000	0.0000
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	36.7425	34.4618	607.759.288	64.052.944

settled market of Romania, on categories;

5.2 Financial instruments derived traded on a settled market of a member state, on

5.3 Financial instruments derived traded on a settled market of a non member state, on

5.4 Financial instruments derived negotiated outside the settled markets, on categories of

6 Current accounts and cash

Law no. 297/2004.

7 Instruments of the monetary

market, other than those traded on a settled market, according to art. 101 paragraph (1) letter g) of the

categories;

categories;

instruments:

ANNEX 17

$|0|$

$\overline{0}$

$\Omega$

$\mathbf 0$

₀

4,182,150

$\mathbf{0}$

$\Omega$

11,493,380

$\mathbf 0$

$\mathbf 0$

$\mathbf 0$

$\mathbf 0$

$\mathbf{0}$

12,166,333

	Situation of assets on 30/09/2017							(it is filled in every year and semester)
		Net asset			1,494,899,450 lei				1,654,106,097 lei
		Total asset			1,570,989,901 lei				1,763,574,367 lei
	Name of the element			The beginning of the reporting period				The end of the reporting period		Differences (lei)
ι.	TOTAL ASSETS	asset	% of net 1% of totall 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	1.9550	1.8337	4.633.030.28	27,705,362.26	7,871,917
	4.1 Bank deposits made in credit institutions of IRomania:	1.6367	1.5574	5,105,236.30	19.361.239.48	1.9550	1.8337	4,633,030.28	27,705,362.26	7,871,917
	4.2 Bank deposits made in credit institutions of a lmember state:	0.0000	0.0000			0.0000	0.0000			0
	4.3 Bank deposits made in credit institutions of a non member state:	0.00001	0.0000	ΩI		0.0000	0.0000			0
	5 Financial instruments derived
	traded on a settled market	0.00001	0.0000			0.00001	0.00001			0
	5.1 Financial instruments derived traded on a

$\overline{0}$

οl

-ol

$\Omega$

οl

1,415,865

$0.0000$

$0.0000$

$0.0000$

0.0000

0.9477

$0.0000$

$\Omega$

Ωl

Ωİ

$\Omega$

0

2,093,332

0.0000

0.0000

$0.0000$

$0.0000$

0.8888

0.0000

0.0000

0.0000

0.0000

$0.0000$

$0.2234$

$0.0000$

$0.0000$

$0.0000$

0.0000

$0.0000$

0.2347

$0.0000$

Situation of assets on 30/09/2017

(it is filled in every year and semester)

Net asset 1,494,899,450 lei Total asset 1,570,989,901 lei

1,654,106,097 lei

1,763,574,367 lei

Name of the element	The beginning of the reporting period						The end of the reporting period		Differences (lei)
TOTAL ASSETS	$%$ of net $\parallel$ asset	l% of totall asset	Foreign Currency	Lei	$%$ of net asset	% of total asset	Foreign Currency	Lei
8 Participation securities of
AOPC/OPCVM	0.1597	0.1519		2,386,705	0.1687	0.1582		2,790,327	403,622
9 Other assets (amounts in transit,
amounts at distributors, amounts	0.0000	0.0000			0.0000	0.0000			$\mathbf{0}$
9.1 Shares due according to subscriptions to the
increases of social capital	0.00001	0.00001			0.00001	0.00001			0
9.2 Other rights to receive	0.00001	0.00001			0.00001	0.0000			0

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

ANNEX17

$\overline{\phantom{a}}$

Situation of unit value of net asset on 30/09/2017

No. Item	Name of the element (according to RNSC Regulations no.15/2004)	30/09/2017	30/09/2016	Diferente
	No of shares issued	580, 165, 714	580, 165, 714
	Unitary value of net asset	2.8511	2.6445	0 2066 I

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ANNEX 17

The evolution of net asset and of VUAN in the last 3 years on 30/09/2017

No. ltem	Name of the element (according to RNSC Regulations no.15/2004)	31/12/2015	31/12/2016	30/09/2017
	lNet asset	1,622,765,774	1.494.899.450	1,654,106,097
ົ	Unit value of net asset	2.7971.	2.5767	2.8511

GENERAL MANAGER Dr. ec. Tudor Ciurezu

Detailed situation of investments on 30/09/2017

Net asset Total asset

1,654,106,097 lei 1,763,574,367 lei

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

No. Ite m	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	29/09/2017	49,428,571	0.1000	0.0380	1,878,286	5.9958	0.1065	0.1136
	2 ANTIBIOTICE IASI	ATB	29/09/2017	96,232,108	0.1000	0.5560	53,505,052	14.3344	3.0339	3.2347
	B.R.D.-GROUPE SOCIETE 3 GENERALE BUCURESTI	IBRD	29/09/2017	15,346,845	1.0000	12.4400	190,914,752	2.2022	10.8254	11.5419
	BANCA TRANSILVANIA $4$ CLUJ	TLV	29/09/2017	48,744,240	1.0000	2.2200	108,212,213	1.1228	6.1360	6.5420
	BURSA DE VALORI 5 BUCURESTI	IBVB	29/09/2017	383,709	10.0000	31.2000	11,971,721	5.0000	0.6788	0.7238
	C.N.T.E.E. TRANSELECTRICA 6BUCURESTI	TEL	29/09/2017	2,811,808	10.0000	28.6000	80,417,709	3.8359	4.5599	4.8617
	7 COS TARGOVISTE	$\overline{\cos}$		6,142,826	0.1000	0.0000		8.9220	0.0000	0.0000
	ELECTROMAGNETICA 8BUCURESTI	ELMA	29/09/2017	171,717,594	0.1000	0.1700	29,191,991	25.4006	1.6553	1.7648
	9 OMV PETROM BUCURESTI SNP		29/09/2017	726,500,277	0.1000	0.2890	209,958,580	1.2826	11.9053	12.6932
	10 PRODPLAST BUCURESTI	PPL	28/09/2017	4,702,595	1.0000	2.5400	11,944,591	27.5450	0.6773	0.7221
	11 S.E. ELECTRICA SA	EL	29/09/2017	94,738	10.0000	12.8600	1,218,331	0.0274	0.0691	0.0737
	12 S.N.G.N. ROMGAZ S.A.	SNG	29/09/2017	1,551,729	1.0000	30.7500	47,715,667	0.4026	2.7056	2.8847
	SANTIERUL NAVAL
	13 ORSOVA	ISNO.	28/09/2017	2,907,314	2.5000	2.7000	7,849,748	25.4516	0.4451	0.4746
	14 SIF MOLDOVA	SIF 2	29/09/2017	19,145	0.1000	1.2180	23,319	0.0018	0.0013	0.0014
	15 SIF TRANSILVANIA	SIF 3	29/09/2017	12,450,162	0.1000	0.2670	3,324,193	0.5700	0.1885	0.2010

Detailed situation of investments on 30/09/2017

$\overline{\phantom{a}}$

Net asset Total asset

1,654,106,097 lei 1,763,574,367 lei

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

No. Ite m	Issuer	Symbol	transaction \	Date of last No of shares held	l Nominal valuel	Share value	Total value	Weight in the issuer`s social capital	Weight in the total l asset of SIF I asset of SIF	Weight in the net
	ISNTGN TRANSGAZ
	16 MEDIAS	TGN	29/09/2017	193,270	10.0000	396,0000	76,534,920	1.64151	4.3398	4.6270
	17 T.M.K. ARTROM SLATINA	ART	29/09/2017	6.426.557	2.5100	3.1900	20,500,717	5.5320	1.1625l	1.2394
	18 TURISM FELIX BAILE FELIX TUFE		28/09/2017	84.174.259	0.1000	0.2360	19,865,125	16.9655	1.1264	1.2010
							875,026,915		49.6167	52.9003

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

Detailed situation of investments on 30/09/2017

Net asset 1,654,106,097 lei Total asset 1,763,574,367 lei

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

No. Ite m	Issuer	Symbol	Date of last transactio	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
	I ALIMENTARA SLATINA	ALRV	31/07/2017	214,742	2.4300	23.3453	5,013,219	52.2352	0.2843	0.3031
	2 ARGUS CONSTANTA	UARG	29/09/2017	30.844,568	1.5000	2.5500	78,653,648	86.2050	4.4599	4.7551
	3 CEREALCOM ALEXANDRIA CCOM		28/09/2017	34,672,773	0.1000	0.0479	1,660,826	6.6944	0.0942	0.1004
	CONSTRUCTII FEROVIARE 4 CRAIOVA	CFED	25/09/2017	2,725,325	1.5400]	0.8000	2,180,260	77.5001	0.1236	0.1318
	5 CONTACTOARE BUZAU	CONQ	18/08/2017	521,220	2.5000	10.2559	5,345,567	18.1964	0.3031	0.3232
	6 FLAROS BUCURESTI	FLAO	20/09/2017	1,232,894	2.5000	38.5000	47,466,419	81.0386	2.6915	2.8696
	7 IIAMU BLAJ	IAMU	25/09/2017	1,884,289	2.5000	5.3800	10,137,475	19.8343	0.5748	0.6129
	ILACTATE NATURA 8 TARGOVISTE	INBO	10/05/2017	980,437	2.50001	3.4899	3,421,625	39.6969	0.1940	0.2069
	9 MAT CRAIOVA	MTCR	20/09/2017	2,024,778	2.5000	1.2000	2,429,734	25.7118	0.1378	0.1469
	10 MERCUR CRAIOVA	MRDO	28/07/2017	7,104,836	2.5000	3.8229	27, 161, 321	97.8593	1.5401	1.6421
	11 RELEE MEDIAS	RELE	21/07/2017	62,080	2.5000	13.0688	811,311	11.4644	0.0460	0.0490
	12 SINTEROM CLUJ	SIRM	12/01/2017	1,531,471	2.5000	9.8659	15,109,366	31.6302	0.8567	0.9134
	13 TUSNAD BAILE TUSNAD	TSND	27/09/2017	25,861,924	0.1000	0.0380	982,753	8.5691	0.0557	0.0594
	14 UNIVERS RM. VALCEA	UNVR	01/09/2017	587,519	2.5000	27.0000	15,863,013	73.7494	0.8995	0.9590
							216,236,537		12.2613	13.0727

GENERAL MANAGER Dr. ec. Tudor Ciurezu

ECONOMIC MANAGER Ec. Elena Sichigea

$\sim$

Detailed situation of investments on 30/09/2017

Vet asset	1.654,106,097 lei
Total asset	1,763,574,367 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	Acquisitio n 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 ROMANA BUCURESTI	1,023,534,303 01/11/1996		0.0520	0.4554	466, 113, 183	6.2973	26,4300	28.1792
	BIROUL DE INVESTITII
	2 REGIONAL OLTENIA IFN		272,411 01/11/1996	15.4550	9.9985	2,723,701	19.4540	0.1544	0.1647
	BT ASSET MANAGEMENT 3 S.A.I. CLUJ		716,559 28/02/2006	0.8953	5.9073	4,232,920	9.9998	0.2400	0.2559
	COMPLEX HOTELIER
	4 IDAMBOVITA		1,753,217 31/01/1998	2.7577	3.7018	6,490,118	99.9427	0.3680	0.3924
	5 COREALIS CRAIOVA		655,757 30/06/2000	2,5000	3.0260	1,984,305	11.9210	0.1125	0.1200
	6 CORINT TARGOVISTE		178,297 01/11/1996	0.1929	0.0000		5.7978	0.0000	0.0000
	DEPOZITARUL CENTRAL 7 BUCURESTI		9,878,329 31/07/1998	0.0770	0.1225	1,209,734	3.9057	0.0686	0.0731
	8 DEPOZITARUL SIBEX		12,480 27/03/2009	100.0000	91.9020	1,146,937	5.4379	0.0650	0.0693
	9 ELBA TIMISOARA		39,628 01/11/1996	2.5000	116.8498	4,630,524	2.3694	0.2626	0.2799
	ELECTRO TOTAL
	10 BOTOSANI		57,909 28/02/2003	2.5000	0.0000	01	29.8562	0.0000	0.0000
	EXIMBANK BANCA DE
	EXPORT IMPORT A
	11 ROMANIEI BUC		4,364,430 01/11/1996	5.4039	8.0238	35,019,526	3.2702	1.9857	2.1171
	12 GEMINA TOUR RM. VILCEA		757,888 01/11/1996	2.5000	2.6231	1,988,031	88.2866	0.1127	0.1202
	13 OTELINOX TARGOVISTE		1,809,195 01/11/1996	2.8091	6.0131	10,878,916	5.4694	0.6169	0.6577
	14 PROVITAS BUCURESTI		35,139 01/11/1996	2.0114	137.5956	4,834,972	70.2780	0.2742	0.2923
	15 SAGRICOM ULMI		57,941 01/11/1996	0.0025	0.0000		4.2057	0.0000	0.0000

Detailed situation of investments on 30/09/2017

Net asset 1,654,106,097 lei Total asset 1,763,574,367 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	Acquisitio n date	Acquisition price	Share value	Total value	Weight in the issuer's social capital	Weight in the total	Weight in the net l asset of SIF I asset of SIF I
	16 SANEVIT ARAD		792,662 31/12/1995	0.1000	0.00001		13.2841	0.00001	0.0000
	17 TURISM LOTUS FELIX	347,859,802 18/12/2009		0.1006	0.0981	34, 139, 573	27,4554	1.9358	2.0639
	18 TURISM PUCIOASA		1,010,599 01/11/1996	2.1170	4.6341	4,683,193	69.2191	0.2656	0.2831
	19 VOLTALIM CRAIOVA		5,997,519 31/10/1999	2.3836	4.6159	27,683,655	99.1942	1.5697	1.6736
						607,759,288		34.4618	36.7425

GENERAL MANAGER Dr. ec. Tudor Ciurezu

Detailed situation of investments on 30/09/2017

Net asset Total asset 1,654,106,097 lei 1,763,574,367 lei

Securities of AOPC/OPCVM

No. Item	Issuer	Symbol	Quantity	Quotation	Market value	Weight in the number of operating securities	Weight in the total asset of SIF	Weight in the net asset of SIF
	IBT INDEX RO		146,000.000	11.8470	1,729,662	2.9320	0.0981	0.1046
	2 FDI NAPOCA		381,222.000	0.5472	208,605	1.5830	0.0118	0.0126
	3 FDI TRANSILVANIA		7,444.000	48.7179	362,656	1.2621	0.0206	0.0219
	4 FDI TEHNOGLOBINVEST		382,990	1,277.8498	489.404	5.1308	0.0278	0.0296
					2,790,327		0.1582	0.1687

GENERAL MANAGER Dr. ec. Tudor Ciurezu

Detailed situation of investments on 30/09/2017

ANNEX 17

Net asset Total asset 1,654,106,097 lei 1,763,574,367 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	the total asset of SIF	Weight in Weight in the net asset of SIF
	BANCA TRANSILVANIA	21/08/2017	23/10/2017	5,000,000.00	62.5000	2,562.50	5,002,562.50	0.2837	0.3024
	2IBANCA TRANSILVANIA	21/08/2017	23/10/2017	2,000,000.00	25.0000	1,025.00	2,001,025.00	0.1135	0.1210
	3 BANCA TRANSILVANIA	21/08/2017	23/10/2017	1,000,000.00	12.5000	512.50	1,000,512.50	0.0567	0.0605
	4 BANCA TRANSILVANIA	21/08/2017	23/10/2017	500,000.00	6.2500	256.25	500,256.25	0.0284	0.0302
	5 BANCA TRANSILVANIA	21/08/2017	23/10/2017	500,000.00	6.2500	256.25	500,256.25	0.0284	0.0302
	6 BANCA TRANSILVANIA	25/08/2017	23/10/2017	5,000,000.00	62.5000	2,312.50	5,002,312.50	0.2836	0.3024
	7 BANCA TRANSILVANIA	25/08/2017	23/10/2017	2,000,000.00	25.0000	925.00	2,000,925.00	0.1135	0.1210
	8 BANCA TRANSILVANIA	25/08/2017	23/10/2017	2,000,000.00	25.0000	925.00	2,000,925.00	0.1135	0.1210
	9 BANCA TRANSILVANIA	25/08/2017	23/10/2017	,000,000.00	12.5000	462.50	1,000,462.50	0.0567	0.0605
	10 BANCA TRANSILVANIA	25/08/2017	23/10/2017	1,000,000.00	12.5000	462.50	1,000,462.50	0.0567	0.0605
	11 BANCA TRANSILVANIA	25/08/2017	23/10/2017	800,000.00	10.0000	370.00	800,370.00	0.0454	0.0484
	12 BANCA TRANSILVANIA	28/08/2017	23/10/2017	600,000.00	7.5000	255.00	600,255.00	0.0340	0.0363
	13 BANCA TRANSILVANIA	28/08/2017	23/10/2017	500,000.00	6.2500	212.50	500,212.50	0.0284	0.0302
	14 BANCA TRANSILVANIA	31/08/2017	20/10/2017	,000,000.00	11.1111	344.44	1,000,344.44	0.0567	0.0605
	15 BANCA TRANSILVANIA	31/08/2017	23/10/2017	1,800,000.00	20.0000	620.00	1,800,620.00	0.1021	0.1089
	16 BANCA TRANSILVANIA	23/08/2017	23/10/2017	1,800,000.00	22.5000	877.50	1,800,877.50	0.1021	0.1089
	17 BANCA TRANSILVANIA	30/09/2017	02/10/2017	115,563.59	0.2568	0.26	115,563.85	0.0066	0.0070
	18 BANCA TRANSILVANIA	21/08/2017	23/10/2017	1,000,000.00	12.5000	512.50	1,000,512.50	0.0567	0.0605
	19BCR	30/09/2017	01/10/2017	76,906.34	0.1282	0.131	76,906.47	0.0044	0.0046
				27,692,469.93		$\overline{12,892.33}$	27,705,362.26	1.5710	1.6749

GENERAL MANAGER Dr. ec. Tudor Ciurezu

Detailed situation of investments on 30/09/2017

ANNEX 17

Net asset Total asset

1,654,106,097 lei 1,763,574,367 lei

Bank deposits in foreign currency made in credit institutions of Romania

No. ltem	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	23/08/2017	23/10/2017	1,948,850.00	10.8269	422.25	1,949,272.25	0.1105	0.1178
	2 BANCA TRANSILVANIA	23/08/2017	23/10/2017	1,169,310.00	6.4962	253.35	1,169,563.35	0.0663	0.0707
	3 BANCA TRANSILVANIA	23/08/2017	23/10/2017	779,540.00	4.3308	168.90	779,708.90	0.0442	0.0471
	4 BANCA TRANSILVANIA	23/08/2017	23/10/2017	734,326.68	4.0796	159.10	734,485.78	0.0416	0.0444
				4,632,026.68		1,003.60]	4,633,030.28	0.2627	0.2801

GENERAL MANAGER Dr. ec. Tudor Ciurezu