Individual Statement of Profit or Loss and Other Comprehensive Income for the year ended on In RON Note 31 December 2021 31 December 2020 Income Dividend Income 6 57,273,099 70,945,772 Interest Income 7 392,111 306,077 Other operating income 8 1,036,170 164,113 Exchange rate differences, net 70,358 (794) Profit from financial assets at fair value through profit or loss account 1,053,520 47,147 Expenses Commissions and administration, supervisory and other fees 9 (3,545,677) (2,824,554) Income from write-back of provisions 10,063,154 292,467 Other operating expenses 10 (24,504,205) (13,876,787) Profit before tax 41,838,530 55,053,441 Income tax 11 (4,287,792) (2,822,421) Net profit for the period 37,550,738 52,231,020 Other comprehensive income Gains (Lossses) on transfer of financial assets measured at fair value through other comprehensive income, net of tax, recognized in retained earnings 94,529,873 48,381,669 Revaluation reserve variation, net of deferred tax 376,800 - Gains (Losses) on financial assets measured at fair value through other comprehensive income 290,860,357 (140,861,412) Gains (Losses) on rof financial assets measured at feair value through other comprehensive income, transferred to retained earnings, net of tax (94,529,873) (47,133,906) Total other comprehensive income 291,237,157 (139,613,649) Total comprehensive income for the period 328,787,895 (87,382,629) Earnings per share Basic 24 0.0751 0.1000 Diluted 0.0751 0.1000 The financial statements were approved by the Board of Directors in the meeting of 17 March 2022 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Vlăduțoaia Valentina President/General Manager Vice-president/Deputy General Manager Economic Manager The notes on pages 6 - 60 are an integral part of these individual financial statements. page 1

Individual statement of financial position as of In RON Note 31 December 2021 31 December 2020 Assets Cash and cash equivalents 12 3,918,230 4,279,513 Bank deposits 13 14,631,529 26,602,893 Bonds at amortized cost 14 a) 6,851,710 - Financial assets at fair value through other comprehensive income 14 b) 2,377,459,052 2,014,682,452 Financial assets at fair value through profit and loss 14 c) 4,652,463 3,598,943 Trade and other receivables 15 2,311,637 191,867 Tangible assets 16 11,522,360 10,880,906 Investment property 17 1,113,247 675,090 Other assets 18 132,101 171,393 Total assets 2,422,592,329 2,061,083,057 Liabilities Dividends payable 19 45,798,986 61,222,189 Taxes payable 20 18,940,480 805,811 Deferred taxes payable 21 153,580,406 116,202,339 Other liabilities 22 6,639,031 10,655,357 Total liabilities 224,958,903 188,885,696 Equity Share capital 23 50,000,000 52,214,914 Legal reserves 11,603,314 11,603,314 Reserves from revaluation of financial assets held at fair value through other comprehensive income 775,542,623 579,141,262 Other reserves 621,465,870 632,424,325 Revaluation reserves for tangible assets 7,241,779 7,169,734 Gains (Losses) on shares buyback - (59,747,655) Treasury shares - (2,214,914) Retained earnings, except for retained earnings resulting from the first time adoption of IAS 29 694,229,102 599,375,361 Profit for the period 37,550,738 52,231,020 Total equity 2,197,633,426 1,872,197,361 Total liabilities and equity 2,422,592,329 2,061,083,057 The individual financial statements were approved by the Board of Directors in the meeting of 17 March 2022 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Vlăduțoaia Valentina President/General Manager Vice-president/Deputy General Manager Economic Manager The notes on pages 6 – 60 are an integral part of these individual financial statements. page 2

The notes on pages 6 - 60 are an integral part of these individual financial statements. page 3 Individual Statement of Changes in equity for the year ended 31 December 2021 In RON Share capital Treasury shares Losses from share repurchase Reserves from revaluation of tangible assets Legal reserves Other reserves Reserves from revaluation of financial assets held at fair value through other comprehensive income Other elements of equity Cumulated profit TOTAL BALANCE AS OF 1 st of January 2021 52,214,914 (2,214,914) (59,747,655) 7,169,734 11,603,314 632,424,325 582,017,291 (2,876,029) 651,606,381 1,872,197,361 COMPREHENSIVE INCOME Profit for the financial year - - - - - - - - 37,550,738 37,550,738 Other elements of the comprehensive income 1. Reserves from revaluation of tangible assets, net of deferred tax - - - 72,045 - - - - 304,755 376,800 2. Change in fair value of financial assets assessed through other comprehensive income - - - - - - 290,860,357 - - 290,860,357 3. Change in fair value of financial assets assessed through other comprehensive income, transferred to retained earnings (net of tax) - - - - - - (94,529,873) - 94,529,873 - TOTAL COMPREHENSIVE INCOME for the period - - - 72,045 - - 196,330,484 - 132,385,366 328,787,895 Deferred tax related to retained earnings from unrealized taxed revaluation surplus - - - - - - - - 19,113 19,113 Other reserves – own funds - - - - - 27,231,020 - - (27,231,020) - Other reserves – shares buy-back - - - - - - - - - - Shares buy-back – cancellation of own shares - 2,214,914 - - - - - - - 2,214,914 Reduction of share capital – cancellation of own shares (2,214,914) - - - - - - - - (2,214,914) Losses from share repurchase - - 59,747,655 - - (59,750,764) - 70,877 - 67,768 Shareholders transactions directly recognized in equity 1. Dividends prescribed according to law - - - - - 21,561,289 - - - 21,561,289 2. Dividends payable for 2020 - - - - - - - - (25,000,000) (25,000,000) TOTAL TRANSACTIONS WITH SHAREHOLDERS DIRECTLY RECOGNIZED IN EQUITY - - - - - 21,561,289 - - (25,000,000) (3,438,711) BALANCE AS OF 31 st of December 2021 50,000,000 - - 7,241,779 11,603,314 621,465,870 778,347,775 (2,805,152) 731,779,840 2,197,633,426 The individual financial statements were approved by the Board of Directors in the meeting of 17 March 2022 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Vlăduțoaia Valentina President/General Manager Vice-president/Deputy General Manager Economic Manager

The notes on pages 6 - 60 are an integral part of these individual financial statements. page 4 Individual statement of own equity changes as of 31 December 2020 In RON Share capital Tresury shares Losses from share repurchase Reserves from the revaluation of tangible assets Legal reserves Other reserves Reserves from revaluation of financial assets held at fair value through other comprehensive income Other elements of equity Cumulated profit TOTAL BALANCE AS OF 1 st of January 2020 58,016,571 (1,962,259) (47,946,784) 7,498,432 11,603,314 712,024,674 770,012,609 (3,061,683) 674,773,910 2,180,958,784 COMPREHENSIVE INCOME Profit for the financial year - - - - - - - - 52,231,020 52,231,020 Other elements of the comprehensive income 1. Reserves from revaluation of tangible assets, net of deferred tax - - - (328,698) - - - - 328,698 - 2. Change in fair value of financial assets assessed through other comprehensive income - - - - - - (140,861,412) - - (140,861,412) 3. Change in fair value of financial assets assessed through other comprehensive income, transferred to retained earnings (net of tax) - - - - - - (47,133,906) - 48,381,669 1,247,763 TOTAL COMPREHENSIVE INCOME for the period - - - (328,698) - - (187,995,318) - 100,941,387 (87,382,629) Deferred tax related to retained earnings from unrealized taxed revaluation surplus - - - - - - - - 23,358 23,358 Other reserves – own funds - - - - - - - - - - Other reserves – shares buy-back - - - - - 71,917,360 - - (71,917,360) - Shares buy-back – cancellation of own shares - (6,054,312) (163,318,580) - - - - - - (169,372,892) Reduction of share capital – cancellation of own shares (5,801,657) 5,801,657 - - - - - 185,654 - 185,654 Losses from share repurchase - - 151,517,709 - - (151,517,709) - - - - Shareholders transactions directly recognized in equity 1. Dividends prescribed according to law - - - - - - - - - - 2. Dividends payable for 2019 - - - - - - - - (52,214,914) (52,214,914) TOTAL TRANSACTIONS WITH SHAREHOLDERS DIRECTLY RECOGNIZED IN EQUITY - - - - - - - - (52,214,914) (52,214,914) BALANCE AS OF 31 st of December 2020 52,214,914 (2,214,914) (59,747,655) 7,169,734 11,603,314 632,424,325 582,017,291 (2,876,029) 651,606,381 1,872,197,361 The individual financial statements were approved by the Board of Directors in the meeting of 17 March 2022 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Vlăduțoaia Valentina President/General Manager Vice-president/Deputy General Manager Economic Manager

page 5 Individual Cash Flow Statement for the financial year ended In RON Name of the element Reporting period 31 December 2021 31 December 2020 A 1 2 Cash flows from operating activities Cash collected from customers, other cash collected 379,188 2,828,780 Proceeds from sales of financial assets 164,962,617 102,095,002 Purchase of shares (183,440,641) (5,842,999) Bonds purchase (6,800,000) - Payments to suppliers and employees, other payments (14,626,316) (11,108,454) Payments to the state budget, social security budget and local budget (5,602,501) (3,379,755) Interest received 355,486 330,603 Dividends received 54,835,831 68,123,351 Interest paid - (121,516) Income tax paid (2,998,915) (10,218,469) Net cash from operating activities 7,064,749 142,706,543 Cash flows from investment activities Acquisition of tangible assets (296,564) (14,419) Proceeds from sales of tangible assets - - Net cash used in investment activities (296,564) (14,419) Cash flows from financing activities: Proceeds from issuing shares - - Proceeds from short-term loans - 29,000,000 Repayment of short-term loans - (29,000,000) Proceeds from long-term loans - - Financial leasing repayment - - Shares buy-back - (137,675,609) Dividends paid (18,055,235) (35,659,678) Payments to the Central Depositary for dividend payment (39,311) (40,047) Tax paid on dividend income (991,207) (1,707,799) Net cash used in financing activities (19,085,753) (175,083,133) Net increase/ (decrease) of cash and cash equivalents (12,317,568) (32,391,009) Cash and cash equivalents at the beginning of the reporting period 30,863,875 63,254,884 Cash and cash equivalents at the end of the reporting period 18,546,307 30,863,875 The individual financial statements were approved by the Board of Directors in the meeting of 17 March 2022 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Vlăduțoaia Valentina President/General Manager Vice-president/Deputy General Manager Economic Manager The notes on pages 6 - 60 are an integral part of these individual financial statements.

Notes to the Individual Financial Statements as at 31 December 2021 page 6 1. The Reporting Entity Societatea de Investiții Financiare Oltenia S.A. (“the Company” or “S.I.F. Oltenia S.A.”) was settled on 1 November 1996 in Craiova, Romania, being the successor of V Oltenia Private Property Fund, reorganized and transformed according to the provisions of Law no. 133/1996, a law for the transformation of the Private Property Funds into financial investment companies. According to the applicable laws, the company is classified as a closed-end Alternative Investment Fund (AIF) for retail investors, diversified and self-managed. S.I.F. Oltenia S.A. is authorized by the Financial Supervisory Authority as an Alternative Investment Fund Manager (AIFM) by Authorization no. 45/15.02.2018 and as an Alternative Investment Fund for Retail Investors (A.I.F.R.I.) since 08.06.2021, according to Authorization no. 94/08.06.2021. The Company operates in compliance with the provisions of Law no. 74/2015 regarding alternative investment fund managers, Law no. 24/2017 on issuers of financial instruments and market transactions with subsequent amendments and addtitions, Law no. 31/1990 on companies, as subsequently amended and supplemented, Law 243/2019 regarding alternative investment funds, FSA Regulation no. 5/2018 on financial instrument issuers and market operations, FSA Regulation no. 7/2020 on the authorization and operation of alternative investment funds and Norm no. 39/2015 for the approval of Accounting Regulations in accordance with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investment Compensation Fund. The Company is self-managed and has its registered office in Craiova, 1 Tufanele street, zip code 200767, Dolj county. The Company is registered at the Trade Register Office maintained by the Dolj Court, under the Registration Number J16/1210/1993, company registration number 4175676, fiscal attribute RO. The shares of the Company are listed with the Bucharest Stock Exchange in the Premium category (SIF 5 ticker symbol). The Company's shareholders and shares records are kept according to law by the Central Depository S.A. (Depozitarul Central S.A.) Bucharest. The depositing activity provided by the legislation is provided by Raiffeisen Bank S.A. The main field of activity is code CAEN 649 - other financial intermediation, except insurance and pension funds, and the main activity is code e CAEN 6499 - other financial intermediation n.e.c. In accordance with the articles of association, the Company can perform the following main activities: a) portfolio management; b) risk management. The company, as an A.I.F.M., can also carry out other activities such as: - administration of the entity; a) legal and fund accounting services; b) requests for information from customers; c) control of compliance with applicable legislation; d) income distribution; e) issues and redemptions of equity securities; f) record keeping. - activities relating to the assets of the AIF, namely services necessary for the performance of the A.I.F.M.’s management tasks, infrastructure management, real estate management,

Notes to the Individual Financial Statements as at 31 December 2021 page 7 advice to entities on capital structure, industrial strategy and related matters, advice and services on mergers and acquisitions of entities, as well as other services related to the management of the AIF and other assets in which it has invested. The subscribed and paid-up social capital is 50,000,000 RON, divided into 500,000,000 shares with a nominal value of 0.1 RON/share. The main characteristics of the shares issued by the company are: ordinary, nominative, of equal value, issued in a dematerialized form, fully paid when subscribed, registered to the account and granting equal rights to their holders, except for the limitations in the legal provisions and regulations. The individual financial statements drawn up as of 31.12.2021 are audited. 2. Bases of Elaboration a) The Compliance Statement The individual financial statements have been prepared in accordance with Norm no. 39/2015 for the approval of the Accounting Regulations conforming to the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, with further completions and amendments. The individual financial statements were approved by the Board of Directors in the meeting of 17 March 2022. These financial statements were drawn up based on the continuity principle, implying that the Company will pursue its activity in the foreseeable future. According to the provisions of Regulation (EU) No 1606/2002 of the European Parliament and of the Council of the European Union of 19 July 2002, as well as Law no. 24/2017 - republished on financial instrument issuers and market operations, the Company must draw up and submit annual consolidated financial statements to the FSA, according to the International Financial Reporting Standards (“IFRS”), within 4 months from the end of the financial exercise. The consolidated financial statements of S.I.F. Oltenia S.A. as of 31 December 2021 will be prepared, approved, made available to the public in electronic format on the company’s website: www.sifolt.ro. Based on the provisions of Law 24/2017, republished, and Regulation no. 5/2018 regarding issuers of financial instruments and market operations, the Company prepares half-yearly consolidated accounting reports in accordance with IFRS. The half-year consolidated accounting reports were drawn up, approved by the Board of Directors and published on 24.09.2021 and can be found on the company’s website: www.sifolt.ro. The Company’s accounting records are kept in lei (RON). The date of 31 December 2015 is the date of the transition to IFRS as an accounting base, the date on which the transactions determined by the transition from CNVM Regulation no. 4/2011 to the Accounting Regulations in accordance with IFRS were performed and registered in the accounting records, by means of restatement. The main restatements made to the financial statements prepared in accordance with the RCR on 31 st December 2015 in order to comply with the IFRS requirements adopted by the European Union (“EU”) consist of: - grouping several elements into more comprehensive categories; - adjustments of assets, liabilities and equity in accordance with IAS 29 “Financial reporting in hyperinflationary economies”, because the Romanian economy was a hyperinflationary

Notes to the Individual Financial Statements as at 31 December 2021 page 8 economy until 31 st December 2003; - adjustments of fair value and for impairment of the value of financial assets in accordance with IAS 39 “Financial instruments: recognition and measurement”; - adjustments in the profit or loss account to record the dividend income at the time of the declaration and at the gross value; - adjustments of real estate investments for their assessment at fair value, in accordance with IAS 40 “Real estate investments”. - adjustments for the recognition of deferred tax assets and liabilities in accordance with IAS 12 “Profit tax”; and - presentation requirements in accordance with IFRS. b) Presentation of financial statements The presentation adopted by the Company is based on liquidity within the statement of the financial position, and the presentation of the income and expenses was made based on their nature in the statement of the overall result. The Company considers that these presentations provide information that is reliable and more relevant than those that would have been presented based on other methods permitted under IAS 1 “Presentation of financial statements” and IFRS 12 “Disclosure of interests in other entities”. c) The functional and presentation currency The management of the Company considers that the functional currency, as defined by IAS 21 “The effects of the exchange rate change”, is the Romanian leu (RON). The individual financial statements are presented in RON, rounded to the nearest RON, the currency that the Company’s management has chosen as the presentation currency. d) Assessment basis Individual financial statements are drawn up based on the fair value convention for financial assets and liabilities at their fair value through the profit and loss statement and for financial assets appraised at their fair value through other items of the comprehensive income. Other financial assets and debts, as well as non-financial assets and debts are presented at the amortized cost, revaluation value or historical cost. e) Use of estimates and judgments The preparation of individual financial statements in compliance with IFRS implies the management’s use of estimates, judgments and assumptions that affect the enforcement of accounting policies, as well as the reported value of assets, payables, incomes and expenses. The estimates and assumptions associated with these judgments are based on historical experience as well as on other factors considered reasonable in the context of these estimates. The results of these estimates form the basis of judgments regarding the accounting values of assets and liabilities that cannot be obtained from other sources of information. The actual results may differ from the estimates. The company periodically reviews estimates and assumptions underlying accounting records. Changes in accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period when the estimate is revised and future periods, if the revision of the estimate affects both the current and future periods.

Notes to the Individual Financial Statements as at 31 December 2021 page 9 3. Significant Accounting Policies The accounting policies represent the principles, bases, conventions, rules and specific practices applied in the preparation and presentation of the financial statements. The policies that will be presented below have been applied consistently over all the periods presented in the financial statements. The individual financial statements are prepared based on the assumption that the Company will continue its activity in the foreseeable future. In order to assess the applicability of this hypothesis, the management analyses the forecasts regarding future cash inflows. a) Subsidiaries and associated entities Subsidiaries are entities under the control of the Company. The Company controls an entity in which it has invested when it is exposed or has variable return rights based on its participation in the entity in which it has invested and has the ability to influence those incomes through its authority over the entity in which it has invested. Potential or convertible voting rights that can be exercised at that time must also be taken into account when assessing the control. Associated entities are those companies in which the Group can exercise significant influence, but not control over the financial and operational policies. The list of subsidiaries and associated entities as at 31 December 2021 and 31 December 2020 respectively is presented in Note 26. The Company has classified and accounted for in these individual financial statements all financial investments in subsidiaries and associated entities as financial assets assessed at fair value through other elements of the global result according to IFRS 9 “Financial Instruments”. b) Foreign currency transactions ,The transactions expressed in foreign currency are initially recorded in RON at the official exchange rate from the date of the transactions. Monetary assets and liabilities recorded in foreign currencies at the date of preparation of the statement of financial position are converted into functional currency at the exchange rate of that day. Gains and losses on settlement and conversion using the exchange rate at the end of the financial year for monetary assets and liabilities denominated in foreign currency are recognized in profit or loss, except for those recognized in equity as a result of registration in accordance with risk hedging accounting. Differences in conversion of investments held at the fair value through profit or loss account are presented as gains or losses from fair value. Foreign currency differences on financial instruments classified at fair value through other comprehensive income are included in reserves from changes in fair value. The exchange rates of the main foreign currencies reported to RON, at reporting date, are as follows: Currency 31 December 2021 31 December 2020 Variation EUR 4.9481 4.8694 + 1.6% USD 4.3707 3.9660 + 10.2%

Notes to the Individual Financial Statements as at 31 December 2021 page 10 c) Accounting for the effect of hyperinflation According to IAS 29 “Financial reporting in hyperinflationary economies”, the individual financial statements of a company whose functional currency is the currency of a hyperinflationary economy should be presented in terms of the current purchasing power of the currency at the date of the statement of financial position, i.e. non-monetary items are restated by applying the general index of prices from the date of purchase or contribution. IAS 29 stipulates that an economy is considered to be hyperinflationary if, among other factors, the cumulative inflation rate exceeds 100% over a three-year period. The continuous decrease of the inflation rate and other factors related to the characteristics of the economic environment in Romania indicate that the economy has ceased to be hyperinflationary with an effect on the financial periods starting 1 st January 2004. Thus, the provisions of IAS 29 were considered in the preparation of the individual financial statements until 31 st December 2003. d) Cash and cash equivalents The cash includes the cash available in the company, in banks and sight deposits. Cash equivalents are short-term, highly liquid financial investments that are easily convertible into cash and which are subject to insignificant risk of changes in value. When drawing up the statement of cash flows, the following were considered to be cash and cash equivalents: actual cash, current accounts with banks and bank deposits with a maturity of less than 90 days. e) Financial assets and liabilities Financial instruments, in accordance with IFRS 9 “Financial Instruments”, include the following: - Investments in equity instruments (e.g. shares); - Investments in debt instruments (e.g. securities, bonds, loans); - Trade and other receivables; - Cash and cash equivalents; - Derivative financial instruments; - Participations in subsidiaries, associates and joint ventures - according to the provisions of IFRS 10, IAS 27, IAS 28. • Classification The Company classifies the financial instruments held in accordance with IFRS 9 “Financial Instruments” in financial assets and financial liabilities. An asset is a resource controlled by the company as a result of past events and from which future economic benefits for the company are expected. A debt represents a current obligation of the company resulting from past events, the settlement of which is expected to result in an outflow of resources incorporating economic benefits for the company. The Company classifies financial assets as: assessed at the amortized cost, at fair value through other comprehensive income or at fair value through profit or loss on the basis of: - the business model of the company for managing financial assets and - the characteristics of the contractual cash flows of the financial asset. In accordance with IFRS 9, financial assets fall into one of the following categories:

Notes to the Individual Financial Statements as at 31 December 2021 page 11 Financial assets assessed at fair value through other elements of the comprehensive income The financial assets assessed at fair value through other comprehensive income elements are: - equity instruments designated to be assessed at fair value through other elements of the comprehensive income; - debt instruments. A financial asset of the nature of debt instruments must be assessed at fair value through other comprehensive income elements if both of the following conditions are met: a) the financial asset is held within a business model whose objective is achieved by collecting the contractual cash flows as well as selling the financial assets and b) the contractual terms of the financial asset give rise, at certain dates, to cash flows that are exclusively payments of the principal and of the interest related to the value of the principal due. The Company can make an irrevocable choice upon initial recognition in the case of certain investments in equity instruments that are not held for trading purposes to present further changes in fair value in other comprehensive income (under points 5.7.5 and 5.7.6 of IFRS 9 - Financial Instruments). The Company's investments in equity instruments (shares) are fully classified as financial assets assessed at fair value through other comprehensive income. The Company's investments in fund units are classified and measured at fair value through profit or loss. The remaining financial assets and liabilities are presented at amortized cost, revaluation value or historical cost. The method used to record the Company’s investments in equity instruments (shares) is “first in, first out”, in terms of quantifying and evaluating the Company’s performance based on fair value. Financial assets assessed at fair value through other comprehensive income elements are assessed at fair value through other comprehensive income elements. Fair value changes are recognized in other comprehensive income until the investment is derecognized, when, the cumulative gain or loss is reclassified from other comprehensive income to retained earnings for the period. Dividends received from entities in which the Company owns shares are recognized in profit or loss at their gross value only when: a) the Company’s right to receive the dividend payment is established; b) the economic benefits associated with the dividend are likely to be generated for the Company, and c) the value of the dividend can be reliably measured. Financial assets measured at the amortized cost A financial asset must be measured at amortized cost if both of the following conditions are met and it is not classified as measured at the fair value through profit or loss: a) the financial asset is held in the framework of a business model whose objective is to hold financial assets in order to collect contractual cash flows and b) the contractual terms of the financial asset give rise, at certain dates, to cash flows that are exclusively payments of the principal and of the interest related to the value of the principal due. The financial assets measured at amortized cost are debt instruments.

Notes to the Individual Financial Statements as at 31 December 2021 page 12 Financial assets measured at fair value through profit or loss Financial assets which are not classified as measured at amortized cost or at fair value through other comprehensive income are measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are: - equity instruments held for trading; - equity instruments designated to be measured at fair value through the profit or loss account; - debt instruments. A financial asset or a financial debt is held for trading if they meet the following conditions cumulatively: - it is held for sale and redemption in the near future; - upon initial recognition it is part of a portfolio of identified financial instruments, which are managed together and for which there is evidence of a recent real pattern of short-term profit tracking. Additionally, upon initial recognition, the Company may irrevocably appoint that a financial asset, which would otherwise meet the requirements to be measured at the amortized cost or at fair value through other comprehensive income, should be measured at fair value through profit or loss, if this eliminates or significantly reduces an accounting mismatch that would arise if otherwise done. This category includes financial assets or financial liabilities held for trading and financial instruments measured at fair value through profit or loss at the time of initial recognition. Financial debt These are measured at amortized cost, except for financial liabilities classified at fair value through profit or loss. • Initial recognition Financial assets and liabilities are recognized at the date when the Company becomes a contractual party under the terms of the relevant instrument. When the Company first recognizes a financial asset, it must classify it in accordance with 4.1.1 - 4.1.5 (at the amortized cost, at fair value through profit or loss or at fair value through other comprehensive income elements) in IFRS 9 and assess it in accordance with points 5.1.1 - 5.1.3. (a financial asset or financial liability is assessed at its fair value plus or minus, in the case of a financial asset or a financial liability that is not at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition or issue of the asset or debt). The Company initially recognizes deposits with banks on the date they are set up. All other financial assets and liabilities are initially recognized at the date of the transaction. • Assessment After initial recognition, the Company must assess financial assets according to points 4.1.1 - 4.1.5 at: a) amortized cost; b) fair value through other comprehensive income; or c) fair value through profit or loss.

Notes to the Individual Financial Statements as at 31 December 2021 page 13 After the initial recognition, the Company must assess the financial assets, in accordance with IFRS 9. Thus, the Company will classify all financial liabilities at amortized cost, except: a) the financial liabilities assessed at fair value through profit or loss; b) the financial liabilities that arise when the transfer of a financial asset does not fulfil the conditions for derecognition; c) financial guarantee agreements, assessed at the highest value between the amount of the loss provision (section 5.5 of IFRS 9) and the amount initially recognized less the cumulative income (recognized under IFRS 15); d) commitments to provide an interest rate loan below market value, measured at the highest value between the amount of the loss provision (section 5.5 of IFRS 9) and the amount initially recognized less cumulative income (recognized under IFRS 15); e) the contingent consideration recognized by an acquirer in a business combination for which IFRS 3 applies. Such contingent consideration must be subsequently assessed at fair value with changes recognized in profit or loss. Assessment at amortized cost The amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments, plus or less accumulated amortization using the effective interest method for each difference between the initial value and the value at maturity, and less any reduction (direct or through the use of an adjustment account) for impairment or inability to recover. The effective interest rate is the rate that accurately updates future cash payments or receipts estimated over the expected life of the financial asset or financial debt at the gross book value of the financial asset or at the amortized cost of a financial debt. When calculating the effective interest rate, the entity must estimate the expected cash flows considering all the contractual conditions of the financial instrument (e.g. prepayment, extension, call options and other similar options), but must not take into account the expected losses from lending. The calculation includes all commissions and points paid or collected by the contracting parties that form an integral part of the effective interest rate (see points B 5.4.1 - B 5.4.3), transaction costs and all other premiums or discounts. Assessment at fair value Fair value is the price that would have been received at the sale of an asset or paid for the settlement of a debt in a transaction carried out under normal conditions between participants in the main market, at the assessment date, or in the absence of the main market, on the most advantageous market to which the Company has access to that date. The company measures the fair value of a financial instrument using the prices quoted on an active market for that instrument. A financial instrument has an active market if quoted prices are available quickly and regularly for that instrument. The company measures the instruments quoted on active markets using the closing price. A financial instrument is considered to be quoted on an active market when quoted prices are immediately and regularly available from an exchange, dealer, broker, industry association, pricing service or regulatory agency, and these prices reflect real and regular transactions carried out under objective market conditions. The category of shares listed on an active market includes all those shares admitted to trading on the Stock Exchange or on the alternative market and which present frequent transactions.

Notes to the Individual Financial Statements as at 31 December 2021 page 14 The market price used to determine fair value shall be the closing price of the market on the last trading day before the measurement date. For the calculation of fair value, for equity instruments (shares), the Company uses the following hierarchy of methods: - Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities; - Level 2: entries other than the listed prices included in Level 1 which are observable for assets or liabilities, either directly (e.g. prices) or indirectly (e.g. derived from prices); - Level 3: valuation techniques based largely on unobservable elements. This category includes all instruments for which the valuation techniques include elements that are not based on observable data and for which unobservable input parameters can have a significant effect on the valuation of the instrument. The fair value measurement of the equity instruments (shares) held is as follows: - for securities listed and traded in the reporting period, the market value was determined by considering the price quoted in the last trading day (closing price on the main capital market for those listed on the regulated market (BVB), the reference price for those traded on alternative system (AERO) - for level 1 and quotations taken for shares traded in the last 30 trading days - for level 2); - for listed securities that had no transactions in the last 30 days of the reporting period, as well as for unlisted securities, the market value is determined based on the book value per share resulting from the last approved yearly financial statements of the entity; - for securities issued by credit institutions not admitted for trading, valuation is made based on the book value per share computed based on the value of the equity capital monthly reported to the NBR; - for securities not admitted for trading on a regulated market or within an alternative trading system in Romania in which the company holds a share higher than 33%, the valuation is made exclusively in accordance with International Valuation Standards on the basis of a valuation report updated at least yearly; - for securities related to companies subject to insolvency or reorganization procedures, the fair value is considered to be zero. The securities issued by the mutual fund are assessed taking into account the last unit value of the net asset, computed and published. • Identifying and assessing the impairment The Company must recognize a provision for expected credit losses related to a financial asset that is measured in accordance with 4.1.2 or 4.1.2A (debt instruments measured at amortized cost or at fair value through other comprehensive income), a debt that arises from a leasing agreement, a loan commitment and a financial guarantee contract. The Company applies the impairment provisions for the recognition and measurement of the provision for losses related to the assets assessed at fair value through other elements of the global result in accordance with point 4.1.2A (assets held for the purpose of collecting cash flows and sales, whose cash flows represent exclusively principal repayments or interest payments). The provision thus determined is recognized on the basis of other comprehensive income and does not reduce the carrying amount of the financial asset from the statement of financial position.

Notes to the Individual Financial Statements as at 31 December 2021 page 15 • Derecognition The Company derecognises a financial asset when the rights to receive cash flows from that financial asset expire, or when the Company has transferred the rights to receive the contractual cash flows related to that financial asset in a transaction in which it has significantly transferred all the risks and benefits of ownership. Any interest in the transferred financial assets that was retained by the Company or created for the Company is separately recognized as an asset or a liability. The Company derecognises a financial liability when the contractual obligations have been concluded or when the contractual obligations are cancelled or expire. In the derecognition of equity instruments (shares), the Company uses the “first in, first out” method. • Reclassifications If the Company reclassifies financial assets according to point 4.4.1 (as a result of changes in the business model for the management of its financial assets), then all the affected financial assets will be reclassified. Financial liabilities cannot be reclassified after the initial recognition. The company applies the reclassification of financial assets prospectively from the reclassification date. Any previously recognized gains, losses or interest will not be restated. In the event of a reclassification, the Company proceeds as follows: - when reclassifying an asset from amortized cost to fair value through profit or loss, the fair value is determined at the date of reclassification. The difference between amortized cost and fair value is recognized in profit or loss; - when reclassifying an asset from fair value through profit or loss to amortized cost, the fair value at reclassification date becomes the new gross carrying amount; - when reclassifying an asset from amortized cost to fair value through other comprehensive income, fair value is determined at reclassification date. The difference between amortized cost and fair value is recognized in other comprehensive income without adjusting the effective interest rate or expected credit losses; - when reclassifying an asset from fair value through other comprehensive income into amortized cost, the reclassification is made at fair value of the asset at reclassification date. Amounts previously recognized in other comprehensive income are eliminated in relation to the fair value of the asset without affecting the profit or loss account. The effective interest rate and expected credit losses are not adjusted as a result of the reclassification; - when reclassifying an asset from fair value through profit or loss to fair value through other comprehensive income, the asset continues to be measured at fair value; - when reclassifying an asset from fair value through other comprehensive income to fair value through profit or loss, the financial asset continues to be measured at fair value. Amounts previously recognized in other comprehensive income are reclassified from equity to profit or loss account (in accordance with IAS 1). • Gains and losses Gains or losses arising from a change in fair value of a financial asset or a financial liability that is not part of a hedging relationship are recognized as follows: a) Gains or losses generated by financial assets or financial liabilities classified as fair value

Notes to the Individual Financial Statements as at 31 December 2021 page 16 through profit or loss are recognized in profit or loss; b) Gains or losses generated by a financial asset assessed at fair value through other elements of comprehensive income are recognized against other elements of the global result. When the asset (in case of equity instruments) is derecognised, the previously recognized accumulated losses or gains on other comprehensive income are transferred to retained earnings. At the time of impairment or derecognition of financial assets and financial liabilities accounted for at amortized cost, as well as through their amortization process, the Company recognizes a gain or loss in the profit or loss account. f) Other financial assets and liabilities • Other financial assets and liabilities Other financial assets and liabilities are assessed at amortized cost, using the actual interest method. • Inventories In accordance with IAS 2 “Inventories”, these are assets: - held for sale in the ordinary course of business, - in production, to be sold in the normal course of activity, - in the form of raw materials, materials and other consumables, to be used in the production process or for the provision of services. Inventories are presented at the lower between the cost and the net realisable value. The cost of inventories includes all the costs related to the acquisition and processing, as well as other costs incurred to bring the inventories in the current form and place. The net realisable value is estimated on the basis of the sale price during the normal course of business less estimated costs for completion and sale. For non-moving or slow moving raw materials and materials, adjustments are made based on management estimates. Provisions and releases of provisions for inventories are reflected in the profit or loss account. During its normal course of business, the Company uses the following categories of inventories: auxiliary materials, fuels, spare parts, other consumables and other materials (small inventory items - these are expensed at full cost upon commissioning). For inventories, the cost is determined using the “first in, first out” (FIFO) method. g) Intangible assets Intangible assets are initially valued at cost. After initial recognition, an intangible asset is accounted for at cost less accumulated amortization and any accumulated impairment losses. • Subsequent expenses Subsequent expenses are capitalized only when they increase the value of future economic benefits embodied in the asset to which they are related. All other expenses, including expenses for impairment of goodwill and internally generated brands, are recognized in the profit or loss account when incurred.

Notes to the Individual Financial Statements as at 31 December 2021 page 17 • Amortization of intangible assets Amortization is calculated for the cost of the asset or another value that replaces the cost, less residual value. Amortization is recognized in the profit or loss account using the straight-line method for the estimated useful life of the intangible assets, from the date they are available for use. This method most accurately reflects the expected way of consuming the economic benefits of the asset. The estimated useful life for the current period and for the comparative periods are the following: software - 3 years. Amortization methods, useful lives and residual values are reviewed at the end of each financial year and adjusted accordingly. h) Tangible assets • Recognition and valuation Tangible assets are initially recognized at acquisition cost (for those purchased), at contribution value (for those received as an in-kind contribution when setting up / increasing the share capital), respectively at fair value for those received free of charge at the date of receive. The cost of an item of property, plant and equipment consists of purchase price, including non- recoverable taxes, after deducting any commercial price reductions and any costs that can be directly attributed to bringing the asset to the location and condition for it to be used for the purpose set by management, such as: expenses with employees that result directly from the construction or acquisition of the asset, the costs for setting up the site, the initial costs of delivery and handling, the costs of installation and assembly, the professional fees. Tangible assets are classified by the Company in the following classes of assets of the same nature and with similar uses: - land and buildings; - machinery and equipment and means of transport; - furniture, office equipment, equipment for the protection of human and material values and other tangible assets. • Assessment after recognition For subsequent recognition, the Company adopted the revaluation model. After recognition, property, plant and equipment items having the nature of buildings and land, whose fair value can be reliably measured, are accounted for at a revalued amount, this being the fair value at the date of valuation minus any subsequent accumulated depreciation and any accumulated impairment losses. Other tangible assets are measured at cost less the accumulated depreciation and any impairment losses. The revaluation should be done regularly enough to ensure that the carrying amount of the asset does not differ significantly from what would have been determined by using the fair value at reporting period. If an item of property, plant and equipment is revalued, then the entire class of property, plant and equipment that the asset is part of, is subject to revaluation. If the carrying amount of an asset is increased as a result of a revaluation, the increase is

Notes to the Individual Financial Statements as at 31 December 2021 page 18 recognized in other comprehensive income and accumulated in equity, under the revalution surplus. However, the increase will be recognized in profit or loss to the extent that it offsets a decrease in the revaluation of the same asset in profit or loss. If the carrying amount of an asset is impaired as a result of a revaluation, this decrease is recognized in profit or loss. However, the reduction will be recognized in other comprehensive income to the extent that the revaluation surplus has a credit balance for that asset. Transfers from the revaluation surplus to retained earnings are not made through profit or loss account. Revaluation reserves are accounted for separatelly for each asset and for each revaluation that has taken place. The revaluation surplus included in equity and related to an item of property, plant and equipment is transferred directly to retained earnings during the depreciation period and when the asset is derecognised at disposal or scrapping. Land and buildings are shown at revalued value, which represents the fair value at the date of revaluation less accumulated depreciation and impairment losses. The revaluations are carried out by authorized valuators, members of ANEVAR. The frequency of revaluations is depends on the dynamics of the markets for the land and constructions owned by the Company. • Subsequent costs Daily maintenance and repairs expenses related to tangible assets are not capitalized. They are recognized as costs for the period in which they occur. These costs mainly consist of manpower costs and consumables and may also include the cost of low value components. Significant improvements made to tangible assets, which increase their value or their useful life or which significantly increase their ability to generate economic benefits, are capitalized (correspondingly increase the carrying amount of that fixed asset). • Depreciation The depreciation is calculated based on the the book value (acquisition cost or revalued value less residual value) for the activity for which they are intended. The depreciation is recognized in the profit or loss account using the straight-line method for the estimated useful life for tangible assets (except for land and fixed assets in progress), it is recorded as of the date when they are available for use, for the activity for which they are intended, as this method most accurately reflects the expected way of consuming the economic benefits incorporated in the asset. The depreciation of an asset ceases at the earliest of the date the asset is classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5 and the date the asset is derecognised. Each part of an item of property, plant and equipment that has a significant cost compared to the total cost of that item must be depreciated separately. The estimated useful lives for the current period and for the comparative periods were the following: - constructions 12-50 years - machinery and equipment and motor vehicles 3-20 years - furniture, office equipment, protection and other tangible assets 3 – 15 years The depreciation methods, estimated useful lives and residual values are reviewed by the

Notes to the Individual Financial Statements as at 31 December 2021 page 19 management of the company at each reporting date. The Company's history shows that the residual value of the assets is insignificant and therefore the residual value is not taken into account when computing the depreciation. • Impairment An asset is impaired when its carrying amount exceeds its recoverable amount. On each reporting date, the Company must check whether there are any indications of impairment of assets. If such indications are identified, the Company must estimate the recoverable amount of the asset. If the book value of an asset is impaired as a result of a revaluation, this decrease must be recognized in the profit and loss account. However, the reduction must be recognized in other comprehensive income to the extent the revaluation surplus presents a credit balance for that asset. The decrease recognized in other comprehensive income reduces the amount accumulated in equity as a revaluation surplus. Land is not depreciated. The depreciation of other tangible assets is computed using the linear depreciation method, allocating costs related to the residual value in accordance with the related useful life. • Derecognition The book value of an item of property, plant and equipment is derecognised (eliminated from the statement of financial position) upon disposal or when no future economic benefits from its use or disposal are expected. Tangible assets that are sold or scrapped are removed from the statement of financial position along with the corresponding cumulative depreciation. The gain or loss resulting from the derecognition of an item of property, plant and equipment is included in the current profit or loss account when the item is derecognised. i) Investment property Investment property is real estate properties (land, buildings or parts of a building) owned by the Company for the purpose of rental or for increase of value or both, and are not: - to be used for the production or supply of goods/services or for administrative purposes; or - to be sold during the normal course of business. Certain properties include a part that is held for rental or for the purposes of increasing value and another part that is held for the purpose of producing goods, providing services or for administrative purposes. If these parts can be sold separately (or rented separately under a financial lease), then they are accounted for separately. If the parts cannot be sold separately, the property is treated as an investment property only if the part used for the purpose of producing goods, providing services or for administrative purposes is insignificant. • Recognition An investment property is recognized as an asset if and only if: - it is probable that a future economic benefit associated with the investment property is likely

Notes to the Individual Financial Statements as at 31 December 2021 page 20 to flow into the Company; - the cost of the investment property can be reliably measured. • Assessment Initial assessment An investment property is initially assessed at cost, including trading costs. The cost of a purchased investment property consists of its purchase price plus any directly attributable expenses (for example: professional fees for the provision of legal services, fees for the transfer of ownership and other trading costs). Subsequent assessment The entity’s accounting policy for the subsequent measurement of investment propertyțs value is the one based on the fair value model. This policy is applied uniformly to all investment property. The assessment of the fair value of investment property is carried out by authorized valuators, members of the National Association of Romanian Appraisers (ANEVAR). Fair value is based on market price quotations, adjusted, as appropriate, to reflect differences related to the nature, location or conditions of the relevant asset. These assessments are reviewed periodically by the company’s management. Gains or losses resulting from changes in the fair value of investment property are recognized in the profit or loss account of the period in which they occur. The fair value of investment property reflects market conditions at the end of the reporting period. • Transfers Transfers to and from investment property category must only be made when there is a change in the use of the asset, as shown by: - the start of usage by the company - for the transfers from the category of investment property into the category of tangible assets used by the Company; - the beginning of a process of development with a view to sale - for the transfers from the category of investment property into the category of inventories, accounted for in accordance with IFRS 5; - termination of use by the Company - for transfers from the tangible assets used by the Company into the category of investment property; - starting an operational lease with another party - for transfers from inventories to the investment property category. For the transfer of an investment property accounted for at fair value to tangible assets category, the implicit cost of the asset for the purpose of its subsequent accounting will be its fair value from the date of the change of use. If a real estate property used by the owner becomes an investment property that is accounted for at fair value, the Company applies IAS 16 “Property, plant and equipment” until the date of change of use, and any differences from that date between the book value of the real estate property in accordance with IAS 16 and its fair value must be treated as a revaluation in accordance with IAS 16.

Notes to the Individual Financial Statements as at 31 December 2021 page 21 • Derecognition The accounting value of an investment property is derecognised upon disposal or when the investment is definitively withdrawn from use and no future economic benefits from its disposal are expected. Gains or losses resulting from the divestment or disposal of an investment property are recognized in the profit or loss account when it is sold or scrapped. j) Assets held for sale The company must classify a fixed asset (or disposal group) as held for sale if its carrying amount will be recovered mainly through a sale transaction and not through its continuous use. In order to be available for sale it must be very likely, i.e. a plan must be in place for the sale of the asset, an active programme must be launched to find a buyer, the asset must be promoted for sale at a reasonable price with the fair value of the asset, and the sale must be completed within one year from the date of classification of the asset. The one-year term may be extended if there are circumstances beyond the control of the entity and the unit can prove that it maintains the intention of its plan to sell the asset. When there is a change in the use of property, plant and equipment, in the sense that it is to be improved in the perspective of the sale, the Company records the transfer of the assets from the category of tangible assets to the category of fixed assets held for sale. If the transferred tangible asset has been revalued, the related revaluation reserve is closed at the time of the asset sale. In case of assets included in the category of non-current assets held for sale which subsequently change their destination, to be used for a longer period or to be leased to third parties, a transfer of these assets from the category of non-current assets held for sale shall be shown in the accounts, under property, plant and equipment. The company does not have assets that can be classified in this category because it does not have a sales plan for this purpose. k) Impairment of assets other than financial assets The book value of the company’s assets that are not of a financial nature, other than deferred tax assets, is reviewed at each reporting date to identify the existence of impairment indications. If such indications exist, the recoverable amount of such assets is estimated. An impairment loss is recognized when the carrying amount of the asset or its cash-generating unit exceeds the recoverable amount of the asset or cash-generating unit. A cash generating unit is the smallest identifiable group that generates cash and is independent of other assets and other asset groups. Impairment losses are recognized in the profit or loss account. The recoverable amount of an asset or cash-generating unit is the maximum between the value in use and its fair value less the costs for selling that asset or unit. To determine the net value in use, future cash flows are discounted using a pre-tax discount rate that reflects current market conditions and risks specific to that asset. Impairment losses recognized in prior periods are assessed at each reporting date to determine whether they have decreased or no longer exist. An impairment loss is resumed if there have been changes in the estimates used to determine the recovery value. An impairment loss is only resumed if the carrying amount of the asset does not exceed the accounting value that would have been computed, net of depreciation and impairement, if the impairment loss had not been recognized.

Notes to the Individual Financial Statements as at 31 December 2021 page 22 l) Share capital The share capital consists of ordinary, nominal shares, of equal value, that are issued in dematerialized form and grant equal rights to their holders. m) Provisions Provisions are recognized in the profit or loss account when the company has a current (legal or implicit) obligation generated by a past event, when an outflow of resources incorporating economic benefits is required for settlement of the obligation and when a reliable estimate can be made regarding the value of the obligation. To determine the provision, future cash flows are discounted using a pre-tax discount rate that reflects current market conditions and risks specific to the relevant debt. The amount recognized as a provision is the best estimate of the expenses required to settle the current obligation at the end of the reporting period. The provisions shall be reviewed at the end of the reporting period and adjusted to reflect the current best estimate. If the outflow of resources that incorporate economic benefits is no longer likely, the provision should be reversed. Provisions are not recognized for the costs that are incurred to carry out the activity in the future. The Company records provisions for contracts only when the benefits expected to be obtained from a contract are lower than the inevitable expenses associated to meeting contractual obligations. The Company will record provisions for bonuses (incentives) that will be granted to employees, to the directors who carry out their activity under the mandate agreement and to the Company’s administrators, provided that the net profit indicator established in the income and expenses budget approved by the General Shareholders Meeting is met. These bonuses will be distributed after the approval by the General Shareholders Meeting of the individual yearly financial statements, drawn up for the year in which the profit from which the incentives are granted was obtained. n) Employee benefits • Short-term benefits Short-term employee benefits include salaries, bonuses and social security contributions. The obligations related to short-term benefits to employees are not updated and are recognized in the profit or loss account as the related service is provided. Short-term employee benefits are recognized as an expense when the services are provided. A provision is recognized for the amounts expected to be paid by way of short-term cash premiums or schemes for the participation of staff in profit, as long as the company currently has a legal or implicit obligation to pay these amounts as a result of past services provided by the employees and if the obligation can be reliably estimated. Besides wages and other wage-related rights, according to the Company’s Articles of Association and the Collective Labour Agreement, the Company’s administrators, directors with a mandate contract and employees are entitled to receive benefits (incentives) in case the net profit indicator set out in the budget of revenues and expenditures approved by the General Shareholders Meeting for the current year is met, up to the amount approved by the OGSM where the financial statements of the relevant year were approved. This obligation is first recognized in the profit or loss statement of the financial exercise where the profit was achieved under the form of provisions for employee benefits. The distribution of these bonuses (incentives) will be carried out the following year, after their approval by the General Shareholder Meeting.

Notes to the Individual Financial Statements as at 31 December 2021 page 23 • Plans of determined contributions The company makes payments on behalf of its employees to the Romanian state pension system, health insurance and the insurance contribution for work during the normal performance of activities. All the employees of the Company are members and have the legal obligation to contribute (through individual social contributions) to the national pension system and to the national health system of Romania. The insurance contribution for the work is recognized in the profit or loss account for the period. The company has no additional obligations. The company is not engaged in any independent private pension system and, therefore, has no further obligations in this respect. The company is not engaged in any other system of post- retirement benefits. The amount recognized as a provision is the best estimate of the expenses necessary to settle the current obligations at the end of the reporting period. • Long-term benefits for employees The Company’s net obligation regarding the benefits related to long-term services is represented by the value of the future benefits that the employees have gained in exchange for the services provided by them during the current period and in the previous periods. On the basis of the Collective Labour Agreement in force at reporting date, the persons who retire at the maximum age limit benefit on retirement date of an allowance equal to the value of two salaries at the time of retirement. The present value of this obligation is not significant, and as such the company does not recognize these future costs as a provision in the financial statements. o) Interest income and expenses Interest income and expenses are recognized in the profit or loss account through the effective interest method. The effective interest rate is the rate that exactly updates the expected cash payments and receipts in the future over the expected life of the financial asset or debt (or, where appropriate, for a shorter term) to the carrying amount of the financial asset or debt. p) Dividend income Dividend income is recognized in the profit or loss account on the date on which the right to receive such income is established. Dividend income is recorded at the gross amount including dividend tax, which is recognized as a current expense with income tax. In case of dividends received in the form of shares as an alternative to the payment in cash, the income from dividends is recognized at the level of the cash that would have been received, in correspondence with an increase in the related participation. The company does not record dividend income for the shares received free of charge when they are distributed proportionally to all shareholders. r) Gains and losses from exchange rate differences Foreign exchange transactions are recorded in the functional currency (RON), by converting the amount into foreign currency at the official exchange rate communicated by the National Bank of Romania, valid on the date of the transaction. On the reporting date, the monetary items expressed in foreign currency are converted using the exchange rate valid on the last day of the year. Exchange rate differences arising on settlement of monetary items or conversion of monetary items at different rates from those at which they were initially recognized (during the period)

Notes to the Individual Financial Statements as at 31 December 2021 page 24 or in previous financial statements, are recognized in the profit and loss account in the period in which they occur. s) Dividends to be distributed Dividends are treated as a distribution of profit during the period in which they were declared and approved by the Ordinary General Shareholder Meeting. The profit available for distribution is the profit of the year recorded in the financial statements prepared in accordance with IFRS. t) Income tax The income tax for the year includes the current tax and the deferred tax. Current income tax includes tax on dividends recognized at gross value. Income tax is recognized in profit or loss or in other comprehensive income if the tax is related to capital items. The current tax is the tax payable for the profit realized during the current period, determined on the basis of the percentages applied on the reporting date and all the adjustments related to the previous periods. For the financial year ended on 31 December 2021 and 31 December 2020, the income tax rate was 16%. The tax rate on income from dividends as of 31 December 2021 and 31 December 2020 was: 5% and 0%. The deferred tax is determined by the Company using the balance sheet method for those temporary differences that arise between the fiscal base for computing the tax for assets and liabilities and their accounting value, used for reporting in the individual financial statements. The deferred tax is not recognized for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets and liabilities arising from transactions that are not business combinations and which do not affect the accounting or fiscal profit and differences arising from investments in subsidiaries, provided they are not resumed in the near future. The deferred tax is computed on the basis of the tax rates that are expected to be applicable to the temporary differences upon their resumption, based on the legislation in force on the reporting date or issued on the reporting date and to come into force subsequently. The deferred tax asset is recognized by the Company only if it is probable that future profits can be used to cover the tax loss. The asset is revised at the end of each financial year and is diminished to the extent that the related tax benefit is unlikely to be carried out. Deferred tax assets and liabilities are offset only if there is a legal right to offset current tax assets and liabilities and if they are related to the tax collected by the same tax authority from the same entity or they relate to different tax authorities wishing to settle the tax assets and tax liabilities using a net basis or the related assets and liabilities will be achieved simultaneously. The additional taxes arising from the distribution of dividends are recognized on the same date as the dividend payment obligation. u) Earnings per share The company presents the basic and diluted result per share for ordinary shares. The basic result per share is determined by dividing the profit or loss attributable to the ordinary shareholders of the Company to the weighted average number of ordinary shares related to the reporting period.

Notes to the Individual Financial Statements as at 31 December 2021 page 25 The diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares with the dilution effects generated by potential ordinary shares. v) Segment reporting A segment is a distinct component of the Company that provides certain products or services (activity segment) or provides products or services in a certain geographical environment (geographical segment) and is subject to risks and benefits that are different from those of the other segments. The Company is organized based on a main business segment, and its main activity is to perform financial investments with a view to increasing the value of the company’s shares in compliance with the regulations in force and the subsequent management of investment profile, as well as exercising all related rights to the invested tools. x) New standards and amendments New standards, amendments and interpretations applicable after 1 January 2021. There are new standards, amendments and interpretations that apply for the annual periods beginning after 1 January 2021 and have not been applied in the preparation of these financial statements. We show below the standards / interpretations that have been issued and are applicable from or after 1 January 2021. • ,Lease reductions as a consequence of COVID-19 – Amendments to IFRS 16. As a consequence of COVID-19 many lease reductions were granted to lessees. These reductions can take various forms, including payment postponement. In May 2020, IASB issued an amendment to IFRS 16 allowing the lessees to treat advantages to the lease payment as a change in the lease agreement. The entities applying this amendment must present this in the financial statements. This amendment was extended until 30 June 2022. • The reference interest reform - amendments to IFRS 7, IFRS 9 and IAS 39 (1 January 2020). The amendments modify certain hedge accounting requirements to provide some exemptions on the reference interest reform. On 31 September 2021, the following standards and interpretations were issued, but were not mandatory for the yearly reporting periods ended 31 December 2021. • IFRS 17 Insurance agreements (1 January 2020, likely to be extended until 1 January 2022). IFRS 4 will soon be replaced by a new standard regarding insurance agreements. Consequently, the temporary exemptions and or the general approach of IFRS 9 for insurance companies will no longer apply when the new standard is issued. IFRS 17 was issued in May 2017 as a substitute for IFRS 4. It involves an assessment model in which estimates are re-assessed each year. Agreements are assessed considering the following elements: - cash flows updated weighted according to the probability of accomplishment; - an explicit risk adjustment; and - a contractual service margin that represents the profit from the agreement recognized as income of the period covered. • Classification of debt into current and long-term debts - Amendments to IAS 1. The amendment to IAS 1 sets out that the debts should be presented according to maturity, depending on the rights that exist on the balance sheet date. The classification is not affected by the expectations of the entity or by the events occurring after the reporting date. The

Notes to the Individual Financial Statements as at 31 December 2021 page 26 amendment also classifies what is understood by covering a debt. • Amendments to IAS 16 – Tangible assets. The amendment forbids the entity to deduct from the cost of a tangible asset income that have been obtained as a consequence of the use of the asset for the period when such asset is in progress of being brought to the required level for operation. • The definition of a business - Amendments to IFRS 3. The modified definition of a business implies that an acquisition should include input data and a substantive process that, together, significantly contributes to the ability of the company to create results. The definition of “results” is modified to focus on goods and services delivered to customers, which generate investment income and other income and exclude returns in the form of cost reductions or other economic benefits. These changes can lead to a multiplication of acquisitions that are considered asset purchases. • Onerous contracts — cost of meeting a contract — amendments to IAS 37. The amendments to IAS 37 clarify the direct costs related to the performance of a contract and the allocation of other costs directly to the performance of that contract. Before recognizing a provision for the performance of the contract, the entity shall record any impairment of assets that arose in the performance of the contract. Annual improvements for the 2018 - 2020 cycle (effective as of 1 January 2022). - IFRS 9 – Financial instruments – clarifying what kind of fees must be included in the 10% test for the derecognition of the financial debts; - IFRS 16 – Leases – amendment to example 13, discarding the illustration of payments from the lessor regarding upgrades, in order to discard any confusions regarding the treatment of lease-related benefits; - IFRS 1 – First-time adoption of IFRS – allowing the entities to appraise the assets and debts at book values registered in the holding company’s financial statements, together with any related exchange rate differences; - IAS 41 - Agriculture – discarding the requirement that the entities should exclude cash flows for taxes determined by the assessment at fair value based on IAS 41. • Definition of accounting estimates - amendment to IAS 8 (effective as of 1 January 2023). IASB has issued an amendment to IAS 8 “Accounting Policies” that clarifies how entities should distinguish between changes in accounting estimates and accounting policies. The distinction is important because changes in accounting estimates apply prospectively, but changes in accounting policies are generally applied retrospectively also for the current period. 4. The management of material risks According to the specific of its activity, the Company is or can be subject to financial risks resulting from the activity undertaken for achieving of the established goals. Through the risk management system, the Company grants importance to the risk management, policies and procedures regarding risk management that are significant and relevant for the investment strategy. The risk management policy sets out the main coordinates for the control and management of aspects that may have or even have an impact on the activity. The risk management activity, a major component of the Company’s activity, deals with both general and specific risks, as set out in the national and international regulations. The Company’s organizational chart includes the Risk Management Department, which is hierarchically and functionally independent from the other departments of the Company. The company grants major importance to the effective risk management process as an important

Notes to the Individual Financial Statements as at 31 December 2021 page 27 component of the strategic objectives of company’s management. Managing significant risks involves providing the framework for the identification, assessment, monitoring and control of those risks with a view to maintain them at an acceptable level in relation to the company’s risk appetite and its ability to mitigate or hedge those risks. Risk monitoring is carried out at each hierarchical level, with procedures for supervising and approving decision-making limits., Internal reporting of risk exposure is made on a continuous basis, on each line of business, as the Company’s management is constantly informed about the risks that may arise in the course of the business. The risk profile represents all the risks to which the Company is exposed, depending on the strategic objectives and the risk appetite undertaken by the management structure. Through its risk profile, the Company has established, for each risk category, the level by which the Company is willing to take or accept risks, provided that significant risks are kept under control. The risk profile was established both at a global and at an individual level, for each risk category, considering the Company’s nature, dimension and complex activities. The global risk profile undertaken by the Company is average and corresponds to an average risk appetite. Investments in the Company’s shares involve not only specific benefits, but also t he risk that objectives will not be achieved, as well as losses could be incurred by investors, since the level of revenues from investments generally is proportional to the risk taken. In its current activities, the Company may face both the specific risks resulting from its current operation, as well as indirect risks resulting from the performance of operations and services in cooperation with other financial entities. The main risks identified in the activity of the Company are: - market risk (price risk, currency risk, interest rate risk); - credit risk; - liquidity risk; - operational risk; a) Market risk Market risk is the current or future risk of adverse outcome on profits, caused by fluctuations in the market prices of equity securities - in terms of activities belonging to the trading portfolio - as well as interest rate and exchange rate fluctuations for the entire activity of the Company. The company monitors market risk with the objective of optimizing profitability in relation to the associated risk in accordance with the approved policies and procedures. From the Company’s point of view, the relevant market risks are: price risk (position risk), exchange rate risk, interest rate risk. The company is exposed to the following market risks: • Price (position) risk This is generated by the volatility of market prices, such as fluctuations in the market of financial instruments as a result of changing market prices, changes caused either by factors affecting all instruments traded on the market, or by factors specific to the individual instruments or their issuer. The company monitors both the systemic component (the general risk determined by factors at the macro level) and the specific risk determined by the issuer's own activity, so that when the price risks are not in accordance with the internal policies and procedures, they will act

Notes to the Individual Financial Statements as at 31 December 2021 page 28 accordingly by rebalancing the portfolio of assets. On 31 December 2021 and 31 December 2020 the Company has the following asset structure subject to price risk: In RON No. comp. Market value 31 December 2021 No. comp. Market value 31 DECEMBER 2020 Capital investments Listed companies 26 2,214,453,327 27 1,860,757,632 Unlisted companies 14 163,005,725 15 153,924,820 Fund units 4 4,652,463 4 3,598,943 Total capital investments 44 2,382,111,515 46 2,018,281,395 The market value of the portfolio of listed shares (on BVB - regulated market, BVB-AERO - alternative trading system), as of 31 December 2021, represents 92.96% (31 December 2020: 92.20%) of the total value of the managed portfolio. A number of 7 issuers are found in the managed portfolio, of the 19 that constitute the BET index of the Bucharest Stock Exchange. The market value of the share packages held with the 7 issuers represents 69.90% of the market value of the shares held in the listed companies. The company also monitors the concentration of risk across activity sectors, as follows: Portfolio structure Market value as at 31 December 2021 Market value as at 31 December 2020 Economic sectors with a share in the value portfolio: (RON) % (RON) % finance, banking 1,119,751,658 47.01 999,521,426 49.52 resources of oil, methane gas and related services 340,847,296 14.31 271,929,174 13.47 lease and sublease of real estate 267,878,903 11.25 264,098,427 13.09 financial intermediation 179,329,234 7.53 60,405,803 2.99 energy and gas transport 117,312,819 4.92 138,279,298 6.85 pharmaceutical industry 107,436,212 4.51 62,142,974 3.08 tourism, public food catering, leisure 102,287,488 4.29 99,109,564 4.91 food industry 61,325,171 2.57 57,307,582 2.84 machine building industry, processing 56,757,666 2.38 28,546,260 1.41 electronic, electrotechnical industry 24,170,137 1.01 26,211,928 1.3 metallurgical industry - 0.00 5,098,546 0.25 grain storage and trade - 0.00 1,660,826 0.08 Other 362,468 0.02 370,644 0.02 TOTAL SECURITIES 2,377,459,052 99.80 2,014,682,452 99.82 FUND UNITS 4,652,463 0.20 3,598,943 0.18 GENERAL TOTAL 2,382,111,515 100.00 2,018,281,395 100.00 Based on the analysis of the data presented above, as of 31 December 2021 the Company mainly held shares in the financial and banking sectors - equivalent to 47.01 % of the total portfolio, a decrease compared to 31 December 2020 where shares in the same industries made up 49.52%

Notes to the Individual Financial Statements as at 31 December 2021 page 29 of the total portfolio (a decrease determined by the transactions on the capital market). • Exchange rate risk The exchange rate risk is the risk that the value of a financial instrument will be adversely affected by a fluctuation in the foreign exchange market. This risk concerns all positions held by the Company in foreign currency deposits and financial instruments denominated in foreign currency, regardless of the holding period or the level of liquidity reported by the respective positions. During the reporting period the Company did not use derivative financial instruments to protect itself against interest rate fluctuations. The exchange rate risk due to price fluctuations is insignificant. As of 31 December 2021, the cash and cash equivalents in foreign currency was 2,165,474 lei, representing 11.67 % of the total available cash. Given that most of the Company's assets are expressed in national currency, exchange rate fluctuations do not directly affect the Company's activity. These fluctuations have an influence on the assessment of investments such as foreign currency deposits and current accounts. The cash and cash equivalents in foreign currency represents, as of 31 December 2021, 0.09% (31 December 2020: 0.10%) of the total financial assets, so the exchange rate risk is insignificant. Investments in bank deposits in foreign currency are constantly monitored and investment/disinvestment measures are taken, depending on the forecast evolution of the exchange rate. The concentration of assets and liabilities by types of currencies is summarized in the following table: In RON Accounting value RON EUR (RON equivalent) USD (RON equivalent) 31 December 2021 Financial assets Cash and cash equivalents 3,918,230 2,221,202 1,696,821 207 Bank deposits 14,631,529 14,163,083 - 468,446 Bonds at amortized cost 6,851,710 6,851,710 - - Financial assets held at fair value through other comprehensive income 2,377,459,052 2,377,459,052 - - Financial assets held at fair value through profit or loss account 4,652,463 4,652,463 - - Trade and other receivables 2,311,637 2,311,637 - - Other financial assets 132,101 132,101 - - Total financial assets 2,409,956,722 2,407,791,248 1,696,821 468,653 Financial debt Dividends payable 45,798,986 45,798,986 - - Other financial liabilities 6,639,031 6,639,031 - - Total financial liabilities 52,438,017 52,438,017 - -

Notes to the Individual Financial Statements as at 31 December 2021 page 30 In RON Accounting value RON EUR (RON equivalent) USD (RON equivalent) 31 December 2020 Financial assets Cash and cash equivalents 4,279,513 2,608,579 1,670,741 193 Bank deposits 26,602,893 26,178,355 - 424,538 Financial assets held at fair value through other comprehensive income 2,014,682,452 2,014,682,452 - - Financial assets hald at fair value through profit or loss account 3,598,943 3,598,943 - - Trade and other receivables 191,867 191,867 - - Other financial assets 171,393 171,393 - - Total financial assets 2,049,527,061 2,047,431,589 1,670,741 424,731 Financial debt Dividends payable 61,222,189 61,222,189 - - Other financial liabilities 10,655,357 10,655,357 - - Total financial liabilities 71,877,546 71,877,546 - - • Interest rate risk Interest rate risk is the current or future risk that profits and capitals may change as a result of adverse changes in market interest rates. The factors that define this type of market risk are a wide range of interest rates corresponding to a variation of markets, currencies and maturities for which the Company holds positions. The interest rate directly influences the income and expenditure attached to the financial assets and liabilities bearing variable interest rates. Most of the assets in the portfolio do not bear interest. As a result, the Company is not significantly affected by the interest rate risk. Interest rates applied to cash and cash equivalents are short-term. In order to benefit from the interest rate volatility, for greater flexibility in the policy of allocating available cash, it will be intended that the placing of the available cash in monetary instruments will be made especially on the short term of 1-3 months. A factor increasing the interest rate risk is represented by investments in bonds. In the third quarter of 2021, S.I.F. Oltenia S.A. diversified its portfolio through the purchase of guaranteed bonds issued by Mercur S.A., but the share of such instruments in the company’s total assets is only 0.28%. Hence, it can be concluded that the interest rate risk is not significant. The following table summarizes the Company’s exposure to the interest rate risk. In RON Accounting value Less than 3 months More than 12 months No interest 31 December 2021 Financial assets Cash and cash equivalents Bank deposits Bonds at amortized cost Financial assets held at fair value through other comprehensive income Financial assets held at fair value through profit or loss account 3,918,230 - - 3,918,230 14,631,529 14,631,529 - - 6,851,710 51,710 6,800,000 - 2,377,459,052 - - 2,377,459,052 4,652,463 - - 4,652,463

Notes to the Individual Financial Statements as at 31 December 2021 page 31 Trade and other receivables 2,311,637 - - 2,311,637 Other financial assets 132,101 - - 132,101 Total financial assets 2,409,956,722 14,683,239 6,800,000 2,388,473,483 Financial debt Dividends payable 45,798,986 - - 45,798,986 Other financial liabilities 6,639,031 - - 6,639,031 Total financial liabilities 52,438,017 - - 52,438,017 In RON Between 3 and 12 months Accounting value Less than 3 months No interest 31 December 2021 Financial assets Cash and cash equivalents 4,279,513 - - 4,279,513 Bank deposits 26,602,893 26,602,893 - - Financial assets held at fair value through other comprehensive income 2,014,682,452 - - 2,014,682,452 Financial assets held at fair value through profit or loss account 3,598,943 - - 3,598,943 Trade and other receivables 191,867 - - 191,867 Other financial assets 171,393 - - 171,393 Total financial assets 2,049,527,061 26,602,893 - 2,022,924,168 Financial debt Dividends payable 61,222,189 - - 61,222,189 Other financial liabilities 10,655,357 - - 10,655,357 Total financial liabilities 71,877,546 - - 71,877,546 b) Credit risk Credit risk is the company’s risk of having losses or not achieving the estimated profits due to insolvency of its debtors or counterparty's failure of meeting its financial obligations. Credit risk expresses the possibility that debtors or issuers may not meet their obligations at maturity due to a deterioration in the financial situation of the borrower and the insolvency or the general economic situation. Credit risk arises in relation to any type of claim. The main elements of credit risk that are identified and can significantly influence the activity of the Company are: - risk of non-collection of dividends from portfolio companies; - risk of non-collection of the contract value in case of sale of shares in not publicly traded companies under a sales contract; - risk that, in the event of the liquidation of a portfolio, the value obtained will be less than the value of the initial investment, or nothing will be recovered; - settlement risk in the case of transactions with shares issued by listed companies; - concentration risk. The indicators used to measure the insolvency risk of issuers are the following: the exposure rate to high-risk issuers (over the next 2 years), the exposure rate to issuers that are not publicly traded, the exposure rate by business sectors.

Notes to the Individual Financial Statements as at 31 December 2021 page 32 In the case of the Company, the credit risk is largely determined by the exposure on “shares”, which represent 98.14% of the managed assets, assessed according to the legal provisions. Through the specificities of its portfolio, the sector with high exposure is the “finance and banking” sector, with an exposure of more than 20% in total assets, which holds 47.01% of the total share portfolio as of 31 December 2021. Exposure to this sector is monitored, with the liquid nature of investments being a positive aspect of these holdings, with the main issuers being Banca Transilvania and BRD – Groupe Societe Generale. S.I.F. Oltenia S.A. is exposed to credit risk through the investments in bonds and by holding current accounts and bank deposits, as well as other receivables. As of 31 December 2021, the company held bonds issued by Mercur S.A., with a very low share in total assets (0.28%); such bonds are secured and are not admitted to trading. As for the company’s cash, it is held in several banks to avoid the concentration risk. Bank deposits are held with the most important bank institution in the national system, with a BB+ rating for Banca Transilvania according to Fitch Ratings. Following the assessment of the main elements of credit risk, we can conclude that they fall within the approved risk limits for an average risk appetite. c) Liquidity risk The liquidity risk is the risk that the profit may be affected as a consequence of the financial instruments not being liquid (which could generate difficulties in the purchase or sale of such financial instruments in a reasonable time, with minimum loss), as well as the one generated by the possibility that the Company may not be able to meet its financial obligations in the long run. The Company aims to maintain a level of liquidity appropriate to its underlying obligations, based on an assessment of the relative liquidity of the assets on the market, considering the period required for liquidation and the price or value at which the respective assets can be liquidated, as well as their sensitivity to market risks or other external factors. The company constantly monitors the liquidity profile of the asset portfolio, analysing the impact of each asset on the liquidity, as well as the significant, contingent or other kind of liabilities or commitments, that the company may have regarding its underlying obligations. The liquidity risk for payment obligations is very low, as the company’s current debt is covered by holdings in current accounts and/or short-term deposits. The liquidity risk is mainly related to the shares held in the companies whose shares are not publicly traded existing in the managed portfolio. Thus, the sale of shares - in the event of negative aspects in their economic and financial situation or in the pursuit of obtaining liquidity - cannot be made fast enough, with the risk of not being able to obtain a price higher or at least equal to the one for which these shares are valued at in the calculation of the net asset, according to the FSA regulations. The company constantly monitors the liquidity profile of the portfolio, analysing the impact of each asset on the liquidity, adopting a prudent policy regarding the cash outflows, permanently evaluating the quantitative and qualitative risks of the positions held and of the expected investments to be made. We estimate that this risk is within the approved risk limits for a medium risk appetite. The structure of assets and liabilities in terms of liquidity is analysed in the following table:

Notes to the Individual Financial Statements as at 31 December 2021 page 33 In RON Accounting value Less than 3 months More than 12 months No preset maturity 31 December 2021 Financial assets Cash and cash equivalents 3,918,230 - - 3,918,230 Bank deposits 14,631,529 14,631,529 - - Bonds at amortized cost 6,851,710 51,710 6,800,000 - Financial assets held at fair value through other comprehensive income 2,377,459,052 - - 2,377,459,052 Financial assets held at fair value through profit or loss account 4,652,463 - - 4,652,463 Trade and other receivables 2,311,637 - - 2,311,637 Other financial assets 132,101 - - 132,101 Total financial assets 2,409,956,722 14,683,239 6,800,000 2,388,473,483 Financial debt Dividends payable 45,798,986 45,798,986 - - Other financial liabilities 6,639,031 6,639,031 - - Total financial liabilities 52,438,017 52,438,017 - - In RON Accounting value Less than 3 months Between 3 and 12 months No preset maturity 31 December 2020 - - - - Financial assets - - - - Cash and cash equivalents 4,279,513 - - 4,279,513 Bank deposits 26,602,893 26,602,893 - - Bonds at amortized cost 2,014,682,452 - - 2,014,682,452 Financial assets held at fair value through other comprehensive income 3,598,943 - - 3,598,943 Financial assets held at fair value through profit or loss account 191,867 - - 191,867 Trade and other receivables 171,393 - - 171,393 Total financial assets 2,049,527,061 26,602,893 - 2,022,924,168 Financial debt Dividends payable 61,222,189 61,222,189 - - Other financial liabilities 10,655,357 10,655,357 - - Total financial liabilities 71,877,546 71,877,546 - - d) Operational risk Operational risk refers to losses resulting from acts (or negligence) in the conduct of business activities. Operational risk is also assimilated to legal risk, i.e. the risk of having losses due to the improper enforcement or failure to enforce legal or contractual provisions. The operational risk category refers to: - IT risk - a subcategory of operational risk that refers to the risk caused by inadequate strategies and IT policies, of information technology and information processing, regarding its

Notes to the Individual Financial Statements as at 31 December 2021 page 34 management capacity, integrity, controllability and continuity or the improper use of information technology. - Strategic risk - the current or future risk that profits and capitals are negatively affected, generated by changes in the business environment or by unfavourable business decisions, by the improper implementation of decisions or by the failure to react to changes in the business environment. Strategic risk is uncontrollable and unquantifiable, with the management of the company adopting a prudent policy with the aim of minimizing exposure to this risk. The main benchmark traced in the strategic risk is tracking the efficiency indicators according to the undertaken strategic objectives. In order to avoid the strategic risk, the market evolution is compared to the provisions undertaken in the budget of revenues and expenditures. We estimate that, at the company’s level, the strategic risk is low and the business policy adopted by the company’s management is cautious. - Reputation risk - the current or future risk that the profits and capitals are affected, resulting from the unfavourable perception of the company’s image by shareholders, investors or the supervisory authority. The company’s objective is to satisfy the interests of shareholders and investors and to perform a fair activity, according to the regulations of the capital market. - The risk related to oursourced activities - the financial, reputational and operational impact that the improper performance of the outsourced activity by the service provider may have on the company, including the risk that the company may not be able to track the performance of its financial activities and/or comply with the provisions of the relevant legislation, as a consequence of the failure or difficulties encountered by the legal person employed by the company to perform certain activities, based on a contract. It shall be managed by the compartments managing the entered contracts. - Model risk – the potential loss the Company may incur, as a consequence of decisions that could be mainly based on the output of internal models, due to errors in the development, implementation or use of such models. To be managed at the level of each department. - The risk of conflicts of interest - any situation when the company’s interests diverge from the personal interests of employees, directors, managers or their close relatives. - Sustainability risks – an environmental, social or governance event or condition which, if it occurs, could have a potential or actual adverse material impact on the value of the investments. Sustainability risks are not considered to be a separate type of risk, but are integrated into the classification and management of existing risks, as they also affect the existing types of risk to which the company is exposed in its activities. The company shall incorporate sustainability risks into the risk culture. S.I.F. Oltenia S.A. integrates into the decision-making process and continuously assesses the relevant sustainability risks, i.e. those environmental, social or governance events or conditions that, if they occur, could have an impact on the profitability of the investments. With a view to assess the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. acts to identify and frame operational risk events within specific categories, that will allow to establish the most efficient methods of controlling and reducing potential effects. The functional departments within S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity. The person responsible for risk management shall be responsible for implementing and developing measures for the management of operational risk. S.I.F. Oltenia S.A. uses self-assessment as a tool to analyse and manage operational risk. The person in charge with managing risks updated the risk register on 31/12/2021, all operational risk events were carefully monitored and timely remedied, so as not to affect the company’s activity. In 2021, the Company carried out the internal evaluation of the operational risks generated by

Notes to the Individual Financial Statements as at 31 December 2021 page 35 the Information Systems according to the FSA Norm no. 4/2018 regarding the management of the operational risks generated by the information systems used by the authorized / approved / registered entities, regulated and / or supervised by the FSA. From the point of view of FSA Norm No. 4/2018, the Company falls into the "average" risk category. According to art. 49 letter a) of the FSA Norm no. 4/2018, the result of the internal assessment of the Company’s operational risks must be sent to FSA by 31 March 2022, for the year 2021. According to art. 21 of the FSA Norm no. 4/2018, the Company has the obligation to audit the important information systems used every 3 years by means of an external IT audit or with certified internal resources, so that the period subject to the audit will be 3 consecutive calendar years, starting with the first January following the end of the period subject to the previous IT audit, according to the classification in the medium risk category. In 2020, the external audit of the relevant IT systems of the Company was carried out by CertSIGN S.A. The next audit on the relevant IT systems of the Company is to be carried out in 2023. The Company has a policy of maintaining an optimum level of equity in order to develop the company and achieve the proposed objectives. The main objective of the Company is the continuity of the activity in order to provide profitability for its shareholders. Considering the complexity of the activities of S.I.F. Oltenia S.A., the amount of its activities, the staff structure, the level of informatization, the complexity of the monitoring and control procedures and other intrinsic aspects related to the company’s risk policy, we estimate that the operational risk at the Company’s level is average. e) Capital adequacy The management policy regarding capital adequacy focuses on maintaining a solid capital base in order to support the continued development of the Company and to achieve the investment objectives. The Company’s equity consists of the share capital, the reserves created, the current result and the deferred result. As of 31 December 2021, the Company’s equity is 2,197,633,426 RON (31 December 2020: 1,872,197,361 RON). 5. Financial assets and liabilities Accounting classifications and fair values The accounting values and fair values of financial assets and liabilities are presented as of 31 December 2021, as follows: In RON The fair value through other elements of the comprehensive income The fair value through the profit or loss account Amortized cost Net book value Fair value Cash and cash equivalents - - 3,918,230 3,918,230 3,918,230 Bank deposits - - 14,631,529 14,631,529 14,631,529 Bonds at amortized cost - - 6,851,710 6,851,710 6,851,710 Financial assets held at fair value through other comprehensive income 2,377,459,052 - - 2,377,459,052 2,377,459,052 Financial assets held at fair value through profit or loss account - 4,652,463 - 4,652,463 4,652,463

Notes to the Individual Financial Statements as at 31 December 2021 page 36 Other financial assets - - 2,443,738 2,443,738 2,443,738 Total financial assets 2,377,459,052 4,652,463 27,845,207 2,409,956,722 2,409,956,722 Dividends payable - - 45,798,986 45,798,986 45,798,986 Other financial liabilities - - 6,639,031 6,639,031 6,639,031 Total financial liabilities - - 52,438,017 52,438,017 52,438,017 The accounting values and fair values of financial assets and liabilities are presented as of 31 December 2020, as follows: In RON The fair value through other elements of the comprehensive income The fair value through the profit or loss account Amortized cost Net book value Fair value Cash and cash equivalents - - 4,279,513 4,279,513 4,279,513 Bank deposits - - 26,602,893 26,602,893 26,602,893 Financial assets held at fair value through other comprehensive income 2,014,682,452 - - 2,014,682,452 2,014,682,452 Financial assets held at fair value through profit or loss account - 3,598,943 - 3,598,943 3,598,943 Other financial assets - - 363,260 363,260 363,260 Total financial assets 2,014,682,452 3,598,943 31,245,666 2,049,527,061 2,049,527,061 Dividends payable - - 61,222,189 61,222,189 61,222,189 Other financial liabilities - - 10,655,357 10,655,357 10,655,357 Total financial liabilities - - 71,877,546 71,877,546 71,877,546 6. Dividend income Dividend income is recorded at gross value. The tax rates on dividends for the reporting period were 5% and zero (31 December 2020: 5% and zero). Dividend income according to the main counterparties is presented as follows: In RON 31 December 2021 31 December 2020 BANCA TRANSILVANIA 19,892,934 24,812,607 OMV PETROM S.A. Bucureşti 17,795,820 22,094,291 S.N.G.N. ROMGAZ S.A. Mediaș 4,029,655 3,624,439 ȘANTIERUL NAVAL ORȘOVA S.A. 3,200,337 768,081 C.N.T.E.E. TRANSELECTICA S.A. București 2,359,273 1,301,668 BRD-GROUPE SOCIETE GENERALE S.A. București 2,146,055 - S.N.T.G.N. TRANSGAZ S.A. Mediaș 1,980,552 3,764,021 UNIVERS S.A. Rm.Vâlcea 1,345,419 2,153,257 VOLTALIM S.A. Craiova 1,307,459 1,619,330 FLAROS S.A. București 986,712 1,874,753 IAMU S.A. Blaj 793,372 793,372 ANTIBIOTICE S.A. Iași 578,231 3,820,609 BURSA DE VALORI BUCURESTI S.A. 409,494 315,496

Notes to the Individual Financial Statements as at 31 December 2021 page 37 PROVITAS S.A. București 316,251 182,723 ELBA S.A. Timisoara 98,982 - DEPOZITARUL CENTRAL S.A. București 32,553 58,601 TURISM FELIX S.A. Băile Felix - 1,451,900 ELECTROMAGNETICA S.A. București - 706,871 MERCUR S.A. Craiova - 881,000 S.I.F. Transilvania - 477,303 COMPLEX HOTELIER DÂMBOVIȚA S.A. Târgoviște - 245,450 TOTAL 57,273,099 70,945,772 7. Interest income In RON 31 December 2021 31 December 2020 Income from interest on bank deposits 340,396 306,076 Income from interest on current bank accounts 5 1 Interest on bonds revenue 51,710 - Total 392,111 306,077 8. Other operational income In RON 31 December 2021 31 December 2020 Reversal of provisions for impairment of current assets 38,776 3698 Other operating revenues 980,294 143,369 Other financial revenues 17,100 17,046 Total 1,036,170 164,113 9. Commissions and administration, supervision and other fees In RON 31 December 2021 31 December 2020 Commissions due to SSIF for share transactions 419,642 262,052 Commissions for shareholders register services 180,282 142,800 Commissions with the depository company 476,643 417,904 BVB expenses 58,839 15,536 Taxes due to entities in the capital market (FSA) 1,986,365 1,721,457 Audit fees 104,720 129,236 Other expenses related to commissions, fees and contributions 319,186 135,569 Total 3,545,677 2,824,554 The fees pdue to S.S.I.F. for share transactions are charged for the sale of securities on the regulated market. Fees relating to the acquisition of shares other than those recorded in the profit or loss statement shall be recorded in the accounting value of financial assets. The increase in commissions and fees total costs was mainly due to increased legal fees. During 2021, considering the large number of pending litigations, their high complexity and the potential significant impact on the stability and proper functioning of the company's business, as well as the fact that the contested decisions concern important aspects of the company’s

Notes to the Individual Financial Statements as at 31 December 2021 page 38 business, a legal assistance contract was entered with a law firm with relevant experience in the corporate field. 10. Other operational expenses In RON 31 December 2021 31 December 2020 Taxes and contributions 196,967 217,233 Salaries and other staff expenses 16,494,697 7,447,765 Depreciation, provisions and value adjustments 6,110,930 5,118,638 External benefits 1,701,611 971,635 Interest expenses - 121,516 Total 24,504,205 13,876,787 Staff costs increased compared to the previous year mainly as a result of the registration of the following: - bonuses (incentives) for 2019 in the amount of 4,794,837 RON and related contributions for the corresponding work in the amount of 107,884 RON awarded in April 2021; - bonuses (incentives) for 2020 in total amount of 3,648,857 RON and related contributions for the corresponding work in amount of 82,100 RON awarded in the last quarter of 2021. Salaries and similar expenses In RON 31 December 2021 31 December 2020 Salaries 15,962,097 7,222,274 Expenditure on insurance and social protection 532,600 225,491 Total 16,494,697 7,447,765 The remuneration of the company staff as of 31 December 2021 is as follows: Indicators/gross amounts Gross amounts related to the activity carried out in 2021 (RON) Amounts actually paid during 2021 (RON) Amounts payable during 2022 (RON) Number of beneficiaries 1. Remuneration to all the staff of the AIS/AIFM (including outsourced functions) 13,018,404 6,568,645 6,449,759 58 Fixed remuneration 7,518,404 6,568,645 949,759 56 Variable remuneration excluding performance bonuses, of which: 5,500,000 *** 5,500,000 - cash 5,500,000 5,500,000 - other forms (with separate indication of each category) Variable remuneration representing performance bonuses 2. Remuneration to the identified staff of the AIS/AIFM (including outsourced functions) A. Members of the BoD/SB, of which 986,691 888,398 98,293 6 Fixed remuneration 986,691 888,398 98,293 6 Variable remuneration excluding performance bonuses, of which: - cash

Notes to the Individual Financial Statements as at 31 December 2021 page 39 - other forms (with separate indication of each category) Variable remuneration representing performance bonuses B. Directors/members of the management, of which: 1,779,712 1,627,744 151,968 2 Fixed remuneration 1,779,712 1,627,744 151,968 2 Variable remuneration excluding performance bonuses, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance bonuses C. Control functions (with an express indication of all functions included in this category)* 404,909 376,420 28,489 3 Fixed remuneration 404,909 376,420 28,489 3 Variable remuneration excluding performance bonuses, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance bonuses D. Functions other than those referred to in A to C above, included in the category of identified staff (with an express indication of all functions included in this category) (**) 805,834 777,205 28,629 4 Fixed remuneration 805,834 777,205 28,629 4 Variable remuneration excluding performance bonuses, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance bonuses The remuneration of the company staff as of 31 December 2020 is as follows: Indicators/gross amounts Gross amounts related to the activity carried out in 2020 (RON) Amounts actually paid during 2020 (RON) Amounts payable during 2021 (RON) Number of beneficiaries 1. Remuneration to all the staff of the AIS/AIFM (including outsourced functions) 10,871,130 6,819,970 4,051,160 Fixed remuneration 7,222,274 6,819,970 402,304 57 Variable remuneration excluding performance bonuses, of which: 3,648,856 3,648,856 56 - cash 3,648,856 3,648,856 56 - other forms (with separate indication of each category) Variable remuneration representing performance bonuses 2. Remuneration to the identified staff of the AIS/AIFM (including outsourced functions) A. Members of the BoD/SB, of which 3,251,677 1,211,012 2,040,665 11

Notes to the Individual Financial Statements as at 31 December 2021 page 40 Fixed remuneration 1,290,415 1,211,012 79,403 11 Variable remuneration excluding performance bonuses, of which: 1,961,262 1,961,262 9 - cash 1,961,262 1,961,262 9 - other forms (with separate indication of each category) Variable remuneration representing performance bonuses B. Directors/members of the management, of which: 1,764,853 1,648,756 116,097 Fixed remuneration 1,709,216 1,648,756 60,460 4 Variable remuneration excluding performance bnuses, of which: 55,637 55,637 2 - cash 55,637 55,637 2 - other forms (with separate indication of each category) Variable remuneration representing performance bonuses C. Control functions (with an express indication of all functions included in this category)* 345,692 320,056 156,276 Fixed remuneration 345,692 320,056 25,636 3 Variable remuneration excluding performance bonuses, of which: 130,640 130,640 3 - cash 130,640 130,640 3 - other forms (with separate indication of each category) Variable remuneration representing performance bonuses D. Functions other than those referred to in A to C above, included in the category of identified staff (with an express indication of all functions included in this category) (**) 1,583,924 1,023,139 560,785 Fixed remuneration 1,063,173 1,023,139 40,034 4 Variable remuneration excluding performance bonuses, of which: 520,751 520,751 5 - cash 520,751 520,751 5 - other forms (with separate indication of each category) Variable remuneration representing performance bonusess * The control functions includes the Risk Manager, the Compliance Officer and the Internal Auditor. ** The category of staff whose actions have a significant impact includes the Portfolio Director, the Economic Director and the Investments Manager. *** In 2021 a provision was set up for incentives in amount of 5,500,000 RON that will be granted to employees, directors working under the mandate contract and the company’s managers. These bonuses will be distributed after the approval by the General Shareholders Meeting of the individual yearly financial statements for the year in which the profit from which the incentives are granted was obtained. In 2021, the AIFM paid variable remuneration to its staff representing bonuses (incentives) for the year 2019 in amount of 4,794,837 RON and for the year 2020 in amount of 3,648,856 RON, amounts which were provided for at the end of 2019 and 2020 respectively. In 2021, when these incentives were actually granted, the amounts were expensed as personnel costs and the related provisions were reversed without affecting the result of the current period.

Notes to the Individual Financial Statements as at 31 December 2021 page 41 31 December 2021 31 December 2020 Staff with mandate contract 2 2 Employees with higher education 25 25 Employees with upper secondary education 11 13 Employees with general education 3 3 Total 41 43 The evolution of the number of employees by categories during the reporting period was as follows: No. of employees 31 December 2020 Incoming employees in 2021 Outgoing employees in 2021 No. of employees 31 December 2021 Employees with higher education 25 8 8 25 Employees with upper secondary education 13 - 2 11 Employees with general education 3 - - 3 Total 41 8 10 39 In the financial year ended on 31 December 2021, the average number of employees was 38 (31 December 2020: 43), and the actual number of employees registered at the end of 2021 was 39 (31 December 2020: 41). The company makes payments to institutions of the Romanian state as pension contributions on behalf of its employees. All employees are members of the pension plan of the Romanian state. The company does not operate any other pension or benefit plan after retirement and, therefore, has no other obligations regarding pensions. Moreover, the Company is not obliged to provide additional benefits to employees after retirement. Other operating expenses include expenses with other taxes and duties, expenses with external benefits and expenses with depreciation, provisions and value adjustments. The provisions set were as follows: In RON Balance on 01 January 2021 Entries (established) Exits (resumed) Balance on 31 December 2021 Provisions for litigations - - - - Provisions for incentives and payable premiums 10,063,154 5,500,000 10,063,154 5,500,000 Total 10,063,154 5,500,000 10,063,154 5,500,000

Notes to the Individual Financial Statements as at 31 December 2021 page 42 11. Income tax Reconciliation of profit before taxation with the profit tax expense in the profit or loss account In RON 31 December 2021 31 December 2020 Current income tax 1,850,524 - Tax on dividends 2,437,268 2,822,421 Total profit tax recognized in the result of the exercise 4,287,792 2,822,421 Profit before taxation 41,838,530 55,053,441 Tax according to the statutory quota of 16% 6,694,165 8,808,551 The effect on the profit tax of: Non-deductible expenses 3,030,942 2,016,496 Non-taxable income (10,930,266) (11,405,617) Fiscal losses from current activities - 580,570 Tax on dividends 2,437,268 2,822,421 Amounts representing sponsorship within legal limits (465,000) - Records and resumes of temporary differences - - Elements similar to revenues 3,520,683 - Profit tax 4,287,792 2,822,421 As of 31 December 2021, the non-deductible expenses on which the income tax effect has been calculated mainly include expenses related to non-taxable income as well as bonuses expenses (incentives) related to 2019 and 2020, which were granted in April 2021 and in the last quarter of 2021, respectvely. Non-taxable income on which the income tax effect has been calculated mainly includes dividend income as well as income from the reversal of provisions for bonuses (incentives) granted. The elements similar to revenues with a tax impact were mainly represented by the dividends payable for 2016 and 2017 amounting to 21,561,288 RON, that were transferred to reserve accounts as a result of the resolution no. 6 of the General Shareholder Meeting dated 20 October 2021. 12. Cash and cash equivalents In RON 31 December 2021 31 December 2020 Petty cash 729 7,999 Current bank accounts 3,911,187 4,256,849 Cash equivalents 6,314 14,665 Total cash and cash equivalents 3,918,230 4,279,513 Current accounts opened with banks are permanently available to the Company and are not restricted.

Notes to the Individual Financial Statements as at 31 December 2021 page 43 13. Bank deposits In RON 31 December 2021 31 December 2020 Sight deposits 14,628,077 26,584,362 Attached claims 3,452 18,531 Total deposits in banks 14,631,529 26,602,893 Bank deposits are permanently available to the Company and are not restricted or encumbered. 14. Financial assets 14 a) Bonds at amortized cost 31 December 2021 31 December 2020 Unlisted corporate bonds 6,800,000 - Total coupon rate to collect 51,710 - Total bonds at amortized cost 6,851,710 - As of 31 December 2021, the bonds at amortized cost include the unlisted corporate bonds issued by Mercur S.A. Craiova. The bonds were purchased in the offer sent to less than 150 investors by Mercur S.A. Craiova during 09.09.2021-13.09.2021. A number of 680 bonds with the following features were purchased: - Nominal value: 10,000 RON; - Maturity: 15.09.2026; - Interest rate: ROBOR 1M +1% /year; - Payment of coupons: half-yearly; - Guaranteed with a real estate mortgage. 14 b) The financial assets held at fair value through other comprehensive income elements are as follows: In RON 31 December 2021 31 December 2020 Listed shares assessed at fair value 2,214,453,327 1,860,757,632 Unlisted shares assessed at fair value 163,005,725 153,924,820 Shares assessed at cost - - Total 2,377,459,052 2,014,682,452 14 c) The financial assets held at fair value through profit or loss (fund units) In RON 31 December 2021 31 December 2020 Open Investment Fund BT INDEX România 3,368,366 2,535,582 Open Investment Fund Napoca 289,500 231,592 Open Investment Fund Transilvania 412,701 388,376 Open Investment Fund Tehnoglobinvest 581,896 443,393 Total 4,652,463 3,598,943

Notes to the Individual Financial Statements as at 31 December 2021 page 44 The fair value measurement of the equity investments (equity instruments - shares) held as of 31 December 2021 was performed as follows: In RON Shares assessed at fair value Shares assessed at cost Fund units Total 01 January 2021 2,014,682,452 - 3,598,943 2,018,281,395 Purchases 183,530,743 - - 183,530,743 Sales (cost) (54,480,910) - - (54,480,910) Changes in the fair value 233,726,767 - 1,053,520 234,780,287 31 December 2021 2,377,459,052 - 4,652,463 2,382,111,515 The share inflows during 2021 are in amount of 183,530,743 RON and mainly represent purchase of shares on the capital market in S.I.F. Muntenia (78.83 million RON), S.I.F. Banat- Crișana (40.58 million RON), Antibiotice Iași (26.94 million RON), Banca Transilvania (26.60 million RON), Alimentara Slatina (8.97 million RON), Bursa de Valori Bucuresti (0.94 million RON), Lactate Natura (0.51 million RON), Sinterom (0.14 million RON) and Complex Hotelier (0.01 million RON). The sales of shares during the reporting period were 54,480,910 RON and represent the cost of shares exiting the Company’s portfolio, i.e. Banca Transilvania (31.41 million RON), OMV Petrom (10.77 million RON), SNGN Romgaz (6.22 million RON), S.I.F. Transilvania (3.57 million RON), Altur S.A. Slatina (1.32 million RON), CNTEE Transelectrica (0.74 million RON), Cerealcom Alexandria (0.41 million RON) and Corint S.A. Târgoviște (0.03 million RON). The fair value measurement of the equity investments (equity instruments - shares) held as of 31 December 2020 was performed as follows: In RON Shares assessed at fair value Shares assessed at cost Fund units Total 01 January 2020 2,276,607,625 - 3,551,796 2,280,159,421 Purchases 7,861,986 - - 7,861,986 Sales (cost) (45,983,210) - - (45,983,210) Changes in the fair value (223,803,949) - 47,147 (223,756,802) 31 DECEMBER 2020 2,014,682,452 - 3,598,943 2,018,281,395 The share inflows during 2020 amounting 7,861,986 RON mainly include the acquisition of shares on the capital market in BRD Groupe Societe Generale (2.6 mln RON), Banca Transilvania (2.5 mln RON), Lactate Natura (2 mln RON), Antibiotice Iași (0.5 mln RON), etc. The sales of shares during 2020 were 45,983,210 RON and represent the cost of shares exiting the Company’s portfolio, i.e. Prodplast (11.5 mln RON), OMV Petrom (31.1 mln RON), Banca Transilvania (1.5 mln RON), S.I.F. Moldova (1.2 mln RON), BT Asset Management SAI (0.6 mln RON). The net gain from the sale of financial assets measured at fair value through other comprehensive income was recorded in the result reported in accordance with the provisions of IFRS 9 and is presented as follows: In RON 31 December 2021 31 December 2020 The value of sales of financial assets measured at fair value through other comprehensive income 167,016,474 102,095,002 Cost of financial assets sold at fair value through other (54,480,910) (45,983,210)

Notes to the Individual Financial Statements as at 31 December 2021 page 45 comprehensive income Tax on profit related to the sale of financial assets recorded in retained earnings (18,005,691) (7,730,123) Net profit from the sale of financial assets reflected in retained earnings 94,529,873 48,381,669 The fair value on 31 December 2021 for the first 10 issuers in portfolio represents 78.67 % of the value of the total assets of the Company and is presented as follows: No. Issuer Fair value Percentage in total assets Percentage in net assets 1 BANCA TRANSILVANIA S.A. Cluj-Napoca 591,552,885 24.4182 26.9177 2 BRD GROUPE SOCIETE GENERALE S.A. Bucureşti 487,335,445 20.1163 22.1755 3 OMV PETROM S.A. Bucureşti 261,549,961 10.7963 11.9014 4 ANTIBIOTICE S.A. Iaşi 107,436,212 4.4348 4.8887 5 SIF BANAT – CRIȘANA Arad 88,605,685 3.6575 4.0319 6 MERCUR S.A. Craiova 85,133,633 3.5142 3.8739 7 SNGN ROMGAZ S.A. Mediaş 79,297,335 3.2732 3.6083 8 SIF MUNTENIA Bucharest 76,051,820 3.1393 3.4606 9 FLAROS S.A. Bucureşti 69,069,840 2.8511 3.1429 10 CNTEE TRANSELECTRICA Bucureşti 59,891,423 2.4722 2.7253 TOTAL 1,905,924,239 78.6729 86.7262 The fair value on 31 December 2020 for the first 10 issuers present in the portfolio represents 80.79% of the value of the total assets of the Company and is presented as follows: No. Issuer Fair value Percentage in total assets Percentage in net assets 1 BANCA TRANSILVANIA S.A. Cluj-Napoca 533,877,316 25.9028 26.7144 2 BRD GROUPE SOCIETE GENERALE S.A. Bucureşti 425,772,717 20.6577 21.3050 3 OMV PETROM S.A. Bucureşti 208,670,342 10.1243 10.4415 4 MERCUR S.A. Craiova 97,336,253 4.7226 4.8706 5 FLAROS S.A. Bucureşti 80,170,350 3.8897 4.0116 6 CNTEE TRANSELECTRICA Bucureşti 69,422,285 3.3682 3.4738 7 SNTGN TRANSGAZ Mediaş 68,857,013 3.3408 3.4455 8 SNGN ROMGAZ S.A. Mediaş 63,258,832 3.0692 3.1654 9 ANTIBIOTICE S.A. Iaşi 62,142,974 3.0151 3.1095 10 ARGUS S.A. Constanţa 55,656,101 2.7003 2.7849 TOTAL 1,665,164,183 80.7907 83.3222 • The hierarchy of fair values For the calculation of fair value, for equity instruments (shares), the Company uses the following hierarchy of methods: - Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities; - Level 2: entries other than the listed prices included in Level 1 which are observable for assets or liabilities, either directly (e.g. prices) or indirectly (e.g. derivated from price); - Level 3: assessment techniques based largely on unobservable elements. This category includes all instruments for which the valuation techniques include elements that are not based on observable data and for which unobservable input parameters can have a significant effect on the valuation of the instrument.

Notes to the Individual Financial Statements as at 31 December 2021 page 46 In RON 31 December 2021 31 December 2020 Level 1 1,912,321,299 1,703,660,784 Level 2 218,019,431 159,965,723 Level 3 251,770,785 154,654,888 Total 2,382,111,515 2,018,281,395 The fair value measurement of the equity investments (equity instruments - shares) held as of 31 December 2021 was performed as follows: - for listed and traded securities in the reporting period, the market value was determined considering the quotation of the last trading day (closing quotation on the main capital market for those listed on the regulated market - BVB, respectively the reference price for the alternative system - AERO for level 1, and quotations taken for shares traded in the last 30 trading days - for level 2); In case of listed companies with low liquidity, the fair value was determined according to the International Valuation Standards, based on a revaluation report prepared by an independent, authorized ANEVAR valuer and updated at least on an annual basis. It is the case of Mercur S.A. Craiova, Univers S.A. Ramnicu Valcea and Alimentara S.A. Slatina, for which a revaluation report based on the financial statements as at 30.09.2021 was used. - for listed securities that have no transactions in the last 30 days of the reporting period, as well as for unlisted securities, the market value is determined as the book value per share as it results from the last approved yearly financial statements of the entity; - for securities issued by credit institutions not admitted to trading, the assessment is made at the book value per share calculated based on the value of the equity capital included in the monthly reports submitted to the NBR; - for securities not admitted for trading on a regulated market or within an alternative trading system in Romania and in which the company is holding more than 33% of the share capital, the assessment is made in accordance with International Valuation Standards on the basis of a revaluation report updated at least yearly; - for the securities related to companies in insolvency or reorganization procedures, the valuation is made at zero value. The securities issued by mutual funds are assessed taking into account the last unit value of the net asset, computed and published. 15. Trade and other receivables In RON 31 December 2021 31 December 2020 Trade receivables 15,608 45,340 Debtors 2,759,291 832,876 Claims in connection with the state budget and the social insurance budget 229,049 44,745 Other receivables 1,124 1,118 Allowance for doubtful debts (693,435) (732,212) TOTAL 2,311,637 191,867 Compared to the beginning of the financial year, debtors are recorded on 31 December 2021 with amounts from share transactions of 2,053,856 with a settlement deadline in January 2022 (T+2).

Notes to the Individual Financial Statements as at 31 December 2021 page 47 The decrease in the allowance for doubtful debts was due to the reversal of the allowance of 35,565 RON pursuant to the collection of the receivables arising from legal proceedings in the litigations with the Authority for State Assets Administration. 16. Tangible assets In RON Land and buildings Technical installations and machinery Other installations, tools and furniture Advance payments and tangible assets in progress Total Gross value 01 January 2020 11,347,935 2,454,836 207,371 - 14,010,142 Increase - 14,300 - - 14,300 Decrease - (15,529) (15,125) - (30,654) 31 December 2020 11,347,935 2,453,607 192,246 - 13,993,788 Increase 1,144,195 261,427 19,487 - 1,425,109 Decrease (1,541,982) (23,300) (5,799) - (1,571,081) 31 December 2021 10,950,148 2,691,734 205,934 - 13,847,816 Accumulated depreciation 01 January 2020 519,006 1,904,965 156,981 - 2,580,952 Depreciation charged during the year 427,889 114,105 12,538 - 554,532 Decreases or reversals - (15,529) (7,073) - (22,602) 31 December 2020 946,895 2,003,541 162,446 - 3,112,882 Depreciation charged during the year 398,061 178,430 10,137 - 586,628 Decreases or reversals (1,344,956) (23,300) (5,798) - (1,374,054) 31 December 2021 - 2,158,671 166,785 - 2,325,456 Net accounting value as at 1 st of January 2020 10,828,929 549,871 50,390 - 11,429,190 Net accounting value as at 31 st of December 2020 10,401,040 450,066 29,800 - 10,880,906 Net accounting value as at 31 st of December 2021 10,950,148 533,063 39,149 - 11,522,360

Notes to the Individual Financial Statements as at 31 December 2021 page 48 The company has no restrictions on the title deeds. Tangible assets were not used as collaterals. At the end of the reporting periods of 2021 and 2020, the Company did not have any contractual obligations for the purchase of tangible assets. The last revaluation for land and buildings was made on 31 December 2021 and the differences from the revaluation were registered within the equity. The revaluation was carried out by an authorized evaluator, i.e. Neoconsult Valuation S.R.L., Corporate Member of ANEVAR under no. 0377, based on the contract no. 5773/03 December 2021. The management considers that the net accounting value of the land and buildings as at 31 December 2021 represents an estimate of the fair value on the reporting date. 17. Investment property In RON 31 December 2021 31 December 2020 Balance on 1 st January 675,090 631,919 Revaluation result 438,157 43,171 Balance on 31 st December 1,113,247 675,090 The last revaluation of investment property held was made as at 31 December 2021. The revaluation differences were recorded in the profit or loss account for the period. The valuation was carried out by an authorized evaluator, i.e. Neoconsult Valuation S.R.L., Corporate Member of ANEVAR under no. 0377, based on the contract no. 5773/03 December 2021. 18. Other assets In RON 31 December 2021 31 December 2020 Intangible assets 6,181 1,697 Other long term receivables 37,143 55,009 Inventories 16,153 17,241 Prepayments 72,624 97,446 TOTAL 132,101 171,393 19. Dividends payable In RON 31 December 2021 31 December 2020 Dividends payable for 2013 644,647 644,649 Dividends payable for 2014 484,045 484,051 Dividends payable for 2015 593,549 593,557 Dividends payable for 2016 411,208 12,469,951 Dividends payable for 2017 320,082 9,911,883 Dividends payable for 2018 21,158,830 21,499,959 Dividends payable for 2019 14,696,597 15,618,139 Dividends payable for 2020 7,490,028 - Total dividends payable 45,798,986 61,222,189

Notes to the Individual Financial Statements as at 31 December 2021 page 49 Based on Decision no. 6 of the OGSM of S.I.F. Oltenia S.A. of 20 October 2021, it was approved that the dividends which were not collected for more than three years from the date when they were due for collection, whose rights were already limited by prescription, i.e. the dividends for 2016 and 2017 financial years recorded as unpaid as at 26.10.2021, would be transferred to reserves in 2021. In this respect, dividends for 2016 in amount of 12,058,153 and dividends for 2017 in amount of 9,503,136 RON were transferred to reserves. 20. Taxes payable In RON 31 December 2021 31 December 2020 Debts to the Social Insurance Budget 1,402,826 203,662 Debts to the State Budget 17,537,654 602,149 Other taxes and fees - - Total 18,940,480 805,811 As of 31 December 2021, the category “Debts to the state budget” includes 16,776,057 RON income tax to be paid for the fourth quarter of 2021 by March 2022. 21. Deferred tax liabilities Deferred tax liabilities are determined by the following elements: In RON Assets Liabiliti es Net Tax 31 December 2021 Differences from changes in the fair value of financial assets measured at fair value through other comprehensive income 890,987,372 - 890,987,372 142,557,981 Revaluation of tangible assets 8,621,167 - 8,621,167 1,379,388 Retained earnings representing achieved and non- taxed revaluation reserves 2,168,662 - 2,168,662 346,987 Retained earnings representing unachieved and non- taxed revaluation reserves 4,591,227 - 4,591,227 734,596 Retained earnings representing unachieved and non- taxed revaluation reserves – investment property 359,751 - 359,751 57,561 Differences from changes in the fair value of financial assets measured at fair value through other comprehensive income - free shares on balance 34,837,127 - 34,837,127 5,573,941 Legal reserves 10,000,000 - 10,000,000 1,600,000 Other reserves – dividends prescribed according to the OGSM decision of 23 rd April 2005 6,551,528 - 6,551,528 1,048,245 Other reserves 980,658 - 980,658 156,907 The difference in the change in the fair value of financial assets assessed through other comprehensive income – hyperinflation 779,998 - 779,998 124,800 TOTAL 959,877,490 - 959,877,490 153,580,406

Notes to the Individual Financial Statements as at 31 December 2021 page 50 In RON Assets Liabilities Net Tax 31 December 2020 Differences from changes in the fair value of financial assets measured at fair value through other comprehensive income 646,652,019 - 646,652,019 103,464,324 Revaluation of tangible assets 8,535,399 - 8,535,399 1,365,665 Retained earnings representing achieved and non-taxed revaluation reserves 2,168,662 - 2,168,662 346,987 Retained earnings representing unachieved and non-taxed revaluation reserves 4,347,867 - 4,347,867 695,659 Retained earnings representing unachieved and non-taxed revaluation reserves – investment property 359,751 - 359,751 57,561 Differences from changes in the fair value of financial assets measured at fair value through other comprehensive income - free shares on balance 45,445,712 - 45,445,712 7,271,314 Legal reserves 10,442,982 - 10,442,982 1,670,877 Other reserves – dividends prescribed according to the OGSM decision of 23 rd April 2005 6,551,528 - 6,551,528 1,048,245 Other reserves 980,658 - 980,658 156,907 The difference in the change in the fair value of financial assets assessed through other comprehensive income – hyperinflation 779,998 - 779,998 124,800 TOTAL 726,264,576 - 726,264,576 116,202,339 The deferred income tax as at 31 December 2021 is 153,580,406 RON (2020: 116,202,339 RON), being mainly determined by the financial assets assessed at fair value through other comprehensive income. 22. Other liabilities In RON 31 December 2021 31 December 2020 Staff-related payables 683,016 316,723 Trade payables 439,275 256,223 Sundry creditors 4,606 856 Accrued revenue 12,134 17,587 Provisions 5,500,000 10,063,154 Guarantees received - 814 Total other liabilities 6,639,031 10,655,357 Provisions as of 31 December 2021 were lower than at the beginning of the year given the reversal of the provisions for personnel bonuses (incentives) for 2019 and 2020, bonuses granted in April 2021 and in the fourth quarter of 2021 in total amount of 8,633,677 RON. Provisions for employees participation in profit and bonuses payable for 2019 and 2020 in total amount of 1,429,477 were reversed as income.

Notes to the Individual Financial Statements as at 31 December 2021 page 51 23. Capital and reserves • Registered capital The registered capital, according to the Company’s articles of association, was of 50,000,000 RON, is divided into 500,000,000 shares with a nominal value of 0.1 RON / share and is the result of the direct subscriptions made to the share capital of the Company and of the conversion into shares of amounts due as dividends based on Law no. 55/1995 and through the effect of Law no. 133/1996. The shares issued by the Company are traded on the Bucharest Stock Exchange, the Premium category (SIF5 market symbol). The record of the shares and the shareholders is kept by Depozitarul Central S.A. of Bucharest. The Company’s shares are: ordinary, nominative, of equal value, issued in a dematerialized form, fully paid when subscribed, registered to the account and granting equal rights to their holders, except for the limitations in the legal provisions and regulations. The following events resulting in the decrease of registered capital occurred during 2020 and 2021: ▪ On 1 July 2020, FSA issued the Registration Certificate for financial securities no. AC-419- 2/01 July 2020 for the registration of the decrease in the registered capital, as a consequence of the EGSM resolution of 18 November 2019. The registered capital was decreased by 19,622,585 shares with a nominal value of 0.1 RON, from 58,016,571.40 RON (divided into 580,165,714 shares) to the value of 56,054,312.90 RON (divided into 560,543,129 shares). ▪ On 19 August 2020, FSA issued the Registration Certificate for financial securities no. AC- 419-3/19 August 2020 for the registration of the decrease in the registered capital, as a consequence of the EGSM resolution no. 10 of 25 March 2020. The registered capital was decreased by 38,393,986 shares with a nominal value of 0.1 RON, from 56,054,312.90 RON (divided into 560,543,129 shares) to the value of 52,214,914.30 RON (divided into 522,149,143 shares). ▪ Based on the Resolution No. 8 of the Extraordinary General shareholders meeting of 25 March 2020, the Company purchased a number of 22,149,143 of its own shares representing 3.8177% of the share capital. The acquisition of the shares was made within the public share purchase offer issued by the Company and approved by FSA, by Decision No. 863 / 15.07.2020. On 24 June 2021, FSA issued the Registration Certificate for financial securities no. AC-419- 4/24.06.2021 for the registration of the decrease in the registered capital, as a consequence of the EGSM resolution no. 6 of 29 October 2020. The registered capital was decreased by 22,149,143 shares with a nominal value of 0.1 RON, from 52,214,914.30 RON (divided into 522,149,143 shares) to the value of 50,000,000 RON (divided into 500,000,000 shares). According to the articles of incorporation, the registered capital is as follows: In RON 31 December 2021 31 December 2020 Statutory registered capital 50,000,000 52,214,914

Notes to the Individual Financial Statements as at 31 December 2021 page 52 As of 31 December 2021, the number of shareholders is 5,732,113 (31 December 2020: 5,734,987) with the following structure: No. of shareholders No. of shares Amount (RON) (%) 31 December 2021 Resident natural entities 5,730,002 227,821,753 22,782,175 45.56 Non-resident natural entities 1,900 2,202,879 220,288 0.44 Total natural entities 5,731,902 230,024,632 23,002,463 46 Resident legal entities 185 206,924,700 20,692,470 41.38 Non-resident legal entities 26 63,050,668 6,305,067 12.62 Total legal entities 211 269,975,368 26,997,537 54 Total 31 December 2021 5,732,113 500,000,000 50,000,000 100.00 No. of shareholders No. of shares Amount (RON) (%) 31 December 2020 Resident natural entities 5,732,877 226,484,341 22,648,434 43.37 Non-resident natural entities 1,885 2,194,251 219,425 0.42 Total natural entities 5,734,762 228,678,592 22,867,859 43.79 Resident legal entities 189 225,290,250 22,529,025 43.15 Non-resident legal entities 36 68,180,301 6,818,030 13.06 Total legal entities 225 293,470,551 29,347,055 56.21 Total 31 December 2020 5,734,987 522,149,143 52,214,914 100.00 • Legal reserves The legal reserves are established according to the legal requirements, for 5% of the profit determined in accordance to the applicable accounting regulations up to the level of 20% of the share capital. The value of the legal reserves as of 31 December 2021 was 11,603,314 RON (31 December 2020: 11,603,314 RON). In the financial years 2021 and 2020, the Company has not set up legal reserves from the profit, as they reached a threshold of 20% of the registered capital, based on the articles of incorporation. Legal reserves cannot be distributed to shareholders. • Differences from changes in the fair value of financial assets measured at fair value through other comprehensive income This includes the cumulative net changes in the fair values of the financial assets measured at fair value by other comprehensive income, from the date of their classification in this category to their derecognition or impairment. The reserves from the assessment of the financial assets assessed at fair value by other comprehensive income are recorded at net value by the related deferred tax and are 775,542,623 RON as of 31 December 2021 (31 December 2020: 579,141,262 RON). The deferred tax related to these reserves is recorded in equity and deducted from the reserves of the financial assets assessed at fair value by other items of the comprehensive income.

Notes to the Individual Financial Statements as at 31 December 2021 page 53 • Other reserves In RON 31 December 2021 31 December 2020 Reserves allocated from the net profit 447,736,324 480,256,067 Reserves established following the enforcement of Law no. 133/1996* 144,636,073 144,636,073 Reserves from prescribed dividends 28,112,816 6,551,528 Reserves from exchange rate differences and other reserves 980,657 980,657 Total 621,465,870 632,424,325 * The reserve related to the initial portfolio was established following the application of Law No. 133/1996, as a difference between the value of the contributed portfolio and the value of the registered capital subscribed to the Company. These reserves are assimilated to a contribution premium. • Retained earnings In RON 31 December 2021 31 December 2020 Retained earnings from the enforcement of IFRS9 (including transaction earnings) 685,204,272 590,674,400 Net profit for the period 37,550,738 52,231,020 Other amounts recognized to the retained earnings (revaluation reserves) 9,024,830 8,700,961 Total 731,779,840 651,606,381 • Dividends The Ordinary General Shareholder Meeting, meeting on 28 April 2020, decided to allocate the net profit for the financial exercise of 2019 of 124,132,273.67 RON for the following purposes: a) dividends: 52,214,914.30 RON (42.0639% of the net profit), which ensures a gross dividend per share of 0.10 RON. The proposed dividend ensures a shareholder compensation rate of 4.70%, calculated at the average share trading price in 2019 (2.1272 RON/share) and 3.91% calculated at the closing price for 2019 (2.56 RON/share). The date of 1 July 2020 is approved as the date for dividend payment according to the provisions of art. 178 par. (2) of FSA Regulation no. 5/2018. Dividends will be allocated to shareholders according to legal provisions; payment-related costs will be borne by the shareholders from the value of net dividends. b) other reserves (the company’s own funding sources): 71,917,359.37 RON (57.9361% of the net profit) in order to establish the required funds for investments, especially for the development of a future programme for the redemption of 22,149,143 own shares with a view to reducing the Company's registered capital. The payment of dividends for 2019 began on 1 July 2020 and was made by means of the Central Depository and payment agent – the Romanian Commercial Bank. The OGSM resolutions of 28 April 2020 were appealed in court and, therefore, the Court of Appeal of Craiova issued Decision no. 315/15 July 2020 suspending the enforcement of the resolutions no. 1-8 adopted by the OGSM of 28 April 2020 until the final settlement of the requests to establish the invalidity of such resolutions.

Notes to the Individual Financial Statements as at 31 December 2021 page 54 The distribution of dividends for 2019 was suspended pursuant to Decision no. 315/15 July 2020, starting 16 July 2020. The payments made by the Company during 1 July - 16 July 2020, for dividends allocated from the net profits of 2019 and paid based on the Securities Holders Register on 12 June 2020 (registration date) are 36,093,495.47 RON. In accordance with decision no. 6 of the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. of 24.02.2021, the payments incurred by the company during 01.07.2020 – 16.07.2020 were approved as “dividends allocated from the net profit of 2019 and paid based on the Financial Instruments Holders Register as of 12.06.2020 (the registration date established in the GOAS attendance notice of 28.04.2020)”, of 36,093,495.47 RON, for 5,447 shareholders of S.I.F. Oltenia S.A. and, in order to ensure equal treatment of shareholders, the existence of the debt right on the company, with a gross value of 16,121,418.83 RON, held by 5,730,349 shareholders of S.I.F. Oltenia S.A., registered in the Register of holders of financial instruments on 12/06/2020 (registration date set in the caller of OGSM of 28/04/2020), representing dividends distributed from the net profits of 2019 and which were discontinued on 16/07/2020. In accordance with decision no. 6 of the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. Of 24.02.2021, the company’s payment of the amounts required to settle the debt was approved, for a total gross value of 16,121,418.83 RON, held by the 5,730,349 shareholders of S.I.F. Oltenia S.A., registered in the Register of holders of financial instruments on 12/06/2020 (registration date set in the caller of OGSM of 28/04/2020), representing dividends distributed from the net profits of 2019 and which were discontinued on 16/07/2020. Additionally, the date 22/03/2021 was approved as the date of payment to the 5,730,349 shareholders of S.I.F. Oltenia S.A., registered in the Register of holders of financial instruments on 12/06/2020, of dividends distributed from the net profits of 2019 and which were discontinued on 16/07/2020. Dividends will be allocated to shareholders according to legal provisions; payment-related costs will be borne by the shareholders from the value of net dividends. The Ordinary General Shareholder Meeting, meeting on 28 April 2021 on the first call, decided to allocate the net profit for the financial exercise of 2020 of 52,231,020 RON for the following purposes: a) Dividends: 25,000,000 RON (47.86% of the net profit), which ensures a gross dividend per share of 0.05 RON. The proposed dividend ensures a shareholder compensation rate of 2.35%, calculated at the average share trading price in 2020 (2.1249 RON/share) and 2.78% calculated at the closing price for 2020 (1.80 RON/share). The date of 30 July 2021 is approved as the PAYMENT DATE for dividend according to the provisions of art. 178 par. (2) of FSA Regulation no. 5/2018. Dividends will be allocated to shareholders according to legal provisions; payment-related costs will be borne by the shareholders from the value of net dividends. b) Other reserves (the company’s own funding sources): 27,231,020 lei (52.14% of the net profit) with a view to establishing the required funds for investments. The payment of dividends for 2020 began on 30 July 2021 and was made by means of the Central Depository and payment agent – the Romanian Commercial Bank.

Notes to the Individual Financial Statements as at 31 December 2021 page 55 24. Result per share In RON 31 December 2021 31 December 2020 Profit attributable to ordinary shareholders 37,550,738 52,231,020 The weighted average number of ordinary shares 500,000,000 522,149,143 The result per basic share 0.0751 0.1000 25. Granted guarantees The Company has not granted any guarantees to third parties. 26. Transactions and money with parties in special relations During its activities, the Company identified the following parties in special relations: • Subsidiaries In accordance with the legislation in force, the Company holds control over a number of 12 subsidiaries as of 31 December 2021 (31 December 2020: 12 issuers). All the Company’s subsidiaries as of 31 December 2021 and 31 December 2020 are headquartered in Romania, and the holding percentage does not differ from the percentage of held votes. Company name Percentage held as of 31 December 2021 - % - Percentage held as of 31 December 2020 - % - COMPLEX HOTELIER DAMBOVITA S.A. Târgoviște 99.99 99.94 VOLTALIM S.A. Craiova 99.55 99.19 MERCUR S.A. Craiova 97.86 97.86 GEMINA TOUR S.A. Rm. Vâlcea 88.29 88.29 ARGUS S.A. Constanța 86.42 86.42 ALIMENTARA S.A. Slatina 85.22 52.24 FLAROS S.A. București 81.07 81.07 CONSTRUCȚII FEROVIARE S.A. Craiova 77.50 77.50 UNIVERS S.A. Rm. Vâlcea 73.75 73.75 PROVITAS S.A București 70.28 70.28 TURISM PUCIOASA S.A. Dâmbovița 69.22 69.22 LACTATE NATURA S.A. Târgoviște 66.33 55.07 During 2021, the company recorded the following related party transactions: - Transactions in the statement of profit or loss: Interest income: Company name 31 December 2021 31 December 2020 MERCUR S.A. Craiova 51,710 - TOTAL 51,710 - - Transactions in the statement of financial position: - Mercur S.A. Craiova – During the period 9 September 2021 - 13 September 2021, the Company purchased 680 unlisted corporate bonds with a nominal value of 10,000 RON/bond, issued by Mercur S.A. Craiova. The bonds were purchased in the offer sent to less than 150 investors by Mercur S.A. Craiova.

Notes to the Individual Financial Statements as at 31 December 2021 page 56 • Associated entities As of 31 December 2021, the Company had holdings of more than 20% but not more than 50% of the share capital in a number of 7 affiliates (31 December 2020: 6 issuers). All the issuers are headquartered in Romania, and the holding percentage does not differ from the percentage of held votes. The holdings in these issuers were not qualified as associated entities, due to the fact that the Company does not exert significant influence in these companies. Company name Percentage held as of 31 December 2021 - % - Percentage held as of 31 December 2020 - % - SINTEROM S.A. Cluj-Napoca 32.13 31.88 ELECTRO TOTAL S.A. Botoșani* 29.86 29.86 TURISM FELIX S.A. Băile Felix 29.26 28.97 ȘANTIERUL NAVAL Orșova S.A. 28.02 28.02 TURISM LOTUS FELIX S.A. Băile Felix 27.46 27.46 ANTIBIOTICE S.A. Iași 26.41 19.05 ELECTROMAGNETICA S.A. București 26.14 26.14 *Company under judicial liquidation • Key management staff 31 December 2021 On 15.09.2021, the company received the decision no. 1135/15.09.2021 from the Financial Supervisory Authority, which withdrew the approval of Mr Adrian Andrici as a member of the Board of Directors. Following the decision of the FSA, the Board of Directors of the company meeting on 01 November 2021 adopted decision no. 27/01.11.2021 in order to supplement the number of board members, with Andreea Cosmanescu being appointed as interim administrator. By FSA authorization no. 236/19.11.2021, in which changes in the way the company is organized and operated were authorized following the appointment of Ms Andreea Cosmanescu as the (provisional) administrator of the company, the membership of the Board of Directors is: Sorin – Iulian Cioacă - President, Mihai Trifu - Vicepresident, Codrin Matei, Mihai Zoescu and Andreea Cosmanescu. Upper management: Sorin – Iulian Cioacă – General Director, Mihai Trifu - Deputy General Director. 31 December 2020 Members of the Board of Directors: Sorin - Iulian Cioacă – President, Mihai Trifu, Adrian Andrici and Codrin Matei. Upper management: Sorin – Iulian Cioacă – General Director, Mihai Trifu - Deputy General Director. The company has no contracted obligations regarding the payment of pensions to the former members of the Board of Directors and therefore has no commitments of this nature. The company has not granted loans or advances (except for advances for travel in the interest of the service, justified in legal terms) to the members of the Board of Directors and the management and has not recorded commitments of this nature, The Company has not received and has not given guarantees to any affiliated party.

Notes to the Individual Financial Statements as at 31 December 2021 page 57 27. Commitments and contingent liabilities Legal actions As of 31 December 2021, 29 cases are registered with the Legal Department of the Company of which, according to the procedural quality, we list: • 18 cases - plaintiff; • 6 cases - defendant; • 3 cases - in insolvency proceedings; • 1 case - impleaded; • 1 case – intervener. According to their scope, the cases are structured as follows: - 11 cases - cancellation of G.S.M. decisions / cancelling operations with actions, in which the Company has the quality of defendant; - 2 cases - cancellation of G.S.M. decisions / cancelling operations with actions, in which the Company has the quality of defendant; - 2 cases - cancellation of decisions issued by F.S.A. Bucharest; - 3 cases - companies in insolvency proceedings, as follows: * in a case the Company has the status of chirographic creditor; * in 2 cases the Company has the status of contribution creditor; - 11 other cases. According to their purpose, we exemplify the following cases: Cases in which the Company has the status of plaintiff mainly aim at the cancellation of GSM decisions, having as object: operations with actions, right of withdrawal from the company, decisions adopted with violation of the limits of competence, among the defendant companies appearing: Elba S.A., Sinterom S.A., Altur S.A., Cerealcom Alexandria S.A., for instance: 1. Case no. 3678/30/2021, before the Timis Court, defendant Elba S.A., seeking an action for the cancellation of the 25.05.2021 OGSM decision. Deadline: 31 January 2022. 2. Case no. 154/1285/2021, before the Cluj Court, defendant Sinterom S.A., seeking an action for the cancellation of the OGSM decision of 05 January 2021. The case was settled on 12 October 2021 with the admission of the Company’s request. On 24 December 2021, Sinterom SA appealed, the next deadline to be set at a later date. 3. file No. 483/87/2016 *, with the Teleorman Court, the defendant Cerealcom Alexandria SA, having as object an action in claims, representing the value of the shares held by the Company at Cerealcom Alexandria SA, following the withdrawal from the company, in the amount of 1,660,825.83 RON, representing the value of the package of shares due upon withdrawal from the company, in accordance with the provisions of art. 134 of Law No. 31/1990 R, as subsequently amended and supplemented. The case was settled on 28 December 2017 with the rejection of the Company’s request. An appeal was filed and on 3 July 2018, the Bucharest Court of Appeal upheld the appeal of the Company and sent the case for re- examination. In the retrial, the Teleorman Court dismissed the action brought by the plaintiff in civil judgment no. 298/2020. The company appealed against the above judgment on 17 September 2021. The company made use of the share package it held in Cerealcom S.A. Alexandria, without any interest in supporting the claim and no longer having active standing, and therefore intended to renounce the trial on the first deadline. Deadline: 14 January 2022. 4. Case no. 1738/104/2019, before the Olt Court, defendant Altur S.A., concerning an action for the establishment of the company’s right of withdrawal from the registered capital of Altur

Notes to the Individual Financial Statements as at 31 December 2021 page 58 S.A. The court granted numerous deadlines for the preparation and submission of expert and evaluation reports. On the deadline of 27 October 2021, the court ordered the replacement of Avensis Capital Consulting SRL by Veridio S.R.L. Deadline: 12 January 2022 for the purposes of the assessment report. In the chapter “other cases”, in which the Company has the status of complainant, files with various scopes are registered: criminal complaints, forced executions, claims-damages, appeals to enforced execution on the due dividends, requests for intervention, cancellation of decisions of the F.S.A., such as: 1. file no. 1047/54/2019, with the High Court of Cassation and Justice, against the Financial Supervisory Authority, aiming at the cancellation of the Decision no. 857 issued by the Financial Supervisory Authority on 25 June 2019. The company lodged an appeal. Deadline: 12 April 2022 2. file no. 4883/2/2019, with the High Court of Cassation and Justice, against the Financial Supervisory Authority, aiming at the cancellation of the Decisions no. 937 and no. 1037, issued by the Financial Supervisory Authority on 18.07.2019, respectively 13.08.2019. On 13 December 2019, the court rejects the request for cancellation and suspension and admits the request for accessory intervention made by S.I.F. Banat-Crișana S.A. The company lodged an appeal. Deadline: 31 March 2022 Cases in which S.I.F. Oltenia S.A. acts as defendant; 1. case no. 2636/63/2020, with the Dolj Court, against S.I.F. Banat-Crișana S.A., S.I.F. Muntenia S.A., SAI Certinvest S.A., for FIA Certinvest Acțiuni, FDI Certinvest BET FI Index, FDI Certinvest XT Index, Szitas Ștefan, Forțan Procopie, Miulescu Mihai Răzvan, Ivănescu Dumitru, intervening on his own behalf, Complex Doina S.A., intervening on its own behalf, Lin & Ema S.R.L., intervening on its own behalf, Buzdea Gheorghe Cătălin, intervening on his own behalf, Tudor Dumitru, intervening on his own behalf, referring to the cancellation of the decisions of the Company’s OGSM of 28 April 2020. On the deadline of 29 March 2021, the court took note of the complainants’ request to waive the judgment. Mr Buzdea Gheorghe Catalin, who intervened in his own name, brought an appeal. On the deadline of 23 September 2021, the court dismissed the appeal as unfounded. In the cases of insolvency, at the date of the analysis there were three cases left: - in two cases, the Company is a creditor, respectively: 1. Electrototal Botosani – case file no. 6146/40/2005, pending before the Botosani Court for 23 February 2022; 2. SCCF Bucharest - file no. 6131/3/2005, pending with the Bucharest Court for 12 January 2022; - the Company is a chirographic creditor in one of the cases, i.e. Geochis S.A. Galați - file no. 1065/121/2019, pending before the Galati Court, with a deadline on 17 January 2022. Environmental contingencies The Company did not record any provision for future environmental costs. The management does not consider the expenses associated with these elements to be significant. Transfer pricing Romanian tax legislation includes rules on transfer prices between affiliated entities since the year 2000. The current legal framework defines the principle of “market value” for transact ions between affiliated persons, as well as the methods for establishing transfer prices. As a result, it is expected that the tax authorities will initiate thorough checks of the transfer prices, to ensure

Notes to the Individual Financial Statements as at 31 December 2021 page 59 that the fiscal result is not distorted by the effect of the prices charged in the relations with affiliated persons. The Company cannot quantify the result of such a review. 28. Events after the reporting date On 23 February 2022, the Board of Directors called the Extraordinary General Shareholder Meeting of S.I.F. Oltenia S.A. for 31 March 2022, with the following agenda: - approving a buy-back programme by the Company of its own shares, in accordance with the applicable legal provisions, under the following conditions: (i) size of the program - repurchase of no more than 25,000,000 shares with a nominal value of 0.10 RON / share representing 5% of the current share capital; (ii) acquisition price of the shares - the minimum purchase price will be 0.1 lei / share and the maximum price will be 4 RON / share; (iii) duration of the program - a period of maximum 5 months from the date of publication of the EGSM decision in the Official Gazette of Romania, Part IV; (iv) payment of the repurchased shares will be made from the distributable profit or available reserves of the company registered in the last approved annual financial statements, except for the legal reserves, based on the financial statements 2020, according to the provisions of art. 103¹ letter d) of Law No. 31/1990, on companies, as republished and modified; (v) purpose of the program - the reduction of the share capital by cancelling the repurchased shares. The impact of the COVID-19 pandemics on the Company’s activity The effects of the SARS-CoV-2 pandemic and related uncertainties have had an impact on the company’s activity. A range of actions to prevent the negative impact caused by the spread of SARS-Cov-2 have been taken on a global level, such as: - adopting supporting measures both for the population and the business environment (for instance, limiting the liquidity crisis by implementing supporting mechanisms based on governmental guarantees); - relaxing the monetary policy by reducing monetary policy interest rates, buying financial assets and supplying liquidities. On a local level, a range of actions supporting local economy were implemented, such as: - reducing the monetary policy interest; - supplying liquidity to the banks; - purchasing government bonds in RON on the secondary market, etc. In the following period, the capital market can be exposed to a strong volatility as a consequence of political uncertainties on a both local and global level. Political uncertainty and volatility of shares may have an impact on the Romanian economy and, consequently, on the issuers in the company’s portfolio. The Company’s Board of Directors is aware that the evolution of SARS-Cov-2 could have an impact on the company’s future activities and carefully estimates the effect of the pandemic on the business environment and on the company’s future results. The company monitors the evolution of global and local events on a permanent basis and tries to find the best measures to ensure the continuity of the activity.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 1 Table of contents .................................................................................................................................................................................. 0 GENERAL INFORMATION .................................................................................................................................... 3 1. ANALYSIS OF THE COMPANY'S ACTIVITY ............................................................................................. 4 1.1. PORTFOLIO MANAGEMENT .................................................................................................................................. 4 1.2. INVESTMENTS AND TRANSACTIONS .................................................................................................................. 12 1.3. ADMINISTRATION OF MONETARY INSTRUMENTS ............................................................................................... 13 1.4. STRUCTURE OF MANAGED ASSETS..................................................................................................................... 14 1.5. EVOLUTION OF THE NET ASSET ........................................................................................................................ 17 1.6 EVOLUTION OF THE SHARES OF S.I.F. OLTENIA S.A. ON THE BUCHAREST STOCK EXCHANGE ........................ 18 1.6.1. Elements of general evaluation ........................................................................................................... 19 1.6.2. Evaluation of the technical level of the company description of the main products made and / or services provided .............................................................................................................................................................. 20 1.6.3. Evaluation of the technical-material supply activity (indigenous sources, import sources) ..................... 20 1.6.4. Evaluation of sales activity ....................................................................................................................... 20 1.6.5. Evaluation of aspects related to the company's employees/ staff ........................................................ 20 1.6.6. Assessing the aspects related to the impact of the issuer's core business on the environment .................. 21 1.6.7. Evaluation of the research and development activity ................................................................................ 21 1.6.8. Evaluation of the company's activity regarding risk management ............................................................ 21 1.6.9. Perspective elements regarding the company's activity ............................................................................ 34 2. TANGIBLE ASSETS OF THE COMPANY ...................................................................................................... 36 3. MARKET OF SECURITIES ISSUED BY THE COMPANY .......................................................................... 36 3.1. SPECIFICATION OF THE MARKETS IN ROMANIA AND OTHER COUNTRIES ON WHICH THE SECURITIES ISSUED BY THE COMPANY ARE NEGOTIATED ............................................................................................................................. 36 3.2. DESCRIPTION OF THE COMPANY'S POLICY ON DIVIDENDS ................................................................................. 36 3.3. DESCRIPTION OF ANY ACTIVITIES OF THE COMPANY TO ACQUIRE ITS OWN SHARES ......................................... 39 3.4. REGISTERED SUBSIDIARIES OF S.I.F. OLTENIA S.A. .......................................................................................... 39 3.5. BONDS AND/OR OTHER DEBT SECURITIES ISSUED BY S.I.F. OLTENIA S.A. ........................................................ 39 4. COMPANY MANAGEMENT ............................................................................................................................. 39 5. SITUATION OF DISPUTES ............................................................................................................................... 43 6. FULFILMENT OF THE COMMUNICATION OBLIGATIONS ESTABLISHED BY THE LEGISLATION......................................................................................................................................................... 45 7. OTHER IMPORTANT EVENTS.................................................................................................................... 45 8. ECONOMIC AND FINANCIAL RESULTS AND ASSETS SITUATION ..................................................... 49 8. ECONOMIC AND FINANCIAL RESULTS ...................................................................................................... 49 9. CORPORATE GOVERNANCE ......................................................................................................................... 53 10. CORPORATE SOCIAL RESPONSIBILITY (CSR)....................................................................................... 66 11. ANNEXES ........................................................................................................................................................... 68

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 2 The annual report for the financial year 2021 was prepared in accordance with Law no. 24/2017 on issuers of financial instruments and market operations, FSA Regulation no. 5/2018 on issuers of financial instruments and market operations, FSA Regulation no.7/2020 on the authorisation and operation of alternative investment funds and Rule no. 39/2015 for the approval of the Accounting Regulations compliant with the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the FSA of the Financial Instruments and Investments Sector, as well as to the Investors Compensation Fund. Date of report: 31.12.2021 Company name: S.I.F. OLTENIA S.A. Registered office: Craiova Municipality, str. Tufănele nr. 1, Dolj County, postal code 200767 Telephone/fax number: 0251-419.343; 0251-419.340 Tax Registration Code: RO 4175676 Registration number in the Trade Register: J16/1210/30.04.1993 FSA Register Number: PJR07 1 AIFM/160004/15.02.2018 FSA F.I.A.I.R Register Number: PJR09FIAIR/160001/08.06.2021 ISIN: ROSIFEACNOR4 RON code: 254900VTOOM8GL8TVH59 Regulated market where the issued securities are traded: Bucharest Stock Exchange – Premium category (Symbol of SIF5 market) Subscribed and paid-up share capital: Ron 50,000,000 Number of shares issued: 500,000,000 Nominal value: Ron 0.10/share The main characteristics of the securities issued by the issuer: the shares of S.I.F. Oltenia S.A. are registered, issued in dematerialised form and grant equal rights to their holders. The shares of the company are registered in the Premium category of the Bucharest Stock Exchange, being negotiable and freely transferable, in compliance with the legal provisions.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 3 General information S.I.F. Oltenia S.A. is established as a legal entity under private law, of Romanian nationality, organized as a joint stock company based on Law no. The Company is classified according to the applicable legal provisions as a closed-ended Alternative Investment Fund (AIF) for retail investors, diversified, self-administered category. The Company is authorised by the Financial Supervisory Authority as the manager of alternative investment funds (AIFM) by Authorization no. 45/15.02.2018 and as an Alternative Investment Fund for Retail Investors (F.I.A.I.R) dated 08.06.2021, according to Authorization no. 94/08.06.2021. Legal framework During the reporting period, S.I.F. Oltenia S.A. carried out its activity in compliance with the legal provisions contained in: - Companies Law no. 31/1990, republished, as subsequently amended and supplemented. - Law no. 74/2015 on Alternative Investment Fund Managers; - Law no. 24/2017 on issuers of financial instruments and market operations; - Law 243/2019 on the regulation of alternative investment funds - FSA Regulation no. 9/2014 on the authorization and functioning of investment management companies, undertakings for collective investment in transferable securities and depositaries of undertakings for collective investment in transferable securities; - FSA Regulation no. 10/2015 on the management of alternative investment funds; - FSA Regulation no. 1/2019 on the assessment and approval of the members of the management structure and of the persons holding key positions in the entities regulated by the Financial Supervisory Authority; - FSA Regulation no. 2/2016 on the application of corporate governance principles by authorized entities, regulated and supervised by the Financial Supervisory Authority; - FSA Regulation no. 2/2018 amending and supplementing certain normative acts; - Regulation 5/2018 on issuers of financial instruments and market operations; - FSA Regulation no.7/2020 on the authorisation and operation of alternative investment funds; - Bucharest Stock Exchange Code; - Corporate Governance Code of the Bucharest Stock Exchange; - Rule no. 39/2015 for the approval of the accounting regulations in accordance with the international financial reporting standards, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as to the Investor Compensation Fund and - The Articles of Association S.I.F. Oltenia S.A., as issuer listed in the Premium category of BUCHAREST STOCK EXCHANGE., is permanently concerned with the observance of the Corporate Governance principles.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 4 1. Analysis of the company's activity S.I.F. Oltenia S.A., a Romanian legal entity, was established as a joint stock company on 01.11.1996, based on Law no. 133/1996 regarding the transformation of the Funds of Private Property into Financial Investment Companies. S.I.F. OLTENIA S.A. is listed on the Bucharest Stock Exchange starting with 01.11.1999, with a free float of 100%. Main field of activity The main field of activity of the company is NACE code 649 - other financial service activities, except insurance and pension funding, and its main activity is NACE code 6499 - other financial service activities n.e.c. Business sector The main activities that S.I.F. Oltenia S.A. can carry out are the following: a) portfolio management; b) risk management. The Company, as AIFM., may also carry out other activities such as: - management of the entity: a) legal and fund management accounting services; b) customer inquiries; c) control of compliance with the applicable legislation; distribution of income; e) issues and buy-backs of equity investments; f) keeping records. Activities related to the assets of AIFs, namely services necessary to meet the fiduciary duties of the AIFM, facilities management, real estate administration activities, advice to undertakings on capital structure, industrial strategy and related matters, advice and services relating to mergers and the purchase of undertakings and other services connected to the management of the AIF and the companies and other assets in which it has invested. In 2021, the performance of the depositary activities provided for by the FSA legislation and regulations was ensured by RAIFFEISEN BANK S.A. The record of the shareholders of S.I.F. Oltenia S.A. is kept by Depozitarul Central S.A. Bucharest. During the financial year 2021, no significant merger or reorganization of S.I.F. Oltenia S.A. or of the companies controlled by it took place. 1.1. Portfolio management S.I.F. Oltenia S.A. has as its main objective the management of a diversified portfolio of assets to ensure the resources necessary for the implementation of the investment program, the preservation and long-term growth of the capital, in order to satisfy the interests of its shareholders. The asset allocation strategy aims to maximize the performance of the managed portfolio, under the prudential conditions established by the regulations applicable to the operation of the company.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 5 The investments are made following the legal regulations in the field, taking into account the monitoring and control of the probable risks that may occur due to the activity carried out by the company. The investment/divestiture process is regulated internally through formalised procedures, having established levels of competence approved by the Board of Directors. As of 31 December 2021, the company's portfolio included 40 issuers, compared to 42 issuers as of 31 December 2020. The valuation of the assets of S.I.F. Oltenia S.A. is made according to the FSA Regulations no. 9/2014 and no. 2/2018 The market value of the portfolio of shares administered on 31.12.2021, of Ron 2,377,459,052, recorded an increase of 18% compared to 31.12.2020 when the market value of the portfolio was Ron 2,014,682,452. The company's management capitalized on the market opportunities, although 2021 was still marked by the economic context due to the effects of the SARS-COV-2 pandemic. The application of the strategy, proposed and approved by the shareholders, has led to an increase in the market value of the portfolio managed, leading, as a long-term effect, to an increase in investor confidence. During 2021, S.I.F. Oltenia S.A. exited the shareholding of three issuers: ▪ S.I.F. Transilvania S.A., a company listed at Bucharest Stock Exchange (SIF3 market symbol) where S.I.F. Oltenia S.A. had a holding of 0.6218% in the share capital of the issuer; ▪ Corint S.A. Târgoviște, a company of the closed type, which, following the completion of the bankruptcy procedure by the syndic judge, has left the records of SIF Oltenia S.A. (which had a participation of 5.7978% in the share capital of the issuer); ▪ Cerealcom S.A. Alexandria, a company listed at BUCHAREST STOCK EXCHANGE. (CCOM market symbol) where S.I.F. Oltenia S.A. had a 6.6944% holding in the share capital of the issuer. In 2021, S.I.F. Muntenia S.A., a company listed at Bucharest Stock Exchange (SIF4 market symbol), entered the company's portfolio. As of 31 December 2021, S.I.F. Oltenia S.A. had a 6.1933% holding in the share capital of this issuer. The structure of the portfolio of shares as of 31.12.2021, depending on the market on which it is traded and the way in which it enters into the calculation of the net assets, is described as follows: Item No. Portfolio Structure Issuers Market value of action packages Sc. No. % Ron % 1 Listed companies Bucharest Stock Exchange. 14 35.00 1,906,647,290 80.20 2 Listed companies - AeRO (Bucharest Stock Exchange) 8 20.00 219,040,977 9.21 3 Listed and non-trading companies 4 10.00 88,765,060 3.73 4 Closed-end companies 11 27.50 163,005,725 6.86 5 Companies under reorganization, judicial liquidation 3 7.50 0 0.00 TOTAL 40 100.00 2,377,459,052 100.00 From the analysis of the structure of the portfolio of shares as at 31.12.2021, it is found

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 6 that 93.14% of the market value (calculated in accordance with the FSA Regulation no. 9/2014) is given by the value of listed stakes, compared to 92.36% at the end of 2020. The graphical representation of the portfolio structure by value and by the market in which it operates is as follows: The market value of the listed and traded shares is calculated in accordance with the FSA Regulation no. 9/2014 (is amended as follows: 2/2018; Regulation no. 10/2019; Regulation no. 9/2020; Regulation no. 20/2020) and represents: - the closing price of the section of the market considered to be the principal market for the day for which the calculation is made, in the case of shares admitted to trading on the regulated market in question, or - the reference price for the day for which the calculation is made, in the case of shares traded on trading systems other than regulated markets, including other alternative trading systems, provided by the operator of that trading system for each of the segments of that system. The price used as a reference price shall be calculated on the basis of the trading activity on the day for which the calculation of the asset used as a reference in the opening of the following day's trading session is performed. Joint-stock companies not admitted to trading on a regulated market or other trading systems, including alternative trading systems in Romania, in which S.I.F. Oltenia S.A. owns more than 33% of the share capital, are evaluated exclusively in accordance with the International Valuation Standards based on a valuation report, updated at least annually. This is the case of Complex Hotelier Dâmbovița S.A. Târgoviște, Provitas S.A. Bucharest, Turism S.A. Pucioasa, Gemina Tour S.A. Râmnicu Vâlcea and Voltalim S.A. Craiova, which were evaluated based on the financial statements from 31.12.2020 by the evaluation method "Updating the forecasted cash flows".

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 7 Shares not admitted to trading on a regulated market or other trading systems, including alternative trading systems in Romania, issued by companies in which S.I.F. Oltenia S.A. holds less than 33% of the share capital, are evaluated: (i) at the book value per share, as it results from the last approved annual financial statement of the respective entity. In the case of credit institutions, the book value per share is based on the calculation of the equity value contained in the monthly reports submitted to the National Bank of Romania, if these reports are available, or (ii) at the value determined by applying valuation methods in accordance with international valuation standards (in which the fair value principle is used). In the case of issuers listed on a stock market but with low liquidity, the fair value was determined in accordance with the International Valuation Standards on the basis of a valuation report carried out by an independent ANEVAR authorized valuer, updated at least annually. This is the case of Mercur S.A. Craiova, Univers S.A. Râmnicu Vâlcea and Alimentara S.A. Slatina, which were assessed based on the financial statements from 30/09/2021. For securities of companies in insolvency proceedings or reorganization, the valuation is made at zero. The equity securities issued by mutual funds are valued taking into account the last unit value of the net asset, calculated and published. The valuation methods used for the valuation of financial assets in the Portfolio are available on the company's website www.sifolt.ro, Investor Information/Reporting/Asset Valuation Methods section. Changes in valuation policies and methods shall be communicated to investors and to the Financial Supervisory Authority in accordance with the legal provisions in force. Liquidity analysis of issuers listed on a stock market but with low liquidity In accordance with the valuation policies and methods, following the authorization as Alternative Investment Fund for Retail Investors (F.I.A.I.R), by the FSA Regulation no. 20/2020 amending and supplementing the FSA Regulation no. 9/2014 on the authorization and functioning of investment management companies, undertakings for collective investment in transferable securities and depositaries of undertakings for collective investment in transferable securities, it is provided that, for the calculation of the net asset value in the case of joint stock companies admitted to trading on a regulated market or a multilateral trading system with a liquidity considered by S.I.F. Oltenia S.A. as irrelevant for the application of the valuation method by marking to the market, the shares of those companies shall be valued in the assets of S.I.F. Oltenia S.A. in accordance with the valuation standards in force, according to the law, on the basis of a valuation report. Thus, starting with October 2021, internal analyses regarding the liquidity of the issuers from the portfolio of S.I.F. Oltenia S.A. listed on the regulated market or on the AeRO market have been carried out in order to identify the situations in which the principle of measurement by marking to market is not relevant, following the provisions of IFRS 13 "Fair value measurement" regarding the definition of the "active market" and the main aspects to be considered when measuring the fair value. In summary, following the analysis, it resulted that:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 8 - As regards Univers S.A. Râmnicu Vâlcea, the average number of shares/transactions carried out during 2021 until the date of the analysis (09.12.2021) was only 19 shares, so that the transactions carried out did not have a sufficient volume and frequency to provide constant information in order to measure the issuer's fair value; - the transactions with Mercur S.A. Craiova shares were very low (approximately 0.0229% of the issuer's share capital). By monitoring the liquidity of the shares of this issuer, it was found that, in the 6 months of analysis (concluded on October 5, 2021), it was a small one, the transactions carried out on the MRDO symbol do not have a sufficient volume and frequency to provide constant information for measuring at the issuer's fair value; - Regarding the liquidity of the issuer Alimentara S.A. Slatina, it was found that in the first 10 months of 2021, the average number of shares/transaction was only 15 shares. Also, in November 2021, only one ALRV share was traded (representing only 0.000024% of the share capital of the issuer) with a very high volatility (29.66%) compared to the reference price, so that the transactions carried out do not have a sufficient volume and frequency to constantly provide information in order to measure the issuer's fair value. Considering the provisions of art. 114 paragraphs (4) and (5) of the FSA Regulation no. 9/2014, supplemented by the FSA Regulation no. 20/2020, the management of the company approved the update of the valuation methodology in the case of participations without active market, where S.I.F. Oltenia S.A. has the majority ownership: Mercur S.A. Craiova, Univers S.A. Râmnicu Vâlcea and Alimentara S.A. Slatina, using the valuation method allowed by the regulations in force. This methodology is considered by the company more relevant, ensuring an increased convergence between the monthly reporting of the net asset and the financial accounting statement, as well as a reduction of the monthly volatility of the values of these companies contained in the monthly reporting "Statement of assets and liabilities of S.I.F. Oltenia S.A."(Annex 10) to investors. The structure of the portfolio by categories of holdings is as follows: Share held in the total share capital of the issuer 31.12.2021 31.12.2020 Company no. Market value of the packages - Ron - Weight in the total market value of the portfolio % Company no. Market value of the packages - Ron - Weight in the total market value of the portfolio % 0.01% - 5% 11 1,585,668,874 66.70 13 1,472,932,232 73.11 5.01% - 33% 17 446,274,222 18.77 17 203,975,770 10.12 33.01% - 50% 0 - - - - - 50.01% - 100% 12 345,515,956 14.53 12 337,774,450 16.17 TOTAL 40 2,377,459,052 100.00 42 2,014,682,452 100.00 Of the companies that have exited the portfolio, two fall into the category of shares in which S.I.F. Oltenia S.A. held a share of up to 5% of the share capital, and the third into the

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 9 category of shares in the portfolio in which S.I.F. Oltenia S.A. held a share between 5.01% and 33% of the total share capital of the issuer. The graphical representation of the market value of the portfolio by categories of holdings, as of 31.12.2021, is presented as follows: The main activity sectors in which the issuers existing in the Portfolio are active as at 31.12.2021 are: Economic Sectors Weight in the total market value of the share portfolio % finance, banking 47.10 oil and gas resources and related services 14.34 renting and subletting of real estate 11.27 financial intermediation 7.54 energy and gas transport 4.93 pharmaceutical industry 4.52 tourism, catering, leisure 4.30 food industry 2.58 machine-building, manufacturing industry 2.39 electronics, electrical engineering 1.02 other economic sectors 0.01 TOTAL 100.00 On 31.12.2021, the graphic representation of the main sectors of activity in which the issuers of the portfolio of S.I.F. Oltenia S.A. are active is as follows:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 10 The finance-banks sector, best represented in the portfolio, has a weight of 47.10% of the total market value of the portfolio as of 31.12.2021. It is noted that the share of the sector suffered a slight decrease compared to 31.12.2020 (the share of the financial-banking sector was 49.61% at 31.12.2020), S.I.F. Oltenia S.A. marginally reducing its exposure on the banking financial sector. In the spirit of the strategy approved by the company's shareholders, the portfolio diversification policy was approached, the management also focusing on other sectors that would bring added value to the company's asset portfolio. Exposure on the financial intermediation sector increased from a share in the portfolio as of 31.12.2020 of 3.00%, reaching a share in the total portfolio of 7.54% as of 31.12.2021. The financial intermediation sector is a sector that includes investment companies (FIS), but also Depozitarul Central and the Bucharest Stock Exchange – presenting medium and long-term growth potential. The market value of the first four economic sectors ("finances, banks", "oil resources, methane gas and ancillary services", "rentals and subleases of real estate" and "financial intermediation") increased by 19.54%, from Ron 1,595,954,830 on 31.12.2020 to Ron 1,907,807,091 on 31.12.2021. From the point of view of geographical exposure, all issuers from the portfolio of S.I.F. Oltenia S.A. have their registered office in Romania.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 11 The activity of the trading companies in the portfolio - especially those in which S.I.F. Oltenia S.A. holds controlling or majority shares - was permanently monitored, the main objectives being: - evaluating the real potential of companies; - estimating the investment necessary for the development of the activity; - improving economic and financial results; - promoting efficient management; - establishing the modalities regarding a possible capitalization of the held participations. The managerial involvement of S.I.F. Oltenia S.A. in the case of companies where it holds a majority position resulted in: - providing consultancy in the preparation and optimization of budgets; - negotiating competitive performance criteria with managerial teams; - the introduction of good corporate governance practices; - analyse, together with the management teams, the results, prospects, opportunities and potential risks; - looking for solutions to reduce expenditure; - identification of new outlets. Through its representatives in the Boards of Directors, S.I.F. Oltenia S.A. undertook activities of analysis, monitoring and administration of the companies in the portfolio in which it holds the majority of shares, meetings with the representatives of the companies where S.I.F. Oltenia S.A. has decision-making power, in order to discuss the problems in their activity and to initiate actions to streamline the economic indicators and to overcome the economic difficulties existing at national/international level. Exercise of shareholder duties, conferred by Law no. 31/1990 R, as subsequently amended and supplemented, was made through the representatives in the General Shareholders Meetings. On 31.12.2021, S.I.F. Oltenia S.A. held majority shares in 12 companies: No. Company's name Percentage of ownership S.I.F. OLTENIA S.A. - % - Weight in total assets S.I.F. OLTENIA S.A. - % - 1. COMPLEX HOTELIER S.A. Dâmbovița 99.99 0.42 2. VOLTALIM S.A. Craiova 99.55 2.24 3. MERCUR S.A. Craiova 97.86 3,51 4. GEMINA TOUR S.A. Râmnicu Vâlcea 88.29 0.14 5. ARGUS S.A. Constanța 86.42 2.41 6. ALIMENTARA SLATINA 85.22 0,90 7. FLAROS BUCURESTI 81.07 2.85 8. CONSTRUCTII FEROVIARE CRAIOVA 77.50 0.01 9. UNIVERS RM.VALCEA 73/75 1.27 10. PROVITAS BUCURESTI 70.28 0,22

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 12 11. TURISM PUCIOASA 69.22 0.17 12. LACTATE NATURA TARGOVISTE 66.33 0.12 TOTAL - 14.26 Comparative evolution of the portfolio of S.I.F. Oltenia S.A. and of the VAN in 2021 vs. 2020 is as follows: 31.12.2021 31.12.2020 Number of companies in the portfolio 40 42 Portfolio market value (RON) 2,377,459,052 2,014,682,452 Total Asset Value (RON) 2,422,592,329 2,061,083,057 Net Asset Value (RON) 2,197,633,426 1,998,462,854 Net Unit Asset Value (RON) 4.3953 3.8274 During 2021, the portfolio of shares recorded, in summary, the following evolution: - the number of companies was reduced from 42 companies to 40, decreasing by 4.76%; - the market value of the share portfolio was appreciated by 18.01%; - the value of the total asset increased by 17.54% and that of the net asset value by 9.97%; - the value of the net unit assets recorded an appreciation of 14.84%. 1.2. Investments and Transactions The sales of shares during the reporting period amount to 54.48 million lei and represent the cost of shares out of the company's portfolio. Among the packages of shares that were the subject of the sale transactions, we mention: − Banca Transilvania S.A. 31.41 million Ron − O.M.V. Petrom S.A. 10.77 million Ron − S.N.G.N. Romgaz S.A. 6.22 million Ron − S.I.F. Transilvania S.A. 3.57 million Ron − Altur S.A. Slatina 1.32 million Ron − C.N.T.E.E. Transelectrica S.A. 0.74 million Ron − Cerealcom S.A. Alexandria 0.41 million Ron − Corint S.A. Târgoviște 0.03 million Ron The total investments amounted to 183.53 million Ron. The most important investments on the capital market were in securities issued by: − S.I.F Muntenia S.A. 78.83 million Ron − S.I.F. Banat-Crișana S.A. 40.58 million Ron − Antibiotice S.A. Iași 26.94 million Ron − Banca Transilvania S.A. 26.60 million Ron

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 13 − Alimentara S.A. Slatina 8.97 million Ron − Bursa de Valori Bucharest 0.94 million Ron − Lactate Natura S.A. Târgoviște 0.51 million Ron − Sinterom S.A. Cluj 0.14 million Ron Through the trading activity of 2021, it was intended to strengthen the position and the entry into the shareholdership of companies that would lead to diversification and reduction of the non-systematic risk to which the portfolio of S.I.F. Oltenia S.A. is subject. 1.3. Administration of monetary instruments The cash placement policy was prudent and aimed at diversifying the risk. During 2021, the cash availability was placed in deposits in Ron and foreign currency. As of 31 December 2021, the monetary instruments (current accounts and deposits) amounting to Ron 18,549,759 have a weight of 0.77% of the total assets under management. Of the total monetary instruments, a weight of 78.88% were placed in deposits in Ron, the amounts placed in current accounts, Ron or foreign currency, having a weight of 21.12%. The graphical representation of the placements in monetary instruments as at 31.12.2021 is as follows: Investments were generally made in the short term, on different due dates, in order to ensure the necessary liquidity to pay the outstanding debts and to mitigate the investment risk. As of 31 December 2021, the amounts found in current accounts are Ron 3,918,230, with a weight of 0.16% in total assets, of which Ron 2,221,202 are amounts placed in current and cash accounts in Ron. Bank deposits in the amount of Ron 14,631,529 have a weight of 0.60% in total active. Deposits in lei 76.35% Deposits in foreign currency 2.53% Current accounts and cash in Ron 11.97% Current accounts and cash in foreign currency 9.15% Structure of investments in monetary instruments as at 31.12.2021

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 14 1.4. Structure of managed assets On 31.12.2021, the value of the assets under management – calculated in accordance with the FSA Regulation no. 9/2014 – is Ron 2,422,592,329, representing an increase of 17.54% compared to the value recorded on 31 December 2020 (Ron 2,061,083,057). The following table shows the assets managed by S.I.F. Oltenia S.A. on 31.12.2021: Asset Type Market value - Ron - Weight - % - Financial assets 2,388,963,225 98.6119 Financial assets measured at amortized cost 6,851,710 0.2828 Listed corporate bonds - - Unlisted corporate bonds 6,851,710 0.2828 Financial assets measured at fair value through profit or loss 4,652,463 0.1920 Shares in listed AIFs/UCITS - - Unlisted AIF/UCITS 4,652,463 0.1920 Financial assets measured at fair value through other comprehensive income 2,377,459,052 98.1370 Listed shares traded in the last 30 days 2,125,688,267 87.7444 Listed shares not traded in the last 30 days 88,765,060 3.6641 Non-publicly traded shares 163,005,725 6.7286 Liquid funds 3,918,230 0.1617 Warehouses 14,631,529 0.6040 Other assets 15,067,304 0.6224 Total asset 2,422,592,329 100 It is found that quoted shares represent 91.41% of the assets under management. Financial assets such as shares have a market value of Ron 2,377,459,052, respectively 98.14% of total assets, recording an increase of 18% compared to the value recorded on 31 December 2020 (of Ron 2,014,682,452). Bank deposits and cash in current accounts (Ron and foreign currency), have a weight as of 31.12.2021 of 0.77% of total assets compared to 1.50% as of 31.12.2020. In the third quarter of 2021, S.I.F. Oltenia S.A. diversified its portfolio by acquiring guaranteed bonds issued by Mercur S.A., the weight of these instruments in the total assets of the company being of 0.28%. The graphical representation of the structure of the assets managed on 31.12.2021, is as follows:

S.I.F. OLTENIA S.A. 16 Main 10 participations in the portfolio as at 31.12.2021 compared to 31.12.2020 31 December 2021 31.12.2020 No. . Remitter Number of shares S.I.F. OLTENIA S.A. Market z-value Share in capital headquarters of the issuer Share in total assets of S.I.F. OLTENIA S.A. Number of shares S.I.F. OLTENIA S.A. Market z-value Share in capital of the issuer Share in total assets of S.I.F. OLTENIA S.A. 1. BANCA TRANSILVANIA S.A. Cluj-Napoca 229,284,064 591,552,885 3.6328 24.4182 237,278,807 533,877,316 4.1354 25.9028 2. BRD GROUPE SOCIETE GENERALE S.A. Bucharest 27,533,076 487,335,445 3,9508 20,1163 28,652,269 425,772,717 4,1114 20.6577 3. OMV PETROM S.A. Bucharest 524,148,219 261,549,961 0.9253 10.7963 574,058,712 208,670,342 1.0134 10.1243 4. ANTIBIOTICE S.A. Iaşi 177,287,478 107,436,212 26,4081 4.4348 127,866,202 62,142,974 19.0465 3.0151 5. S.I.F. BANAT CRIȘANA S.A. 34,884,128 88,605,685 6.7681 3.6575 19,536,243 42,979,735 3.7903 2,0853 6. MERCUR S.A. Craiova 7,104,836 85,133,633 97.8593 3.5142 7,104,836 97,336,253 97.8593 4.7226 7. SNGN ROMGAZ S.A. Mediaş 2,033,265 79,297,335 0.5275 3.2732 2,251,204 63,258,832 0.5841 3.0692 8. S.I.F. MUNTENIA S.A. 48,595,412 76,051,820 6,1933 3.1393 - - - - 9. FLAROS S.A. Bucharest 1,233,390 69,069,840 81.0712 2.8511 1,233,390 80,170,350 81.0712 3.8897 10. C.N.T.E.E. TRANSELECTRICA Bucharest 2,661,841 59,891,423 3.6313 2.4722 2,711,808 69,422,285 3.6994 3.3682 11. SNTGN TRANSGAZ Mediaş 243,311 57,421,396 2.0665 2.3702 243,311 68,857,013 2.0665 3.3408 12. ARGUS S.A. Constanţa 30,920,056 58,438,906 86.4160 2.4122 30,920,056 55,656,101 86.4160 2.7003 TOTAL TOP 10 1,905,924,239 * 78.6729 * 1,665,164,183 * 80,7907 * Total assets (RON) 2,422,592,329 2,061,083,057 Note: represents the top 10 issuers in 2021 represents the top 10 issuers in 2020 * - represents the total market value, namely the weight in the total asset of the issuers in the TOP 10 in 2021, respectively 2020

S.I.F. OLTENIA S.A. 17 The market value on 31.12.2021 of the first 10 issuers present in the portfolio represents 78.6729% of the value of the total asset of S.I.F. Oltenia S.A. calculated in accordance with the FSA Regulations no. 9/2014 and no. 2/2018 Analyzing the Top 10 issuers in the portfolio on 31.12.2021, S.I.F. Oltenia S.A. decreased its participation, compared to 31.12.2020, in BANCA TRANSILVANIA S.A. Cluj Napoca, BRD Groupe Societe Generale, OMV Petrom, S.N.G.N. Romgaz S.A. Mediaș and C.N.T.E. Transelectrica S.A. and increased its participation, compared to 31.12.2020, in the share capital of ANTIBIOTICE S.A. Iași, S.I.F. Banat Crișana S.A. and S.I.F. Muntenia S.A. 1.5. Evolution of the Net Asset With a value of Ron 4.3953 on 31.12.2021, the unitary net asset shows an increase of 14.84% compared to the value recorded on 31.12.2020 (Ron 3.8274). The following table shows the evolution of the unit value of net assets vs. the evolution of the SIF 5 share price during 2021: Jan. 2021 Feb. 2021 Mar. 2021 Apr. 2021 May 2021 June 2021 July 2021 Aug. 2021 Sept. 2021 Oct. 2021 Nov. 2021 Dec. 2021 UNIT VALUE OF NET ASSETS – RON 3.9450 3.7141 3.9951 4.0851 4.1725 4.1981 4.2230 4.3532 4.3814 4.3755 4.2076 4.3953 SIF market price 5 - RON 1.9350 1.8950 1.8650 1.8800 1.8620 1.9560 1.8580 1.8420 1.8500 1.8640 1.7860 1.6860 Discount (%) -50.95% -48.98% -53.32% -53.98% -55.37% -53.41% -56.00% -57.69% -57.78% -57.40% -57.55% -61.64% The graphical representation of the evolution of the unit value of net assets compared to the evolution of the price of the SIF 5 share during 2021, is as follows: The valuation of the assets of S.I.F. Oltenia S.A. is carried out according to the FSA Regulations no. 9/2014 and 2/2018. 3.9450 4.3953 1.9350 1.6860 0.0000 0.5000 1.0000 1.5000 2.0000 2.5000 3.0000 3.5000 4.0000 4.5000 5.0000 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 VUAN / market price evolution of SIF5 shares January - December 2021 VUAN – RON SIF 5 market price- RON

S.I.F. OLTENIA S.A. 18 1.6 Evolution of the shares of S.I.F. OLTENIA S.A. on the Bucharest Stock Exchange The shares of S.I.F. Oltenia S.A. were traded, at the end of 2021, with a discount of 61.64% compared to the unit value of net assets. The closing price on 31.12.2021, the last trading day of 2021, for a share of SIF 5 was Ron 1.6860, which represents a decrease of -6.33% compared to the closing price of 2020 of Ron 1.8000. Overall, the situation of the closing prices of the SIF5 issuer in the last two years is as follows: Close Rate 2019 - Ron - Dividend/share 2019 - Ron - Closing price 2020 - Ron - Dividend 2020 - Ron - Closing price 2021 - Ron - Dividend 2020 +price inc. 2021 - Ron - 0 1 2 3 4 5 =3+4 2.5600 0.1000 1.8000 0.0500 1.6860 1.7360 The price of SIF5 shares during 2021 decreased both against the BET index and against the BET-FI index. The maximum price reached in 2021 by the SIF 5 share was Ron 2,0200 (price reached at the trading session on 10.06.2021), and the minimum price of Ron 1.6600 was recorded at the meeting on 28.12.2021. The number of transactions with SIF 5 securities was 13,873, in 2021 a total of 40,204,318 shares were traded. During 2021 on the DEALS market there were 5 transactions amounting to 4,901,291 shares, their value being Ron 9,165,417 and representing 0.98% of the total shares issued (500,000,000 shares issued). ✓ Total number of shares of S.I.F. Oltenia S.A. traded: 40,204,318 ✓ Transaction value: Ron 75,380,332.87 ✓ Average trading price: Ron 1.8646 ✓ The stock market capitalization of S.I.F. Oltenia S.A. on 31.12.2021 was of Ron 843,000,000 (EUR 170.37 million, exchange rate EUR 1 = Ron 4.9481 as at 31.12.2021)

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 19 31.12.2019 31.12.2020 31.12.2021 Total Asset Value - Ron - 2,389,209,825 2,061,083,057 2,422,592,329 Net Asset Value - Ron - 2,338,712,803 1,998,462,854 2,197,633,426 Net Unit Asset Value - Ron - 4.0311 3.8274 4.3953 Offsetting price quotation - Ron - (closing price on the last trading day of the year) 2.5600 1.8000 1.6860 Discount (BVB/UNIT VALUE OF NET ASSETS quotation) - % - -34.20 -36.49 -61.64 The difference between the Total Asset and the Net Asset for 31.12.2021 is due to the calculation method provided in the "FIAIR Rules" with the authorization of the company as Alternative Investment Fund for Retail Investors, according to the legal regulations applicable to the capital market in force introduced by Regulation no. 6/2021 for the amendment and completion of the Regulation of the Financial Supervision Authority no. 7/2020 on the authorisation and operation of alternative investment funds. In this respect, the calculation of the aggregate amount of debts includes both current and non-current debts, as well as the provisions set up by the company. 1.6.1. Elements of general evaluation a) Profit The gross profit recorded on 31.12.2021, also affected by the provision set up for the profit participation fund of the personnel, the superior and administrative management of the company, is Ron 41,838,530. Following the registration of a profit tax of Ron 4,287,792, it resulted a net profit of Ron 37,550,738, higher by 31% the net profit provided in the Income and Expenses Budget for 2021 (Ron 28,731,660). b) Turnover According to the specifics of the activity, S.I.F. Oltenia S.A. records total revenues of Ron 69,888,412, which represents 101.13% of the budgeted value for 2021. c) Export Not applicable d) Costs The total expenditure for 2021 was Ron 28,049,882 and represents 72.17% of the budgeted amount for 2021. According to the specifics of the activity, the main groups of expenses are: - commissions, fees, administration and supervision fees– Ron 3,545,677; - other operating expenses – Ron 24,504,205;

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 20 e) Percentage of the market held Not applicable f) Liquidity On 31.12.2021, the cash availability of S.I.F. Oltenia S.A. amounted to Ron 18,549,759 of which Ron 14,631,529 - placed in bank deposits. 1.6.2. Evaluation of the technical level of the company description of the main products made and / or services provided a) Main outlets – not applicable b) Share of each category of products or services in revenue and total turnover Indicator 2019 2020 2021 - Ron - % - Ron - % - Ron - % TOTAL INCOME out of which: 156,629,440 100.00 71,755,576 100.00 69,888,412 100.00 - Gross dividend income 125,311,887 80.00 70,945,772 98.87 57,273,099 81.90 Income from interests 1,047,964 0.67 306.077 0.43 392,111 0.56 * - In accordance with the provisions of IFRS 9 with effect from 01.01.2018, the results related to transactions with financial assets measured at fair value through other comprehensive income are reflected in retained earnings. Note: The indicators are presented under IFRS reporting conditions for the entire period c) New products envisaged for the next financial year – Not applicable 1.6.3. Evaluation of the technical-material supply activity (indigenous sources, import sources) The technical and material supply of the company is related to the products and materials necessary for the current administrative activity, the weight of these expenses being insignificant. 1.6.4. Evaluation of sales activity Not applicable 1.6.5. Evaluation of aspects related to the company's employees/ staff S.I.F. Oltenia S.A. had, on 31.12.2021, a number of 41 employees, of which 2 members of the senior management (General Manager and Deputy General Manager). Of the employees, 25 are employed in positions requiring higher education.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 21 Total no. of employees Employees with higher education: 2020 41 25 2021 39 25 During 2021, no trade union was organized within the company. Employees have appointed a representative to promote and defend their interests in the relationship with the company's management. 1.6.6. Assessing the aspects related to the impact of the issuer's core business on the environment S.I.F. Oltenia S.A. takes into account the main negative effects of investment decisions on sustainability factors, meaning that the provisions of art. 4 paragraph (1) letter a) of Regulation (EU) 2019/2088 on sustainability in the financial services sector. Through the investments made, S.I.F. Oltenia S.A. has indirect exposure to the sustainable investments made by the companies in its own portfolio, which take into account the characteristics of each sector of activity to which the respective companies belong. Through the exposures from its own portfolio, S.I.F. Oltenia S.A. is an indirect beneficiary of the investments in economic activities that contribute to the achievement of environmental objectives (such as the efficient use of energy resources, of renewable energy, the implementation of programs/investments associated with the circular economy, etc.) or social objectives (such as combating inequality, promoting social cohesion, social integration, investments in human capital or in socially or economically disadvantaged communities, etc.). The Company invests exclusively in those assets permitted by the regulations in force and in compliance with the limits imposed by these regulations. 1.6.7. Evaluation of the research and development activity Not applicable 1.6.8. Evaluation of the company's activity regarding risk management S.I.F. Oltenia S.A., according to the specificity of the activity, is or may be subject to financial risks resulting from the activity carried out in order to achieve the objectives set. Through the risk management policy, the main coordinates of the control and management of the aspects that may have or even end up having an impact on the activity of S.I.F. Oltenia S.A., an important component of the company's activity, are established, targeting both the general risks and the specific risks, as they are provided by the national and international legal regulations. The risk management function is hierarchically and functionally independent from the other compartments within the company. S.I.F. Oltenia S.A. has established within the organizational chart the Risk Management Office, which has an important role in monitoring the risks to which the company is or may be exposed.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 22 The management of significant risks involves providing the framework for identifying, assessing, monitoring and controlling these risks in order to maintain them at an acceptable level in relation to the company's risk appetite and its ability to mitigate or hedge these risks. Risk monitoring is performed on each hierarchical level, with procedures for supervising and approving decision limits. The internal reporting of the risk exposure is made continuously, on each line of activity, the company's management being permanently informed about the risks that may occur in the course of the activity. The risk profile represents all the risks to which the Company is exposed, depending on the strategic objectives and the risk appetite undertaken by the management structure. Through its risk profile S.I.F. Oltenia S.A. has established, for each risk category, the level to which the company is willing to take risks, respectively to accept them, in the context of keeping significant risks under control. The risk profile was established both at a global and at an individual level, for each risk category, considering the Company’s nature, dimension and complex activities of S.I.F. Oltenia S.A. The overall risk profile assumed by the S.I.F. Oltenia S.A. it is a medium one, corresponding to a medium risk appetite. The main risks to which S.I.F. Oltenia S.A. is exposed Investments in the company's shares have not only the advantages that are specific to them, but also the risk of not achieving the objectives, including losses for investors, the revenues attracted from the investments being, as a rule, proportional to the risk. In its current activities, S.I.F. Oltenia S.A. may face both specific risks arising from its current operation and indirect risks arising as a result of carrying out operations and services in collaboration with other financial entities. The main financial risks identified in the activity of S.I.F. Oltenia S.A. are: - market risk (price risk, foreign exchange risk, interest rate risk); - Credit risk - Liquidity risk - operational risk. Market risk Market risk is the current or future risk of adverse outcome on profits, caused by fluctuations in the market prices of equity securities - in terms of activities belonging to the trading portfolio - as well as interest rate and exchange rate fluctuations for the entire activity of the Company. The Company monitors the market risk with the objective of optimizing profitability in relation to the associated risk, in accordance with the approved policies and procedures. From the point of view of S.I.F. Oltenia S.A., the relevant market risks are: price risk (position risk), foreign exchange risk, interest rate risk. Position risk it is generated by the volatility of market prices, such as fluctuations in the market for financial instruments, as a result of changes in market prices, changes caused either by factors affecting all instruments traded on the market or by factors specific to individual instruments or their issuer.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 23 S.I.F. Oltenia S.A. monitors both the systemic component (general risk determined by factors at macro level) and the specific risk, determined by the issuers' own activity, so that when price risks are not in accordance with internal policies and procedures to act in consequence by rebalancing the asset portfolio. Interest rate risk represents the current or future risk of impairment of profits and capital as a result of adverse changes in interest rates. The interest rate directly influences the income and expenses attached to variable interest-bearing financial assets and liabilities. Most of the assets in the portfolio do not bear interest, are denominated in local currency, only a small share of the net assets is denominated in EURO currency. The Company has no debts with maturities over 1 year. With regard to interest-bearing financial instruments, it is the company's policy to invest in short-term financial instruments (1-3 months), reducing the risk of maturity differences. In the third quarter of 2021, S.I.F. Oltenia S.A. diversified its portfolio by acquiring covered bonds issued by Mercur S.A., but the weight of these instruments in the total assets of the company is only 0.28% . It can therefore be concluded that the interest rate risk is insignificant. S.I.F Oltenia S.A. did not use derivative financial instruments in 2021 to hedge against interest rate fluctuations. Currency exchange rate is the risk that the value of a financial instrument will be adversely affected by a fluctuation in the foreign exchange market. This risk takes into account all positions held by S.I.F. Oltenia S.A. in foreign currency deposits, financial instruments denominated in foreign currency, regardless of the holding period or the level of liquidity recorded by those positions. The proportion of the company's assets are expressed in national currency, exchange rate fluctuations do not directly affect the company's activity. These fluctuations have an influence on the assessment of investments such as deposits in foreign currency and cash in current accounts. The Company did not use in 2021 derivative financial instruments to protect itself against exchange rate fluctuations. The currency risk is insignificant. Cash in foreign currency represents, as of 31 December 2021, 0.09% of the total financial assets, so that the currency risk is insignificant. The company constantly aims to minimize the possible adverse effects associated with market risk, through an active policy of prudential diversification of the managed financial asset portfolio. We estimate that the market risk to which the Company is exposed falls within the assumed risk profile. Liquidity risk Liquidity risk is the risk of loss of profit as a result of transactions associated with financial instruments that are illiquid (which could make it difficult to buy or sell these financial instruments in a reasonable time with a minimum loss), as well as the risk that S.I.F. Oltenia S.A. may not be able to meet its short-term financial obligations. S.I.F. Oltenia S.A. seeks to maintain an adequate level of liquidity for its underlying obligations, based on an assessment of the relative liquidity of the assets on the market, taking into account the period required for liquidation and the price or value at which those assets can be liquidated, as well as their sensitivity to market risks or other external factors.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 24 The company systematically monitors the liquidity profile of the asset portfolio, taking into account the contribution of each asset to liquidity, as well as significant liabilities and commitments, contingent or otherwise, that the company may have in relation to its underlying obligations. The liquidity risk related to payment obligations is very low, the current debts of the company being covered by holdings in current accounts and/or short-term deposits. Liquidity risk is related in particular to the participations in closed-end companies existing in the managed portfolio. Thus, the sale of participations - in the event of negative aspects in their economic and financial situation or if liquidity is to be obtained - cannot be achieved quickly enough, with the risk that it may not be possible to obtain a price higher than or at least equal to that with which these participations are assessed in the calculation of the net assets, according to the FSA regulations. The Company continuously monitors the liquidity profile of the portfolio, analyzing the impact of each asset on liquidity, adopting a prudential policy on cash outflows, permanently assessing the quantitative and qualitative risks of the positions held and of the investments expected to be realized. We estimate that the liquidity risk falls within the assumed risk profile. Credit risk Credit risk is the company's risk of incurring losses as a result of the insolvency of its debtors. Credit risk expresses the possibility that borrowers or issuers of debt financial instruments will not meet their obligations at maturity due to the deterioration of the borrower's financial situation and insolvency or due to the general situation of the economy. Credit risk arises in relation to any type of debt. The main elements of credit risk identified, which can significantly influence the activity of S.I.F. Oltenia S.A. are: - the risk of non-collection of dividends from portfolio companies; - the risk of non-collection of the value of the contract, in the case of the activity of selling the packages of shares to “closed” type companies, through a sale-purchase contract; - the risk that in the event of the liquidation of a company in the portfolio, the value obtained will be less than the value of the initial investment or even nothing will be recovered; - settlement risk in the case of transactions with shares issued by listed companies; - Concentration Risk The indicators used to measure the risk of issuers' insolvency are the following: exposure rate to issuers at high risk of bankruptcy (in the next 2 years), exposure rate to unlisted issuers, exposure rate by business sector. The company's policy is to diversify the portfolio by avoiding excessive exposure to a debtor, issuer, financial sector, geographical region. In the case of S.I.F. Oltenia S.A., the credit risk is mostly determined by the exposures on asset elements such as "shares" that represent 98.14% of the assets under management, assessed according to the legal provisions. By the specificity of the portfolio, the sector with high exposure is the "finance, banks" sector with an exposure of over 20% in total active as of 31.12.2021 (the finance sector, banks had on 31.12.2021 a weight of 47.01% in the market value

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 25 of the portfolio of shares). Exposure in this sector is monitored, a positive aspect of these holdings being the liquid nature of the investments, the main issuers being Banca Transilvania and BRD – Groupe Societe Generale. The Company is exposed to credit risk by investing in bonds and by holding current accounts and bank deposits as well as other receivables. The holding of bonds issued by Mercur S.A which have a very low weight (0.28%) in the total asset, these bonds are guaranteed and are not admitted to trading and regarding the cash available of the company, it is placed with several banks, so that the risk of concentration is avoided. The bank deposits are made at the most important banking institution in the system, Banca Transilvania, which holds a BB+ rating, according to Fitch Ratings. We estimate that the credit risk falls within the assumed risk profile. Operational risk Operational risk refers to losses resulting from acts taken (or negligence) in the conduct of business activities. Operational risk is also assimilated to the legal risk that represents the risk of incurring losses caused by the failure to apply or improper application of the legal or contractual provisions. Inthe category of legal risk, the following are sought: IT risk - is a sub-category of operational risk that refers to the risk caused by the inadequacy of IT strategy and policy, information technology and information processing, with reference to its management capacity, integrity, controllability and continuity, or by the improper use of information technology. Strategic risk - represents the current or future risk of affecting profits and capital caused by changes in the business environment or by unfavorable business decisions, inadequate implementation of decisions or lack of response to changes in the business environment. The strategic risk is uncontrollable and unquantifiable, the company's management adopting a prudent policy in order to minimize exposure to this risk. The main milestones in the pursuit of strategic risk are the pursuit of efficiency indicators according to the strategic objectives assumed. In order to avoid strategic risk, the market evolution is monitored in relation to the provisions assumed by the revenue and expenditure budget. At the level of the company we estimate that the strategic risk is low, the business policy adopted by the company's management being a prudential one. Reputational risk - represents the current or future risk of affecting profits and capital determined by the unfavorable perception on the image of the company by shareholders, investors or the supervisory authority. The objective of the company is to satisfy the interests of shareholders and investors and to carry on a lawful and fair business in accordance with the regulations of the capital market. The risk associated with the outsourced activities - represents the financial, reputational and operational impact that the inadequate performance by the service provider of the outsourced activity may have on the company, including the risk that the company cannot carry out financial activities and/or comply with the provisions of the legislation in force, as a result of the failure or difficulty encountered by the legal person employed by the company, under a contract, to carry out certain activities. It is managed by the departments managing the concluded contracts. Model Risk - represents a possible loss that the Company could incur as a result of decisions

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 26 that could be based mainly on the results of internal models, due to errors in the development, implementation or use of these models. It is managed at the level of each compartment. The risk of a conflict of interest - represents any situation in which the interests of the company are divergent from the personal interests of their employees, directors, directors or close relatives. Sustainability risks – are an environmental, social or governance event or condition that, if it occurs, could cause a significant, actual or potential, negative effect on the value of the investment. Sustainability risks are not considered a separate type of risk, but are integrated into the classification and management of existing risks, as they also affect the types of existing risk to which the company is exposed in its activities. The Company incorporates sustainability risks into the risk culture. S.I.F. Oltenia S.A. integrates into the decision-making process and assesses continuously the relevant sustainability risks, namely those environmental, social or governance events or conditions that, if they would occur, could have an impact on the profitability of the investments made. In order to assess the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. works to identify and classify operational risk events into specific categories, allowing the establishment of the most effective methods of control and mitigation of potential effects. The functional departments within S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity. The person in charge of risk management has the responsibility to implement and develop measures for the management of operational risk. S.I.F. Oltenia S.A. uses self-assessment as a tool for analyzing and managing operational risk. The person in charge of risk management updated the risk register on 31.12.2021, the events of the nature of operational risk being carefully monitored and remedied in an optimal time, so as not to affect the company's activity. In 2021, the Company carried out the internal assessment of the operational risks generated by the Information Systems according to the FSA Norm no. 4/2018 regarding the management of the operational risks generated by the IT systems used by the entities authorized/authorized/registered, regulated and/or supervised by FSA. From the point of view of the FSA Norm no. 4/2018, the Company falls into the "average" risk category. According to art. 49 lit. a) of the FSA Norm no. 4/2018, the result of the Company's internal operational risk assessment must be submitted to the FSA by March 31, 2022, for the year 2021. According to art. 21 of Norma FSA nr. 4/2018, the Company has the obligation to audit the IT externally or with certified internal resources the important IT systems used, every 3 years, so that the period subject to the audit is 3 consecutive calendar years, starting with the first month of January after the end of the period subject to the previous IT audit, according to the classification in the average risk category. In 2020, the Company carried out the external audit on the Company's relevant information systems, which was carried out by CertSIGN S.A. The next audit on the Company's relevant information systems is to be carried out in 2023. The Company has a policy of maintaining an optimal level of equity capital in order to develop the Company and achieve the proposed objectives. The Company's primary objective is business continuity for the purpose of providing profitability to its shareholders. Taking into account the complexity of the activity of S.I.F. Oltenia S.A., the volume of activity, the personnel structure, the level of computerization, the complexity of the monitoring

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 27 and control procedures and the other intrinsic aspects related to the risk policy of the company, the operational risk at the level of the company falls within the assumed risk profile. Portfolio risk Classification of asset categories within the limits imposed by law ▪ The holding limits on different categories of assets are regulated by art. 35 (2) of Law no. 243/2019 During 2021, the structure of the portfolio and its compliance with the legal provisions were periodically analyzed, this being one of the main objectives in the monitoring and control of the risk associated with the asset portfolio. The analysis of the observance of the holding limits is carried out monthly by the person in charge of the risk management with the endorsement of the reports on the calculation of the net asset. During the period 01.01.2021 - 31.12.2021 there were no exceedances of the legal holding limits provided by the legislation in force. As of 31 December 2021, the assets in the portfolio of S.I.F. Oltenia S.A. are within the legal limits. Limits on the level of exposure by categories of assets, relative to total assets, according to the monthly report "Statement of assets and liabilities as at 31.12.2021": a) S.I.F. Oltenia S.A. may not hold more than 10% of the assets in transferable securities and money market instruments issued by the same issuer, except for transferable securities or money market instruments issued or guaranteed by a Member State, by public authorities of the Member State, by a third State or by public international bodies of which one or more Member States are members. The limit of 10% may be increased up to a maximum of 40%, provided that the total value of the securities held by F.I.A.I.R. in each of the issuers in which it has holdings of up to 40% does not exceed in any case 80% of the value of its assets. S.I.F. Oltenia S.A. holds on 31.12.2021 both securities (shares) and money market instruments (bank deposits) at Banca Transilvania. Issuer Total value -RON- Weight in total assets of F.I.A.I.R. -%- BANCA TRANSILVANIA CLUJ - shares 591,552,885 24.4182 deposits in Ron - total 14,163,083 0.5846 foreign currency deposits - total 468,446 0.0193 TOTAL shares + deposits 606,184,414 25.0221 The holdings exceeding the weight of 10% in the total assets of S.I.F. Oltenia S.A. are: Issuer Total value - Ron - Weight in total asset -%- "BANCA TRANSILVANIA CLUJ (including deposits) " 606,184,414 25.0221 B.R.D. Groupe Societe Generale BUCHAREST 487,335,445 20.1163 OMV PETROM BUCHAREST 261,549,961 10.7963 TOTAL holdings over 10% 1,355,069,820 55.9347 Total Assets – Ron 2,422,592,329

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 28 It is noted that in the case of the holdings of BANCA TRANSILVANIA, BRD GROUPE SOCIETE GENERALE and OMV PETROM, the exception mentioned in art. 35, paragraph (2), letter a) of Law no. 243/2019, namely the limit of 10% may be increased up to a maximum of 40%, provided that the total value of the securities held by SIF5 in each of the issuers in which it has holdings of up to 40% does not exceed in any case 80% of the value of its assets. b) S.I.F. Oltenia S.A. cannot hold more than 50% of the assets in transferable securities and money market instruments issued by entities belonging to the same group. The portfolio highlights the Banca Transilvania group, the Bucharest Stock Exchange group and Group Mercur S.A. Banca Transilvania Group Banca Transilvania Group: Banca Transilvania and the Open Investment Fund BT INDEX RO which is a share fund managed by BT Asset Management S.A.I. – a fund within Banca Transilvania Group. Issuer Total value -RON- Weight in total assets of F.I.A.I.R. -%- BANCA TRANSILVANIA - stocks 591,552,885 24.4182 - bonds - - BT INDEX RO 3,368,366 0.1390 Bank deposits in Ron 14,163,083 0.5846 Bank deposits in foreign currency 468,446 0.0193 Total 609,552,780 25.1612 Total Assets - Ron 2,422,592,329 Note: Although the fund units issued by BT INDEX RO fall into the category of "equity securities", for a prudent management of the portfolio they were taken in the calculation of the exposure of the holdings of S.I.F. Oltenia S.A. to Banca Transilvania Group. It is noted that in the case of "Banca Transilvania Group" the limit imposed is respected. BSE Group Bucharest Stock Exchange Group: Bucharest Stock Exchange and Depozitarul Central S.A. where Bucharest Stock Exchange has a holding of 69.0421% of the share capital according to the Articles of Association of 04.03.2021. Issuer Total value -RON- Weight in total assets of F.I.A.I.R. -%- BUCHAREST STOCK EXCHANGE - shares 10,758,603 0.4441 DEPOZITARUL CENTRAL - Shares 1,196,885 0.0494 Total 11,955,488 0.4935 Total Assets - Ron 2,422,592,329 It is noted that in the case of the "BVB Group" the limit imposed is observed.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 29 Mercur S.A group: Issuer Total value -RON- Weight in total assets of F.I.A.I.R. -%- MERCUR S.A. - stocks 85,133,633 3.5142 - bonds 6,851,710 0.2828 Total 91,985,343 3.7970 Total Assets - Ron 2,422,592,329 It is noted that even in the case of "Grup MERCUR S.A." the limit imposed is observed. In the case of the group to which the AIFM belongs, which manages that AIF, this limit shall be 40% . The weight of the companies within the group in the total assets of S.I.F. Oltenia S.A. is 14.26%. It is noted that the limit of 40% is respected. c) Counterparty risk exposure in an OTC derivatives transaction may not exceed 20% of its assets, regardless of the counterparty to the transaction. As of 31 December 2021, S.I.F. Oltenia S.A. does not hold in its portfolio derivative financial instruments. d) S.I.F. Oltenia S.A. has the obligation that the global exposure to derivative financial instruments does not exceed the total value of its asset. S.I.F. Oltenia S.A. does not hold as of 31.12.2021, in its portfolio, derivative financial instruments. e) S.I.F. Oltenia S.A. has the obligation that the value of the current accounts and of the cash fall within maximum 20% of its assets. This limit may be exceeded up to a maximum of 50% provided that the sums in question derive from the issue of shareholdings, maturing investments or the sale of financial instruments in the portfolio and that the excess concerned does not exceed 90 days. Cash statement (current and cash accounts) as at 31.12.2021 is as follows: Value - Ron - Weight total assets -%- Current accounts and cash in Ron 2,221,202 0.0917 Current accounts and cash in foreign currency 1,697,028 0.0701 Total Current and Cash Accounts 3,918,230 0.1617 Total assets 2,422,592,329 It is found that the limit is respected. f) S.I.F. Oltenia S.A. may not establish and hold bank deposits with the same bank representing more than 30% of its assets. S.I.F. Oltenia S.A. had on 31.12.2021 bank deposits in Ron and foreign currency with Banca Transilvania. Deposits of BANCA TRANSILVANIA Value -RON- Weight in total assets -%- Total deposits Ron 14,163,083 0.5846 total foreign currency deposits 468,446 0.0193 Total TLV deposits 14,631,529 0.6040 Total assets 2,422,592,329

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 30 It is found that the imposed limit is respected. g) S.I.F. Oltenia S.A. cannot hold more than 20% of its assets in equity investments not admitted to trading on a trading venue or on a stock exchange in a third country, issued by a single AIF intended for retail investors -FIAIR. S.I.F. Oltenia S.A. does not have investments that fall into this category. h) S.I.F. Oltenia S.A. may not hold more than 10% of its assets in equity investments not admitted to trading on a trading venue or on a stock exchange in a third country, issued by a single AIF intended for professional investors -FIAIP. S.I.F. Oltenia S.A. does not have investments that fall into this category. i) S.I.F. Oltenia S.A. may not hold more than 50% of its assets in shares not admitted to trading on a trading venue or on an exchange in a third country, issued by other open-ended AIFs. The open-ended investment funds in the portfolio of S.I.F. Oltenia S.A. as at 31.12.2021 are the following: Issuer Total Value - Ron - Weight in total assets - SIF - % - Open-ended AIF BT INDEX RO (FDIR - Romanian Open-end Investment Fund) 3,368,366 0.1390 FDI NAPOCA (FDIR - Romanian Open-end Investment Fund) 289,500 0.0120 FDI TRANSILVANIA (FDIR - Romanian Open-end Investment Fund) 412,701 0.0170 FDI TEHNOGLOBINVEST (FDIR - Romanian Open-end Investment Fund) 581,896 0.0240 Total open-ended AIF 4,652,463 0.1920 In the case of the group to which the AIFM managing the AIF belongs, the holding limit shall be 40% of its assets. None of the companies controlled by S.I.F. Oltenia S.A. belong to the category: "Open- end investment fund". It is found that the imposed limit is respected. j) S.I.F. Oltenia S.A. may not hold more than 40% of its assets in equity securities issued by a single UCITS authorized by FSA or by a national competent authority from another Member State, as well as in equity securities issued by a single CIU admitted to trading on a trading venue from Romania, another Member State or on an exchange from a third country.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 31 S.I.F. Oltenia S.A. holds on 31.12.2021, the following shareholdings of UCITS authorized by FSA: Issuer Total value - Ron - Weight in total SIF assets - % - UCITS authorized by FSA. BT INDEX RO (FDIR - Open-end Investment Fund in Romania) 3,368,366 0.1390 FDI NAPOCA (FDIR - Open-end Investment Fund in Romania) 289,500 0.0120 FDI TRANSILVANIA (FDIR - Open-end Investment Fund in Romania) 412,701 0.0170 FDI TEHNOGLOBINVEST (FDIR - Open-end Investment Fund in Romania) 581,896 0.0240 Total UCITS authorised by FSA 4,652,463 0.1920 C.P.O. admitted to trading S.I.F. Banat Crișana S.A. 88,605,685 3.6575 S.I.F. Muntenia S.A. 76,051,820 3.1393 Total C.P.O. 164,657,505 6.7968 Total UCITS authorized by FSA and C.P.O. admitted to trading 169,309,968 6.9888 It is found that the imposed limit is respected. k) S.I.F. Oltenia S.A. may not grant loans of financial instruments representing more than 20% of its assets, and the loan period may not exceed 12 calendar months, in accordance with the regulations issued by the FSA on margin transactions and lending operations. The limit of 20% of its assets can be increased up to 30%, with the approval of the FSA, under the conditions established by the FSA regulations; S.I.F. Oltenia S.A. does not have on 31.12.2021 loans of financial instruments. l) S.I.F. Oltenia S.A. cannot grant cash loans, cannot participate/subscribe to syndicated loans, cannot guarantee cash loans in favour of a third party, except for the entities in the group to which F.I.A.I.R. is part, established as an investment company within the limit of 10% of its assets, and cannot directly, partially or fully purchase portfolios of loans issued by other financial or non-financial entities, except for investment investments in financial instruments issued by internationally recognized financial institutions, credit institutions or non- banking financial institutions authorized by NBR or other central banks from a Member State or from third states. S.I.F. Oltenia S.A. does not have on 31.12.2021 cash loans, did not participate/subscribe to syndicated loans, did not guarantee cash loans in favor of a third party and did not directly, partially or fully purchase portfolios of loans issued by other financial or non-financial entities. m) S.I.F. Oltenia S.A. cannot hold more than 40% of the value of its assets in transferable securities, money market instruments not admitted to trading on a trading venue or on a stock exchange in a third country, except for government securities and bonds issued by the Ministry of Public Finance, as well as the holdings acquired by the company by law - case in which the holding limit is not established.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 32 As of 31.12.2021, in the category of securities not admitted to trading (unlisted) on a trading venue or exchange in a third country, the following companies are listed: No. Crt. Issuer No. of shares held Total value (RON) Share in the issuer's share capital (%) Weight in total assets of F.I.A.I.R. (%) 1 Biroul de Investiții Regional Oltenia IFN 272,411 2,716,241 19.4540 0.1121 2 Complex Hotelier Dâmbovița 1,754,221 10,199,988 99.9999 0.4210 3 Corealis S.A. Craiova 655,757 1,710,053 11.4189 0.0706 4 Depozitarul Central S.A. Bucharest 9,878,329 1,196,885 3.9057 0.0494 5 Elba S.A. Timișoara 39,628 5,753,216 2.3694 0.2375 6 Electro Total S.A. Botoșani 57,909 - 29.8562 - 7 Eximbank - Banca de Export Import a Romaniei 4,364,430 40,863,328 3.2702 1.6868 8 Gemina Tour S.A. Rm.Vâlcea 757,888 3,306,332 88.2866 0.1365 9 Provitas S.A. Bucharest 35,139 5,270,850 70.2780 0.2176 10 Sagricom S.A. Ulmi 57,941 - 4,2057 - 11 Sanevit S.A. Arad 792,662 - 13.2841 - 12 Turism Lotus S.A. Felix 347,859,802 33,580,630 27.4554 1.3862 13 Turism S.A. Pucioasa 1,010,599 4,153,147 69.2191 0.1714 14 Voltalim S.A. Craiova 5,997,519 54,255,055 99,5506 2.2395 TOTAL 163,005,725 6.7286 The weight of shares held in closed-ended issuers is 6.7286%. In the category of money market instruments not admitted to trading on a trading venue or exchange in a third country, there are bank deposits and unlisted corporate bonds. Holdings in transferable securities and money market instruments Value - RON - Weight in total assets -%- shares held in closed-ended issuers 163,005,725 6.7286 unlisted corporate bonds 6,851,710 0.2828 Bank deposits 14,631,529 0.6040 TOTAL 184,488,964 7.6154 Total asset 2,422,592,329 Holdings in securities and money market instruments not admitted to trading represent 7.6154% of total assets. It is noted that the limit of 40% is respected. n) S.I.F. Oltenia S.A. cannot hold more than 20% of the value of its assets in shares issued by limited liability companies, regulated by Law no. 31/1990, republished, as subsequently amended and supplemented. On 31.12.2021, S.I.F. Oltenia S.A. did not hold shares issued by limited liability companies, regulated by Law no. 31/1990, republished, as subsequently amended and supplemented. o) S.I.F. Oltenia S.A. cannot hold more than 10% of the value of its assets in greenhouse gas emission certificates. On 31.12.2021, S.I.F. Oltenia S.A. did not hold greenhouse gas emission certificates.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 33 ▪ Limits on the level of exposures in the issuers' share capital. a) art. 136 of Law no.126/2018 on markets in financial instruments In accordance with art. 136, paragraphs (5), (6) and (7) of Law no. 126/2018 on the markets of financial instruments, S.I.F. Oltenia S.A. cannot hold - as a shareholder of a market operator - directly or together with the persons with whom it acts in concert, more than 20% of the total voting rights. As of 31 December 2021, the holding of S.I.F. Oltenia S.A. at Bucharest Stock Exchange is: Issuer No. of shares held by FIS Total value - RON Share in the issuer's share capital - % - Weight in total assets of FIS - % - BUCHAREST STOCK EXCHANGE 421,906 10,758,603 5.2416 0.4441 It is found that the limit imposed by art. 136 of Law no.126/2018 on markets in financial instruments is respected. b) The Articles of Association of Depozitarul Central S.A. According to the Articles of Association of the Company, the shareholders of Depozitarul Central S.A may not hold more than 5% of the voting rights As of 31 December 2021, the holding of S.I.F. Oltenia S.A. in Depozitarul Central S.A is: Issuer No of shares Total Value Weight in the share capital of the issuer Weight in total assets of FIS DEPOZITARUL CENTRAL BUCHAREST 9,878,329 1,196,885 3.9057 0.0494 It is found that the imposed limit is respected. LEVERAGE Leverage shall mean any method by which the undertaking increases the exposure of the portfolio it manages either by borrowing cash or securities or by derivative positions or by any other means. The leverage ratio shall be expressed as the ratio between its exposure (calculated using both the gross method and the commitment method) and its net asset value. S.I.F. Oltenia S.A. does not use leverage in the portfolio management process. Leverage ratio as at 31.12.2021 (calculated in order to fulfill the reporting obligations set out in Annex IV to the Delegated Regulation (EU) no. 231/2013) is 109.39% calculated by the gross method and 110.24% calculated by the commitment method. In establishing the calculation formulas, it was sought to adapt them to the specifics of the portfolio managed by S.I.F. Oltenia S.A. During 2021, S.I.F. Oltenia S.A. did not use securities financing transactions (SFTs) and total return swaps, defined by Regulation (EU) 2365/2015 on the transparency of securities financing transactions and reuse transparency and amending Regulation (EU) No. 648/2012 Crisis simulations According to the Risk Management Policy, the stress tests are performed at least annually and whenever the situation requires it. S.I.F. Oltenia S.A. performed stress tests in the fourth quarter of 2021 with the structure of the company's assets as reference date on 30.11.2021. The stress test was aimed at investigating possible vulnerabilities in terms of market risk,

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 34 liquidity risk, interest rate risk and currency risk. Following the stress tests, no major risks were identified that would affect the proper functioning of the company and its ability to honor its obligations, namely the continuation of the activity. The scenarios analysed showed that the liquidity risk is in line with the limits assumed, taking into account the portfolio held and the macroeconomic aspects of the market. As regards market risk, the impairment of assets in stressed situations (the market value of the financial instruments held is fluctuated as a result of changes in market prices of the shares of issuers held in the portfolio) may have an impact on the financial results. 1.6.9. Perspective elements regarding the company's activity a) The liquidity of the equity portfolio of S.I.F. Oltenia S.A. - constituted on 31.12.2021 in proportion of 91.41% of the shares in the share capital of listed companies (on the Bucharest Stock Exchange - regulated market and AeRO – alternative trading system) - is closely related to the liquidity of the capital market. The capital market in Romania recorded in 2021 the best year in history and recorded a series of new records at the level of several development indicators. According to the monthly report published by BSE in December 2021 i , the cumulative value of transactions with all types of instruments exceeded in 2021 the threshold of 20 billion Ron, over 9.5% above the one recorded at the end of 2020. The graphical representation of the evolution of the total trading value in the period 2020-2021 on the BSE is as follows: In 2021, the capitalization of local companies on the Regulated Market exceeded 141 billion Ron, 38% more than at the end of 2020, according to the same report. The trading activity was intense, 23 new companies listed stakes on BSE with a total equivalent value of EUR 234 million, and 45 fixed income issues were listed on BSE with a total equivalent value of over EUR 1.8 billion. Romania has increased its presence in the indexes of the global supplier FTSE Russell at seven companies, starting with 20 December 2021: Banca Transilvania (TLV), Nuclearelectrica (SNN), OMV Petrom (SNP), TeraPlast (TRP) and One United Properties (ONE) in the FTSE i https://www.bvb.ro/press/2022/BVB_Raport%20lunar%20decembrie%202021.pdf Source: BVB. The annual evolution of the total transaction value (in billion Ron) with all types of financial instruments on the Regulated Spot Market of BSE in the period 2000-2021.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 35 Global All-Cap index, and Bittnet (BNET) and Transport Trade Services (TTS) in the FTSE Global Micro-Cap index. The COVID 19 pandemic will continue to make its effects felt in 2022 on the capital market. We believe that, in 2022, the sectors that can offer further opportunities are finance- banks, financial intermediation, health services, technology, retail, consumer goods, energy and logistics. S.I.F. Oltenia S.A. will seek to improve the performance of its portfolio by taking advantage of the opportunities offered by the market. b) The investments to be made in 2022 will be part of the risk profile of the company and within the applicable prudential limits. The investments will focus mainly on the opportunities offered by the capital market and the money market, without affecting the financial situation of the company, which will be financed from own sources. c) In addition to the risks caused by the COVID-19 pandemic, the year 2022 brings new uncertainties, including changes in the geopolitical environment, which can significantly influence the global economy and implicitly the Romanian economy. The evolution of the Romanian economy was achieved in the context of uncertainties and manifested risks, with different intensities and durations over time, regarding the worsening of the medical situation, the increase of the prices of energy products and of some raw materials and a continuity of deficiencies in the supply chains. The last quarter of 2021 was marked by overlapping tensions, with unfavorable effects on both supply and demand, which led to a wider deceleration of the economic evolution. Thus, based on the data published by the NIS in the infra-annual statistics, the National Commission for Strategy and Prognosis ii emulates a reduction of the gross domestic product in the fourth quarter compared to the previous quarter, which corresponds to a significant deceleration of the annual dynamics. Considering the evolution of the economy under the impact of the inflationary shock in the fourth quarter of 2021, as well as the emergence of the 5th wave of the pandemic, as well as the continuation of the energy crisis, especially in the first part of 2022, an economic advance of 4.3% was estimated for the current year, a slightly lower revision compared to the autumn forecast (4.6%) and a deflator of 6.1%, increasing, correlated with the increase in prices. This scenario did not take into account the conflict triggered by geopolitical tensions at the border with Ukraine. According to the IMF World Economic Outlook report iii published in January 2022, global growth is expected to reach 4.4 percent in 2022 – half a percentage point lower for 2022, reflecting largely the projected decreases for the two major economies - the United States and China. Negative health effects are expected to decrease in most countries by the end of 2022, assuming that vaccination rates against SARS COV2 improve globally and therapies become more effective. In addition to the risks induced by the COVID-19 pandemic, supply chain disruptions, energy price volatility and wage pressures create numerous uncertainties. Risks to financial stability may arise due to the negative effects on emerging economies caused by the tightening of monetary policy in advanced economies. Other global risks may crystallise as geopolitical tensions remain high and climate risks are closely monitored, with the likelihood of major natural disasters remaining high. Global trade is expected to moderate in 2022 and 2023, ii https://cnp.ro/wp-content/uploads/2022/02/Цnoza_2021_2025_varianta_de_iarna_2022-NOTA.pdf iii https://www.imf.org/en/Publications/WEO/Issues/2022/01/25/world-economic-outlook-update-january-2022

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 36 in line with the overall pace of expansion. Assuming that the pandemic is easing in 2022, it is expected that the "supply chain" problems will also ease in the course of the year. Tourism – it is expected to remain moderate. Futures markets indicate that oil prices will increase by about 12 percent and natural gas prices by about 58 percent in 2022. A global growth forecast assumes that the negative health effects caused by the COVID pandemic (severe illnesses, hospitalizations, deaths) will decrease in most countries by the end of 2022. Given the low vaccination rates in many countries, there is a risk of new variants of the virus emerging. Impact on the portfolio Given the current economic context - the effects of the COVID-19 pandemic are still being felt, in conjunction with the effects caused by the crisis in Ukraine - the company considers that many of the economic sectors represented in the portfolio will feel the financial impact and will have effects on the operations carried out by them. As a result, S.I.F. Oltenia S.A. will carefully monitor macroeconomic and sectoral developments, in order to implement a prudent approach to capitalizing on investment opportunities, within the assumed risk limits. S.I.F. Oltenia S.A. maintains as its main objective the generation of added value for shareholders and investors. The senior management will take into account the present risk factors (persistence of the sanitary crisis, internal political climate, regional geo-political context) so that the trading activity leads to the long-term increase of the value of the assets through profitable investments/divestments. 2. Tangible assets of the company S.I.F. Oltenia S.A., by the nature of its activity, does not own production capacities. Tangible assets in ownership have an insignificant value, being recorded in accounting with Ron 11,522,360. They are represented by land and fixed assets. The main fixed assets are buildings, electrical and thermal installations, computing technique and cars necessary for carrying out the current administrative activity. The Company carried out the last revaluation of tangible assets as of 31 December 2021, the revaluation differences being recorded in the equity. The re-evaluation was carried out by the authorized appraiser, corporate member of ANEVAR. There are no disputes related to the ownership of tangible assets in the patrimony. 3. Market of securities issued by the company 3.1. Specification of the markets in Romania and other countries on which the securities issued by the company are negotiated The shares of S.I.F. Oltenia S.A. were listed starting with 01.11.1999 on the 1st category of the Bucharest Stock Exchange. S.I.F. Oltenia S.A. is currently in the Premium category. 3.2. Description of the Company's policy on dividends S.I.F. Oltenia S.A. distributed dividends throughout the entire period of operation. However, depending on the macroeconomic developments and the existing/estimated investment opportunities, the management of S.I.F. Oltenia S.A. may propose to the shareholders the

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 37 significant reduction of the value of the distributed dividends, including the preservation of the related amounts for the financial support of the investment projects concerned or of some alternative forms of remuneration of the shareholders (for example, by carrying out possible buy- back programmes). The dividend policy aimed at satisfying the interests of short term investors, as well as the medium and long term institutional development, so that a part of the net profit was distributed to reserves, in order to create the own resources necessary for the investment activity. 2018 - Ron - 2019 - Ron - 2020 - Ron - Gross dividends to be distributed - total 84,081,469 52,214,914 25,000,000 EUR Gross dividends paid - total 62,922,639 37,518,317 17,509,972 Gross dividends paid /Gross dividends to be distributed - % - 74.84 71.85 70.04 Gross dividend/ share 0.15 0.10 0.05 Net profit 96,259,800 124,132,273.67 52,231,020 Allocation from net profit for dividends - % - 87.35 42.06 47.86 The graphical representation of the distribution of dividends granted by S.I.F. Oltenia S.A. to its shareholders during the period 2018-2020 is as follows: Until 31.12.2021, dividends due to shareholders were distributed: 74.84% of those related to 2018, 71.85% of those related to 2019, respectively 70.04% of those due for 2020. In accordance with the resolutions adopted by the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. carried out on 24 February 2021, starting with 22 March 2021, the payment of the dividends distributed from the net profit of 2019 was resumed and which were stopped for payment starting with 16 July 2020.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 38 In accordance with the decision no. 5B of the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. of 28.04.2021, it was approved the distribution of the net profit of the financial year 2020, amounting to Ron 52,231,020, for the following destinations: - dividends in the amount of Ron 25,000,000 - Other reserves in the amount of Ron 27,231,020 The date of 30.07.2021 was approved as the date of payment of the dividends, the distribution of the dividends to the shareholders being carried out in accordance with the legal provisions. The costs related to the payment of dividends shall be borne by the shareholders from the amount of the net dividend. The payment of the dividends distributed by S.I.F. Oltenia S.A. was made through Depozitarul Central, of the Participants in its system (according to Law no. 24/2017, art. 86 paragraph5 and the FSA Regulation no. 5/2018, art. 177) and through the Romanian Commercial Bank – the payment agent. The methods of payment of the dividends were made known to the shareholders (press release no. 6942/06.07.2021), disseminated on the BSE website and on the company's website: A. Payments through Participants - payments to shareholders natural and legal persons/other entities that held securities accounts opened with participants (intermediary in the clearing and settlement system and registry of Depozitarul Central) For the shareholders natural and legal persons who at the date of registration held shares issued by S.I.F. Oltenia S.A. highlighted in the account opened with a Participant, the dividends were paid automatically on the Payment Date (July 1, 2021), through Depozitarul Central S.A. in the accounts of the respective Participants, without the submission of additional documents. B. Payments to shareholders natural persons who do not have securities accounts opened with Participants I. Payments by bank transfer according to the requests of the shareholders addressed directly to Depozitarul Central - the payment by bank transfer is made by Depozitarul Central S.A. based on the IBAN code collection form and its procedure available to the shareholders on the website www.depozitarulcentral.ro. II. Payments through the payment agent Banca Comercială Română For the shareholders natural persons, not represented by a Participant, the payment of the dividends was made in cash at the BCR counters, by making available by S.I.F. Oltenia S.A. the due amounts. C. Dividends due to shareholders with shares held in co-ownership In the case of shares held in co-ownership on the Registration Date, the payment of dividends was made as follows: - in the case of cash payments, the payments were made provided that all the co-owners presented themselves to the Paying Agent, in person or through a legal and/or conventional representative, together with the documents necessary for the cash payment; in case of payments by bank transfer, the dividends due to the co-owners will be transferred to the account indicated by all co-owners based on the joint request addressed to Depozitarul Central. - in case of payments to those who had opened an account with the Participant, the

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 39 dividends due to the co-owners were transferred to the Participant whose clients they were; - if the co-owners requested both the registration by Depozitarul Central S.A. of the direct transfer of ownership of the financial instruments as an effect of the exit from the joint ownership, and the direct payment to each of the co-owners, according to the number of instruments acquired in exclusive ownership, the company calculated the amounts of money corresponding to each former co-owner, the payment being made according to the procedure communicated by the company. D. Dividends due to deceased shareholders The dividends due to the deceased shareholders are distributed at the request of the successors only after the registration by Depozitarul Central of the transfer of the shares to the successors as an effect of the succession, based on the request of the heirs. E. Dividends whose payment could not be made through Depozitarul Central Dividends due to shareholders whose amount does not cover the distribution expenses generated by the payment through Depozitarul Central S.A. (in the case of holders of not more than 70 S.I.F. Oltenia S.A. shares), shall be distributed - at the shareholder's request - from the headquarters of S.I.F. Oltenia S.A. through a cashier, without commission, starting from 30 July 2021. At the same time, the dividends not received by the shareholders entitled for the financial years 2018 and 2019 are still paid. By decision no. 6 of A.G.O.A. S.I.F. Oltenia S.A. dated October 20, 2021, it was approved to carry out in the financial year of 2021 the accounting entry to the reserves of the dividends not claimed for more than three years from the date of their chargeability, for which the right to action is extinguished by prescription, respectively the dividends related to the financial years 2016 and 2017, existing in the balance as unpaid at the end of October 26, 2021. In this respect, dividends for the year 2016 in the amount of Ron 12,058,153 and dividends for the year 2017 in the amount of Ron 9,503,136 were recorded as reserves. 3.3. Description of any activities of the Company to acquire its own Shares During the period 01.01.2021 - 31.12.2021 S.I.F. Oltenia S.A. did not carry out activities of acquiring its own shares. 3.4. Registered subsidiaries of S.I.F. Oltenia S.A. S.I.F. Oltenia S.A. holds a share of over 50% in 12 companies in the portfolio that fall within the consolidation area. 3.5. Bonds and/or other debt securities issued by S.I.F. Oltenia S.A. S.I.F. Oltenia S.A. did not issue bonds and/ or other debt securities. 4. COMPANY MANAGEMENT Board of Directors In accordance with the Articles of Incorporation, S.I.F. Oltenia S.A. is managed in a unitary system.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 40 S.I.F. Oltenia S.A. is managed by a Board of Directors, consisting of five members, elected by the Ordinary General Shareholders Meeting for a period of 4 years, with the possibility of being re-elected, authorized by the Financial Supervisory Authority. The composition of the Board of Directors as at 31.12.2021 is as follows: ▪ Sorin - Iulian Cioaca – President of the Board of Directors; ▪ Mihai Trifu - Vice-president of the Board of Directors; ▪ Codrin Matei - independent non-executive member of the Board of Directors; ▪ Mihai Zoescu - independent non-executive member of the Board of Directors; ▪ Andreea Cosmănescu - independent non-executive member of the Board of Directors. On 18.06.2021 the company received from the Financial Supervisory Authority the Authorization no. 99/18.06.2021 by which Mr. Mihai Zoescu was authorized as a member of the Board of Directors according to the OGAS decision dated 28.04.2021. On September 15, 2021, the Company received from the Financial Supervisory Authority Decision No. 1135/15.09.2021 by which the approval of Mr. Adrian Andrici as a member of the Board of Directors was withdrawn. The Board of Directors decided to supplement the number of members of the Board of Directors, Mrs. Andreea Cosmănescu being appointed provisional administrator. On November 19, 2021, by the FSA Authorization no. 236/November 19, 2021, the changes in the organization and functioning of the company were authorized, the composition of the Board of Directors being: Sorin – Iulian Cioaca - President, Mihai Trifu - Vice President, Codrin Matei, Mihai Zoescu and Andreea Cosmănescu. On 31 December 2020, the composition of the Board of Directors of S.I.F. Oltenia S.A. was the following: ▪ Sorin - Iulian Cioaca – President of the Board of Directors; ▪ Mihai Trifu - Vice-president of the Board of Directors; ▪ Codrin Matei - independent non-executive member of the Board of Directors; ▪ Andrici Adrian - independent non-executive member of the Board of Directors Brief presentation of the members of the Board of Directors as at 31.12.2021 ▪ Sorin - Iulian Cioaca – President of the Board of Directors Experience: • President/General Manager of S.I.F. Oltenia S.A., from 29.10.2020 to 31.12.2021 • Advisor in the Division of Placing, Transactions, Calculation and Net Assets within S.I.F. Oltenia S.A., period: 01.11.2020 – 04.12.2020 • Advisor to the General Manager within S.A.I. MUNTENIA INVEST S.A., period: 01.02.2019 - 31.10.2020 • Tenured Teacher/Associate at ASE Bucharest - Faculty of Finance, Insurance, Banks and Stock Exchanges, period: 01.10.2015 - present • Economist within a Romanian Government Agency, period: 01.09.2001 - 31.07.2018

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 41 Education: • Doctor of Finance, Academy of Economic Studies Bucharest • Bachelor's Degree in Mathematics, University of Bucharest – Faculty of Mathematics • Master's Degree, University of Bucharest – Faculty of Mathematics • Bachelor of Economics, Academy of Economic Studies Bucharest, Faculty of Finance, Insurance, Banking and Stock Exchange ▪ Mihai Trifu – Vice-president of the Board of Directors Experience: • Vice President/Deputy General Manager of S.I.F. Oltenia S.A., from 29.10.2020 to 31.12.2021 • Economic Manager within Biofarm S.A., period: June 2018 - December 2020 • Acting Financial Director within Delphi Diesel Systems - plant in Iasi, Romania, between January 2018 - May 2018 • Regional Finance Manager at Delphi Diesel Systems, September 2015 - May 2018 Education: • Executive MBA, Vienna University of Economics and Business, ongoing • Association of Chartered Certified Accountants, UK • Master in Business Administration - Faculty of Management, Academy of Economic Studies Bucharest ▪ Codrin Matei – Member of the Board of Directors Experience: • Director of S.I.F. Oltenia S.A., between 29.10.2020 - 31.12.2021 • Director of Crosspoint Real Estate S.A., during November 2019 - present • Director of Crosspoint Finance S.r.l., between December 2004 - present • Member of the Global Advisory Board, March 2015 - August 2017 • Director of Capital Acquisitions S.r.l., between December 2006 - August 2017 • Director of Blackwater Capital S.r.l, between November 2013 - March 2017 Education: • Corporate Finance Course, London Business School • Master in Business Management, Academy of Economic Studies Bucharest • Bachelor's Degree in Investment Management, Bucharest Academy of Economic Studies ▪ Mihai Zoescu – Member of the Board of Directors Experience: • Director S.I.F. Oltenia S.A., between 18.06.2021 - 31.12.2021 • Economic Manager of Biofarm S.A., January 2021 – to date • Manager of Deal Advisory KPMG Advisory Srl, between April 2013 - January 2021 • KPMG Senior Manager, November 2005 - March 2013

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 42 • Administrator Servopec Srl, between December 1996 - 2016 Education: • The Chamber of Financial Auditors in Romania • Association of Chartered Certified Accountants, UK • Master Degree from the Doctoral School in Finance and Banks (DOFIN), Academy of Economic Studies Bucharest • Bachelor's Degree in Insurance, Banking and Stock Exchange, Academy of Economic Studies Bucharest ▪ Andreea Cosmănescu – Member of the Board of Directors Experience: • Director of S.I.F. Oltenia S.A., between 19.11.2021 - 31.12.2021 • Director of GMS EMEA, Honeywell Elster Romania Srl, between September 2021 – to date • Senior Tax Manager/Tax Manager/Senior Consultant, Ernst & Young Srl, March 2011 - September 2021 • Senior Consultant,/Junior Consultant, PriceWaterhouseCoopers Tax Advisors and Accountants Srl , August 2008 - March 2011 Education: • Bachelor of Law, Dimitrie Cantemir Christian University Bucharest • Master in Accounting and Management Informatics, Accounting and Fiscality of Heritage, Academy of Economic Studies Bucharest • Bachelor's Degree in Economic Management, Academy of Economic Studies Bucharest On 31.12.2021, the directors of the company had the following holdings of shares of S.I.F. Oltenia S.A.: 1. Sorin-Iulian Cioacă 10 shares 2. Mihai Trifu 500 shares 3. Codrin Matei - 4. Mihai Zoescu - 5. Andreea Cosmănescu - Higher leadership According to the Articles of Association of S.I.F. Oltenia S.A., the President of the Board of Directors also holds the position of General Manager, and the Deputy President of the Board of Directors also holds the position of Deputy General Manager. On 31.12.2021, the composition of the senior management of S.I.F. Oltenia S.A. authorized by FSA by Authorization no. 192/16.12.2020, was the following: - Sorin - Iulian Cioaca - General Manager - Mihai Trifu - Deputy General Manager. On 31.12.2020, the senior management had the following composition: - Sorin - Iulian Cioaca - General Manager - Mihai Trifu - Deputy General Manager

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 43 On 31.12.2021, the members of the senior management concluded mandate contracts with the company. In accordance with the legal provisions and the Articles of Incorporation, the members of the senior management are empowered to lead and coordinate the current activity of S.I.F. Oltenia S.A. and have the power to represent the company. Litigations of the members of the board of directors and the management regarding the activity within the issuer On 31.12.2021, the members of the Board of Directors and the Senior Management did not have any disputes regarding the activity within the company. 5. Situation of disputes As of 31 December 2021, there are 29 cases pending before the courts: 18 cases as plaintiff; 6 cases as defendant; in 3 cases being in insolvency proceedings; in one case it acts as intervenor, in one case it is called as a guarantee. According to their subject-matter, the cases are structured as follows: - 11 cases (annulment of AGA decisions / annulment of operations with shares) in which the company has the capacity of plaintiff; - 2 cases (annulment of AGA decisions / cancellation of operations with shares) in which the company has the capacity of defendant; - 2 cases - annulment of the Decisions issued by FSA Bucharest ; - 3 cases - companies under insolvency procedure, as follows: in one case the company has the quality of unsecured creditor; in two cases it has the quality of contribution creditor; -11 other causes. After their object, we exemplify the following causes: a) Cases in which S.I.F. Oltenia S.A. has the capacity of plaintiff, mainly aimed at the annulment of certain AGA decisions, having as object: operations with shares, the right to withdraw from the company, decisions adopted in violation of the limits of jurisdiction, among the defendant companies listed: Elba S.A., Sinterom S.A., Altur S.A., Cerealcom Alexandria S.A., of which we exemplify: 1. Case file no. 3678/30/2021, pending before the Timiș Court, defendant Elba SA, having as object the action for annulment of the OGSM Decision of 25.05.2021. Hearing: 31 January 2022. 2. Case file no. 154/1285/2021, pending before Cluj Court, defendant Sinterom S.A., having as object the action for annulment of the Decision of the General Shareholders Meeting of January 5, 2021. The case was settled on 12 October 2021 by admitting the company's application. On December 24, 2021, Sinterom S.A. filed an appeal, the next term to be determined later. Case file no. 483/87/2016*, pending before the Teleorman Court, defendant Cerealcom Alexandria S.A., having as object an action for damages, representing the equivalent value of the shares held by S.I.F. Oltenia S.A. in Cerealcom Alexandria S.A., following the withdrawal from the company, in the amount of Ron 1,660,825.83, representing the equivalent value of the package of shares due to the withdrawal from the company in accordance with the provisions of art. 134 of Law no. 31/1990 R, as subsequently amended and supplemented. The case was settled on December 28, 2017 by rejecting the request of S.I.F. Oltenia S.A. An appeal was filed and on

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 44 3 July 2018, the Bucharest Court of Appeal upheld the appeal of S.I.F. Oltenia S.A. and sent the case back to trial. In the retrial, the Teleorman Court dismissed the action brought by the applicant, by Civil Decision no. 298/2020. On 17 September 2021, S.I.F. Oltenia S.A. appealed against the above-mentioned Decision. S.I.F. Oltenia S.A. capitalized the package of shares held in Cerealcom S.A. Alexandria, at a total value of Ron 1,659,633, no longer justifying an interest in supporting the request and no longer having an active capacity to sue, therefore intending to waive the trial of the request at the first hearing. Hearing: 14 January 2022. 4.case file no. 1738/104/2019, pending before the Olt Court, defendant Altur SA, having as object the action for the establishment of the right of withdrawal of the company from the share capital of Altur SA, the Court has granted numerous hearings, in order to draw up and submit the expert report and assessment. At the hearing of October 27, 2021, the court ordered the replacement of the expert Avensis Capital Consulting Srl with Veridio S.r.l. Hearing: January 12, 2022, in order to carry out the valuation report. In the chapter "other cases", in which the Company has the capacity of plaintiff, are recorded files with a diversified object: criminal complaints, forced executions, claims for damages, appeals to forced execution by garnishment on due dividends, applications for intervention, etc. b) Cases in which S.I.F. Oltenia S.A. has the capacity of defendant: Case file no. 2636/63/2020, before the Dolj Tribunal, in contradiction with SIF Banat- Crișana S.A., SIF Muntenia S.A., SAI Certinvest S.A., for FIA Certinvest Actions, FDI Certinvest BET FI Index, FDI Certinvest XT Index, Szitas Ștefan, Forțan Procopie, Miulescu Mihai Răzvan, Ivănescu Dumitru, intervener in his own name, Complex Doina S.A., intervener in his own name, Lin & Ema S.r.l., intervener in his own name, Buzdea Gheorghe Cătălin, intervener in his own name, Tudor Dumitru, intervener in his own name, having as object actions in finding the nullity of the judgments ruled by SIF Oltenia S.A. Ordinary General Shareholders Meeting of 28 April 2020. At the hearing on 29 March 2021, the court took note of the request for waiver of judgment made by the plaintiffs. Mr Buzdea Gheorghe Cătălin, intervener in his own name, filed an appeal. At the hearing on 23 September 2021, the court dismissed the appeal as unfounded. c) In the insolvency cases, three cases remained at the date of the analysis: - in two cases, S.I.F. Oltenia S.A. is a creditor, namely: 1. Electrototal Botosani – case file no. 6146/40/2005, pending before the Botoșani Court, with a hearing on 23 February 2022; 2. SCCF Bucharest – case file no. 6131/3/2005, pending before the Bucharest Court, with a hearing on 12 January 2022; - in one of the cases, S.I.F. Oltenia S.A. is an unsecured creditor, respectively Geochis SA Galați – file no. 1065/121/2019, pending before the Galați Court, with hearing on 17 January 2022. Compared to 31 December 2020, when 41 cases were registered in court, there was a significant decrease in the number of litigations in which the company is involved. Between 1 January 2021 and 10 March 2021, some of the cases presented above had the following procedural evolution:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 45 ▪ Case file no. 3678/30/2021, pending before the Timiș Court, defendant Elba SA - at the hearing of 01.03.2022 the application was rejected as unfounded. With right to appeal within 30 days from effecting the service. ▪ Case file no. 154/1285/2021, pending before the Cluj Court, defendant Sinterom SA - at the hearing of 07.03.2022, the Cluj Court of Appeal postponed the ruling, the next hearing being set on 21.03.2022; ▪ Case file no. 483/87/2016*, pending before the Teleorman Court, defendant Cerealcom Alexandria SA - at the hearing on 11.02.2022, the court notes the applicant's waiver of the sue petition. Annuls in the entire sentence under appeal; ▪ Case file no. 1738/104/2019, pending before the Olt Court, defendant Altur SA - at the hearing of 09.03.2022, the court postpones the case, the next hearing being set on 04.05.2022; ▪ Case file no. 6146/40/2005, pending before the Botoșani Court - trial date on 24.05.2022; ▪ Case file no. 6131/3/2005, pending before the Bucharest Court - trial date on 23.03.2022; ▪ Case file no. 1065/121/2019, pending before the Galați Court - trial date on 11.04.2022. 6. Fulfilment of the communication obligations established by the legislation The activity of S.I.F. Oltenia S.A. was carried out under conditions of transparency, in compliance with the legislation in force. The Company has prepared and published the regular and current reports in the content and terms provided by the regulations of the capital market and has provided the information requested by the Bucharest Stock Exchange - regulated market on which the shares issued by S.I.F. Oltenia S.A. are listed . 7. Other important Events The main events in the Company's activity during the period January - December 2021 were: ▪ On 20.01.2021, the Board of Directors called the General Shareholders Meeting of S.I.F. Oltenia S.A. for 24.02.2021, having as items on the agenda: - Presentation and approval of the Separate and Consolidated Financial Statements of S.I.F. Oltenia S.A. as at 31.12.2019, prepared in accordance with Rule no. 39/2015 for the approval of the Accounting Regulations in accordance with the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investment Sector, based on the Reports of the Board of Directors and of the Financial Auditor. - Approval of the distribution of the net profit for the financial year 2019 in the amount of Ron 124,132,273.67, on the following uses: a). Dividends: Ron 52,214,914.30 (42.0639% of the net profit), which provides a gross dividend per share of Ron 0.10. The proposed dividend ensures a shareholder remuneration rate of 4.70% calculated at the average trading price of the shares in 2019 (Ron 2.1272 /share) and 3.91% calculated at the closing price for 2019 (Ron 2.56 /share). b). Other reserves (own financing sources): Ron 71,917,359.37 (57.9361% of the net profit) in order to set up the necessary funds for investments, especially for the performance of a

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 46 buy-back programme of 22,149,143 own shares in order to reduce the share capital of the company. - The approval of the payments made by the company during the period 01.07.2020 – 16.07.2020 under the title of "dividends distributed from the net profit of 2019 and paid on the basis of the Register of holders of financial instruments on 12.06.2020 (the registration date established in the convocation of the Ordinary General Shareholders Meeting of 28.04.2020)", amounting to Ron 36,093,495.47, for a number of 5,447 shareholders of S.I.F. Oltenia S.A. and finding – in order to ensure equal treatment of shareholders – the existence of the right of claim on the company, in total gross amount of Ron 16,121,418.83, held by a number of 5,730,349 shareholders of S.I.F. Oltenia S.A., registered in the Register of holders of financial instruments on 12.06.2020 (the registration date established in the convocation of the Ordinary General Shareholders Meeting of 28.04.2020), representing dividends distributed from the net profit of 2019 and which were ceased to be paid on 16.07.2020. Approval of the payment by the company of the amounts necessary for the settlement of the debt in the total gross amount of Ron 16,121,418.83, held by the 5,730,349 shareholders of S.I.F. Oltenia S.A., registered in the Register of holders of financial instruments on 12.06.2020 (the registration date established in the convocation of the Ordinary General Shareholders Meeting of 28.04.2020), representing dividends distributed from the net profit of 2019 and which were stopped for payment on 16.07.2020. It is approved the date of 22.03.2021 as the Payment Date to the 5,730,349 shareholders of S.I.F. Oltenia S.A., registered in the Register of holders of financial instruments on 12.06.2020 of the dividends distributed from the net profit of 2019 and which have been stopped for payment since 16.07.2020. The distribution of dividends to shareholders shall be carried out in accordance with the legal provisions, the costs related to the payment being borne by the shareholders from the amount of the net dividend. - Presentation and acknowledgement of the Revenue and Expenditure Budget for 2020 and of the Strategy for 2020. - Approval of the discharge of the directors for the activity carried out in the financial year 2019. - Election of a member of the Board of Directors of the Financial Investment Company Oltenia SA, for a mandate with a duration equal to the remaining mandate of the acting directors, who will exercise its mandate from the date of its authorization by the Financial Supervisory Authority. - Approval of the date of 12.03.2021 as the date of registration and of 11.03.2021 as ex- dates, in accordance with the applicable legal provisions, for determining the shareholders upon whom the effects of the resolutions adopted are reflected. The Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. carried out its works on 24.02.2021 at the first call, the items on the agenda being fully approved, meeting the majority of the votes cast by the present and represented shareholders. ▪ On 25.02.2021, S.I.F. Oltenia S.A. published the Preliminary Financial Results on 31.12.2020, these being communicated to the investors through the Bucharest Stock Exchange website and the company website www.sifolt.ro, Investor Information section. ▪ Starting with 26.02.2022, the company communicated the initiation of the pre-selection procedure of the financial auditor. ▪ On 18.03.2021, the Board of Directors called the General Shareholders Meeting of S.I.F. Oltenia S.A. for 28.04.2021, having as main points on the agenda:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 47 - Presentation and approval of the Separate and Consolidated Financial Statements of S.I.F. Oltenia S.A. as at 31.12.2020, prepared in accordance with Rule no. 39/2015 for the approval of the Accounting Regulations in accordance with the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investment Sector, based on the Reports of the Board of Directors and of the Financial Auditor. - Approval of the distribution of the net profit for the financial year 2020 in the amount of Ron 52.231,020. - Approval of the discharge of the directors for the activity carried out in the financial year of 2020, corresponding to the duration of the mandate held. - Presentation and approval of the Income and Expenditure Budget for 2021 and of the Strategy for 2021. - Approval of the general limits of all additional remuneration of the members of the Board of Directors and of the general limits of the directors' remuneration. - Approval of the remuneration policy of S.I.F. Oltenia S.A., in accordance with the provisions of art. 92 1 of Law no. 24/2017 on issuers of financial instruments and market operations. - Election of a member of the Board of Directors of the Financial Investment Company Oltenia SA, for a mandate with a duration equal to the remaining mandate of the acting directors, who will exercise the powers of the mandate from the date of its authorization by the Financial Supervisory Authority. The Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. carried out its works on 28.04.2021 at the first call. The discharge of directors Tudor Ciurezu, Anina Radu, Nicolae Stoian, Carmen Popa was not approved for the activity carried out in the financial year of 2020, corresponding to the duration of the mandate held, the rest of the items on the agenda being fully approved, meeting the majority of the votes cast by the present and represented shareholders. ▪ As of 22.03.2021, the payment of dividends distributed from the net profit of 2019 was resumed and stopped for payment as of 16.07.2020. ▪ On 28.04.2021, S.I.F. Oltenia S.A. communicated the availability of the Annual Report at individual and consolidated level for the financial year 2020. ▪ On 12.05.2021, S.I.F. Oltenia S.A. communicated the availability of the Quarterly Report on 31.03.2021, starting with 14.05.2021. ▪ On 08.06.2021, the authorization process of the company was completed by the Financial Supervisory Authority as an Alternative Investment Fund for Retail Investors (F.I.A.I.R), Authorization no. 94/08.06.2021 was issued and the Articles of Association of the company was approved. ▪ On 16.06.2021, the registration with the Trade Register Office attached to the Dolj Tribunal was received, the amended Articles of Incorporation, as a result of the decrease of the share capital of the company, endorsed by the FSA Authorizations no. 93/07.06.2021 and 94/08.06.2021. The Financial Supervisory Authority issued the Certificate no. AC-419- 4/24.06.2021 regarding the registration of the decrease of the share capital of S.I.F. Oltenia S.A., according to the decision of the General Shareholders Meeting no. 6 of 29.10.2020. ▪ Starting with 30.07.2021, the company starts distributing the dividends due for the financial year 2020 to the shareholders. ▪ The Board of Directors of the company approved the establishment of a secondary office

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 48 of S.I.F. Oltenia S.A., with the status of Representation, at the address in Bucharest, Sector 3, str. Mircea Vodă, no. 34, block M1, entrance 1, 1st floor, ap.2 (Mention Registration Certificate no. 51929 of 13.07.2021). ▪ On 13.09.2021, the Board of Directors called the General Shareholders Meeting of S.I.F. Oltenia S.A. for 20.10.2021, having as main points on the agenda: - for a period of 3 years for the audit of the Separate and Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (IFRS), for the financial years 2022, 2023, 2024. - Approval of the performance in the financial year 2021 of, for which the right to action is extinguished by prescription, respectively the dividends related to the financial years 2016 and 2017, existing in the balance as unpaid at the end of 26.10.2021. The Ordinary General Meeting of Shareholders of S.I.F. Oltenia S.A. carried out its works on 28.04.2021 at the first call, the shareholders approving the appointment of Deloitte Audit Srl as External Financial Auditor of S.I.F. Oltenia S.A. and the accounting registration of the dividends not claimed for more than three years from the date of their chargeability to "reserves". ▪ On 19.11.2021, the Company received from the Financial Supervisory Authority Authorization No. 236/19.11.2021 by which the changes in the organization and functioning of S.I.F. Oltenia S.A. were authorized following the appointment of Mrs. Andreea Cosmănescu as (provisional) director of the company. Events subsequent to 31 December 2021 1. On 23 February 2022, the Board of Directors called for 31 March 2022 the Extraordinary General Shareholders Meeting of S.I.F. Oltenia S.A., having on its agenda: - Approval of the performance of a buy-back programme by the Company of its own shares, in accordance with the applicable legal provisions, under the following conditions: (i) programme size — buy-back of a maximum of 25,000,000 own shares with a nominal value of Ron 0.10 /share representing 5% of the current share capital; (ii) the purchase price of the shares — the minimum purchase price shall be Ron 0.1/ share and the maximum price shall be Ron 4/share; (iii) the duration of the program — the period of maximum 5 months from the date of publication of the EGSMs decision in the Official Gazette of Romania, part IV; (iv) payment for the repurchased shares shall be made out of the distributable profit or available reserves of the company shown in the last approved annual financial statements, excluding legal reserves, as per the 2020 financial statements, in accordance with the provisions of Art. 1031 letter d) of Law No. 31/1990, regarding the companies, republished and modified; (v) the purpose of the programme - reduction of share capital by cancelling buy-back shares. Impact on operations and business continuity of the company A number of measures have been taken at the level of society to limit both the impact caused by the effects of the COVID-19 pandemic and other effects caused by potential mutations of this virus. The company's staff is important for the continuity of the activity, therefore, in

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 49 order to mitigate the risks regarding their health, hygiene and disinfection measures are implemented, staff facilities have been implemented for testing on SARS COV2 virus. The information of shareholders and investors was carried out normally, the company communicating through current reports, e-mail and updates of the company's website relevant information and events about the company. In the following period, the capital market may be exposed to increased volatility as a result of the uncertainties in the geopolitical environment, both locally and globally. Geopolitical uncertainty and volatility of shares can have an impact on the Romanian economy and consequently on the companies in the society's portfolio. The Board of Directors of the Company is aware that economic developments at both global and local level may influence the future activity of the Company, and may have effects on the future results of the Company. The management continuously monitors the present risks and uncertainties, implementing measures to ensure the continuation of the activity. 8. Economic and financial results and assets situation The Individual Financial Statements have been prepared by the Company in accordance with International Financial Reporting Standards adopted by the European Union (EU). The Company has prepared IFRS individual financial statements to meet the requirements of Regulation 39/2015 for the approval of Accounting Regulations compliant with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority of the Financial Instruments and Investment Sector. For the purposes of Regulation 39/2015, International Financial Reporting Standards, hereinafter referred to as IFRS, are the standards adopted in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards as subsequently amended and supplemented. The reporting currency of the financial results is the leu. 8. ECONOMIC AND FINANCIAL RESULTS Individual statement of financial position for the year ended 31 December 2021 in RON 31 December 2021 31 December 2020 Active Cash and cash equivalents 3,918,230 4,279,513 Deposits with banks 14,631,529 26,602,893 Bonds at amortised cost 6,851,710 - Financial assets measured at fair value through other comprehensive income 2,377,459,052 2,014,682,452 Financial assets measured at fair value through profit or loss 4,652,463 3,598,943 loans and advances 2,311,637 191,867 Tangible assets 11,522,360 10,880,906 Investments in real estate 1,113,247 675,090 Other assets 132,101 171,393 Total assets 2,422,592,329 2,061,083,057

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 50 Detbs Dividends payable 45,798,986 61,222,189 Tax liabilities 18,940,480 805,811 Deferred tax liabilities 153,580,406 116,202,339 Other debts 6,639,031 10,655,357 Total debts 224,958,903 188,885,696 Shareholders’ equity Social capital: ($50,000,000) 52,214,914 Legal reserves 11,603,314 11,603,314 Differences from changes in fair value of financial assets measured at fair value through other comprehensive income and other equity items 775,542,623 579,141,262 Other reserves 621,465,870 632,424,325 Reserves from realized tangible assets revaluation 7,241,779 7,169,734 Losses related to buy-back of shares - (59,747,655) Own shares - (2,214,914) Retained result, except retained earnings resulted from first-time adoption of IAS 29 694,229,102 599,375,361 Current profit 37,550,738 52,231,020 Total shareholders' equity 2,197,633,426 1,872,197,361 Total liabilities and shareholders' equity 2,422,592,329 2,061,083,057 As of 31 December 2021, the total assets amounted to Ron 2,422,592,329, an increase of 18% compared to 31 December 2020 (RON 2,061,083,057). Within the assets, the financial assets measured at fair value through other comprehensive income amount to Ron 2,377,459,052 and represent 98.14% of the total assets, according to the specificity of the activity. The deposits placed with banks amount to Ron 14,631,529 and represent 0.60% of the total assets, decreasing compared to 2020, the main reason being that, during 2021, the interest rates offered by banks for the establishment of deposits were very low compared to the return offered by shares. As of 31 December 2021, the Company's debts amounted to Ron 224,958,903, an increase of 19% compared to the previous year (Ron 188,885,696), the increase being determined by the following elements: - debts with taxes and duties - Ron 18,940,480 (the significant increase compared to the previous year of this financial indicator is determined by the income tax payable for the fourth quarter of 2021, to be paid in the first quarter of 2022); - payment dividends – Ron 45,798,986 (20% of total debts); - deferred tax liabilities – Ron 153,580,406 (68% of total liabilities). At the end of the financial year 2021, the Company's equity amounts to Ron 2,197,633,426 with an increase of 17% compared to 2020, when their value was Ron 1,872,197,361. This development is mainly due to differences in the change in fair value of financial assets measured at fair value through other comprehensive income and other equity items that recorded an increase of 34% at the end of 2021 compared to 2020.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 51 Individual statement of profit or loss and other comprehensive income for the year ended 31 December 2021 in RON 31 December 2021 31 December 2020 Revenue Gross dividend income 57,273,099 70,945,772 Income from interests 392,111 306,077 Other operating income 1,036,170 164,113 Net gain from foreign exchange rate differences 70,358 (794) Gain on financial assets at fair value through profit or loss 1,053,520 47,147 Expenses Fees, commissions, administrative and supervisory fees (3,545,677) (2,824,554) Revenue from reversal of provisions 10,063,154 292,467 Operating expenses (24,504,205) (13,876,787) Profit before tax 41,838,530 55,053,441 Corporate tax (4,287,792) (2,822,421) Net profit of the reporting period 37,550,738 52,231,020 other comprehensive result items Gain on disposal of financial assets measured at fair value through other comprehensive income net of tax, recognised in retained earnings 94,529,873 48,381,669 Variation of reserve from tangible assets revaluation, net of deferred tax 376,800 - Net change in the fair value of financial assets measured by other comprehensive income 290,860,357 (140,861,412) Fair value reserve of financial assets measured through other comprehensive income disposed of, transferred to net deferred tax result (94,529,873) (47,133,906) Total other comprehensive result items 291,237,157 (139,613,649) Total comprehensive result for the period 328,787,895 (87,382,629) Earnings per Share Basic 0.0751 0.1000 Diluted 0.0751 0.1000 The main income group that determined the profit at the end of the financial year 2021 is represented by gross dividend income, amounting to Ron 57,273,099. The companies in the portfolio of S.I.F. Oltenia S.A. that distributed during 2021 dividends for the financial year 2020 are: in RON 31 December 2021 31 December 2020 BANCA TRANSILVANIA 19,892,934 24,812,607 OMV PETROM S.A. Bucharest 17,795,820 22,094,291 S.N.G.N. ROMGAZ SA Medias 4,029,655 3,624,439 THE SHIPYARD ORȘOVA S.A. 3,200,337 768,081 C.N.T.E.E. TRANSELECTICA S.A. Bucharest 2,359,273 1,301,668 BRD-GROUPE SOCIETE GENERALE S.A. Bucharest 2,146,055 - S.N.T.G.N. TRANSGAZ S.A. Mediaș 1,980,552 3,764,021 UNIVERS S.A. Rm.Vâlcea 1,345,419 2,153,257 VOLTALIM S.A. Craiova 1,307,459 1,619,330 FLAROS S.A. Bucharest 986,712 1,874,753 IAMU S.A. Blaj 793,372 793,372 ANTIBIOTICE S.A. Iași 578,231 3,820,609

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 52 BURSA DE VALORI BUCURESTI S.A. 409,494 315,496 PROVITAS S.A. Bucharest 316,251 182,723 ELBA S.A. Timișoara 98,982 - DEPOZITARUL CENTRAL S.A. Bucharest 32,553 58,601 TURISM FELIX S.A. Băile Felix - 1,451,900 ELECTROMAGNETICA S.A. Bucharest - 706,871 MERCUR S.A. Craiova - 881,000 S.I.F. Transilvania - 477,303 COMPLEX HOTELIER DÂMBOVIȚA S.A. Târgoviște - 245,450 TOTAL 57,273,099 70,945,772 During 2021, the main issuers of the portfolio of S.I.F. Oltenia S.A. distributed a lower gross dividend than the one allocated in 2020, the main cause being the health crisis that had a devastating effect on the global economy during 2020. Although the holding in the issuer Banca Transilvania (which has a share of almost 25% in the total assets of S.I.F. Oltenia S.A.) was higher at the registration date of 23.09.2021 (251.106.687 shares of TLV compared to 215.708.007 shares of TLV at the registration date of 2020), in 2021, the issuer distributed a gross dividend of Ron 0.0792210443, decreasing by 31.13% compared to that granted in 2020 for 2019 (Ron 0.1150286771). Therefore, the net dividends collected in 2021 (54,835,831 RON) decreased by 19.50% compared to those collected during 2020 (68,123,349 RON). At the end of the financial year 2021, the profit recorded before tax is Ron 41,838,530, decreasing by 24.00% compared to the profit obtained at the end of 2020 (RON 55,053,441), but with an increase of 38.34% compared to the one forecasted in the Income and Expenses Budget for 2021 (RON 30,243,852). The gross profit is influenced by the amount of Ron 5,500,000, which represents a provision established in accordance with the Articles of Association of the Company, the Collective Bargaining Agreement and the Senior Management Mandate Agreement. It is proposed to the Ordinary General Shareholders Meeting the approval of the gross result achieved, which includes the provision created to stimulate employees, senior management and administrators in accordance with the legal framework mentioned and the granting of the Board of Directors, the competence to distribute the amount of employees, senior management (with mandate contract) and administrators. The net profit of the financial year 2021 is Ron 37,550,738, + 30.69% higher than the one provided by the Income and Expenses Budget for 2021 (Ron 28,731,660). At the end of 2021, the overall result for the period increased by Ron 416,170,524 compared to the value recorded in the same period of the previous year.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 53 Individual Cash Flow Statement as at 31.12.2021 in RON Item name Reporting period 31 December 2021 31 December 2020 A 1 2 Cash flow from operating activities Proceeds from customers, other proceeds 379,188 2,828,780 Proceeds from sales of financial investments (shareholdings) 164,962,617 102,095,002 Payments for the acquisition of shares (183,440,641) (5,842,999) Payments for the purchase of bonds (6,800,000) Payments to suppliers and employees, other payments (14,626,316) (11,108,454) Payments to the state budget, social security budget and local budget (5,602,501) (3,379,755) Collected interest 355,486 330,603 Collected dividends 54,835,831 68,123,351 paid interest - (121,516) Paid profit tax (2,998,915) (10,218,469) Net cash from operating activities 7,064,749 142,706,543 Cash flow from investing activities: Payments for acquisitions of tangible assets (296,564) (14,419) Proceeds from the sale of tangible assets - - Net cash from investing activities (296,564) (14,419) Cash flow from financing activities: Proceeds from share issue - - Proceeds from short-term loans - 29,000,000 Short-term loans - (29,000,000) Proceeds from long-term loans - - Payment of liabilities related to financial leasing - - Advanced amounts for buy-back of shares - (137,675,609) Dividends paid (18,055,235) (35,659,678) Advanced amounts to Depozitarul Central for dividend payments (39,311) (40,047) Dividend tax paid (991,207) (1,707,799) Net cash from financing activities (19,085,753) (175,083,133) Net increase in cash and cash equivalents (12,317,568) (32,391,009) Cash and cash equivalents as at the beginning of the reporting period 30,863,875 63,254,884 Cash and cash equivalents as at the end of the reporting period 18,546,307 30,863,875 9. Corporate governance

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 54 Societatea de Investiţii Financiare Oltenia S.A. is classified in the Premium category of the Bucharest Stock Exchange. The subscribed and paid-up share capital of the company is Ron 50,000,000. It is divided into 500,000,000 shares, with a nominal value of Ron 0.1. The shares are ordinary, registered, of equal value, issued in dematerialised form and confer equal rights to their holders. The shares shall be indivisible, the company recognizing a single representative for the exercise of the rights arising out of the holding of a share. The company carries out its activity in accordance with the provisions of the Romanian legislation and pays special attention to the observance of the rights of its shareholders. By Regulation no. 2/2016, the Financial Supervisory Authority (FSA) has regulated the unitary regulatory framework for the application of the principles of corporate governance to the entities authorized, regulated and supervised by FSA, a regulation that has applied since 1 January 2017. Statement of S.I.F. Oltenia S.A. on the application of corporate governance principles in 2021, drawn up in accordance with the Annex to Regulation no. 9/2019, is presented in the document "Declaration of S.I.F. Oltenia S.A. on the application of corporate governance principles", attached hereto. S.I.F. Oltenia S.A. is committed to maintaining and developing the best corporate governance practices to ensure an efficient decision-making process that leads to the long-term viability of the company, to achieving the company's objectives and to creating added value for all stakeholders (shareholders, management, employees, partners). S.I.F. Oltenia S.A. paid special attention to good corporate governance and adhered to the principles of the Code of Corporate Governance of the Bucharest Stock Exchange. Considering the Corporate Governance Code of the Bucharest Stock Exchange, S.I.F. Oltenia S.A. assessed the degree of compliance with the provisions of the Code on 31.12.2021, the level of implementation being presented in the document "Declaration of compliance with the Corporate Governance Code of the Bucharest Stock Exchange 2021", annexed to this report. Also, on 24 February 2021, the Board of Directors of S.I.F. Oltenia S.A. approved the revision of the Corporate Governance Regulation for the application of the provisions of the Articles of Association of the Company, in accordance with the amendments approved by A.G.O.A. on October 29, 2020. COMPANY MANAGEMENT In accordance with the Articles of Incorporation, S.I.F. Oltenia S.A. is managed in a unitary system. At the date of this report, in accordance with the Articles of Association as authorized by the Financial Supervisory Authority (Authorization No. 93/07.06.2021), the Board of Directors of S.I.F. Oltenia S.A. consists of 5 members elected by the General Meeting for a period of 4 years, with the possibility of being re-elected. On 31.12.2021, the composition of the Board of Directors of S.I.F. Oltenia S.A. was as follows:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 55 Sorin-Iulian Cioacă President of the Management Board Mihai Trifu Vice President of the Board of Directors Codrin Matei Member of the Board of Directors Mihai Zoescu Member of the Board of Directors Andreea Cosmănescu Temporary member of the Board of Directors The General Shareholders Meeting is the supreme governing body of the company. General Meetings are ordinary and extraordinary and may be called whenever necessary. The attributions of the General Shareholders Meeting are specified in the Articles of Association and internal regulations, documents that comply with the legal provisions in the field and are published on the company's website, www.sifolt.ro, in the section dedicated to corporate governance. The Board of Directors, in accordance with the decision of the Ordinary General Shareholders Meeting of 29.10.2020, endorsed by FSA, was registered with the Dolj Trade Register Office on 15.12.2020 based on resolution no. 1847/14.12.2020. During 2021, the composition of the members of the Board of Directors of S.I.F. Oltenia S.A. had changes, as follows: - According to the decision no. 10B of the Ordinary General Shareholders Meeting of 28.04.2021, Mr. Mihai Zoescu was appointed as a member of the Board of DIRECTORS, being subsequently endorsed by the FSA by authorization no. 99/18.06.2021 and registered with the Dolj Trade Register Office on 24.06.2021 based on resolution no. 12219/23.06.2021; - According to the FSA decision no. 1135/15.09.2021, Mr. Adrian Andrici was withdrawn from the position of member of the Board of Directors of S.I.F. Oltenia S.A.; - Following the FSA Decision no. 1135/15.09.2021, the Board of Directors of the Investment Firm Oltenia S.A., meeting in the meeting of 20.09.2021, adopted the Decision no.20/20.09.2021, in order to supplement the number of members of the Board of Directors, Mrs. Andreea Cosmănescu being appointed as provisional administrator of S.I.F. Oltenia S.A. Mrs. Andreea Cosmănescu was approved by the Financial Supervisory Authority by authorization no. 236/November 19, 2021 and registered with the Dolj Trade Register Office on December 10, 2021 based on resolution no. 22910 of 09.12.2021 as provisional member of the Board of Directors of S.I.F. Oltenia S.A. The members of the Board of Directors were elected on the basis of objective criteria regarding the qualification and professional experience, in accordance with the applicable legislation. The Board of Directors is supported in its activity by a Secretary of the Board, being responsible for ensuring the efficient functioning of the Board and its Committees, its role consisting in supporting the President and the other members of the Board, both at group level and individually, and in ensuring compliance by the Board of Directors with the internal

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 56 regulations, ensuring compliance with the provisions of the Corporate Governance Code, as well as with the laws and regulations relevant to the Company's activity. The Secretary shall be responsible for ensuring effective communication between the Administrative Board and the Committees set up at the level of the Council, between the Directors and the Administrative Board. In 2021, the position of Secretary of the Board of Directors was held by Mrs. Carmen – Iulia Vasile. Main tasks of the Board of Directors The Board of Directors has unlimited powers in the period between the General Shareholders Meetings regarding the management of the company, except for those which the law or the Articles of Association provide exclusively for the General Shareholders Meeting. In accordance with the provisions of the Articles of Association and the internal regulations, the Board of Directors has the following basic powers: - approving the main directions of activity and development of the company, including the investment strategy; - establishing accounting policies and financial control system, as well as approving planning - the appointment and dismissal of the directors in the meaning of Law no.31/1990 and establishing their remuneration within the limits established by the Ordinary General Shareholders Meeting; - supervising the work of directors; - preparing the annual report, organizing the General Shareholders Meeting and implementing its resolutions; - submitting the application for the opening of the insolvency procedure of the company, according to the applicable legal provisions; - the exact fulfillment of all the attributions established in the task of the Board of Directors by the General Shareholders Meeting; - establishing/dissoluting branches and other secondary offices, without legal personality, or the change of their headquarters; - establishing and approving the voting procedures within the General Shareholders Meeting; - deciding the establishment of other companies or legal entities, including the participation in the share capital of other companies, under the conditions provided by the legal regulations; - the deeds of acquisition, disposal, exchange or provision as security of assets belonging to the category of fixed assets of the company, whose value exceeds, individually or cumulatively, during a financial year, 20% of the total fixed assets, less the receivables, are concluded by the directors or managers of the company only after the prior approval by the Extraordinary General Shareholders Meeting, according to art.90(1)of Law24/2017, or any legal provisions in force at the date of the documents; - leasing of tangible assets, for a period of more than one year, whose individual or cumulative value towards the same co-contractor or persons involved or acting in concert exceeds 20% of the value of the total fixed assets, less the receivables at the date of conclusion of the legal

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 57 act, as well as the associations for a period of more than one year, exceeding the same value, are approved in advance by the Extraordinary General Shareholders Meeting according to art.90(2) of Law no.24/2017, or any legal provisions in force at the date of the documents; - concluding contracts with the depositary, the financial auditor and the entity keeping records of shareholders; - approving the internal regulations of the company, the organizational chart, the Internal Regulations of the Board of Directors and the working policies/ procedures; - negotiating of the Collective Bargaining Agreement; - solving any other problems established by the General Shareholders Meeting or by the regulations or legal provisions; - approving the conclusion of any deeds of acquisition or disposal of goods, including securities or other financial instruments, whose value exceeds, individually or cumulatively, when related, the amount of 5 million Ron. The Board of Directors shall elect a President and a Vice-President from among its members. The President will be the General Manager of S.I.F. Oltenia S.A., and the Vice President will be the Deputy General Manager. The President and, in his absence, the Vice-President shall represent the company in its dealings with third parties. The Vice-President shall replace the President and assume his or her duties and responsibilities when he or she is absent. The senior management of S.I.F. Oltenia S.A. on 31.12.2021 is provided by: ▪ Sorin - Iulian Cioaca – President /General Manager ▪ Mihai Trifu – Vice President /Deputy General Manager Activity of the Board of Directors in 2021 During 2021, the Board of Directors met at least once a quarter. Its activity was carried out according to the Regulation of the Board of Directors, the statutory and legal provisions. The total number of meetings of the Board of Directors during 2021 was 35. Status of Directors' attendance at the meeting of the Board of Directors during 2021: From 01.01.2021 to 31.12.2021: 1. Sorin-Iulian Cioacă 35 attendances 2. Mihai Trifu 35 attendances 3. Codrin Matei 35 attendances 4. Mihai Zoescu 23 attendances (first participation on 21.06.2021) 5. Adrian Andrici 19 attendances (last participation on 13.09.2021) 6. Andreea Cosmănescu 6 attendances (first participation on 22.11.2021) The main topics discussed at the meetings of the Board of Directors:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 58 ▪ approvals required by the legal provisions applicable to the accounting records (results of patrimony inventory, establishment and recording of adjustments and provisions, quarterly, half-yearly and annual individual financial statements, half-yearly and annual consolidated financial statements and related reports, proposal for the distribution of profit 2020, BVC 2021 project); ▪ approvals required by the legislation applicable to the exercise of duties by the Compliance, Internal Audit and Risk Management departments (activity report for 2020 of the Compliance Office on the investigations carried out, the deviations found and proposals made, the investigation plan of the Compliance Office for 2021, annual report on the internal audit activity for 2020, annual report on the risk management activity for 2020, the risk monitoring plan for 2021, the report on the annual evaluation for 2020 of the effectiveness of the compliance system, the risk management system and the internal audit reports, the Internal Audit Charter and the Internal Auditor's Declaration of Independence – documents issued by the internal auditor, the report on the efficiency of the activity of the Compliance Office, the risk management system and the Internal Audit Department for the second half of 2020, the Internal Audit Plan for 2021, etc.); ▪ organizational approvals (revised and updated documents according to the applicable legal provisions: internal regulations, organizational chart, corporate governance regulation, operating regulation of the board of directors and advisory committees, working policies and procedures, new working procedures, updating documentation for F.I.A.I.R. authorization, etc.); ▪ approvals required by the specificity of the activity of the compartments within the company; ▪ approvals imposed by legal and statutory provisions on the convening and holding of general meetings (analysis and approval of materials included in the agenda, convocation, expenses, procedures, selection of financial auditor, special power of attorney forms, ballot paper by correspondence, establishment of reception committees and keeping records of votes, working rules for established committees, etc.); ▪ information on reports drawn up by the Audit Committee and activity analysis Audit Committee and their approval (reports/information endorsed/drawn up by the Audit Committee were debated, ascertained or approved by the plenum of the Board of Directors of S.I.F. Oltenia S.A.); ▪ information on reports prepared by the Nomination and Remuneration Committee and their approval (annual report on the evaluation (2020) of the members of the Board of Directors and of the Senior Management, respectively annual report on the evaluation (2020) of the persons holding key positions within S.I.F. Oltenia S.A.); ▪ information and approvals of the quarterly and half-yearly reports of the Strategy Investment Policy Committee.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 59 Audit Committee The Audit Committee has an advisory role and functions to assist the Board of Directors in order to ensure that the company maintains adequate and adequate systems for the purpose of financial reporting, internal audit, compliance and risk management. Composition of the Audit Committee During 2021, the Audit Committee, consisting of non-executive directors, had the following composition: • On 21.06.2021, the Board of Directors of S.I.F. Oltenia S.A., by Decision no. ,13/21.06.2021, approved the establishment of the consultative committees of the Board of Directors of S.I.F. Oltenia S.A.. Thus, for the Audit Committee, the following composition was established: - Mr. Zoescu Mihai - non-executive director - president, - Mr. Andrici Adrian - non-executive director; - Mr. Matei Codrin - non-executive director. • By decision no. 30 of 22.11.2021 of the Board of Directors of S.I.F. Oltenia S.A., the composition of the Audit Committee was established as consisting of: - Mr. Zoescu Mihai- non-executive director - president - Mrs. Cosmănescu Andreea - temporary director - Mr. Matei Codrin - non-executive director Meetings of the Audit Committee In 2021, the Audit Committee met in 4 meetings. The objectives of the working sessions were: - endorsement and approval of the Internal Audit Policies and Procedures Manual, revised and drawn up by the Internal Audit Department; - approving the Report of the Audit Committee for 2020; - Analysis and evaluation of offers for audit services in order to select the new financial auditor in accordance with FSA Rule 13/2019 on the unitary framework for carrying out the statutory audit of the entities authorized, regulated and supervised by FSA and the submission of a proposal/recommendation in this regard to the Board of Directors. - Approval of the Internal Audit Reports and Audit Plan for the year 2022. The audit missions were completed by Reports that were presented in the meetings of the Board of Directors. Nomination and Remuneration Advisory Committee The Nomination and Remuneration Committee has an advisory role, being established to assist the Board of Directors in the performance of its roles and duties with respect to the nomination and assessment of the adequacy of the members of the Board of Directors and persons holding key positions within the Company, respectively to assure the Board that the

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 60 remuneration of the Executive Directors is set at the correct level and that the Company uses a balanced combination of incentives to attract and retain the personnel it needs for its operations. Composition of the Nomination and Remuneration Committee Between 01.01.2021 and 21.06.2021, the Nomination and Remuneration Committee was composed of 2 non-executive members, namely Mr. Adrian Andrici and Mr. Codrin Matei. On 21.06.2021, the Board of Directors of S.I.F. Oltenia S.A., by Decision no. 13/21.06.2021, approved the establishment of the consultative committees of the Board of Directors of S.I.F. Oltenia S.A.. Thus, for the Nomination and Remuneration Committee, the following composition was established: - Mr. Adrian Andrici – non-executive director – president; - Mr. Codrin Matei – non-executive director; - Mr. Mihai Zoescu – non-executive director On 15.09.2021, S.I.F. Oltenia S.A. received from the Financial Supervisory Authority Decision no.1135/15.09.2021 by which the approval of Mr. Adrian Andrici as a member of the Board of Directors of S.I.F. Oltenia S.A. was withdrawn, in which case the Board of Directors of S.I.F. Oltenia S.A. appointed Mrs. Andreea Cosmănescu as provisional member and took the necessary steps for its approval by the Financial Supervisory Authority. Consequently, between 16.09.2021 and 19.11.2021 (until the approval of Mrs. Andreea Cosmănescu as a member of the Board of Directors of S.I.F. Oltenia S.A.), the Nomination and Remuneration Committee was formed of: - Mr. Codrin Matei – non-executive director; - Mr. Mihai Zoescu – non-executive director. By decision no. 30 of 22.11.2021 of the Board of Directors of S.I.F. Oltenia S.A., the composition of the Nomination and Remuneration Committee was established as consisting of: - Mrs. Andreea Cosmănescu – provisional director – president; - Mr. Codrin Matei – non-executive director; - Mr. Mihai Zoescu – non-executive director. Meetings of the Nomination and Remuneration Committee The Nomination and Remuneration Committee, during 2020, held 11 meetings. The assessment of the individual and collective adequacy of the members of the management structure and of the persons holding key positions was the main topic discussed during the meetings of the Nomination and Remuneration Committee during 2021. Committee for Investment Policies - Strategies The Committee for Investment Policies - Strategies assists the Board of Directors in fulfilling its responsibilities in the field of investment strategies and policies development, monitoring the compliance with the decisions regarding the implementation of the investment policy, the analysis of the performance of the portfolio of financial instruments and the management of the related risks, proposes possible investments in accordance with the investment strategy of S.I.F. Oltenia S.A..

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 61 Composition of the Investment Policy Committee – Strategies The Board of Directors of S.I.F. Oltenia S.A., gathered in the meeting of 21.06.2021, by Decision no. 13/21.06.2021, approved the establishment of the consultative committees of the Board of Directors of S.I.F. Oltenia S.A. For the Committee of Investment Policies – Strategies, the following composition was established: - Mr. Codrin Matei – non-executive director – president; - Mr. Adrian Andrici - non-executive director; -Mr. Mihai Zoescu – non-executive director. By decision no. 30 of 22.11.2021 of the Board of Directors of S.I.F. Oltenia S.A., the composition of the Committee for Investment Policies – Strategies was established as follows: - Mr. Codrin Matei – non-executive director – president; - Mr. Mihai Zoescu – non-executive director; - Mrs. Andreea Cosmănescu – provisional administrator. During 2021, the Committee for Investment Policies – Strategies held 3 meetings. The main topics discussed during the meetings of the Committee for Investment Policies – Strategies are: - Periodic analysis of the investments made (investments), the structure of the company's portfolio and its classification in the company's risk strategy; - analyzing the observance of the competence limits, with reference to the trading operations (purchase and sale of securities) by the Senior Management related to the trading activity (purchase and sale) on the capital market and the acquisition and sale of the participations held by S.I.F. Oltenia S.A. in the closed companies, operations established by resolutions of the General Shareholders Meeting or of the Board of Directors; - analyzing the application of the company's investment strategy approved by the General Shareholders Meeting or the Board of Directors. During 2021, the Committee for Investment Policies – Strategies prepared activity reports for the first semester, third and fourth quarters of 2021, which were submitted to the Board of Directors of S.I.F. Oltenia S.A.. Compliance Office The compliance activity is carried out by exercising permanent control over the company's activity. During the financial year 2021, the Compliance Bureau was part of the organizational structure of S.I.F. Oltenia S.A., an independent structure specialized in supervising the compliance by the company and its personnel with the legislation in force applicable to the capital market, as well as with the applicable internal regulations and procedures. The activity of the Compliance Office was carried out in accordance with the provisions of the Investigation and Control Plan for 2021, approved by the Board of Directors of S.I.F. Oltenia S.A., the provisions of the FSA Regulation no.10/2015, as subsequently amended and supplemented, the EU Regulation 231/2013, the working procedures and the internal regulations. The activity carried out took into account:

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 62 - periodic control of activities within the company in order to avoid the occurrence of non-compliance situations; - compliance by the company with its obligations under the applicable legal provisions; - reviewing and submitting the approval of the management structure of internal working procedures; - Preventing any violation of the laws, regulations in force applicable to the capital market or the internal procedures of the Company, both by the Company and its employees; - informing the company and its employees about the legal regime applicable to the capital market; - approval of the documents sent by the company to the regulatory authority in order to obtain the authorizations provided by the FSA regulations; - approving the reports that the company must submit to the FSA and to the capital market entities and ensuring that they are submitted within the legal term provided by the regulations in force; - endorsement of the information/advertising materials of the company. The Head of the Compliance Office prepared, during the period under review, according to the investigation plan, verification notes regarding aspects of the activity carried out at the level of the company. Following the control and verification actions of the compliance function, it was found that the activities subject to control comply with the capital market legislation, internal regulations and procedures. No non-compliance risks were found. The Compliance Office has prepared the Annual Report and Investigation Plan for the year 2022. The form approved by the Documents Management Board is submitted to the Financial Supervisory Authority. Settlement of petitions The shareholders have the possibility, if they have dissatisfaction with the activity of the company or the information provided by the company, to address to S.I.F. Oltenia S.A. through a petition. The method of solving the petitions submitted by the shareholders is the one established by the FSA Regulation no. 9/2015, as amended and supplemented. In accordance with the provisions of the Regulation, the unique register of petitions was drawn up in secure electronic format, which records the petitions submitted, the problems complained of and the method of settlement. The register of petitions is managed by the Head of the Compliance Office. During the period under review, the Compliance Office has drawn up the Single Register of Petitions in secure electronic format, the Register of Investigations, the Register of personal transactions of the relevant persons within the company, the Register of conflicts of interest. The person within the company who performs the function of Head of Compliance Office also performs the duties of ML/TF Compliance Officer and is notified to the FSA. The Head of Compliance Office has reviewed during 2021 the policies, mechanisms and procedures to prevent and combat ML/TF. Throughout the reporting period, namely 01.01.2021 – 31.12.2021, the head of the Compliance Office was Mrs. Viorica Bălan – FSA Authorization no. 215/02.09.2014,

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 63 respectively no. 47/15.02.2018. The Company has a financial auditor as well as an internal auditor who carried out their activity in accordance with the applicable legal provisions and the contracts concluded in this regard. Financial auditor The financial auditor is JPA AUDIT and CONSULTANŢA S.R.L Bucharest. By the FSA Decision no. 444/02.04.2020 was approved the extension by 2 years of the maximum auditing period of 5 consecutive years by the existing financial auditor of the company, JPA AUDIT and CONSULTANŢA S.R.L Bucharest, which audited the financial statements of S.I.F. Oltenia S.A. for the years 2020 and 2021. The Board of Directors verified the independence and objectivity of the financial auditor by monitoring the rotation of the partners dedicated to the issuer in the audit firm. Internal auditor The internal auditor of the company is Mrs. Cimpoeru Ana, who is an employee of the issuer for an indefinite period. The internal audit function is separate and independent from other functions and activities of S.I.F. Oltenia S.A. The internal audit is organized in accordance with the provisions of Law no. 31/1990 R on companies, as subsequently amended and supplemented, GEO no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as for amending and completing the Law no. 297/2004 on the capital market, Law no. 162/2017 regarding the statutory audit of the annual financial statements and the consolidated annual financial statements and amending some normative acts and GEO no. 75/1999 on the financial audit activity and operates as a distinct office within S.I.F. Oltenia S.A. The internal audit activity was carried out in accordance with the Internal Audit Procedures approved by the Board of Directors of S.I.F. Oltenia S.A. by Decision no. 17 / 29.07.2021. The organization and functioning, the performance of the internal audit missions, the objectives pursued are established by the internal regulations of S.I.F. Oltenia S.A. The internal audit activity in 2021 was carried out on the basis of the Internal Audit Plan, approved by the Board of Directors of S.I.F. Oltenia S.A. by Decision no. 01/14.01.2021. The internal audit had the following objectives: a) verifying the compliance of the entity's activities with its policies, programs and management, in accordance with the legal provisions; b) assessing the adequacy and application of financial and non-financial controls ordered and performed by the company's management in order to increase the efficiency of its activity; c) assessing the adequacy of the financial and non-financial information intended for the management to know the reality in the company; d) protection of balance sheet and off-balance sheet patrimonial elements and identification of methods to prevent frauds and losses of any kind; e) assessing and examining the effectiveness and adequacy of the company's systems, internal control mechanisms, risk management and governance processes and procedures.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 64 The internal audit missions in 2021 were carried out within the functional departments of S.I.F. Oltenia S.A. and focused mainly, according to the Internal Audit Plan, on the following activities: - Records of fixed assets and inventory items, amortization/depreciation recorded on costs; - Heritage inventorying and capitalizing on the results; - Effectiveness and adequacy of the Compliance Office's work; - Effectiveness and adequacy of the activity of the Risk Management Department; - Organization of records of financial assets such as shares and equity investments; - Compliance with FSA regulations on the calculation and reporting of net assets; - Human resources management - Dividends received from companies in the portfolio of S.I.F. Oltenia S.A.; - Dividends paid to the shareholders of S.I.F. Oltenia S.A. natural and legal persons existing at the date of registration; - Employees' and employer's contributions to the state budget and social security budget. The internal audit missions, undertaken according to the Internal Audit Plan approved by the Board of Directors of S.I.F. Oltenia S.A. for 2021 and which included the most important activities, ended with the following conclusions: - The activities and operations subject to audit in 2021 are in accordance with the company's policies and management, without significant deviations that could affect the smooth running of the company's activity; - The activities and operations subject to internal audit were carried out in accordance with the legal provisions in force at the date of registration of operations and in accordance with the internal regulations of the company; - There are sufficient control levers to be respected, for the safety of each transaction and risk reduction; - No deviations were found in connection with the protection of the patrimonial elements, no frauds or losses were recorded. Respect for shareholders' rights The shares of S.I.F. Oltenia S.A. are common, ordinary, nominative, dematerialised, indivisible, conferring equal rights to its shareholders, according to the relevant legal provisions. The General Shareholders Meetings are called by the Board of Directors at least 30 days before the date set for the deployment. S.I.F. Oltenia S.A. makes every effort to ensure a fair treatment of all its shareholders, providing them with relevant and current information that will enable them to exercise their rights in a fair manner. Also, S.I.F. Oltenia S.A. pays increased attention to strengthening the corporate governance mechanisms at the level of the company.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 65 Right to vote The Company ensures the participation of the shareholders in the works of the General Shareholders Meetings. The shareholders have the possibility to participate in the G.A.G. directly, through a representative based on a special/general power of attorney or by correspondence (by mail or electronic mail). Only the shareholders registered on the reference date in the Consolidated Register of Shareholders of the Company kept by Depozitarul Central of Bucharest are entitled to participate and vote in the works of the General Meeting. The Board of Directors, in accordance with the legal provisions and regulations of the FSA, approves procedures regarding the organization and performance of the GMS. At the headquarters of the company and on the website (www.sifolt.ro), information and materials regarding the General Meeting are made available to the shareholders: The convenor, the informative materials and the documents subject to the debate and approval of the General Shareholders Meeting, the participation and voting procedures, the special power of attorney forms, the ballots by correspondence, the draft resolutions, the drafts and the decisions of the General Shareholders Meeting, the result of the vote for each item on the agenda. According to the incidental legal provisions, one or more shareholders, individually or jointly representing with other shareholders at least 5% of the share capital of the company, may request by a request addressed to the company the introduction of additional items on the agenda of the G.A.G. and submit draft resolutions for the items proposed to be included on the agenda of the G.A.G. During 2021, the Board of Directors called three ordinary General Shareholders Meetings, as follows: Ordinary General Shareholders Meeting of 24 February 2021; Ordinary General Shareholders Meeting of 28 April 2021; Ordinary General Shareholders Meeting of 20 October 2021. Right to dividend The dividend is a share of the company's profit that is paid to the shareholders in proportion to the number of shares held in relation to the share capital. The amount of the dividend is proposed by the Board of Directors and approved by the General Shareholders Meeting. The proposal of the Board of Directors regarding the distribution of dividends takes into account the market yields, the economic context and the sustainability of the measure. The dividend policy practiced by the company aims to maintain a balance between the remuneration of shareholders and the need to finance investments, investments that lead to the long-term development of the company and to the increase of investors' interest in the shares issued by the company. For the financial year 2020, the company distributed to the shareholders a gross dividend of Ron 0.05 /share, as proposed by the Board of Directors.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 66 Right to information S.I.F. Oltenia S.A. respects the right to information of its shareholders by providing them with relevant and up-to-date information enabling them to exercise their rights in a fair manner. The information regarding the activity of the company considered to be able to influence the share price was disseminated through the current reports or communications sent within 24 hours to the market, being made available to investors both on the BSE website and on its own (the posting on its own website was made after this information was posted by the BSE market operator). The company established at the beginning of the year a financial communication calendar which it sent to BSE, FSA and published on the company's website and in a national newspaper. In order to provide shareholders with relevant information in real time, S.I.F. Oltenia S.A. has created on the website www.sifolt.ro the section called Investor Information, easily accessible and permanently updated. The website is structured so as to contain specific information necessary for the holders of securities (in Romanian and English), among which we mention: Corporate Governance (Corporate Governance Structures, Forecast Policy, Dividend Policy, Remuneration Policy, CSR Policy, ESG Policy, Involvement Policy, Internal Regulations, Organizational Chart), Investor Information (Reports, Financial Calendar, General Assemblies, Statement of Holdings, Petitions), Privileged Information, Notified Transactions, Prevention of Money Laundering. S.I.F. Oltenia S.A. has specialized internal structures for the relationship with investors and its own shareholders, namely the Shareholders and Shareholders' Relations Service (mihaela.talea@sifolt.ro), the Public Relations Office (public@sifolt.ro) and the Investor Relationship (mihaela.colceriu@sifolt.ro). The rules and procedures for the regular and continuous provision of information are laid down in the Internal Regulations in order to ensure that the activity is transparent and that investors have equal access to the information. 10. Corporate Social Responsibility (CSR) Corporate Social Responsibility (CSR) is a code of ethics in an environment where profit is a primary objective. Corporate Social Responsibility (CSR) is the totality of the actions, principles and practices by which a company engages in a society, in order to ensure a positive impact of its activity and to contribute to the development of that society. In the implementation of CSR, the European Union has developed a series of principles, targeting two dimensions of the relationship between the company and the community: the internal and external dimension. The CSR principles are: - Economic responsibilities; - Legal responsibilities; - Ethical responsibilities; - Philanthropic responsibilities.

S.I.F. OLTENIA S.A. Annual Report of the Board of Directors 2021 67 For S.I.F. Oltenia S.A., corporate social responsibility is one of the most important factors in establishing the image and public reputation of the company, in consolidating performance and ensuring long-term sustainable development. Examples of corporate social responsibility adopted by S.I.F. Oltenia S.A. include: • Continuous communication with shareholders as well as with the people of the community; • Improving the employees' work policies; • Sponsorships on supporting social events in support of fundamental human freedoms; • Supporting volunteer activities; • Corporate policies that protect the environment; • Socially and ecologically conscious investments. The fundamental ethical values assumed by the company are integrity, professionalism, responsibility and transparency, whose compliance is mandatory for all persons in the company's structures. S.I.F. Oltenia S.A. has ensured the implementation of regulations regarding corporate governance, regulations that require the observance of a set of principles and recommendations based on the best practices of transparency and trust towards all shareholders and potential investors. In its direct relationship with the employees, S.I.F. Oltenia S.A. has taken measures to improve the quality of life of the employees at the workplace. In the relationship with investors and stakeholders, CSR activity focused on protecting the environment globally, the company understanding to give importance to the needs of the community in which it operates, tried to integrate social and environmental issues in business objectives. During 2021, S.I.F. Oltenia S.A. granted sponsorships in the total amount of Ron 515,000, mainly for supporting healthcare activities, under the conditions of the COVID-19 pandemic. Management's commitment to contributing to sustainable development is part of the company's strategy towards long-term business success. S.I.F. Oltenia S.A. considers that acting responsibly can thereby increase its operational efficiency. This implies the adoption of eco technologies that are efficient in terms of reducing the amount of waste or saving raw materials (electronic communication is part of management's vision to reduce the amount of consumables, with implications for the protection of the green ecosystem at national level). Through this approach to corporate responsibility, the company considers that it also benefits from reputational gains, both at the level of employees and at the level of the relationship with the investors interested in the management's ability to manage the risks and opportunities associated with corporate governance, consumers and business partners. S.I.F. Oltenia S.A. promotes social responsibility, professionalism, excellence, innovation, team spirit, diversity, commitment.

69 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2021 Net assets 1,872,197,361 lei 2,197,633,426 lei Total assets 2,061,083,057 lei 2,422,592,329 lei FINAL DATA Name of the item Beginning of the reporting period 01/01/2021 - restated according to the F.S.A. no. 7/2020 End of the reporting period Differences (lei) % of the net assets % of total assets Currency RON % of the net assets % of total assets Currency RON I. Total assets 2,095,473 2,058,987,584 2,165,474 2,420,426,855 361,509,271 1 Securities and money market instruments of which: 99.3890 90.2806 0 1,860,757,632 100.7654 91.4084 0 2,214,453,327 353,695,695 1.1 Securities and money market instruments admitted or traded on a regulated market in Romania, of which: shares, other similar securities (mentioning each category), bonds (by issuer category), other debt securities (mentioning by type and issuer category), other securities, money market instruments (by category); 99.3890 90.2806 0 1,860,757,632 100.7654 91.4084 0 2,214,453,327 353,695,695 - Shares 99.3890 90.2806 0 1,860,757,632 100.7654 91.4084 0 2,214,453,327 353,695,695 1.2 Securities and money market instruments admitted to or dealt in on a regulated market of a Member State, of which: shares, other securities treated as such (by class), bonds (by class of issuer), other debt securities (by type and class of issuer), other securities, money market instruments (by class); 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0

70 1.3 Securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another regulated market in a third country, which operates regularly and is recognised and open to the public, approved by the A.S.F., of which: shares, other securities treated as such (with a list of each class), bonds (by class of issuer), other debt securities (with a list by type and by class of issuer), other securities, money market instruments (by class). 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 2 Newly issued securities 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 3 Other securities and money market instruments referred to in Article 83(1)(a) of O.U.G. No 32/2012 of which: securities (by categories and by type of issuer) and money market instruments (by categories). 8.2216 7.4682 0 153,924,820 7.7291 7.0114 0 169,857,435 15,932,615 - Shares not admitted to trading 8.2216 7.4682 0 153,924,820 7.4173 6.7286 0 163,005,725 9,080,905 Bonds not admitted to trading 0.0000 0.0000 0 0 0.3118 0.2828 0 6,851,710 6,851,710 4 Bank deposits of which: 1.4209 1.2907 424,538 26,178,355 0.6658 0.6040 468,445.66 14,163,082.98 (11,971,365) 4.1 Bank deposits with credit institutions in Romania; 1.4209 1.2907 424,538 26,178,355 0.6658 0.6040 468,445.66 14,163,082.98 (11,971,365) 4.2 Bank deposits made with credit institutions in a Member State; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 4.3 Bank deposits made with credit institutions in a third country. 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5 Derivatives traded on a regulated market: 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.1 Derivatives traded on a regulated market in Romania, by category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.2 Derivatives traded on a regulated market in a Member State, by category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.3 Derivatives traded on a regulated market in a third country, by category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0

71 5.4 Derivatives traded outside regulated markets, by instrument category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 6 Current accounts and cash 0.2286 0.2076 1,670,935 2,608,578 0.1783 0.1617 1,697,027.86 2,221,202.24 (361,283) 7 Money market instruments other than those traded on a regulated market, as referred to in Article 82(g) of O.U.G. No 32/2012 - Repo contracts on securities 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 8 Equity interests of FIA/OPCVM 0.1922 0.1746 0 3,598,943 0.2117 0.1920 0 4,652,463 1,053,520 9 Dividends or other rights receivable 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 10 Other assets (amounts in transit, amounts with distributors, amounts with S.S.I.F., etc.). 0.6366 0.5783 0 11,919,256 0.6862 0.6224 0 15,079,345 3,160,089 II. Total liabilities 0 188,885,696 0 224,958,903 36,073,207 1 Expenses for the payment of fees due to A.F.I.A. 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 2 Expenses for payment of fees due to the depositary 0.0020 0.0018 0 36,973 0.0019 0.0017 0 41,772 4,799 3 Expenses for the payment of fees due to intermediaries 0.0000 0.0000 0 0 0.0003 0.0002 0 6,002 6,002 4 Expenses on turnover fees and other banking services 0.0000 0.0000 0 424 0.0002 0.0002 0 4,575 4,151 5 Interest expenses 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 6 Issuance expenses 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 7 Expenses with the payment of commissions/fees due to F.S.A. 0.0083 0.0076 0 155,881 0.0075 0.0068 0 164,095 8,214 8 Financial audit costs 0.0056 0.0051 0 104,720 0.0048 0.0043 0 104,720 0 9 Other approved expenditure 10.0731 9.1499 0 188,587,698 10.2218 9.2726 0 224,637,739 36,050,041 10 Redemptions payable 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 III. Value of net assets(I-II) 2,095,473 1,870,101,888 2,165,474 2,195,467,952 325,436,064 GENERAL MANAGER Sorin-Iulian Cioacă Depository Certification Raiffeisen Bank DEPUTY GENERAL MANAGER Mihai Trifu

73 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2021 Total assets 2,422,592,329 lei I. Securities admitted or traded on a regulated market in Romania 1. Shares traded in the last 30 trading days (business days) Running no. Issuer Share symbol Date of last trading session No. of shares held Nominal value Share value Total value Percentage of the issuer's share capital Share in total assets of F.I.A.I.R. lei lei lei % % 1 ALIMENTARA SLATINA ALRV 26/11/2021 350,342 2.4300 62.0278 21,730,943 85.2194 0.8970 2 ALTUR SLATINA ALT 30/12/2021 38,428,571 0.1000 0.0210 807,000 4.6615 0.0333 3 ANTIBIOTICE IASI ATB 30/12/2021 177,287,478 0.1000 0.6060 107,436,212 26.4081 4.4348 4 ARGUS CONSTANTA UARG 29/12/2021 30,920,056 1.5000 1.8900 58,438,906 86.4160 2.4122 5 B.R.D.-GROUPE SOCIETE GENERALE BUCURESTI BRD 30/12/2021 27,533,076 1.0000 17.7000 487,335,445 3.9508 20.1163 6 BANCA TRANSILVANIA CLUJ TLV 30/12/2021 229,284,064 1.0000 2.5800 591,552,885 3.6328 24.4182 7 BURSA DE VALORI BUCURESTI BVB 30/12/2021 421,906 10.0000 25.5000 10,758,603 5.2416 0.4441 8 C.N.T.E.E. TRANSELECTRICA BUCURESTI TEL 30/12/2021 2,661,841 10.0000 22.5000 59,891,423 3.6313 2.4722 9 CONSTRUCTII FEROVIARE CRAIOVA CFED 20/12/2021 2,725,325 0.8500 0.1330 362,468 77.5001 0.0150 10 ELECTROMAGNETICA BUCURESTI ELMA 30/12/2021 176,717,594 0.1000 0.1000 17,671,759 26.1402 0.7295 11 FLAROS BUCURESTI FLAO 23/12/2021 1,233,390 2.5000 56.0000 69,069,840 81.0712 2.8511

74 12 IAMU BLAJ IAMU 14/12/2021 1,884,289 2.5000 12.5000 23,553,613 19.8343 0.9722 13 OMV PETROM BUCURESTI SNP 30/12/2021 524,148,219 0.1000 0.4990 261,549,961 0.9253 10.7963 14 S.N.G.N. ROMGAZ S.A. SNG 30/12/2021 2,033,265 1.0000 39.0000 79,297,335 0.5275 3.2732 15 SANTIERUL NAVAL ORSOVA SNO 30/12/2021 3,200,337 2.5000 5.7000 18,241,921 28.0168 0.7530 16 SIF BANAT CRISANA SIF1 30/12/2021 34,884,128 0.1000 2.5400 88,605,685 6.7681 3.6575 17 SIF MUNTENIA SIF4 30/12/2021 48,595,412 0.1000 1.5650 76,051,820 6.1933 3.1393 18 SINTEROM CLUJ SIRM 29/12/2021 1,555,509 2.5000 9.1000 14,155,132 32.1267 0.5843 19 SNTGN TRANSGAZ MEDIAS TGN 30/12/2021 243,311 10.0000 236.0000 57,421,396 2.0665 2.3702 20 TURISM FELIX BAILE FELIX TUFE 30/12/2021 143,752,429 0.1000 0.3480 50,025,845 29.2592 2.0650 21 TUSNAD BAILE TUSNAD TSND 30/12/2021 25,861,924 0.1000 0.0395 1,021,546 8.5691 0.0422 22 UNIVERS RM.VALCEA UNVR 13/12/2021 587,519 2.5000 52.2681 30,708,529 73.7494 1.2676 2,125,688,267 87.7444 2. Shares not traded in the last 30 trading days (business days) Running no. Issuer Share symbol Date of last trading session No. of shares held Nominal value Share value Total value Percentage of the issuer's share capital Share in total assets of F.I.A.I.R. lei lei lei % % 1 COS TARGOVISTE COS 30/06/2021 6,142,826 2.5000 0.0000 0 8.9220 0.0000 2 LACTATE NATURA TARGOVISTE INBO 05/10/2021 2,173,909 2.5000 1.3277 2,886,265 66.3303 0.1191 3 MERCUR CRAIOVA MRDO 30/09/2021 7,104,836 2.5000 11.9825 85,133,633 97.8593 3.5142 4 RELEE MEDIAS RELE 20/09/2021 62,080 2.5000 12.0033 745,162 11.4644 0.0308 88,765,060 3.6641 GENERAL MANAGER DEPUTY GENERAL MANAGER Depository certification Sorin-Iulian Cioacă Mihai Trifu Raiffeisen Bank

75 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2021 Total assets 2,422,592,329 lei VIII.1. Other securities 1. Shares not admitted to trading Running no. Issuer No. of shares held Nominal value Share value Total value Percentage of the issuer's share capital Share in total assets of F.I.A.I.R. lei lei lei % % 1 BIROUL DE INVESTITII REGIONAL OLTENIA IFN 272,411 16.0000 9.9711 2,716,241 19.4540 0.1121 2 COMPLEX HOTELIER DAMBOVITA 1,754,221 2.5000 5.8145 10,199,988 99.9999 0.4210 3 COREALIS CRAIOVA 655,757 2.5000 2.6078 1,710,053 11.4189 0.0706 4 DEPOZITARUL CENTRAL BUCURESTI 9,878,329 0.1000 0.1212 1,196,885 3.9057 0.0494 5 ELBA TIMISOARA 39,628 2.5000 145.1806 5,753,216 2.3694 0.2375 6 ELECTRO TOTAL BOTOSANI 57,909 2.5000 0.0000 0 29.8562 0.0000 7 EXIMBANK BANCA DE EXPORT IMPORT A ROMANIEI BUC 4,364,430 6.0000 9.3628 40,863,328 3.2702 1.6868 8 GEMINA TOUR RM.VILCEA 757,888 2.5000 4.3626 3,306,332 88.2866 0.1365 9 PROVITAS BUCURESTI 35,139 10.0000 150.0000 5,270,850 70.2780 0.2176 10 SAGRICOM ULMI 57,941 2.5000 0.0000 0 4.2057 0.0000 11 SANEVIT ARAD 792,662 0.1000 0.0000 0 13.2841 0.0000 12 TURISM LOTUS FELIX 347,859,802 0.1000 0.0965 33,580,630 27.4554 1.3861 13 TURISM PUCIOASA 1,010,599 2.5000 4.1096 4,153,147 69.2191 0.1714 14 VOLTALIM CRAIOVA 5,997,519 2.5000 9.0462 54,255,055 99.5506 2.2395 163,005,725 6.7286 GENERAL MANAGER DEPUTY GENERAL MANAGER Depository certification Sorin-Iulian Cioacă Mihai Trifu Raiffeisen Bank

77 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2021 Total assets 2,422,592,329 lei X. Bank deposits with credit institutions in Romania 1. Bank deposits denominated in lei Running no. Name of the bank Establishment date Maturity date Initial value Daily increase Accrued interest Total value Percentage in the total assets of F.I.A.I.R. lei lei lei lei % 1 BANCA TRANSILVANIA 27/12/2021 10/01/2022 5,000,000.00 312.5000 1,562.50 5,001,562.50 0.2065 2 BANCA TRANSILVANIA 27/12/2021 10/01/2022 3,000,000.00 187.5000 937.50 3,000,937.50 0.1239 3 BANCA TRANSILVANIA 27/12/2021 10/01/2022 1,000,000.00 62.5000 312.50 1,000,312.50 0.0413 4 BANCA TRANSILVANIA 27/12/2021 10/01/2022 1,000,000.00 62.5000 312.50 1,000,312.50 0.0413 5 BANCA TRANSILVANIA 31/12/2021 14/01/2022 1,000,000.00 55.5556 55.56 1,000,055.56 0.0413 6 BANCA TRANSILVANIA 31/12/2021 14/01/2022 600,000.00 33.3333 33.33 600,033.33 0.0248 7 BANCA TRANSILVANIA 31/12/2021 14/01/2022 2,000,000.00 111.1111 111.11 2,000,111.11 0.0826 8 BANCA TRANSILVANIA 31/12/2021 01/01/2022 559,756.43 1.5549 1.55 559,757.98 0.0231 14,163,082.98 0.5846 GENERAL MANAGER DEPUTY GENERAL MANAGER Depository Certification Sorin-Iulian Cioacă Mihai Trifu Raiffeisen Bank

83 S.I.F. Oltenia S.A. ANNEX 10 Statement of assets and liabilities as of date 31/12/2021 (to be filled in on a monthly basis) FINAL DATA The manner in which the net asset value is calculated (according to F.S.A. Regulation no. 7/2020) Amount (lei) 1. Intangible assets 6,181 2. Tangible assets 11,522,360 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 2,388,963,225 6.1. Financial assets evaluated at amortised cost 6,851,710 6.1.1. Corporate bonds 6,851,710 6.1.1.1. Listed corporate bonds 0 6.1.1.2. Unlisted corporate bonds 6,851,710 6.2. Financial assets evaluated at fair value through profit or loss 4,652,463 6.2.1. Equity interests in FIA / OPCVM – listed 0 6.2.2. Equity interests in FIA / OPCVM – unlisted 4,652,463 6.3. Financial assets at fair value through other items of comprehensive income 2,377,459,052 6.3.1. Listed shares traded in the last 30 days 2,125,688,267 6.3.2. Listed shares not traded in the last 30 days 88,765,060 6.3.3. Unlisted shares 163,005,725 7. Cash and cash equivalents 3,918,230 8. Bank deposits 14,631,529 9. Other assets 2,364,933 9.1. Dividends or other rights receivable 0 9.2. Other assets 2,364,933 10. Accrued expenses 72,624 11. Total assets 2,422,592,329 12. Total liabilities 219,446,769 12.1. Financial liabilities measured at amortised cost 46,925,883 12.1.1. Trade debts 439,275 12.1.2. Payment dividends 45,798,986 12.1.3. Other debts at amortized cost 687,622 12.2. Deferred income tax liabilities 153,580,406 12.3. Other liabilities 18,940,480 13. Provisions for risks and expenses 5,500,000 14. Deferred income 12,134 15. Equity, of which: 2,197,633,426

84 15.1. Share capital 50,000,000 15.2. Items treated as equity 0 15.3. Other equity items 775,542,623 15.4. Share premiums 0 15.5. Revaluation reserves 7,241,779 15.6. Reserves 633,069,184 15.7. Own shares 0 15.8. Retained earnings 694,229,102 15.9. Result of the financial year 37,550,738 15.10. Losses on the issue, redemption, sale, transfer free of charge or cancellation of equity instruments 0 16. Net assets (11 - 12 - 13 - 14) 2,197,633,426 17. Number of shares issued 500,000,000 18. Unit value of net assets 4.3953 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 1.0939 SIF5 exposure 2,404,042,570 Commitment approach Leverage level 1.1024 SIF5 exposure 2,422,592,329 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

85 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 Identification 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 1,754,221 5903/27.05.2021 5.8145 10,199,988 7 ALIMENTARA SLATINA 1513357 350,342 12205/09.12.2021 62.0278 21,730,943 8 UNIVERS RM.VALCEA 1469006 587,519 12206/09.12.2021 52.2681 30,708,529 *The companies: Complex Hotelier Dâmbovița, Provitas București, Turism Pucioasa, Gemina Tour Rm.Vâlcea and Voltalim Craiova were evaluated based on the financial statements from 31/12/2020, according to the international valuation standards, through the valuation method "Updating the forecasted flows "Mercur Craiova, Univers Rm.Vâlcea and Alimentara Slatina were evaluated based on the financial statements from 30/09/2021 GENERAL MANAGER, Depository Certification Sorin – Iulian Cioacă Raiffeisen Bank DEPUTY GENERAL MANAGER, Mihai Trifu

86 LIST of the companies controlled by S.I.F. OLTENIA S.A. on 31.12.2021 Item no. Company name Total share capital - lei - Nominal value of share - lei - S.I.F. OLTENIA S.A. holding Value - lei - No. of shares Percentage - % - 1. COMPLEX HOTELIER S.A. Dâmbovița 4,385,558 2.50 4,385,553 1,754,221 100.00 2. VOLTALIM S.A. Craiova 15,061,490 2.50 14,993,798 5,997,519 99.55 3. MERCUR S.A. Craiova 18,150,650 2.50 17,762,090 7,104,836 97.86 4. GEMINA TOUR S.A. Râmnicu Vîlcea 2,146,103 2.50 1,894,720 757,888 88.29 5. ARGUS S.A. Constanța 53,670,699 1.50 46,380,084 30,920,056 86.42 6. ALIMENTARA S.A. Slatina 998,988 2.43 851,331 1,233,390 52.24 7. FLAROS S.A. București 3,803,415 2.50 3,083,475 1,233,390 81.07 8. CONSTRUCȚII FEROVIARE S.A. Craiova 2,989,064 0.85 2,316,526 3,516,546 77.50 9. UNIVERS S.A. Râmnicu Vîlcea 1,991,605 2.50 1,468,798 587,519 73.75 10. PROVITAS S.A. București 500,000 10.00 351,390 35,139 70.28 11. TURISM S.A. Pucioasa 3,650,000 2.50 2,526,498 1,010,599 69.22 12. LACTATE NATURA S.A. Târgoviște 8,193,503 2.50 5,434,773 2,173,909 66.33 13. ALIMENTARA S.A. Slatina 998,988 2.43 851,331 350,342 85.22 Board of Directors Sorin - Iulian Cioacă Mihai Trifu President / General Manager Vice-president / Deputy General Manager

S.I.F. Oltenia S.A. 1 Preamble This report is prepared in accordance with the Financial Supervisory Authority Regulation No 9/2019 amending and supplementing Regulation No 2/2016 on the application of corporate governance principles by entities authorized, regulated and supervised by the Financial Supervisory Authority and forms an integral part of the annual report for the financial year 2021. The Nomination and Remuneration Committee The Nomination and Remuneration Committee shall have an advisory role, being set up to assist the Board of Directors in carrying out its roles and duties with regard to the nomination and assessment of the suitability of members of the Board of Directors and of persons holding key functions in the company, as well as to ensure the Board that the remuneration of the executive directors is set at the right level and that the company uses a balanced combination of incentives to attract and retain the staff it needs for its operations. The Nomination and Remuneration Committee shall carry out its duties under the supervision of the Board of Directors. The Board of Directors shall approve and revoke the members of the Nomination and Remuneration Committee. The roles and responsibilities of the Nomination and Remuneration Committee • Tasks and responsibilities in the field of nomination: a) assisting the Board of Directors with the identification of successors in the selection process for the appointment of new directors; b) establishing the criteria for membership of the Board of Directors in accordance with the requirements of applicable legal and capital market regulations in relation to the work carried out by S.I.F. Oltenia S.A.; c) evaluating and proposing to the Board of Directors the candidates for appointment, re-appointment or dismissal of the members of the Board of Directors on the basis of documentation drawn up in accordance with the policies and procedures for assessing the prior and continuing suitability of the members of the management structure and of the persons holding key functions, which are approved by the Board of Directors of S.I.F. Oltenia S.A. based on F.S.A. Regulation no. 1/2019. The Nomination and Remuneration Committee shall have the power to present the list of nominations to the Board of Directors on its meeting, specifying those who meet the requirements for the position of administrator of S.I.F. Oltenia S.A., both in the case of addition to the membership of the Board of Directors for the vacant seats by adding provisional administrators, and if the list of applications for the selection of final administrators is presented to the shareholders for approval. d) ensuring that persons applying as a Member of the Board of Directors have the necessary training and experience to carry out their duties. New members of the Board of Directors shall be given the information required to familiarize themselves with the business and operations of the company. The Committee shall, if necessary, take steps to ensure that they receive further training; e) preparing and recommending criteria for the selection of members of the Board of Directors, including for the evaluation of their independence; f) preparing the evaluation of the performance of the members of the Board of Directors using a self-assessment process, on an annual basis;

S.I.F. Oltenia S.A. 2 g) assessing, at least once a year, the independence of the members of the Board of Directors; h) verifying, at least once a year, the number of mandates held by members of the Board of Directors in other companies; i) carrying out other tasks in connection with the appointment or dismissal of members of the Board of Directors on his/her instructions. • Tasks and responsibilities in the field of remuneration: a) making proposals to the attention of the Board regarding the compensation of each director and member of the senior management, including bonuses, incentives and share purchase options; b) analysing and submitting proposals to the Board regarding the total annual variable remuneration package to be granted in the company; c) analysing and submitting proposals to the Board (through the Board, to the General Shareholder Meeting, as appropriate) on programmes for the granting of options for the purchase of shares by the company’s directors and employees; d) proposing performance targets for the award of cash compensation to be awarded in accordance with such targets or proposes targets for the award of shares or share purchase options; e) proposing the periodic review of the compensation of executive directors and other compensation elements, including severance payments and pension plans; f) making proposals to the attention of the Board on any compensation policy applicable in the company; g) reviewing the annual report on remuneration. The membership of the Nomination and Remuneration Committee Between 01.01.2021 and 21.06.2021, the Nomination and Remuneration Committee was composed of 2 non-executive members, namely: Mr Adrian Andrici and Mr Codrin Matei. On 21.06.2021, the Board of Directors of S.I.F. Oltenia S.A., by decision no. 13/21.06.2021, approved the setting up of the Advisory Committees of the Board of Directors of S.I.F. Oltenia S.A.. The following membership was thus established for the Nomination and Remuneration Committee : - Mr Adrian Andrici - non-executive director - President; - Mr Codrin Matei - non-executive director; - Mr Mihai Zoescu - non-executive director On 15.09.2021, S.I.F. Oltenia S.A. received the decision no. 1135/15.09.2021 from the Financial Supervisory Authority, which withdrew the approval of Mr Adrian Andrici as a member of the Board of Directors. For this reason, the Board of Directors of S.I.F. Oltenia S.A. appointed Ms Andreea Cosmanescu as a provisional member and made the necessary arrangements for its approval by the Financial Supervisory Authority. Consequently, between 16.09.2021 and 19.11.2021 (until the endorsement of Ms Andreea Cosmanescu as a Member of the Board of Directors of S.I.F. Oltenia SA), the Nomination and Remuneration Committee was composed of: - Mr Codrin Matei - non-executive director; - Mr Mihai Zoescu - non-executive director.

S.I.F. Oltenia S.A. 3 By decision no. 30 of 22.11.2021 of the Board of Directors of S.I.F. Oltenia S.A., the Nomination and Remuneration Committee was composed of: • Ms Andreea Cosmanescu – provisional director – president; • Mr Codrin Matei - non-executive director; • Mr Mihai Zoescu - non-executive director. The meetings of the Nomination and Remuneration Committee In the course of 2021, members of the Nomination and Remuneration Committee met in 11 meetings on the following topics: Meeting of the C.N.R. of: Topic Participating C.N.R. members 12/01/2021 Assessment of the individual and collective suitability of key positions and executive directors • Adrian Andrici • Codrin Matei 10/02/2021 Evaluation of the application files for the election of a BoD Member by the G.S.M. of 24.02.2021 (no applications were received) • Adrian Andrici • Codrin Matei 24/02/2021 Assessment of the individual and collective suitability of BoD members • Adrian Andrici • Codrin Matei 11/03/2021 Assessment of the individual and collective suitability of the ML/TF nominee and the application of the international sanctions regime • Adrian Andrici • Codrin Matei 12/04/2021 Evaluation of the application files for the election of a BoD Member by the O.G.S.M. of 28.04.2021 • Adrian Andrici • Codrin Matei 26/04/2021 The distribution of incentives for 2019 according to the 24.02.2021 decision of the O.G.S.M. • Adrian Andrici • Codrin Matei 11/05/2021 Approval of the collective rating sheet for the members of the management structure • Adrian Andrici • Codrin Matei 01/07/2021 Assessment of the individual and collective suitability of BoD members • Adrian Andrici • Codrin Matei • Mihai Zoescu 28/07/2021 Assessment of the individual and collective suitability for the position of Economic Director • Adrian Andrici • Codrin Matei • Mihai Zoescu 20/09/2021 Assessment of the individual and collective suitability for the position of risk manager and for the choice of a BoD member • Codrin Matei • Mihai Zoescu 28/12/2021 Assessment of the individual and collective suitability for the position of Portfolio Director • Andreea Cosmanescu • Codrin Matei • Mihai Zoescu

S.I.F. Oltenia S.A. 4 • The assessment of the suitability of the persons in the management structure and of the key positions, as provided for in the FSA Regulation No 1/2019 In accordance with Article 26(3) in conjunction with Article 23 of FSA Regulation No 1/2019, regulated entities shall be required to carry out the assessment of compliance with the requirements relating to competence, professional experience, reputation, integrity and governance referred to in Article 5(1)(a), (b) and (c) from the regulation by members of the management structure, persons holding key positions and compliance officers. The assessment of the individual and collective suitability of the members of the management structure and of the persons holding key positions was the main topic discussed at the meetings of the Nomination and Remuneration Committee during 2021. S.I.F. Oltenia S.A. complied with the provisions of Regulation No 1/2019, thus, during 2021 the Nomination and Remuneration Committee carried out the suitability assessment of the members of the management structure and of the persons in key positions, on the basis of the information provided by persons assessed in the statements drawn up in accordance with the model set out in Annex 1 to FSA Regulation No 1/2019, taking into account that no changes have occurred to the suitability of such persons since the previous assessments. The assessments on the individual and collective suitability of both members of the management structure and key positions have been carried out on the basis of the documents required and made available to the Nomination and Remuneration Committee. The conclusions resulting from the evaluation were thus based on information on the necessary experience and knowledge from documents such as CVs, diplomas and certificates, etc. As regards the conclusions of the evaluations, the Nomination and Remuneration Committee noted that the members of the management structure, the key holders, the persons appointed to the management of the departments of S.I.F. Oltenia S.A. shall have the necessary knowledge, skills and experience and shall also comply with the requirements of reputation, honesty, integrity and governance as laid down in FSA Regulation No 1/2019 as subsequently amended and supplemented. • The Remuneration Policy of S.I.F. Oltenia S.A. Law no. 158/2020 amending, supplementing and repealing normative acts, as well as establishing measures for the enforcement of Regulation (EU) 2017/2.402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1.060/2009 and (EU) No 648/2012, introduces new elements, such as the remuneration report and policy, while the shareholders’ rights are reinforced for a more transparent corporate governance. The Remuneration Policy of S.I.F. Oltenia S.A. was drawn up with the involvement of the Nomination and Remuneration Committee and implemented by the Board of Directors

S.I.F. Oltenia S.A. 5 after the approval by the Ordinary General Shareholder Meeting of 28.04.2021, with the aim of ensuring the proper functioning of the corporate governance arrangements at company level, for the benefit of shareholders and to increase in the company’s value in the long term. The basic components of the remuneration granted in S.I.F. Oltenia S.A. are as follows: a) fixed remuneration: payments or allowances without taking into account performance criteria; b) variable remuneration: additional payments or allowances on the basis of performance or, in certain cases, other contractual criteria. The fixed and variable components of the directors’ remuneration are laid down in Article 8(6) of the Articles of Association of S.I.F. Oltenia S.A. In order to achieve the net profit indicator, the members of the Board of Directors, the senior management and employees of the company are entitled to receive, as a whole, subject to the approval of the Ordinary General Shareholder Meeting and to the provisions of the applicable collective employment contract, an additional incentive, subject to approval in the ordinary general meeting for the approval of the annual financial statements. The additional incentive fund will be determined and recorded as a provision from the gross profit, so that the realization of the net profit established through the Income and Expenditure Budget is not jeopardized. The additional incentive fund will be paid out after approval of the annual financial statements. The variable remuneration granted within the company is not paid by vehicles and no methods are used to artificially avoid the applicable legal provisions. Both components of the remuneration (fixed and variable) may, subject to legal provisions and the Articles of Association, include monetary allowances (such as cash, shares, options, cancellation of loans to staff members on dismissal, pension contributions) or allowances which are not directly monetary (such as reductions, supporting allowances, etc.). S.I.F. Oltenia S.A. uses both quantitative (financial) and qualitative (non-financial) criteria for assessing individual performance which are taken into account in the award of the remuneration. The quantitative assessments used shall adequately reflect the risk posed by the actions of the staff member receiving the right. The absolute and relative profits obtained by the company during the period for which the entitlement is calculated, the dynamics of the total assets and the net assets, are taken into account. The collective employment contract regulates the fixed and variable remuneration for company employees , i.e. persons with key functions, executive directors and other employees. • Information on the remuneration paid by the company during the financial year 2021 Details on the remuneration paid by the company during the financial year ending on 31.12.2021 are set out in the table below:

S.I.F. Oltenia S.A. 6 Indicators/gross amounts Gross amounts related to the activity carried out in 2021 (RON) Amounts actually paid during 2021 (RON) Amounts payable during 2022 (RON) Number of beneficiaries 1. Remuneration to all the staff of the AIS/AIFM (including outsourced functions) 13,018,404 6,568,645 6,449,759 58 Fixed remuneration 7,518,404 6,568,645 949,759 56 Variable remuneration excluding performance fees, of which: 5,500,000 *** 5,500,000 - cash 5,500,000 5,500,000 - other forms (with separate indication of each category) Variable remuneration representing performance commissions 2. Remuneration to the identified staff of the AIS/AIFM (including outsourced functions) A. Members of the BoD/SB, of which 986,691 888,398 98,293 6 Fixed remuneration 986,691 888,398 98,293 6 Variable remuneration excluding performance fees, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance commissions B. Directors/members of the management, of which: 1,779,712 1,627,744 151,968 2 Fixed remuneration 1,779,712 1,627,744 151,968 2 Variable remuneration excluding performance fees, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance commissions C. Control functions (with an express indication of all functions included in this category)* 404,909 376,420 28,489 3 Fixed remuneration 404,909 376,420 28,489 3 Variable remuneration excluding performance fees, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance commissions D. Functions other than those referred to in A to C above, included in the category of identified staff (with an express indication of all functions included in this category) (**) 805,834 777,205 28,629 4 Fixed remuneration 805,834 777,205 28,629 4 Variable remuneration excluding performance fees, of which: - cash - other forms (with separate indication of each category) Variable remuneration representing performance commissions

S.I.F. Oltenia S.A. 7 * The category of control functions shall be represented by the risk manager, the compliance officer and the internal auditor. ** The category of staff whose actions have a significant impact includes the Director of the Portfolio Directorate, the Director of the Economic Directorate and the Investment Manager – Investment Directorate. *** In 2021 a provision was set up for incentives in the amount of 5,500,000 RON, that will be granted to employees, directors working under the mandate contract and the company managers. These bonuses will be distributed after the approval by the General Shareholders Meeting of the individual yearly financial statements, drawn up for the year in which the profit from which the incentives are granted was obtained. In 2021, the AIFM paid variable remuneration to its staff representing prizes (incentives) for the year 2019 in the amount of 4,794,837 RON and for the year 2020 in the amount of 3,648,856 RON which were recorded to costs by establishing a provision at the end of 2019 and 2020 respectively. In 2021 when these were granted, the amounts were recorded as expenditure on wages and the provision for the premiums (incentives) paid was rewritten, without affecting the result of the current period. The Nomination and Remuneration Committee as of 31.12.2021 Ms Andreea Cosmanescu – provisional director – president Mr Codrin Matei - non-executive director Mr Mihai Zoescu - non-executive director

1. Introduction Under the conditions of transposing into national law the Directive (EU) 2017/828 on encouraging long-term involvement of shareholders, by means of Law no.158/2020, which amends Law no.24/2017 on issuers of financial instruments and market operations, companies whose shares are admitted to trading on a regulated market are obliged to apply the new provisions concerning, inter alia, the remuneration granted to directors, defined as“any member of the Board of Directors, as well as any director, in the case of the unitary management system, respectively any member of the supervisory board, as well as of the directorate, in the case of the dual management system, according to Law no. 31/1990, republished, as subsequently amended and supplemented, including in all cases where appointed, the General Manager and, if any, the Deputy General Manager”. Issuers are required to prepare a remuneration policy applicable to directors and to submit it to the shareholders’ vote. Issuers may pay the directors’ remuneration only in accordance with the Remuneration Policy that was approved at the Ordinary General Shareholders’ Meeting. In certain exceptional circumstances (justified solely by the need to ensure the longterm sustainability of the company), companies may derogate from the Remuneration Policy to the extent that the Remuneration Policy includes applicable procedural clauses and delineates the elements from which it may be derogated. In this context, The Ordinary General Shareholder Meeting of the financial investment company S.I.F. Oltenia S.A., which was held according to the statutes on 28.04.2021, approved by decision no. 9, the Remuneration Policy of S.I.F. Oltenia S.A. in accordance with the provisions of Article 92 of Law no. 24/2017 on issuers of financial instruments and market operations; According to the legal provisions, the Remuneration Policy must be subject to the vote of the Ordinary General Shareholder Meeting for any significant change or at least once every 4 years. Also, the Remuneration Policy, together with the date and results of the vote, were published on the company's website, www.sifolt.ro. This report is drawn up in accordance with the provisions of Articles 106 and 107 of the Law No 24/2017, republished, and in accordance with the remuneration Policy of S.I.F. Oltenia S.A, which was elaborated in accordance with the enunciated legal provisions and the provisions of the Articles of Association of the company and of the ESMA Guide no. 232/2013 on sound remuneration policies in accordance with DAFIA. 2. Identified staff The following persons are included in the category of identified staff to which the remuneration policy applies (except where the activity of such persons does not have a material impact on the company’s risk profile): ❖ the members of the Board of Directors; ❖ senior management, i.e. the Director of the Economic Directorate and the Director of the PortofolioDirectorate, as well as any other director with the powers of management of the daily business of S.I.F. Oltenia S.A., in accordance with the applicable rules; ❖ control staff: the representative of the Compliance Office, the person responsible for risk management, the internal auditor; ❖ other risk takers: staff members whose professional activities, whether separately or together as members of a company structure, can have a significant influence on the company’s risk profile, including persons who can enter contracts/positions and make decisions that significantly affect the risk to which the company is subject; ❖ other persons whose total remuneration falls within the same remuneration category as senior management and risk takers.

3. The structure of the remuneration The basic components of the remuneration granted in S.I.F. Oltenia S.A. are as follows: a) fixed remuneration: payments or allowances without taking into account performance criteria; b) variable remuneration: additional payments or allowances on the basis of performance or, in certain cases, other contractual criteria. The fixed and variable components of the directors’ remuneration are laid down in Article 8(6) of the Articles of Association of S.I.F. Oltenia S.A.. In order to achieve the net profit indicator, the members of the Board of Directors, the senior management and employees of the company are entitled to receive, as a whole, subject to the approval of the Ordinary General Shareholder Meeting and to the provisions of the applicable collective employment contract, an additional incentive, subject to approval in the ordinary general meeting for the approval of the annual financial statements. The additional incentive fund will be determined and recorded as a provision from the gross profit, so that the realization of the net profit established through the Income and Expenditure Budget is not jeopardized. The additional incentive fund will be paid out after approval of the annual financial statements. The variable remuneration granted within the company is not paid by vehicles and no methods are used to artificially avoid the applicable legal provisions. Both components of the remuneration (fixed and variable) may, subject to legal provisions and the Articles of Association, include monetary allowances (such as cash, shares, options, cancellation of loans to staff members on dismissal, pension contributions) or allowances which are not directly monetary (such as reductions, supporting allowances, etc.). 4. The remuneration of the members of the Board of Directors Fixed remuneration The monthly remuneration of each Board Member approved by the Ordinary General Shareholder Meeting of S.I.F. Oltenia S.A. of 29.10.2020 is 10,000 RON net. The directors, members of the advisory committees, shall receive an additional remuneration for their work amounting to 5 % of the monthly gross remuneration. The fixed monthly remuneration of company directors (the General Manager and the Deputy General Manager), as set out in the management contracts enclosed to Remuneration Policy that was approved by the Ordinary General Shareholder Meeting of S.I.F. Oltenia S.A. from 28.04.2021, shall be: - at the level of 12 gross average wages per company for the general manager; - at the level of 11 gross average wages per company for the deputy general manager. The remuneration of senior management shall be calculated from January for the whole financial year on the basis of the average salary per company calculated. The average salary per company is the sum of the monthly basic salaries (salary at hiring time) to which are added the permanent increments of the employees of the company, reported to the number of full-time employees with an indefinite term employment agreement, existing in the company on the 31 st of December of the ending year. In order to strengthen the corporate governance mechanisms at the level of S.I.F. Oltenia S.A. and to ensure an adequate alignment of the interests of senior management with the longterm interests of the company, the mandate contracts stipulate that, in case of unjustified dismissal, he is entitled to receive damages equal to the value of two fixed monthly remunerations.

Variable remuneration According to the Remuneration Policy approved by the General Shareholder Meeting of April 2021, the members of the Board of Directors will receive an additional remuneration for the achievement of the net profit indicator in the form of annual profit participation, subject to approval of this form of reward at the general meeting approving the annual financial statements. Without prejudice to the rights of shareholders provided for in Article 153 18 of Law No 31/1990, the general limits of all additional remuneration of the members of the board of directors and the directors of the company shall be fixed in the remuneration policy at 0.42 % of the value of the average net asset of the previous year. The actual level of the additional remuneration of senior management will be determined by the Board of Directors. These amounts are components of the additional incentive fund, which shall be determined and recorded as a provision on gross profit in order not to jeopardize the net profit set out in the revenue and expenditure budget. The additional payment will be made after the approval of the annual financial statements by the Ordinary General Shareholder Meeting of S.I.F. Oltenia S.A. 5. The components of the total remuneration of the members of the Board of Directors Table 5.1 The components of the total remuneration Component Elements Payment method Beneficiaries Fixed Monthly remuneration 10,000 RON net Cash Members of the Board of Directors 12 gross average wages/company Cash General Director 11 gross average wages/company Cash Deputy General Manager Other remuneration Pension Fund Payment of contributions is withheld by the company Members of the Board of Directors Additional remuneration 5 % of the monthly gross remuneration Cash For the directors who are members of the advisory committees Variable – conditional on achieving the budget net profit indicator and G.S.M. approval Additional remuneration Maximum limit: 0.42 % of the average net asset value of the previous year Cash Members of the Board of Directors and Directors of the company

6. The total remuneration of Board members broken down by fixed/variable components The remuneration policy aims to create the conditions for the implementation of a compensation system leading to an efficient management activity, with a view to increasing the value of the company in the long term under conditions of risk-taking in line with the risk profile of S.I.F. Oltenia S.A. and the relevant legal regulations. The total remuneration is designed in such a way that the level of compensation within S.I.F. Oltenia SA is well sized, to attract, retain and motivate competent and experienced persons within the Board of Directors, the senior management as well as among the employees of the company. At the same time, the compensation policy does not introduce incentives that would favour self-interest to the detriment of the company’s interests. The compensation policy is compatible with the business strategy, the objectives, values and interests of the company as well as the interests of the investors and includes measures to avoid conflicts of interest. Table 6.1 Remuneration of directors and former directors in 2021 (gross amounts from which taxes and fees were paid) Name and surname Position held The period during which the mandate was carried out Fixed Remuneration -lei- Variable remuneration -lei- Total remuneration -lei- % Fixed remuneration % Variable remuneration Remuneration received from any entity belonging to the Group of S.I.F. Oltenia S.A. Sorin-Iulian Cioacă BoD President/ General Manager 01.01.2021- 31.12.2021 1,160,716 ** 1,160,716 100.00 0.00 - Mihai Trifu BoD Vicepresident /Deputy General Manager 01.01.2021- 31.12.2021 1,029,248 ** 1,029,248 100.00 0.00 - Mihai Zoescu Member of the Board of Directors 18.06.2021- 31.12.2021 135,903 ** 135,903 100.00 0.00 - Codrin Matei Member of the Board of Directors 01.01.2021- 31.12.2021 225,643 ** 225,643 100.00 0.00 85,480*

7. Comparative information on changes in the remuneration and performance of the company Table 7.1. Comparative information on changes in the remuneration and performance of the company in the last 5 years (remuneration is the gross amount of taxes and fees paid) Annual percentage change 2021* 2020 2019 2018 2017 Remuneration of the managers and members of the BoD Sorin Iulian - Cioacă - President of the BoD/General Manager 1,160,716 74,079 - - - Variation compared to the previous year (%) N/A Mihai Trifu – Vicepresident of the BoD/Deputy General Manager 1,029,248 60,594 - - - Variation compared to the previous year (%) N/A Mihai Zoescu – BoD member 135,903 - - - - Variation compared to the previous year (%) N/A Codrin Matei - BoD member 225,643 21,892 - - - Variation compared to the previous year (%) N/A Andreea Cosmanescu - BoD member 26,211 - - - - Variation compared to the previous year (%) N/A Adrian Andrici- BoD member 156,837 21,892 - - - Variation compared to the previous year (%) N/A Ciurezu Tudor - President of the BoD/General Manager - 2,160,352 2,600,231 2,495,296 1,895,130 Variation compared to the previous year (%) N/A N/A 4.21% 31.67% - Cristian Bușu - Vicepresident of the BoD/Deputy General Manager - 1,825,507 1,966,152 1,893,224 887,895 Variation compared to the previous year (%) N/A N/A 3.85% 113.23% - Radu Hanga - BoD member - 82,820 267,657 231,381 83,216 Variation compared to the previous year (%) N/A N/A 15.68% N/A Anina Radu - BoD member - 193,272 260,199 216,597 635,666 Variation compared to the previous year (%) N/A N/A 20.13% -65.93% -

Ana-Barbara Bobircă - BoD member - 100,707 267,657 231,381 83,216 Variation compared to the previous year (%) N/A N/A 15.68% N/A Stoian Nicolae - BoD member - 196,515 264,267 223,989 139,251 Variation compared to the previous year (%) N/A N/A 17.98% 60.85% - Popa Carmen - BoD member - 192,800 256,131 216,597 140,885 Variation compared to the previous year (%) N/A N/A 18.25% 53.74% - Total remuneration of the managers 2,734,558 4,930,430 5,882,294 5,508,465 3,982,998** Variation compared to the previous year (%) N/A N/A 6.79% N/A - Average remuneration on the basis of the full-time equivalent of employees Company employees – average remuneration 116,733 123,479 133,321 140,141 108,542 Variation compared to the previous year (%) -5.46% -7.38% -4.87% 29.11% Company performance Net profit 37,550,738 52,231,020 124,132,274 96,259,800 74,303,964 Variation compared to the previous year (%) -28.11% -57.92% 28.96% 29.55% - UNAV/share certified by the depositary on 31 December 4.3953 3.8274 4.0311 3.1686 3.0516 Variation compared to the previous year (%) 14.84% -5.05% 27.22% 3.83% - Gross dividends distributed in year x for year x-1 25,000,000 52,214,914.30 84,081,469.35 40,611,600 52,214,914.26 Variation compared to the previous year (%) -52.12% -37.90% 107.04% -22.22% - * During 2021, the company paid the variable remuneration related to the activity carried out both in 2019 and in 2020. ** The total remuneration for 2017 also includes the remuneration of Mr. Victor Căpitanu and Mr. Paul -George Prodan whose term of office as members of the BoD has expired on 20.04.2017. N/A= the comparison is not relevant given that in the two reference years the periods during which the mandate was exercised are different; Note: To the date, board members and employees of the company have not received remuneration in the form of shares.

8. Principles for the recovery of variable remuneration The variable remuneration shall be granted only provided that the profit indicator set out in the revenue and expenditure budget is achieved and is subject to approval by the General Shareholder Meeting. The company may request the recovery of variable remuneration if it is found that it was granted on the basis of erroneous or false data, material errors in the documents on the basis of which the remuneration was determined. The recovery of variable remuneration begins at the time of the finding and its reimbursement may be requested by S.I.F. Oltenia S.A. within 3 years of the date of the finding. 9. Deviations from the provisions of the remuneration policy S.I.F. Oltenia S.A. did not depart from the provisions of the remuneration policy and does not fall within the derogations of Article 106(6) of the Law 24/2017, republished. Nomination and Remuneration Committee at 31.12.2021 Mrs. Andreea Cosmanescu - interim Board member – president Mr. Codrin Matei - non-executive administrator Mr. Mihai Zoescu - non-executive administrator