2 Contents GENERAL INFO ON THE GROUP ................................................................................................................................................3 1.1. Legislative framework ..........................................................................................................................................................3 1.2. Entities included in the consolidation ...................................................................................................................................3 1.3. Criteria for the recognition, measurement and assesssment of financial assets .....................................................................6 1.4. The structure of the group’s holdings....................................................................................................................................8 II. CONSOLIDATED FINANCIAL DATA OF THE GROUP ON 31.12.2022 ...........................................................................9 2.1. Basis for the presentation of consolidated statements ...........................................................................................................9 2.2. The consolidated statement of profit or loss and of other elements of the comprehensive income ....................................10 2.3. Segment reporting ...............................................................................................................................................................11 2.4. The consolidated statement of the financial position ..........................................................................................................16 III. THE MAIN RISKS OF THE GROUP ..................................................................................................................................17 3.1. Market risk ..........................................................................................................................................................................17 3.1.1. Price risk .....................................................................................................................................................................17 3.1.2. The interest rate risk ...................................................................................................................................................17 3.1.3. Exchange rate risk.......................................................................................................................................................18 3.3. Liquidity risk.......................................................................................................................................................................18 3.3. Credit risk ...........................................................................................................................................................................18 3.4. Operational risk ...................................................................................................................................................................19 3.5. Sustainability risk................................................................................................................................................................19 3.6. Capital adequacy .................................................................................................................................................................19 IV. KEY MANAGEMENT STAFF ............................................................................................................................................19 V. DISPUTES .................................................................................................................................................................................20 VI. EVENTS OCCURRING AFTER THE DATE OF THE BALANCE SHEET ..........................................................................21

3 The report of the Board of Directors on the interim consolidated financial statements as of 31.12.2022 was prepared in accordance with Law no. 24/2017 on issuers of financial instruments and market operations and Rule no. 39/2015 for the approval of accounting regulations in accordance with the International financial reporting standards applicable to authorized entities, regulated and supervised Authority of by the F.S.A. in the financial instruments and investments sector, as well as the Investor Compensation Fund. Date of the report: 31.12.2022 Company name: S.I.F. OLTENIA S.A. Registered seat: Craiova, 1 Tufanele street, Dolj County, postal code 200767 Telephone/fax: 0251-419.343; 0251-419.340 Company registration no. RO 4175676 Trade Register No. J16/1210/30.04.1993 FSA Register number: PJR07 1 AFIAA/160004/15.02.2018 FSA Register number: F.I.A.I.R: PJR09FIAIR/160001/08.06.2021 ISIN: ROSIFEACNOR4 LEI Code: 254900VTOOM8GL8TVH59 Regulated market where the issued securities are transacted: Bucharest Stock Exchange, Premium Category (SIF5 market symbol) Subscribed and paid registered capital: 50,000,000 lei Number of issued shares: 500,000,000 Nominal value: 0.10 RON/share GENERAL INFO ON THE GROUP 1.1. Legislative framework In accordance with the provisions of Regulation no. 1606/2002 of the European Parliament and of the Council of the European Union of 19 July 2002 on the enforcement of international accounting standards, F.S.A. Regulation no. 5/2018 on issuers of financial instruments and market operations, Regulation no. 7/2020 on the authorization and operation of alternative investment funds, the provisions of Law no. 24/2017 on issuers of financial instruments and market operations and Law no. 243/2019 on the Regulation of alternative investment funds and for the amendment and completion of certain regulatory acts, the Company is required to draw up annual consolidated accounts and submit them to the FSA. The annual consolidated accounting reporting shall be prepared in accordance with International Financial Reporting standards adopted by the European Union (‘IFRS’), within no later than 4 months from the end of the financial year. The Board Report presents the consolidated financial statements as of 31.12.2022, 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, as well as the Investors Compensation Fund. 1.2. Entities included in the consolidation The consolidated financial statements for the period ended 31 December 2022 comprise the Company and its subsidiaries (hereinafter referred to as "the Group") and are audited. The Company’s subsidiaries The subsidiaries are entities under the control of the Company. Control exists when the Company 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 revenues through its authority over the entity in which it has invested. The basic activities of the Group are represented by the financial investment activity carried out by the Company, as well as by the activities carried out by subsidiaries, which belong to different sectors of activity such as: food, tourism, renting of premises, etc.

4 The consolidation perimeter included all 13 companies with over 50% of the voting rights, as follows: No. Company name Market symbol Market on which is traded Percentage of the issuer's share capital on 31.12.2022 -%- Percentage of the issuer's share capital on 31.12.2021 -%- 1. COMPLEX HOTELIER DÂMBOVIȚA S.A. Dâmbovița unlisted company 99.99 99.99 2. GRAVITY CAPITAL INVESTMENTS S.A. * București unlisted company 99.99 - 3. VOLTALIM S.A. Craiova unlisted company 99.55 99.55 4. MERCUR S.A. Craiova MRDO AeRO Standard 97.86 97.86 5. LACTATE NATURA S.A. Târgoviște INBO AeRO Standard 93.70 66.33 6. GEMINA TOUR S.A. Râmnicu Vâlcea unlisted company 88.29 88.29 7. ARGUS S.A. ** Constanța UARG AeRO Premium 86.42 86.42 8. ALIMENTARA S.A. Slatina ALRV AeRO Standard 85.23 85.22 9. FLAROS S.A. București FLAO AeRO Standard 81.07 81.07 10. CONSTRUCȚII FEROVIARE S.A. Craiova CFED AeRO Standard 77.50 77.50 11. UNIVERS S.A. Râmnicu Vâlcea UNVR AeRO Standard 73.75 73.75 12. PROVITAS S.A. București unlisted company 70.28 70.28 13. TURISM S.A. Pucioasa unlisted company 69.22 69.22 * Gravity Capital investments S.A. has the following holdings as of 31 December 2022: • Gravity Real Estate S.R.L. - 100% (includes the subsidiary Gravity Real Estate One S.R.L.) On 31 December 2021, it was zero. ** Argus S.A. Constanta has the following holdings on 31 December 2022 and 31 December 2021: • Comceral S.A. Tulcea – 95.36% (including the Cereal Prest S.A. subsidiary) • Argus Trans S.R.L. - 100% • Aliment Murfatlar S.R.L. (100% on 31 December 2022 and 55.04% on 31 December 2021). As of 31 December 2022, the thirteen companies included in the consolidation scope represent a share of 14.26 % in the total assets of S.I.F. Oltenia S.A. on 31.12.2021: 16.39 %) and 15.72 % , respectively in net assets (31 December 2021: 16.90%) and were consolidated by the method of global integration. Settlements and transactions within the Group, as well as unrealized profits resulting from transactions within the Group, are completely eliminated from the consolidated financial statements. The statement of reciprocal holdings of entities included in the consolidation perimeter as of 31 December 2022 is as follows:

5 No. Branch name Shareholders No. of shares Share of holding in the registered capital 1. COMPLEX HOTELIER DÂMBOVIȚA S.A. Târgoviște S.I.F. Oltenia S.A. 1,754,221 99.99% Voltalim S.A. 2 0% Total 1,754,223 100.00% 2. GRAVITY CAPITAL INVESTMENTS S.A. București S.I.F. Oltenia S.A. 8,999 99.989% Voltalim S.A. 1 0.011% Total 9,000 100.00% 3. VOLTALIM S.A. Craiova S.I.F. Oltenia S.A. 5,997,519 99.55% Other shareholders 27,077 0.45% Total 6,024,596 100.00% 4. MERCUR S.A. Craiova S.I.F. Oltenia S.A. 7,104,836 97.86% Provitas S.A. 1,843 0.03% Voltalim S.A. 486 0.01% Flaros S.A. 441 0.01% Alimentara S.A. 108 0.00% Univers S.A. 90 0.00% Other shareholders 152,456 2.10% Total 7,260,260 100.00% 5. LACTATE NATURA S.A. Târgoviște S.I.F. Oltenia S.A. 10,567,092 93.70% Voltalim S.A. 16 0.00% Other shareholders 710.293 6.30% Total 11,277,401 100.00% 6. GEMINA TOUR S.A. Râmnicu Vâlcea S.I.F. Oltenia S.A. 757,888 88.29% Other shareholders 100,553 11.71% Total 858,441 100.00% 7. ARGUS S.A. Constanța S.I.F. Oltenia S.A. 30,920,056 86.42 Other shareholders 4,860,410 13.58% Total 35,780,466 100.00% 8. ALIMENTARA S.A. Slatina S.I.F. Oltenia S.A. 350,342 85.23% Other shareholders 60,733 14.77% Total 411,075 100.00% 9. FLAROS S.A. București S.I.F. Oltenia S.A. 1,233,390 81.07% Other shareholders 287,976 18.93% Total 1,521,366 100.00% 10. CONSTRUCȚII FEROVIARE S.A. Craiova S.I.F. Oltenia S.A. 2,725,325 77.50% Construcții Feroviare S.A. Craiova 1,056 0.03% Other shareholders 790,165 22.47% Total 3,516,546 100.00% 11. UNIVERS S.A. Râmnicu Vâlcea S.I.F. Oltenia S.A. 587,519 73.75% Other shareholders 209,123 26.25% Total 796,642 100.00% 12. PROVITAS S.A. București S.I.F. Oltenia S.A. 35,139 70.28% Other shareholders 14,861 29.72% Total 50,000 100.00% 13. TURISM S.A. Pucioasa S.I.F. Oltenia S.A. 1,010,599 69.22% Voltalim S.A. 401,228 27.48% Other shareholders 48,173 3.30% Total 1,460,000 100.00% Associated entities of the Company Associated entities are those companies in which the Group can exercise significant influence, but not control over the financial and operational policies. As of 31 December 2022, the company had holdings of more than 20% but not more than 50% of the share capital in a number of 7 issuers (31 December 2021: 7 issuers). All the entities are headquartered in Romania. For these issuers, the Company’s holding percentage does not differ from the percentage of votes held.

6 Company name Percentage held in 31. December 2022 - % - Percentage held in 31.December2021 - % - SINTEROM S.A. Cluj-Napoca 32.13 32.13 ELECTRO TOTAL S.A. Botoșani * 29.86 29.86 TURISM FELIX S.A. Băile Felix 29.26 29.26 ELECTROMAGNETICA S.A. Bucharest 28.16 26.14 ȘANTIERUL NAVAL Orșova S.A. 28.02 28.02 TURISM LOTUS FELIX S.A. Băile Felix 27.46 27.46 ANTIBIOTICE S.A. Iași 27.04 26.41 *Company under judicial liquidation 1.3. Criteria for the recognition, measurement and assesssment of financial assets The financial statements of the subsidiaries are included in the consolidated financial statements from the moment when the exercise of control begins and until the moment of its termination. The accounting policies of the Group's subsidiaries have been modified in order to align them with those of the Group. The main adjustments specific to consolidation are: - elimination from the financial position of the equity securities held in the group companies; - elimination of transactions with securities within the group and adjustments of fair value; - elimination from the statement of profit or loss account and other elements of the comprehensive income of the gross dividend income settled within the group; - elimination of balances, transactions, incomes and expenses within the group; - minority interests are presented in the statement of the consolidated financial position as an equity element, separate from the equity of the parent company and represents the share held by them in the equity and profits of the group companies. For the calculation of fair value, for equity instruments (shares), the Group 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. price derivatives); - Level 3: assessment techniques based largely on unobservable elements. This category includes all instruments for which the evaluation technique includes elements that are not based on observable data and for which unobservable input parameters can have a significant effect on the evaluation of the instrument. Valuation techniques include techniques based on net present value, discounted cash flow method, method of comparisons with similar instruments for which there is an observable market price and other valuation methods. The fair value measurement of the equity instruments (shares) held is as follows: The market value of the listed and traded shares is calculated in accordance with the F.S.A. Regulation no. 9/2014, as amended and supplemented, and represents: - the closing price of the market section considered to be the principal market on the day for which the calculation is made, in the case of shares admitted to trading on that regulated market 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 is made, used as a benchmark at the opening of the day-ahead trading session. Shareholding companies not admitted to trading on a regulated market or on trading facilities, including alternative trading facilities in Romania, where S.I.F. Oltenia S.A. holds more than 33% of the registered capital are assessed exclusively in compliance with International Valuation Standards, based on a valuation report that is updated at least on an annual basis. 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 assessed on the basis of financial statements as of 30.09.2022 through the income-based valuation approach, and the company Gravity Capital Investments S.A. which was assessed on the basis of the financial statements as of 31.10.2022 through the cost-based valuation approach. Shares not admitted to trading on a regulated market or on trading facilities, including alternative trading facilities in Romania, issued by companies where S.I.F. Oltenia S.A. holds less than 33% of the registered capital are assessed: (i) at carrying amount per share, as resulting from the entity’s last approved annual financial statement or (ii) the amount determined by

7 applying valuation methods in accordance with international valuation standards (in which the fair value principle is used) approved by the Board of Directors of the Company S.I.F Oltenia S.A. This is the case with the issuers of Turism Lotus Felix S.A. Baile Felix and Elba S.A. Timisoara, which were evaluated on the basis of the financial statements on 30.09.2022, by the income-based valuation approach. In the case of credit institutions, the carrying amount per share shall be 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 (where the fair value principle is used). In the case of issuers listed on a stock market but with low liquidity, the fair value has been determined in accordance with international valuation standards on the basis of an effective valuation report by an independent and updated ANEVAR authorized valuer, updated at least annually; This is the case of Mercur S.A. Craiova, Univers S.A. Râmnicu Vâlcea, Alimentara S.A. Slatina, Flaros S.A. Bucharest, Cos Târgoviște S.A. Târgoviște, Construcții Feroviare S.A. Craiova, Lactate Natura S.A. Târgoviște, Sinterom S.A. Cluj and Turism Felix S.A. Băile Felix which were appraised based on the financial statements from 30.09.2022 and IAMU S.A. Blaj, which was appraised based on the financial statements from 30.06.2022. The securities issued by O.P.C. are appraised taking into account the last unit value of the net asset, calculated and published. 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. according to the valuation standards in force, according to the law, on the basis of a valuation report. Thus, during 2022, 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: - there is no active market for Flaros S.A. Bucharest. In January 2022, 91 shares (representing 0.00598% of the share capital of the issuer) were traded with a very high price variation. From 56.00 lei/share - closing price on 23.12.2021, it increased to 101.00/share - closing price on 31.01.2022. - there is no active market for Construcții Feroviare S.A. Craiova. In the last 12 months, 103,560 shares worth 14,613.48 lei (50 transactions) were traded until the date of the analysis (12.12.2022), representing only 2.94% of the share capital; - Sinterom S.A. Cluj does not have an active market; in the last 12 months, 8,049 shares worth 87,425.00 lei (18 transactions) were traded until the date of the analysis (04.01.2023), representing only 0.1662% of the share capital; - Iamu S.A. Blaj does not have an active market; in the last 12 months, 14,627 shares worth 142,000.70 lei (202 transactions) were traded until the date of the analysis (04.01.2023), representing only 0.1540% of the share capital; - Turism Felix S.A. Baile Felix does not have an active market; in the last 12 months, 951,341 shares worth 283,970.96 lei (438 transactions) were traded until the date of the analysis (09.01.2023), representing only 0.1937% of the share capital; - Lactate Natura S.A. Targoviste does not have an active market; in the last 12 months, 396,952 shares worth 249,991.99 lei (22 transactions) were traded until the date of the analysis (11.01.2023), representing 3.51989% of the share capital (out of the 396,952 shares traded in 2022, a total of 394,000 shares were acquired by S.I.F. Oltenia S.A. on the “deal” segment as of 08.07.2022). - COS Targoviste S.A. does not have an active market; in the last month prior to the preparation of the related report 1,899 shares (representing 0.0028% of the share capital) were traded within 18 transactions at an average price of 3.592 lei/share. Subsequently, on 05.10.2022, the officials were informed that the bankruptcy proceedings had been initiated in the case of this issuer. In the case of issuers Mercur S.A. Craiova, Univers S.A. Râmnicu Vâlcea, Alimentara S.A. Slatina and Flaros S.A. Bucharest, their market value recorded in the total asset at 31.12.2022 was achieved on the basis of valuation reports that were updated by the external valuator using the financial statements on 30.09.2022.

8 1.4. The structure of the group’s holdings The consolidated structure of the portfolio held by the Group, by business sectors, shall be as follows: Structure of the portfolio The market value of the participation on 31.12.2022 The market value of the participation on 31.12.2021 Business sectors with a share in the Group’s value portfolio: (lei) % (lei) % finance, banking 871,072,645 46.92% 1,153,088,518 55.66% oil resources, methane gas and related services 321,730,841 17.33% 345,485,479 16.68% financial intermediation 296,069,865 15.95% 202,739,754 9.79% energy and gas transport 124,100,007 6.69% 117,336,419 5.66% pharmaceutical industry 103,032,727 5.55% 107,751,847 5.20% tourism, public food catering, leisure 55,819,009 3.01% 66,179,292 3.19% machine building industry, processing 49,663,612 2.68% 52,985,968 2.56% electronic, electrotechnical industry 33,191,013 1.79% 24,296,708 1.17% lease and sublease of real estate 1,667,244 0.08% 1,710,054 0.09% TOTAL 1,856,346,963 100.00 2,071,574,039 100.00% The market value of the portfolio of holdings managed by the group at 31.12.2022 is 1,856,346,963 lei, down 10.39% compared to 31.12.2021 (2,071,574,039 lei). The Group mainly shares in issuers operating in the finance sector, banks with a share of 46.92% of the total portfolio, down from 31.12.2021, when the pe same sector registered a share of 55.66%.

9 The market value of the portfolio of listed shares (on BVB - regulated market, BVB-AERO - alternative trading system), as of 31 December 2022 represents 95.85% of the total value of the managed portfolio of shares (31 December 2021: 94.96%). II. CONSOLIDATED FINANCIAL DATA OF THE GROUP ON 31.12.2022 2.1. Basis for the presentation of consolidated statements The Group adopted a liquidity-based presentation in the consolidated statement of financial position, and the presentation of income and expenses was made in relation to their nature in the consolidated statement of profit or loss and other elements of the comprehensive income. It was considered that these presentation methods provide information that is reliable and more relevant than those that would have been presented based on other methods permitted by IAS 1 “Presentation of financial statements” and IFRS 12 “Disclosure of interests in other entities”. The consolidated financial statements are drawn up based on the fair value convention for the financial assets and debts appraised at their fair value through the profit and loss statement and for financial assets appraised at their fair value through other items of the global result. Other financial assets and liabilities, as well as non-financial assets and liabilities are presented at amortized cost, reassessed value or historical cost.

10 2.2. The consolidated statement of profit or loss and of other elements of the comprehensive income in lei 31 December 2022 31 December 2021 *retreated Incomes Gross incomes from dividends 190,369,244 56,005,999 Interest revenues 4,820,667 342,065 Revenue from contracts with customers 403,321,858 245,410,533 Other operating income 6,773,366 5,982,103 (Loss)/ Net profit from exchange rate differences (14,986) 1,088,029 Net gain from the reassessment of financial assets at fair value through the profit or loss statement (177,388) 1,053,520 Gain/(loss) from the reassessment of real estate investments 8,507,174 13,453,019 Expenses (Losses)/reversal of impairment losses on financial assets (22,491) 50,155 (Losses)/reversal of impairment losses on non-financial assets (190,392) (440,253) (Establishment)/(resumption) of provisions for risks and expenses (870,945) 387,728 Expenditure on salaries, allowances and similar expenses (51,192,910) (39,217,455) Raw materials, consumables and goods (273,469,489) (177,238,861) Interest expenses (6,821,935) (2,145,712) Other operational expenses (59,655,994) (42,140,020) Profit before taxation 221,375,779 62,590,850 Profit tax (26,449,495) (11,488,471) Net profit of the financial year 194,926,284 51,102,379 Other elements of the comprehensive income (Decrease)/increase in the reserve from the revaluation of the tangible assets, net of deferred tax (7,887,955) 28,345,835 (Loss)/net gain from the revaluation of equity at fair value through other comprehensive income (“FVTOCI”) net of deferred tax (222,869,271) 314,525,328 Other comprehensive income — items that will not be reclassified to profit or loss (230,757,226) 342,871,163 Total other elements of the comprehensive income (230,757,226) 342,871,163 Total comprehensive income for the financial exercise (35,830,942) 393,973,542 Afferent net profit Shareholders of the Group 189,431,383 49,874,535 Non-controlling interest 5,494,901 1,227,844 Total net profit of the financial year 194,926,284 51,102,379 The basic and diluted earnings per share (net profit per share) of the Group’s shareholders 0.3889 0.0997 Basic and diluted earnings per share (including earnings from the sale of FVTOCI financial assets), relating to the Group’s shareholders 0.4530 0.2909 Total comprehensive income for the financial exercise related to (35,830,942) 393,973,542 Shareholders of the Group (27,801,743) 378,819,012 Non-controlling interest (8,029,199) 15,154,530 * Details of the retreatment are provided in Note 5 of the financial statements.

11 - Gross dividend income from 31.12.2022 is up by 240% compared to those recorded in the at the end 2021, the Group portfolio distributed a solid dividend in 2022 compared to the previous year. - The total expenses of the Group in 2022 (392,224,156 lei) are above the level recorded in the corresponding period of 2021 (261,182,301 lei) as a result of significant increases in the expenses of raw materials and materials. - The net profit of the reporting period is 194,926,284 lei, increasing by 281% compared to 31 December 2021 (51,102,379 lei), due to the income from dividends received and customer contracts. - The result per share at 31.12.2022 also recorded a significant increase compared to 31.12.2021 (from 0.0997 lei to 31.12.2021, to 0.3889 lei to 31.12.2022). In the “Other operational expenses” category, the largest share, of 34.30%, is represented by “Expenditure on external services”, up by 16.65% compared to 31.12.2021. In lei 31.12.2022 31.12.2021 Expenditure on external services 20,459,527 17,538,511 Expenditure on energy and water 14,315,288 7,085,558 Other operating expenses 12,330,102 11,155,160 Expenditure on the depreciation and amortization of tangible and intangible assets 12,193,755 6,153,826 Expenses on protocol, advertisement and publicity 387,322 206,965 Total 59,655,994 42,140,020 The expenditure on external services includes the expenditure representing the audit, in the amount of 1,472.18 thousand lei as at 31 December 2022 (31 December 2021: 471.74 thousand lei) and fees and commissions expenses, mainly represented by the fee paid to the F.S.A., 2 million lei as at 31 December 2022 (2 million lei as at 31 December 2021). 2.3. Segment reporting Segment reporting is represented by the segmentation by activities that takes into account the branch of activity of which the main object of activity of the companies in the consolidation perimeter is part. The company together with the portfolio companies in which it owns over 50%, included in the consolidation perimeter, operates on the following main activity segments: financial investment activity; rental of premises; food industry (mainly production of oil and sunflower by-products); tourism. The indicators in this reporting were established on the basis of the individual financial statements of the Company and of the companies in the consolidation scope.

12 Assets, liabilities and equity according to the Consolidated Statement of Financial Position 31 December 2022 In LEI Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Assets Cash and current accounts 9,315,636 2,241,614 3,847,109 2,242,516 984,397 Deposits placed with banks 90,949,069 12,881,011 37,457,177 36,794,614 3,816,267 Financial assets valued at fair value through profit or loss 4,475,075 4,475,075 - - - Financial assets at fair value through other comprehensive income 1,851,871,888 1,817,001,120 34,419,156 50,405 401,207 Trade receivables and other sundry debtors 18,716,135 22,330 2,439,905 15,930,994 322,906 Inventories 178,085,563 45,100 43,115 177,951,473 45,875 Real estate investments 308,971,502 1,100,816 295,054,291 11,636,539 1,179,856 Tangible assets 204,768,162 12,400,449 4,462,100 161,240,262 26,665,351 Intangible assets 216,651 45,798 155,882 14,490 481 Other assets 469,452 82,820 24,107 325,277 37,248 Current income tax receivable 418,040 418,040 - - - Total assets 2,668,257,173 1,850,714,173 377,902,842 406,186,570 33,453,588 Liabilities Loans 160,737,859 - 1,336,273 159,324,280 77,306 Dividend payment 51,083,704 49,300,619 1,210,271 554,186 18,628 Current income tax liabilities 690,393 324,149 771,108 (418,039) 13,175 Trade debts 11,670,375 1,610,683 2,163,458 7,542,589 353,645 Other debts 21,138,374 14,710,397 4,553,699 1,215,298 658,980 Provisions for risks and expenses 3,108,189 - 1,340,000 1,768,189 - Deferred income tax liabilities 114,762,592 63,028,769 37,240,018 14,304,896 188,909 Total debts 363,191,486 128,974,617 48,614,827 184,291,399 1,310,643

13 31 December 2021 In LEI Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Assets Cash and current accounts 17,580,293 3,918,233 3,201,190 8,205,083 2,255,787 Deposits placed with banks 35,476,691 14,631,528 7,934,996 6,987,860 5,922,307 Financial assets valued at fair value through profit or loss 4,652,462 4,652,462 - - - Financial assets at fair value through other comprehensive income 2,066,921,577 2,009,173,493 57,115,841 6,592 625,651 Trade receivables and other sundry debtors 33,820,842 2,081,463 1,810,558 29,880,235 48,586 Inventories 116,450,790 16,153 59,945 116,315,698 58,994 Real estate investments 299,930,012 1,551,404 284,379,176 11,404,796 2,594,636 Tangible assets 206,660,576 12,463,318 4,917,498 167,787,453 21,492,307 Intangible assets 184,257 6,181 161,546 14,520 2,010 Other assets 885,144 72,624 59,331 745,187 8,002 Current income tax receivable - - - - - Total assets 2,782,562,644 2,048,566,859 359,640,081 341,347,424 33,008,280 Liabilities Loans 113,477,440 - 978,811 112,436,889 61,740 Dividend payment 47,353,463 45,798,986 709,941 554,832 289,704 Current income tax liabilities 17,239,503 16,776,057 443,337 (139) 20,248 Trade debts 14,855,680 439,275 750,443 13,508,539 157,423 Other debts 17,731,322 8,134,007 483,548 7,674,420 1,439,347 Provisions for risks and expenses 2,947,824 - 1,340,000 1,607,824 - Deferred income tax liabilities 147,887,181 111,023,194 26,111,047 10,603,476 149,464 Total debts 361,492,413 182,171,519 30,817,127 146,385,841 2,117,926 Within the fixed assets held on 31 December 2022 by the Group, a share of 98.12% is held by the assets from the financial investment activity represented by the financial assets portfolio, respectively 97.21% as of 31 December 2021.

14 Income, expenses and result according to the consolidated statement of profit or loss and other elements of the comprehensive income 31 December 2022 In RON Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Income Gross dividend income 190,369,244 187,605,794 2,743,121 - 20,329 Interest income 4,820,667 2,510,095 1,358,787 756,066 195,719 Revenues from contracts with clients 403,321,858 - 32,664,911 366,057,313 4,599,634 Other operating income 6,773,366 157,774 874,295 5,741,297 - (Loss)/Net gain from exchange rate differences (14,986) (4,880) 82,901 (94,624) 1,617 Net gain from revaluation of financial assets at fair value through profit or loss (177,388) (177,388) - - - Gain/(Loss) from revaluation of real estate investments 8,507,174 578,028 8,450,610 (233,970) (287,494) Expenses - (Losses)/Recovery of losses from the depreciation of financial assets (22,491) - (20,289) - (2,202) (Losses)/Recovery of losses from the depreciation of non-financial assets (190,392) - - (190,392) - (Constitutions)/Resumes of provisions for risks and expenses (870,945) - - (870,945) - Expenses with salaries, allowances and similar expenses (51,192,910) (17,506,362) (6,347,827) (23,609,908) (3,728,813) Expenditure on raw materials, materials and goods (273,469,489) (311,994) (455,638) (268,901,879) (3,799,978) Interest expense (6,821,935) - - (6,821,935) - Other operating expenses (59,655,994) (6,490,611) (7,562,330) (42,868,675) (2,734,378) Profit before tax 221,375,779 166,360,456 31,788,541 28,962,348 (5,735,566) Profit tax (26,449,495) (7,583,475) (15,920,734) (2,945,286) - Net profit for the financial year 194,926,284 158,776,981 15,867,807 26,017,062 (5,735,566)

15 31 December 2021 In LEI Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Income Gross dividend income 56,005,999 54,303,970 1,039,686 - 662,343 Interest income 342,065 67,659 169,665 73,240 31,501 Revenues from contracts with clients 245,410,533 - 19,027,428 217,091,317 9,291,788 Other operating income 5,982,103 1,136,884 1,761,453 3,083,766 - (Loss)/Net gain from exchange rate differences 1,088,029 70,358 2,857 1,013,466 1,348 Net gain from revaluation of financial assets at fair value through profit or loss 1,053,520 1,053,520 - - - Gain/(Loss) from revaluation of real estate investments 13,453,019 1,008,272 5,578,194 3,394,554 3,471,999 Expenses - - - - - (Losses)/Recovery of losses from the depreciation of financial assets 50,155 - 51,342 (5,438) 4,251 (Losses)/Recovery of losses from the depreciation of non-financial assets (440,253) - - (440,253) - (Constitutions)/Resumes of provisions for risks and expenses 387,728 - - 387,728 - Expenses with salaries, allowances and similar expenses (39,217,455) (12,503,697) (5,910,386) (17,280,315) (3,523,057) Expenditure on raw materials, materials and goods (177,238,861) (107,044) (1,036,316) (175,570,837) (524,664) Interest expense (2,145,712) - (2,145,712) - Other operating expenses (42,140,020) (2,886,787) (7,171,431) (28,924,929) (3,156,873) Profit before tax 62,590,850 42,143,135 13,512,492 676,587 6,258,636 Profit tax (11,488,471) (4,287,792) (5,996,337) (21,533) (1,182,809) Net profit for the financial year 51,102,379 37,855,343 7,516,155 655,054 5,075,827 The net profit as at 31 December 2022 was achieved from financial investment at a rate of 81.45% (74.08% as at 31 December 2021).

16 2.4. The consolidated statement of the financial position in lei 31 December 2022 31 December 2021 01 January 2021 *retreated *retreated Assets Cash and current accounts 9,315,636 17,580,293 27,477,302 Deposits placed in banks 90,949,069 35,476,691 48,889,386 Financial assets assessed at fair value through the profit or loss account 4,475,075 4,652,462 3,598,943 Financial assets assessed at fair value through other elements of the comprehensive income 1,851,871,888 2,066,921,577 1,700,658,957 Trade receivables and other various debtors 18,716,135 33,820,842 49,869,803 Inventory 178,085,563 116,450,790 72,230,871 Real estate assets 308,971,502 299,930,012 282,239,999 Tangible investments 204,768,162 206,660,576 188,360,960 Intangible investments 216,651 184,257 183,185 Other assets 469,452 885,144 1,645,906 Current tax accounts receivable 418,040 - 50,222 Total assets 2,668,257,173 2,782,562,644 2,375,205,534 Liabilities Loans 160,737,859 113,477,440 104,165,221 Payable dividends 51,083,704 47,353,463 62,084,594 Current tax liabilities 690,393 17,239,503 252,594 Trade payables 11,670,375 14,855,680 26,404,576 Other payables 21,138,374 17,731,322 20,733,849 Provisions for risks and expenses 3,108,189 2,947,824 2,249,864 Deferred tax liabilities 114,762,592 147,887,181 108,964,567 Total payables 363,191,486 361,492,413 324,855,265 Equity Registered capital 50,000,000 50,000,000 52,214,914 Legal and statutory reserves 30,937,825 28,933,688 27,818,750 Retained earnings 1,024,459,557 845,871,529 760,420,848 Reserves from the reassessment of the tangible assets, net of deferred tax 125,720,104 121,428,404 106,634,453 Reserves from the reassessment of financial assets at fair value through other elements of the comprehensive income net of deferred tax 369,357,208 622,479,609 404,205,825 Other reserves 693,070,737 665,681,380 673,520,512 Own shares (63,364,962) - (62,015,155) Other elements of equity Total equity attributable to Company shareholders 2,230,180,469 2,334,394,610 1,962,800,147 Non-controlling interest 74,885,218 86,675,621 87,550,122 Total equity 2,305,065,687 2,421,070,231 2,050,350,269 Total payables and equity 2,668,257,173 2,782,562,644 2,375,205,534 * Details of the retreatment are provided in Note 5 of the financial statements consolidated at 31.12.2022. As of 31.12.2022, total assets have a value of 2,668,257,173 RON, a 4% decrease on 31.12.2021 (2,782,562,644 RON). As of 31.12.2022, cash and cash equivalent in the amount of 9,315,636 lei decreased by 47% compared to 31.12.2021 (17,580,293 lei), while the amounts in bank deposits registered an increase of 256% (90,949,069 lei as of 31.12.2022 compared to 35,476,691 lei as of 31.12.2021).

17 III. THE MAIN RISKS OF THE GROUP The risk management policy includes the procedures required to assess exposure to the main categories of relevant risks, which may have an impact on the performance of the activity and on the fulfilment of obligations stipulated in the regulatory framework. The risk management activity covers both general risks and specific risks, as required by national and international legal regulations. The group is or can be subject to financial risks resulting from the activity undertaken for the achievement of the established goals. The management of significant risks involves providing the framework for identifying, evaluating, monitoring and controlling these risks in order to maintain them at an acceptable level in relation to the appetite to risk and its ability to mitigate or hedge these risks. Risk monitoring is carried out at each hierarchical level, with procedures for supervising and approving decision-making limits. The risk profile is the evaluation of gross and, as the case may be, net (after considering risk mitigators) risk exposures, at a certain moment in time, aggregated within each relevant category of risk, as well as between them, based on current or anticipated assumptions. Through its risk profile, the Group 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 global risk profile undertaken by the Group is average and corresponds to an average risk appetite. The main risks to which the Group is exposed Investments in the company’s shares involve not only specific benefits, but also the risk that objectives are not achieved, as well as losses to investors, since revenues from investments generally are proportional to risk. The main financial risks identified in the activity of the Group are: - market risk (price risk, currency risk, interest rate risk); - credit risk; - liquidity risk; - operational risk; - sustainability risk. 3.1. Market risk Market risk is the risk of losses in on- and off-balance-sheet positions arising from movements in market prices (e.g. stock prices, interest rates, foreign exchange rates). 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 Group’s point of view, the relevant market risks are: price risk (position risk), currency exchange risk, interest rate risk. 3.1.1. Price risk Price risk is the risk generated by market price volatility being caused either by factors affecting all financial instruments traded on the market or by factors specific to issuers. The Group monitors both the systemic component (general macroeconomic factor risk) caused by factors affecting all market-traded instruments and the specific risk caused by the issuers’ own business. Where price risks are inconsistent with internal policies and procedures, with the objectives set out in the investment strategy, action shall be taken accordingly by rebalancing the asset portfolio. 3.1.2. The interest rate risk The interest rate risk is the current or future risk of loss of profits and capital due to adverse changes in 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. At the Group level, the share of borrowed resources in the total financing resources of companies is not significant, except for Argus S.A. Constanta as of 31 Decemebr 2022 and 31 December 2021 and Lactate Natura S.A. Târgoviște as of 31 December 2021. In order to benefit from the interest rate volatility, for greater flexibility in the policy of allocating the money availabilities, it will be intended that the placing of the money availabilities in monetary instruments will be made especially in the short term, for no more than 3 months. On 31 December 2022, the Group had bank deposits in the amount of 90,949,069 lei, which represents 4.60% of the total financial assets. The Group follows the evolution of monetary policy in order to monitor the effects that may influence interest rate risk. The Group not use derivative financial instruments in 2022 to hedge against interest rate fluctuations.

18 3.1.3. Exchange rate risk Foreign exchange risk is the risk of losses resulting from changes in foreign exchange rates. This risk concerns all positions held by the company in foreign currency deposits, financial instruments denominated in foreign currency, regardless of the holding period or the level of liquidity recorded by the respective positions. During the reporting period, the Group did not use derivative financial instruments to protect itself against interest rate fluctuations. The Group is continuously seeking to minimize possible adverse effects associated with market risk through a policy of prudential diversification of the portfolio of financial assets under management. On 31 December 2022 the cash in foreign currency was 36,355,515 lei, representing 36.26% of the total cash and 1.84% of the total financial assets, so that the foreign exchange 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 market risk falls within the approved risk limits for a medium risk appetite. 3.3. Liquidity risk Liquidity risk is the risk that a position in the portfolio of the Group cannot be sold, liquidated or closed at limited costs within a reasonably short period of time. The Group 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 Group 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 Group 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. As of 31.12.2022, the liquidity risk falls within the approved risk limits for a medium risk appetite. 3.3. Credit risk The credit risk is the current or future risk of profit and capital impairment, as the debtor fails to meet its contractual obligations or liabilities. The main identified credit risk elements that can significantly influence the Group’s activity are: the risk of non- collection of dividends/interest from the portfolio companies; the risk of non-collection of the contract value in the case of sale of shares to closed-end companies; risk arising from investments in bonds and/or other credit instruments; settlement risk in the case of transactions in shares issued by listed companies; risk of bankruptcy or insolvency. The indicators used to measure risk per classes of issuers are the following: the exposure rate to high-risk issuers (over the next 2 years), the exposure rate to unlisted assets, the exposure rate by business sectors. The credit risk may indirectly affect the activity of the Group, in the case of companies in the portfolio that have financial difficulties in paying their payment obligations corresponding to the dividends. Given the diversity of investments and the fact that most of them are carried out in stable entities and with increased liquidity in the market, this risk is greatly diminished and properly managed by the Group. The Group may be exposed to credit risk through investments in bonds, current accounts, bank deposits, and other receivables. At the Group level, there are no bonds, derivatives, which minimizes the credit risk. Through the specificities of the portfolio, the high exposure sector is the finance and banking sector with an exposure of over 20% in total assets. As of 31 December 2022 this sector represents 38% of the total share portfolio, respectively 55% as of 31 December 2021. The exposure on this sector is monitored; a positive issue of such holding is the liquidity of investments, with 2 issuers being present in this sector: Banca Transilvania and B.R.D., which are listed on the main market of the Bucharest Stock Exchange, premium category. The assessment of the main elements of credit risk results in the conclusion that they fall within the risk limits approved for an average risk appetite.

19 3.4. Operational risk Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, and includes legal risk. 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 management capacity, integrity, controllability and continuity or the improper use of information technology. - Compliance risk - current or future risk of damage to profits, own funds or liquidity, which may result in significant financial losses or damage the reputation of the company as a result of breach or non-compliance with the legal and regulatory framework, agreements, recommended practices or ethical standards applicable to its activities. - Money laundering and terrorist financing risk (ML/FT) – the inherent risk, namely the level of money laundering and terrorist financing risk before its mitigation, meaning that the impact and likelihood of involvement of regulated entities in ML/FT operations are analysed. With a view to assessing the level of operational risk to which it is exposed, the Group 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 structures within the Group are responsible for the preliminary analysis of the operational risks arising in their area of activity. The Group uses self-assessment as a tool to analyse and manage operational risk. Operational risks are assessed and monitored so that the investment objectives of the company, as approved by shareholders, are achieved by generating benefits for investors. The Group 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 Group is the continuity of the activity in order to increase the value of the total asset in the long term. Taking into account the complexity of the activity of the Group, the amount of activity, the personnel structure, the level of computerization, the complexity of the monitoring and control procedures and the other intrinsic aspects related to the risk policy of the company, the operational risk falls within the assumed risk appetite. 3.5. Sustainability risk It represents 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 investment. Sustainability risks are integrated into the classification and management of existing risks, as they also affect the existing types of risk to which the Group is exposed in its activities. The Group shall incorporate sustainability risks into the risk culture. The Group integrates into the decision-making process and also 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. 3.6. Capital adequacy The policy regarding capital adequacy focuses on maintaining a solid capital base in order to support the continued development of the Group and to achieve the investment objectives. Equity consists of the share capital, the established reserves, the current result and the deferred result. As of 31 December 2022, the equity of the Group is 2,230,180,469 lei (31 December 2021: 2,334,394,610 lei). The group is not subject to legal requirements for capital adequacy. IV. KEY MANAGEMENT STAFF In accordance with the Articles of Association, S.I.F. Oltenia S.A. is administered in a unitary system. S.I.F. Oltenia S.A. is managed by a Board of Directors, made up of five members, elected by the ordinary general shareholders meeting for 4 years (with possibility of re-election) and authorized by the Financial Supervisory Authority. The composition of the Board of Directors as the Company at 31.12.2022 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.

20 The senior management On 31.12.2022, 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. The Group 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 Group has not granted credits 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 Group has not received and has not given guarantees to any affiliated party. V. DISPUTES The Group has a number of court actions arising from the normal course of business. The Group’s management believes that these actions will not have a significant impact on the financial statements. As of 31 December 2022, a number of 124 cases were registered in court, of which: • 59 cases where they have the status of plaintiff; • 23 cases where they have the status of defendant; • 2 cases where they have the quality of intervener; • 38 cases in insolvency proceedings; • 2 cases as a seized third party. According to their scope, the cases are structured as follows: • 29 commercial cases; • 7 cases - cancellation of GSM decisions; • 39 cases in the insolvency procedure: in 31 cases it acts as a chirographic creditor. in 8 cases, it acts as a creditor; • 49 other cases. The total of 124 cases is structured as follows: • 102 cases are found in the companies included in the consolidation scope, as follows: - 47 cases as plaintiff for the amount of 5,840,836 lei; - 17 cases as defendant for the amount of 2,786,639 lei; - 35 cases within the insolvency procedure for 12,823,144 lei; - 2 cases as a seized third party; - 1 case as intervener. • 22 cases belong to the Company and consist mainly of: - 16 cases - plaintiff; - 6 cases - defendant; - 3 cases - in insolvency proceedings; - 1 case - impleaded; - 1 case – intervener; According to their scope, the 22 cases belonging to the company are structured as follows: - 7 cases (annulment of GSM decisions / annulment of operations with shares) in which the company has the status of plaintiff; - 3 cases - companies under insolvency procedure, as follows: in one case the company has the status of unsecured creditor; in two cases it has the status of contribution creditor; -12 other cases. Compared to 31 December 2021, when 29 cases were registered in court, there was a significant decrease in the number of litigations in which the company is involved.

21 VI. EVENTS OCCURRING AFTER THE DATE OF THE BALANCE SHEET SOCIETATEA DE INVESTIȚII FINANCIARE OLTENIA S.A. After the reporting date of the balance sheet there were no significant events that needed to be presented in the notes of the financial statements. ALIMENTARA S.A. Slatina The OGSM meeting approving the election of a new Board of Directors took place on 13.02.2023. ARGUS S.A. Constanța • From the current report sent to the market on 09.02.2023, investors are informed about the litigation brought to the company by the former manager Popa Carmen in the case no. 857/118/2023 pending before the Constanta Court. • From the current report sent to the market on 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia has resigned from the position of administrator since 01.03.2023 and Mrs. Paraschiv Maria has been appointed as interim administrator since 02.03.2023. COMPLEX HOTELIER DÂMBOVIȚA S.A. Târgoviște The OGSM meeting approving the election of a new Board of Directors took place on 17.02.2023. CONSTRUCTII FEROVIARE CRAIOVA S.A. • The OGSM meeting approving the election of a new Board of Directors took place on 14.02.2023. • From the current report sent to the market on 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia has resigned as an administrator since 01.03.2023 and Mrs. Paraschiv Maria has been appointed as interim administrator since 02.03.2023. FLAROS S.A. Bucharest • The OGSM meeting approving the election of a new Board of Directors took place on 02.02.2023. • The OGSM meeting of 02.02.2023 approved: - changing the main scope of activity of Flaros S.A.; - the valuation report of Flaros S.A. prepared by the independent valuator KPMG Advisory S.R.L for determining the price of the issuer’s shares; - the procedure for the withdrawal of shareholders from the company; - changes in the Articles of Association, as a result of the change of the object of activity. GEMINA S.A. Râmnicu Vâlcea • The OGSM meeting approving the election of a new Board of Directors took place on 14.02.2023. • On 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia has resigned as an administrator as of 01.03.2023. GRAVITY CAPITAL INVESTMENTS S.A. București There are no events. LACTATE NATURA S.A. Târgoviște • The OGSM meeting of 07.02.2023 approved: - the temporary suspension of activity for a period of 3 years, starting with 09.02.2023; - reduction of share capital for partial loss coverage; - the method and algorithm for reducing the number of shares due to the reduction of the share capital. MERCUR S.A. Craiova • The OGSM meeting approving the election of a new Board of Directors took place on 20.02.2023. • From the current report sent to the market on 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia has resigned as an administrator since 01.03.2023 and Mr Codrin Matei has been appointed as interim administrator since 02.03.2023. PROVITAS S.A. Bucharest In the OGSM meeting of 16.02.2023, the election of the Sole Administrator was approved.

22 TURISM S.A. Pucioasa There are no events. UNIVERS S.A. Râmnicu Vâlcea The OGSM meeting approving the election of a new Board of Directors took place on 14.02.2023. VOLTALIM S.A. Craiova There are no events. The impact of the Russian-Ukrainian military conflict and other international trends on the Group’s financial position and performance On 24 February 2022, Russia began military operations against Ukraine. This was preceded by a troop-up at the border with Ukraine and the diplomatic recognition by Russia on 21 February 2022 of the Donetsk People's Republic and the Luhansk People's Republic. This event has had and is expected to continue to have a negative impact on many economic sectors, also given the important role played by Russia in the energy raw materials market in Europe. The Group S.I.F. Oltenia S.A. has no direct exposures in Russia or Ukraine. 2022 was a difficult year for the capital market; the energy shock created by the military conflict was aggravated by inflationary pressures having negative influences on the quotations of listed shares, which recorded declines and high volatility on the market. Against the background of inflationary pressures stemming, in particular, from the increase in prices of raw materials at global level, the National Bank of Romania operated, starting with September 2021, major successive monetary policy interest rates (also enhanced by the beginning of the military conflict in Ukraine). This reached 6.75% in November 2022 and 7% in early January 2023. The generalized increase in interest rates that resulted from this had a negative effect on the stock prices with BVB. Internally, the additional risks relate to the delay in reforms and the absorption of European funds, in particular through the National Recovery and Resilience Plan (NRRP) and the risk of default of loans contracted by the non-governmental sector. The Group S.I.F. Oltenia S.A. analysed, on the basis of existing data, the possible developments of the domestic and international economic environment as a result of this event, including the impact on the sectors of activity in which the group has exposure, and concluded, from all this, that profitability may be affected, but in the short or medium term, and no difficulties are expected in meeting the group's commitments, and business continuity is not affected. The prolongation of the war in Ukraine and the extension of the associated sanctions generate uncertainties and risks regarding the outlook of economic activity, the medium-term evolution of inflation, with an impact on the evolution of the quotations of financial instruments, including on the Bucharest Stock Exchange, where high volatility is expected to continue, at least in the short term, on a 3-6-month horizon. The management closely monitors the evolution of this conflict and other global events and trends and their impact and the measures taken internationally on the economic environment at national level, the market where the company’s assets are exposed. Impact on the portfolio The capital market is still affected by the effects caused by the crisis; therefore, many of the economic sectors represented in the portfolio will feel the financial impact and their operations will be affected. The Group will monitor macroeconomic and sectoral developments carefully with a view to implementing a prudent approach to taking advantage of investment opportunities within the risk limits assumed. The Company 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 portfolio trading activity leads to the long-term increase of the value of the assets through profitable investments/divestments. The impact on the operations and business continuity During 2022, the capital market was exposed to increased volatility as a result of the uncertainties in the geopolitical environment, both locally and globally. The management of the company monitored this situation and adopted the required actions, and the shareholders and investors were informed normally, as the company sent current reports and periodic and/or updates to its website in order to provide information and relevant events confirmed on the company.

23 Macroeconomic uncertainty is still present, being influenced by the geopolitical conflict, high inflation and restrictive monetary policy. These factors may have a significant impact on Romanian economy and, consequently, on the companies in the company’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 pursuit of the activity. None of the companies included in the consolidation scope fall within the scope of the O.M.F.P. No. 881/25 June 2012, respectively, is not obliged to prepare and report financial statements under I.F.R.S. These conduct the accounting records according to the regulations of O.M.F.P. 1802/2014 for the approval of the accounting regulations regarding the individual annual financial statements and the consolidated annual financial statements. In order to consolidate, they prepare the second set of financial statements under IFRS. The financial statements prepared under I.F.R.S. result from the portrayal of the financial statements prepared based on the O.M.F.P. 1802/2014. The consolidated 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. as well as the Investors Compensation Fund. These financial statements are intended exclusively for use by the Group, its shareholders and F.S.A. and do not generate changes in the rights of shareholders regarding dividends. Sorin - Iulian Cioacă Mihai Trifu President - General Manager Vice-president - Deputy General Manager

The notes attached are an integral part of the consolidated financial statements. page 1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME In RON Note 31 December 2022 31 December 2021 restated* Income Gross dividend income 8 190,369,244 56,005,999 Interest income 9 4,820,667 342,065 Revenue from contracts with customers 10 403,321,858 245,410,533 Other operating income 11 6,773,366 5,982,103 (Net loss)/net gain from foreign currency differences (14,986) 1,088,029 Net gain/(net loss) on financial assets at fair value through profit or loss (177,388) 1,053,520 Net gain from the revaluation of investment property 8,507,174 13,453,019 Expenses (Charges)/reversal on financial assets impairment (22,491) 50,155 (Losses)/reversal of impairment losses on non-financial assets (190,392) (440,253) (Increase)/decrease in provisions for risks and charges (870,945) 387,728 Expenses with wages, remunerations, and other similar expenses 12 (51,192,910) (39,217,455) Expenses with raw materials, other materials and selling goods 13 (273,469,489) (177,238,861) Interest expenses (6,821,935) (2,145,712) Other operating expenses 14 (59,655,994) (42,140,020) Profit before taxation 221,375,779 62,590,850 Income tax 15 (26,449,495) (11,488,471) Net profit of the financial year 194,926,284 51,102,379 Other elements of the comprehensive income Increase/(decrease) from revaluation of premises and equipment, net of deferred tax (7,887,955) 28,345,835 Net gain/(Net loss) from the revaluation of equity instruments at fair value through other comprehensive income (“FVTOCI”), net of deferred tax (222,869,271) 314,525,328 Other comprehensive income - items not to be reclassified to profit or loss (230,757,226) 342,871,163 Total other comprehensive income (230,757,226) 342,871,163 Total comprehensive income of the financial year (35,830,942) 393,973,542

The notes attached are an integral part of the consolidated financial statements. page 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION In RON Note 31 December 2022 31 December 2021 01 January 2021 restated* restated* Assets Cash and current accounts 16 9,315,636 17,580,293 27,477,302 Bank deposits 17 90,949,069 35,476,691 48,889,386 Financial assets measured at fair value through profit or loss 18 4,475,075 4,652,462 3,598,943 Financial assets measured at fair value through other comprehensive income 18 1,851,871,888 2,066,921,577 1,700,658,957 Commercial receivables and different debtors 19 18,716,135 33,820,842 49,869,803 Inventories 20 178,085,563 116,450,790 72,230,871 Real estate investments 21 308,971,502 299,930,012 282,239,999 Tangible assets 22 204,768,162 206,660,576 188,360,960 Intangible assets 22 216,651 184,257 183,185 Other assets 469,452 885,144 1,645,906 Current income tax receivables 418,040 - 50,222 Total assets 2,668,257,173 2,782,562,644 2,375,205,534 Liabilities Loans from banks 23 160,737,859 113,477,440 104,165,221 Dividends payable 24 51,083,704 47,353,463 62,084,594 Current profit tax liabilities 690,393 17,239,503 252,594 Commercial liabilities 25 11,670,375 14,855,680 26,404,576 Other liabilities 26 21,138,374 17,731,322 20,733,849 Provisions for risks and charges 27 3,108,189 2,947,824 2,249,864 Deferred profit tax liabilities 28 114,762,592 147,887,181 108,964,567 Total liabilities 363,191,486 361,492,413 324,855,265 Equity Share capital 29 50,000,000 50,000,000 52,214,914 Legal and statutory reserves 30,937,825 28,933,688 27,818,750 Retained earnings 1,024,459,557 845,871,529 760,420,848 Reserves from the revaluation of property, plant and equipment, net of deferred tax 125,720,104 121,428,404 106,634,453 Reserves from the revaluation of financial assets at fair value through other comprehensive income, net of deferred tax 369,357,208 622,479,609 404,205,825 Other reserves 693,070,737 665,681,380 673,520,512 Own shares (63,364,962) - (62,015,155) Other equity items Total equity attributable to the Company’s shareholders 2,230,180,469 2,334,394,610 1,962,800,147 Non-controlling interest 30 74,885,218 86,675,621 87,550,122 TOTAL EQUITY 2,305,065,687 2,421,070,231 2,050,350,269 TOTAL LIABILITIES AND EQUITY 2,668,257,173 2,782,562,644 2,375,205,534 * Balances restated for comparability and presentation according to Note 5 to the consolidated financial statements. The consolidated financial statements were approved by the Board of Directors in the meeting of 24 March 2023 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Valentina Vlăduțoaia President - General Manager Vice-president - Deputy General Manager Economic Manager

The notes attached are an integral part of the consolidated financial statements. page 4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY In lei Share capital Reserves from the revaluation of tangible assets Reserves from the revaluation of financial assets at fair value through other elements of the comprehensive result. net of deferred tax Reported result Legal and statutory reserves Other reserves Own shares Other equity items Total assignable to the mother company’s shareholders Non-controlling interests TOTAL Balance as of December 31, 2021 reported 2,659,389,550 143,789,418 633,945,244 (1,719,248,533) 30,007,593 664,336,057 - (5,081,574) 2,407,137,755 85,068,497 2,492,206,252 Corrections (2,609,389,550) (22,361,014) (11,465,635) 2,565,120,062 (1,073,905) 1,345,323 - 5,081,574 (72,743,145) 1,607,124 (71,136,021) Balance on December 31, 2021 corrected 50,000,000 121,428,404 622,479,609 845,871,529 28,933,688 665,681,380 - - 2,334,394,610 86,675,621 2,421,070,231 Profit for the period ended December 31, 2022 - - - 189,431,383 - - - - 189,431,383 5,494,901 194,926,284 Other elements of the overall result Revaluation of tangible assets, net of deferred tax - 4,657,525 - - - - - - 4,657,525 (12,545,480) (7,887,955) Fair value revaluation of FVTOCI equity instruments, net of deferred tax - - (221,890,651) - - - - - (221,890,651) (978,620) (222,869,271) Total overall result for the period - 4,657,525 (221,890,651) 189,431,383 - - - - (27,801,743) (8,029,199) (35,830,942) Transfers other than those relating to transactions with shareholders The transfer of the revaluation reserve to retained earnings as a result of the derecognition of tangible assets - (365,825) - 365,825 - - - - - - - (Gain)/Loss related to the transfer to retained earnings following the sale of FVTOCI equity instruments - - (31,231,750) 31,231,750 - - - - - - - Total transfers other than those relating to transactions with shareholders (365,825) (31,231,750) 31,597,575 Transactions with shareholders Decrease in share capital - - - - - - - - - - - Own shares repurchased - - - - - - (63,364,962) - (63,364,962) (63,364,962) Differences (losses) related to repurchased own shares - - - - - - - - - - - Own shares cancelled - - - - - - - - - - - Other own sources of financing - - - (23,300,761) - 23,300,761 - - - - - Statutory dividends - - - - - - - - - - - Other elements with an impact on equity - - - 2,662,948 - - - - 2,662,948 - 2,662,948 Dividends distributed to non-controlling interests - - - - - - - - - (1,117,017) (1,117,017) Transactions Resulting in Change in Ownership of Non-Controlling Interests - - - (1,460,384) - - - - (1,460,384) (2,644,187) (4,104,571) Dividends distributed for 2021 - - - (14,250,000) - - - - (14,250,000) - (14,250,000) Other transfers between equity items - - - (6,092,733) 2,004,137 4,088,596 - - - - - Total transactions with shareholders - - - (42,440,930) 2,004,137 27,389,357 (63,364,962) - (76,412,398) (3,761,204) (80,173,602) Balance as of December 31, 2022 50,000,000 125,720,104 369,357,208 1,024,459,557 30,937,825 693,070,737 (63,364,962) - 2,230,180,469 74,885,218 2,305,065,687 * Restated balances for comparability and presentation according to Note 5 to the financial statements. The consolidated financial statements were approved by the Board of Directors in the meeting of 24 March 2023 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Valentina Vlăduțoaia President - General Manager Vice-president - Deputy General Manager Economic Manager

The notes attached are an integral part of the consolidated financial statements. page 5 In lei Share capital Reserves from the revaluation of tangible assets Reserves from the revaluation of financial assets at fair value through other elements of the comprehensive result. net of deferred tax Reported result Legal and statutory reserves Other reserves Own shares Other equity items Total assignable to the mother company’s shareholders Non- controlling interests TOTAL Balance as of January 01, 2021 reported 2,234,775,709 55,433,894 427,057,782 (1,508,438,070) 30,058,907 677,773,394 (2,214,914) (62,958,364) 1,851,488,338 35,871,984 1,887,360,322 Corrections (2,182,560,795) 51,200,559 (22,851,957) 2,268,858,918 (2,240,157) (4,252,882) (59,800,241) 62,958,364 111,311,809 51,678,138 162,989,947 Balance on January 01, 2021 corrected 52,214,914 106,634,453 404,205,825 760,420,848 27,818,750 673,520,512 (62,015,155) - 1,962,800,147 87,550,122 2,050,350,269 The overall result Profit for the period ended December 31, 2021 - - - 49,874,535 - - - - 49,874,535 1,227,844 51,102,379 Other elements of the overall result Revaluation of tangible assets, net of deferred tax - 15,117,820 - - - - - - 15,117,820 13,228,015 28,345,835 Fair value revaluation of FVTOCI equity instruments, net of deferred tax - - 313,826,657 - - - - - 313,826,657 698,671 314,525,327 Total overall result for the period - 15,117,820 313,826,657 49,874,535 - - - - 378,819,012 15,154,530 393,973,542 Transfers other than those relating to transactions with shareholders The transfer of the revaluation reserve to retained earnings as a result of the derecognition of tangible assets - (323,869) - 323,869 - - - - - - - (Gain)/Loss related to the transfer to retained earnings following the sale of equity instruments FVTOCI - - (95,552,873) 95,552,873 - - - - - - - Total transfers other than those relating to transactions with shareholders (323,869) (95,552,873) 95,876,743 Transactions with shareholders Decrease in share capital - - - - - - - - - - - Own shares repurchased - - - - - - - - - Own shares cancelled (2,214,914) - - - - - 2,214,914 - - - - Other own sources of financing - - - (27,231,020) - (32,569,221) 59,800,241 - - - - Statutory dividends - - - - - 21,561,289 - - 21,561,289 - 21,561,289 Other items with an impact on equity - - - (2,193,306) 70,878 - - - (2,122,428) - (2,122,428) Dividends distributed to shareholders for 2020 - - - (25,000,000) - - - - (25,000,000) - (25,000,000) Dividends distributed to non-controlling interests - - - -- - - - - (585,971) (585,971) Transactions Resulting in Change in Ownership of Non-Controlling Interests - - - (1,663,410) - - - - (1,663,410) (15,443,060) (17,106,470) Other transfers between equity items (4,212,860) 1,044,060 3,168,800 - - - - - Total transactions with shareholders (2,214,914) - - (60,300,596) 1,114,938 (7,839,132) 62,015,155 - (7,224,549) (16,029,031) (23,253,580) Balance as of December 31, 2021 50,000,000 121,428,404 622,479,609 845,871,529 28,933,688 665,681,380 - - 2,334,394,610 86,675,621 2,421,070,231 The consolidated financial statements were approved by the Board of Directors in the meeting of 24 March 2023 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Valentina Vlăduțoaia President - General Manager Vice-president - Deputy General Manager Economic Manager

The notes attached are an integral part of the consolidated financial statements. page 6 CONSOLIDATED CASH FLOW STATEMENT Name of the element 31 December 2022 31 December 2021 *restated Cash flows from operating activities Net profit of the financial year 194,926,284 51,102,379 Adjustments: (Charges)/ reversal on financial assets impairment 22,491 (50,155) (Net gain)/ net loss from the revaluation of investment property (8,507,174) (13,453,019) (Losses)/reversal of impairment losses on non-financial assets 190,392 440,253 Net gain/ (Net loss) from the revaluation of financial assets at fair value through profit or loss 177,388 (1,053,520) Dividend income (190,369,244) (56,005,999) Interest income (4,820,667) (342,065) Interest expenses 6,821,935 2,145,712 (Charges)/ reversal on employee benefits 8,987,267 (3,663,730) Depreciation and amortisation expenses 12,193,755 6,153,826 Expenditure on provisions for risks and charges 870,945 (387,728) Profit tax 26,449,495 11,488,471 Other adjustments (9,458,936) 2,034,864 Changes in assets and liabilities from activities related to: Changes in financial assets at fair value through other comprehensive income, net of reserve and deferred tax (45,565,926) (4,403,922) Changes in commercial receivables and different debtors 15,082,216 16,099,116 Changes in stocks (61,825,165) (44,660,172) Changes in other assets 415,695 760,761 Changes in commercial liabilities (3,185,305) (11,548,896) Changes in other liabilities (5,580,217) 661,203 Dividends received 181,358,878 53,521,550 Interest received 4,820,667 342,064 Profit tax paid pertaining to retained earnings (27,853,272) (2,998,915) Net cash from operating activities 95,151,502 6,182,078 Cash flows from investment activities Payments for the acquisition of intangible assets and Premises and equipment (4,503,276) (8,007,337) Net cash from investment activities (4,503,276) (8,007,337) Cash flows from financing activities Dividends paid (11,865,384) (19,447,886) Own shares repurchased (63,300,000) - Changes in non-controlling interests, Group acquisitions (8,794,266) (9,488,817) Increases related to loan agreements 47,260,419 9,312,219 Interest paid related to loan agreements (6,821,935) (1,879,081) Net gain/ (Net loss) in cash and cash equivalents (43,521,166) (21,503,565) Net increase/(decrease) in cash and cash equivalents 47,127,060 (23,328,824) Cash and cash equivalents on January 1 53,037,863 76,366,687 Cash and cash equivalents at 31 December 100,164,923 53,037,863

Notes to the consolidated financial statements as of 31 December 2022 page 8 1. REPORTING ENTITY Societatea de Investiţii Financiare Oltenia S.A. („The Company” or „SIF OLTENIA") was founded on the 1 st November 1996 in Craiova – Romania, being the under 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 legal provisions, the company is classified as a closed-ended Alternative Investment Fund (A.I.F.) 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 (A.I.F.M.) by Authorization no. 45/15.02.2018 and as an Alternative Investment Fund for Retail Investors (A.I.F.R.I.) from 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 and Law no. 31/1990 on companies, as subsequently amended and supplemented, Law no. 243/2019 regarding alternative investment funds, F.S.A. Regulation no. 5/2018 on financial instrument issuers and market operations, F.S.A. 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 authorized, 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-administered and has its registered office in Craiova, 1 Tufănele street, zip code 200767, Dolj county. The Company is registered at the Trade Register Office attached to 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 (SIF5 market symbol). The Company's shareholders and shares records are kept according to law by the Depositor Central S.A. Bucharest. The depositing activity provided by the legislation is provided by Raiffeisen Bank S.A. The main field of activity is NACE code 649 - other financial intermediation, except insurance and pension funds, and the main activity is NACE code 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, 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 A.I.F. 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 consolidated financial statements as of 31 December 2022 comprise the Company and its subsidiaries (hereinafter referred to as the „Group”) and are audited. The basic activities of the Group are represented by the financial investment activity carried out by the Company, as well as by the activities carried out by the subsidiaries, which belong to different sectors of activity such as: food, tourism, rental of commercial spaces, etc. The consolidated individual financial statements were approved by the Board of Directors in the meeting of 24 March 2023.

Notes to the consolidated financial statements as of 31 December 2022 page 9 2. BASIS OF PREPARATION a) Compliance Statement The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“IFRS”) as required by Norm no. 39/2015, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority (“F .S.A.”) in the Financial Instruments and Investments Sector, with further completions and amendments. In accordance with the provisions of Regulation no. 1606/2002 of the European Parliament and of the Council of the European Union of 19 July 2002, as well as of Law no. 24/2017 republished - regarding the issuers of financial instruments and market operations, the Company has the obligation to prepare and submit to the F.S.A. consolidated annual financial statements, in accordance with International Financial Reporting Standards, within 4 months at the latest since the close of the financial year. The Group’s consolidated financial statements on 31 December 2022 were drawn up, approved and will be made available electronically on the company’s website: www.sifolt.ro. The Group's accounting records are kept in RON. The main adjustments specific to consolidation are: - elimination from the financial position of the equity securities held in the group companies. - elimination of transactions with securities within the group and adjustments of fair value; - elimination from the statement of profit or loss account and other elements of the comprehensive income of the gross dividend income settled within the Group; - elimination of balances, transactions, incomes and expenses within the Group; - minority interests are presented in the statement of the consolidated financial position as an equity element, separate from the equity of the parent company and represents the share held by them in the equity and profits of the group companies. The accounting records of the Company's subsidiaries are maintained in lei, in accordance with the Romanian Accounting Regulations (“RCR”). Appropriately, the accounts under the RCR are adjusted, if necessary, to harmonize the consolidated financial statements, in all material respects with IFRS. Accordingly, the RCR accounts are adjusted, where necessary, to harmonize consolidated financial statements in all material respects with IFRS. Apart from the specific consolidation adjustments, the main restatements of the financial information included in the financial statements prepared in accordance with the RCR, in order to align them with the requirements of the IFRS consist of: - the grouping of several elements into more comprehensive categories according to the requirements of IAS 1 – Presentation of financial statements; - adjustments in the profit or loss account to record the dividend income at the time of the declaration and at the gross value; - adjustments related to financial investments measured at fair value through other comprehensive income elements for their classification, presentation and valuation at fair value in accordance with IFRS 9 – Financial instruments and IFRS 13 – Fair value; - adjustments of tangible assets for their evaluation in accordance with the Group's accounting policies and in accordance with IAS 16 - Tangible assets and IFRS 13 - Fair value; - adjustments for the recognition of deferred tax assets and liabilities in accordance with IAS 12 “Income taxes; - adjustments in respect of classification and measurement of financial instruments in accordance with IFRS 9 “Financial instruments”; - presentation requirements in accordance with IFRS.

Notes to the consolidated financial statements as of 31 December 2022 page 10 2. BASIS OF PREPARATION (continued) b) Presentation of financial statements The Group adopted a liquidity-based presentation in the consolidated statement of financial position, and the presentation of income and expenses was made in relation to their nature in the consolidated statement of profit or loss and other elements of the comprehensive income. It was considered that these presentation methods provide information that is reliable and more relevant than those that would have been presented based on other methods permitted by IAS 1 “Presentation of financial statements” and IFRS 12 “Disclosure of interests in other entities”. The present individual financial statements were drawn up based on the going concern principle, which assumes that the Company will continue its activity in the foreseeable future. The management of S.I.F. Oltenia S.A. believes that the group will normally continue its activity in the future and, consequently, the consolidated financial statements have been prepared on this basis (see also Note 2 (f) “Impact of the Russian-Ukrainian military conflict and other trends at the international level, on the financial position and performance of the Company)". c) The functional and presentation currency The Group's management believes that the functional currency as defined by IAS 21 "Effects of exchange rate variation" is the Romanian leu (LEI or lei). The consolidated financial statements are drawn up in lei, rounded to the nearest lei, the currency chosen by the Group's management as the presentation currency. d) Assessment bases The consolidated financial statements are drawn up based on the fair value convention for the financial assets and investment properties, appraised at their fair value through the profit and loss statement and for financial assets appraised at their fair value through other comprehensive income. Other financial assets and liabilities, as well as non-financial assets and liabilities are presented at amortized cost, reassessed value or historical cost. e) Use of estimates and judgments The preparation of individual financial statements in accordance with IFRS requires management to use estimates, judgments and assumptions that affect the application of accounting policies as well as the reported value of assets, liabilities, income 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 obtained results may be different from the values of the estimates. e) Use of estimates and judgments (continued) The Group periodically reviews the estimates and assumptions underlying the accounting records. Estimates and assumptions underlying accounting records are reviewed periodically. Revisions to 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. The information and reasoning concerning the application of accounting policies with the highest degree of uncertainty regarding the estimates, which have a significant impact on the amounts recognized in these annual financial statements, are the following: • Determining the fair value of financial instruments (see explanatory notes 18 and 4 (e)); • Fair value hierarchy and unobservable inputs used in the evaluation (Level 3) (see explanatory note 18) • Classification of financial instruments (see explanatory note 4 (e)).

Notes to the consolidated financial statements as of 31 December 2022 page 11 2. BASIS OF PREPARATION (continued) (f) The impact of the Russian-Ukrainian military conflict and other international trends on the Company's financial position and performance On February 24, 2022, Russia began military operations against Ukraine. This was preceded by a stand-off of troops on the border with Ukraine and Russia's diplomatic recognition on 21 February 2022 of the Donetsk People's Republic and the Luhansk People's Republic. This event had, and is expected to continue to have, a negative impact on many economic sectors, given the important role played by Russia in the energy raw materials market in Europe. The S.I.F. Group Oltenia S.A. has no direct exposure to Russia or Ukraine. 2022 was a difficult year for the capital market, with the energy shock created by the military conflict, compounded by inflationary pressures having negative influences on listed share prices, which saw declines and high volatility. Based on the backdrop of inflationary pressures arising, in particular, from the increase in the prices of raw materials at a global level, the National Bank of Romania operated, starting from September 2021, successive increases in the monetary policy interest rate (also accentuated by the start of the military conflict in Ukraine) reaching to 6.75% in November 2022, respectively to 7% at the beginning of January 2023. The widespread increase in interest rates that resulted from this had a negative effect on the share prices on the BSE. Internally, additional risks refer to the delay in reforms and the absorption of European funds, especially through the National Recovery and Resilience Plan (PNRR) and the risk of non-payment of loans contracted by the non-governmental sector. As a result of these domestic and international events and trends, the Company recorded a decrease in the fair value of the investments in the shares and fund units in the portfolio (see Note 18). The S.I.F. Group Oltenia S.A. analysed on the basis of existing data the possible evolutions of the domestic and international economic environment as a result of this event, including the impact on the sectors of activity in which the group has exposure. concluding, from all this, that profitability may be affected, but in the short or medium term and no difficulties are estimated in honouring the commitments of the group, and the continuity of the activity is not affected. The prolongation of the war in Ukraine and the expansion of the associated sanctions generate uncertainties and risks regarding the perspective of economic activity, the medium-term evolution of inflation, with an impact on the evolution of financial instrument quotations, including on the Bucharest Stock Exchange, where it is expected that in the future, at least in the short term, on a 3-6 month horizon, to be high volatility. The management closely monitors the evolution of this conflict and other events and trends at the global level and their impact and the measures taken at the international level on the economic environment at the national level, the market where the company's assets are exposed.

Notes to the consolidated financial statements as of 31 December 2022 page 12 3. CONSOLIDATION BASIS a) Branches Branches are entities under the control of the Company. Control exists when the Company 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 revenues through its authority over the entity in which it has invested. Potential or convertible voting rights that are exercisable at that time are also taken into account when evaluating the control. The financial statements of the subsidiaries are included in the consolidated financial statements from the moment when the exercise of control begins and until the moment of its termination. The accounting policies of the Group's subsidiaries have been modified in order to align them with those of the Group. There are 13 companies in which the Company holds more than 50% of the issuer’s registered capital (as of 31 December 2021: 12). The consolidation perimeter included all the 13 (twelve) companies where more than 50% of the voting rights are held, as follows: No. Company name Address Company Reg. no. Trade Register No. ORC Percentage held by S.I.F. as of 31.12.2022 Percentage held by S.I.F. as of 31.12.2021 1 COMPLEX HOTELIER DÂMBOVIȚA S.A. TÂRGOVIȘTE, B-DUL LIBERTĂȚII NR. 1, Județ DÂMBOVIȚA 10108620 J15/11/1998 99.99 % 99.99% 2 GRAVITY CAPITAL INVESTMENTS S.A.* BUCUREȘTI, B-DUL UNIRII NR. 14, SECTOR 4 46979099 J40/20021/2022 99.99% 0.00% 3 VOLTALIM S.A. CRAIOVA, B-DUL DECEBAL 120 A, Județ DOLJ 12351498 J16/698/1999 99.55% 99.55% 4 MERCUR S.A. CRAIOVA, CALEA UNIRII 14, Județ DOLJ 2297960 J16/91/1991 97.86% 97.86% 5 LACTATE NATURA S.A. TÂRGOVIȘTE, B-DUL INDEPENDENȚEI 23, Județ DÂMBOVIȚA 912465 J15/376/91 93.70% 66.33% 6 GEMINA TOUR S.A. RM. VÂLCEA, ȘTIRBEI VODĂ 103, Județ VÂLCEA 1477750 J38/876/1991 88.29% 88.29% 7 ARGUS S.A. ** CONSTANȚA, INDUSTRIALĂ 1, Județ CONSTANȚA 1872644 J13/550/1991 86.42% 86.42% 8 ALIMENTARA S.A. SLATINA, ARINULUI 1, Județ OLT 1513357 J28/62/1991 85.23% 85.22% 9 FLAROS S.A. BUCUREȘTI, 67-93 ION MINULESCU Street, SECTOR 3 350944 J40/173/1991 81.07% 81.07% 10 CONSTRUCȚII FEROVIARE S.A. CRAIOVA, ALEEA I BARIERA VÂLCII 28A, Județ DOLJ 2292068 J16/2209/1991 77.50% 77.50% 11 UNIVERS S.A. RM. VÂLCEA, REGINA MARIA 4, Județ VÂLCEA 1469006 J38/108/1991 73.75% 73.75% 12 PROVITAS S.A. BUCUREȘTI, B-DUL UNIRII 14, BL. 6A, 6B, 6C, SECTOR 4 7965688 J40/10717/1995 70.28% 70.28% 13 TURISM S.A. PUCIOASA PUCIOASA, REPUBLICII 110, Județ DÂMBOVIȚA 939827 J15/261/1991 69.22% 69.22%

Notes to the consolidated financial statements as of 31 December 2022 page 13 3. CONSOLIDATION BASIS (continued) a) Branches (continued) * Gravity Capital Investments S.A. has the following holdings on December 31, 2022: • Gravity Real Estate S.R.L. - 100% (includes the subsidiary Gravity Real Estate One S.R.L.) On December 31, 2021, there were zero. ** Argus S.A. Constanța has the following holdings on December 31, 2022 and December 31, 2021: • Comcereal S.A. Tulcea – 95.36% (also includes the subsidiary Cereal Prest S.A.) • Argus Trans S.R.L. - 100% •Aliment Murfatlar S.R.L. (100% on December 31, 2022 and 55.04% on December 31, 2021). On December 31, 2022, the thirteen companies included in the consolidation perimeter of the Group have a share of 16.78% in the total assets of S.I.F. Oltenia S.A. (December 31, 2021: 14.26%) and respectively 17.77% in the net asset (December 31, 2021: 15.72%) and were consolidated using the global integration method. The basic activities carried out by the Company and the companies included in the consolidation perimeter are represented by the financial investment activity carried out by the Company and by the activities carried out by the respective companies, these being mainly represented by the following sectors: food, tourism, space rental, etc. Starting from January 1, 2018, the Company's management classified all investments in capital instruments (shares) in the category "Financial assets valued at fair value through other comprehensive income", except for fund units that are valued through the profit or loss account. b) Associated entities Associated entities are those companies in which the Group can exercise significant influence, but not control over the financial and operational policies. The holdings in which the Group holds between 20% and 50% of the voting rights, but over which it does not exert significant influence, are classified as financial assets assessed at fair value through other elements of the comprehensive income. Following the analysis of the quantitative and qualitative criteria presented in IAS 28 - “Investments in associates and joint ventures”, the Group concluded that has no significant influence related to investments in associates as of 31 December 2022 and 31 December 2021 for consolidation purposes. c) Transactions eliminated on consolidation Settlements and transactions within the Group, as well as unrealized profits resulting from transactions within the Group, are completely eliminated from the consolidated financial statements.

Notes to the consolidated financial statements as of 31 December 2022 page 14 4. SIGNIFICANT ACCOUNTING POLICIES The accounting policies represent the principles, bases, conventions, rules and specific practices applied by the Group when preparing and presenting the financial statements. The following accounting policies have been applied consistently over all periods presented in the consolidated financial statements prepared by the Group. a) 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 consolidated statement of financial position are converted into functional currency at the exchange rate of that day. Gains or 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 that have been recognized in equity as a result of recording in accordance with hedge accounting. The exchange rates of the main foreign currencies reported to the RON, used on the reporting date, are as follows: Foreign Currency 31 December 2022 31 December 2021 Variation EUR 1:4.9474 1:4.9481 -0.01% USD 1:4.6346 1:4.3707 6.04% b) Cash and cash equivalents The cash includes the cash available in the company and in the 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 Group considered to be cash and cash equivalents: actual cash, current accounts with banks and bank deposits Bank original maturity of less than 90 days. c) Subsidiaries and associated entities Subsidiaries are entities under the control of the Company. The Company controls an investee when it is exposed to or has rights to variable returns based on its interest in the investee and has the ability to influence those returns through its authority over the investee. At the time of evaluating the control, the potential or convertible voting rights that are exercisable at that time must also be taken into account. Associated entities are those companies in which the Company can exercise significant influence, but not control, over financial and operational policies. d) Cash flow situation When preparing the cash flow statement, the Group considers as cash and cash equivalents: actual cash, bank current accounts, deposits with an initial maturity of less than or equal to 3 months (excluding, if applicable, blocked deposits and restricted current accounts) , less accrued interest and related expected credit loss adjustments. Considering the main objective of the activity, the management of the Group considers the entire investment activity in financial instruments, both the management of financial assets classified at fair value through profit or loss (FVTPL), as well as those classified at fair value through other elements of the overall result (FVTOCI) are part of the operational activity. Starting from January 1, 2022, the Group considered it much more relevant at the level of the consolidated financial statements to present the cash flow situation using the indirect method.

Notes to the consolidated financial statements as of 31 December 2022 page 15 4. SIGNIFICANT ACCOUNTING POLICIES (continued) d) Cash flow situation (continued) On December 31, 2022 and December 31, 2021, the Group presents the "Statement of cash flows" by the indirect method, considering this method relevant for users of financial statements. In the published financial statements for the financial year ended 31 December 2021, the "Statement of cash flows" was presented using the direct method. e) Financial assets and liabilities 1. Financial assets 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. bonds); - Trade receivables and other receivables; - Cash and cash equivalents; i) Classification The Group classifies the financial instruments held in accordance with IFRS 9 "Financial Instruments" in financial assets and financial liabilities. The company classifies the financial assets evaluated at: • amortized cost: cash and cash equivalents, bank deposits, debt instruments (ie bonds) and trade and other receivables; • fair value through other elements of the comprehensive result: equity instruments (i.e. shares); and • fair value through profit or loss: fund units. The classification of financial assets depends on: - the company's business model for managing financial assets; and - the characteristics of the contractual treasury flows of the financial asset. The business models used by the Group to manage its financial assets are: • To collect contractual cash flows: The financial assets that are held under this business model are managed to obtain cash flows by collecting contractual payments over the life of the instrument. This means that the Company manages the assets held in the portfolio to collect those contractual cash flows (rather than managing the overall return of the portfolio by both holding and selling the assets). The assets held within this business model are not necessarily held until they reach maturity, sales are also possible with "rare frequency", when the credit risk of the respective instruments has increased. An increase in the frequency of sales in a certain period is not necessarily contrary to this business model, if the Company can explain the reasons that led to these sales and can demonstrate that the sales do not reflect a change in the current business model.

Notes to the consolidated financial statements as of 31 December 2022 page 16 4. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities 1. Financial assets • To collect contractual and sales cash flows: The financial assets that are held under this business model are managed both to collect the contractual cash flows and to sell the financial assets. • Other business models: Other business models include cash flow maximization by selling, trading, fair value asset management, financial instruments purchased for sale or trading and measured at fair value through profit or loss. The management of this portfolio is based on the evolution of the market value of the respective assets and includes frequent sales and purchases in order to maximize profit. Analysis of cash flow characteristics (SPPI test) The SPPI test is the analysis of the contractual terms of the financial assets to identify whether the cash flows represent exclusively payments of principal and interest on the principal owed. IFRS 9 includes three categories of classification of financial assets: measured at amortized cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. • Financial assets valued at amortized cost Financial assets valued at amortized cost are represented by cash and cash equivalents, bank deposits and trade and other receivables. After initial recognition, a financial asset is classified as valued at amortized cost, only if two conditions are simultaneously met: o the asset is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and o the contractual terms of the financial asset give rise, on specified dates, to cash flows representing exclusively payments of principal and interest ("SPPI"). The company performed the SPPI test for assets measured at amortized cost (eg bonds and trade receivables) and there were no significant deviations. • Financial assets designated at fair value through other comprehensive income ("FVTOCI") The Group's holdings in equity instruments are fully valued at fair value through other comprehensive income items on December 31, 2022 and 2021. After initial recognition, a financial asset is classified as measured at fair value through other comprehensive income, only if two conditions are simultaneously met: o the asset is held within a business model whose objective is to hold financial assets both to collect contractual cash flows and to sell them; o the contractual terms of the financial asset give rise, on specified dates, to cash flows representing exclusively principal and interest payments. In addition, upon initial recognition of an equity investment not held for trading, the Company may irrevocably elect to present subsequent changes in fair value in other comprehensive income. The Company has used the irrevocable option to designate these equity instruments at fair value through other comprehensive income as these financial assets are held both for the collection of dividends and for gains from their sale, not for trading.

Notes to the consolidated financial statements as of 31 December 2022 page 17 4. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities 1 Financial assets Gains or losses related to an equity instrument measured at fair value through other comprehensive income are recognized in other comprehensive income, with the exception of dividend income. Dividends received from entities in which the Group holds shares are recognized in profit or loss at gross value only when: a) the right of the Company to receive the payment of the dividend is established; b) it is likely that the economic benefits associated with the dividend will be generated for the Company; and c) the value of the dividend can be reasonably assessed • Financial assets valued at fair value through profit or loss ("FVTPL"): The financial assets valued at FVTPL of the Company are represented by the fund units on December 31, 2022 and 2021. All financial assets that are not classified as measured at amortized cost or at fair value through other comprehensive income, as described in these notes to the financial statements, are measured at fair value through profit or loss. In addition, upon initial recognition, the Group may irrevocably designate a financial asset, which otherwise meets the requirements to be measured at amortized cost or at fair value through other comprehensive income, to be measured at fair value through profit or loss, if doing so eliminates or significantly reduces an accounting inconsistency that would otherwise arise. Financial assets that do not meet the criteria regarding the collection of cash flows (SPPI test) must be evaluated at fair value through profit or loss. Following the adoption of IFRS 9, financial assets of the nature of capital instruments for which the Company did not use the irrevocable option to classify them in the category of financial assets valued at fair value through other comprehensive income elements, as well as those not held for trading, were classified at fair value through profit or loss. Assets held for trading are measured at fair value through profit or loss. An asset is held for trading if it cumulatively meets the following conditions: o It is held for the purpose of sale and redemption in the near future; o 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 profile tracking; or o Is a derivative instrument (except for a derivative instrument that is a financial guarantee contract or a designated and effective hedging instrument). The company does not hold any financial assets held for trading on December 31, 2022 or on December 31, 2021. In the case of financial assets at fair value through profit or loss, changes in fair value are recorded in the statement of comprehensive income, in profit or loss. 2. Financial liability i) Classification Financial liabilities are classified after initial recognition at amortized cost, with the exception of financial liabilities valued at fair value through profit or loss represented by financial liabilities held for trading, which are designated upon initial recognition or subsequently at fair value through profit or loss, according to the provisions specific to IFRS 9, including financial liabilities related to derivative instruments. The S.I.F. Group Oltenia S.A. did not have financial liabilities classified at fair value through profit or loss on 31 December 2022 or 31 December 2021.

Notes to the consolidated financial statements as of 31 December 2022 page 18 4. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 3. Initial recognition of financial assets and liabilities Assets and liabilities are recognized on the date on which the Company becomes a party to the contractual provisions of the instrument, on the date of the transaction. Financial assets and liabilities are valued at the time of initial recognition at fair value, plus or minus, in the case of financial assets or financial liabilities that are not at fair value through profit or loss, the transaction costs directly attributable to the acquisition or issuance of the financial assets or financial liabilities respectively. 4. Offsets of financial assets and liabilities Financial assets and liabilities are offset, and the net result is presented in the statement of financial position only when there is a legal right to offset and if there is the intention to settle them on a net basis or if the Company intends to realize the asset and settle the debt simultaneously. Income and expenses are presented net only when permitted by accounting standards, or for the profit and loss resulting from a group of similar transactions such as those from the Company's trading activity. 5. Evaluation i) at amortized cost The amortized cost of a financial asset or financial liability is the value at which the financial asset or financial liability is valued at initial recognition, less principal repayments, plus or minus accumulated amortization using the effective interest method of any difference between the initial value and the value at maturity, less, in the case of financial assets, reductions related to expected credit risk losses. ii) at fair value Fair value is the price that would be received to sell an asset or the price that would be paid to transfer a liability in a normal transaction between market participants at the measurement date (i.e. an exit price). The Company measures the fair value of a financial instrument using quoted prices in an active market for that instrument. A financial instrument has an active market if quoted prices are readily and regularly available for that instrument. The Company measures instruments quoted on active markets using the closing price. A financial instrument is considered to be quoted in an active market when quoted prices are readily and regularly available from an exchange, dealer, broker, industry association, pricing service or regulatory agency, and these prices reflect real and regularly occurring transactions conducted under objective market conditions. In the category of shares quoted on an active market are included all those shares admitted to trading on the Stock Exchange or on the alternative market and which present frequent transactions. The market price used to determine fair value is the closing market price on the last trading day before the valuation date. For the calculation of fair value, for capital 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: inputs other than quoted prices included in Level 1 that are observable for assets or liabilities, either directly (eg: prices) or indirectly (eg: derived from prices). - Level 3: Valuation techniques based largely on unobservables. This category includes all instruments for which the valuation technique includes elements that are not based on observable data and for which unobservable inputs can have a significant effect on the valuation of the instrument. Valuation techniques include techniques based on net present value, the discounted cash flow method, the method of comparisons with similar instruments for which there is an observable market price, and other valuation methods. The valuation at fair value of the capital instruments (shares) held is carried out as follows: - for securities quoted and traded on an active market during the reporting period, the market value was determined taking into account the quotation from the last trading day (the closing quotation from the main capital market for those listed on the regulated market - BVB, respectively the reference price for the alternative system - AeRO for level 1);

Notes to the consolidated financial statements as of 31 December 2022 page 19 4. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 5. Evaluation (continued) ii) at fair value (continued) - for the rest of the quoted securities for which there is no active market or they are not quoted, valuation techniques based on unobservable elements were used, thus valuation reports were drawn up by an authorized valuer member of ANEVAR and also reviewed by to the Society. iii) Identification and assessment of expected credit losses Financial assets measured at amortized cost The company recognizes expected credit losses for financial assets at amortized cost in accordance with IFRS 9. In this sense, these instruments are classified in stage 1, stage 2 or stage 3 depending on the absolute or relative credit risk, compared to the moment of initial recognition. So: Stage 1: includes (i) newly recognized exposures, except for those that were not purchased or issued impaired; (ii) exposures for which the credit risk has not significantly deteriorated since initial recognition; (iii) low credit risk exposures (low credit risk exemption). Stage 2: includes exposures that, although performing, have experienced a significant deterioration in credit risk since initial recognition. Stage 3: includes impaired credit exposures. Expected credit loss is the difference between all contractual cash flows that are owed to the Group and all cash flows that the Company expects to receive, discounted at the initial effective interest rate. For stage 1 exposures, the expected credit loss is equal to the expected loss calculated over a time horizon of up to one year. For exposures in stages 2 or 3, the expected credit loss is equal to the expected loss calculated over a time horizon corresponding to the entire duration of the exposure. The Group assesses whether the credit risk for a financial instrument has increased significantly since initial recognition based on information, available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition, such as significant deterioration of financial results or the credit rating of the issuer of the financial instrument or delays of more than 30 days in the payment of the interest or principal related to the financial instrument. The group uses the simplified approach applicable to cash and cash equivalents, bank deposits, bonds at amortized cost and trade receivables and other receivables recorded in the "Other assets" category, which do not have a significant financing component. With this approach, the Company measures the loss adjustment for these receivables at an amount equal to the lifetime expected credit losses (i.e. eliminates the need to calculate Stage 1 credit risk expected losses for an amount equal to the expected credit losses on 12 months and the need to assess the occurrence of a significant increase in credit risk). The company defined as "impaired" exposures the receivables that meet one or both criteria: • exposures for which the Company assesses that it is unlikely that the debtor will pay his obligations in full, regardless o f the value of the exposures and the number of days for which the exposure is late (e.g. due to major financial difficulties faced by the client; in the case of amounts in litigation); • amounts not paid when due, with significant delays, greater than 365 days. The company recognizes in profit or loss the amount of changes in expected credit losses over the life of the financial assets, as losses or recovery of expected credit losses. Losses or recovery of expected credit losses are determined as the difference between the book value of the financial asset and the discounted value of future cash flows using the effective interest rate of the financial asset at the initial time. The Group has assessed the potential impact of credit risk losses on its financial assets and does not consider it to be material.

Notes to the consolidated financial statements as of 31 December 2022 page 20 4. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 6. Fair value change gains and losses Gains or losses arising from a change in the fair value of a financial asset or financial liability that is not part of a hedging relationship are recognized as follows: • Gains or losses generated by financial assets or financial liabilities classified as measured at fair value through profit or loss are recognized in profit or loss; • Gains or losses generated by a financial asset valued at fair value through other comprehensive income are recognized in other comprehensive income. 7. Derecognition The Company derecognizes a financial asset when the contractual rights to receive cash flows from that financial asset expire, or when the Company has transferred the contractual rights to receive the contractual cash flows related to that financial asset in a transaction in which it transferred significantly all the risks and benefits of ownership of the respective financial asset. Any interest in transferred financial assets retained by the Company or created for the Company is recognized separately as an asset or liability. The company derecognizes a financial liability when the contractual obligations have ended or when the contractual obligations are cancelled or expire. If an entity transfers a financial asset through a transfer that meets the conditions for derecognition and retains the right to manage the financial asset in exchange for a fee, then it must recognize either a management asset or a management liability for that management contract. When derecognizing a financial asset in its entirety (with the exception of capital instruments classified at fair value through other elements of comprehensive income), the difference between: • its accounting value and • the amount made up of (i) the consideration of the amount received (including any new asset acquired minus any new liabilit y assumed) and (ii) any cumulative gain or loss that has been recognized in other comprehensive income, must be recognized in profit or loss. In the case of debt instruments, when the financial asset at fair value through other comprehensive income is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from the revaluation reserve in profit or loss as an adjustment from reclassification, (recycling to profit or loss). In the case of equity instruments valued at fair value through other comprehensive income, the cumulative gain or loss previously recognized in other comprehensive income is not reclassified from the revaluation reserve to profit or loss (e.g. is not recycled in profit or loss), but is reclassified in retained earnings. f) Other financial assets and liabilities • Other financial assets and liabilities Other financial assets and liabilities are valued at amortized cost using the effective interest method. g) Intangible fixed assets Intangible assets are initially assessed 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 intended. All other expenses, including expenses for impairment of goodwill and internally generated marks, are recognized in the profit or loss account when incurred.

Notes to the consolidated financial statements as of 31 December 2022 page 21 4. SIGNIFICANT ACCOUNTING POLICIES (continued) g) Intangible fixed assets (continued) • Amortization of intangible assets Depreciation is calculated for the cost of the asset or some other value that replaces the cost, minus the residual value. Depreciation is recognized in the profit or loss account using the straight-line method for the estimated useful life of intangible assets, from the date on which they are available for use, this way reflecting the most faithful way of consuming the economic benefits embodied in the asset. Estimated useful lives for the current and comparative periods are as follows: computer programs – 3 years. Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted accordingly. h) Tangible assets • Recognition and assessment Tangible fixed assets recognized as assets are initially valued at the acquisition cost (for those procured for consideration), at the contribution value (for those received as a contribution in kind to the establishment/increase of the share capital), respectively at the fair value from the date of acquisition for those received free of charge. The cost of an item of property, plant and equipment consists of the 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 in the required condition for it to be used for the purpose set by the 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 Group 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 values and materials and other tangible assets. • Assessment after recognition For subsequent recognition, the Company has adopted the revaluation model. After recognition as an asset, tangible assets items of the nature of lands and buildings are accounted for at a reassessed amount, this being the fair value at the date of revaluation minus any subsequent accumulated depreciation and any accumulated impairment losses. Other tangible assets are measured at cost less the accumulated amortization and any impairment losses. The revaluations should be done with sufficient regularity to ensure that the carrying amount does not differ significantly from what would have been determined by using the fair value at the end of the reporting period. If an item of tangible assets is reassessed, then the entire group of Tangible assets of which that item is subject is subject to reassessment. If the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income elements and accumulated in equity, with the title of surplus from the reassessment. However, the increase will be recognized in profit or loss to the extent that it offsets a decrease in the reassessment of the same previously recognized asset in profit or loss.

Notes to the consolidated financial statements as of 31 December 2022 page 22 4. SIGNIFICANT ACCOUNTING POLICIES (continued) h) Tangible assets (continued) • Assessment after recognition (continued) If the carrying amount of an asset is impaired as a result of a reassessment, this decrease is recognized in profit or loss. However, the reduction will be recognized in other comprehensive income elements to the extent that the reassessment surplus has a credit balance for that asset. Transfers from the reassessment surplus to the carried over result are not made through profit or loss. The record of revaluation reserves is carried out on each individual fixed asset and on each revaluation operation that took place. The surplus from the revaluation included in the equity related to an item of tangible fixed assets is transferred directly to the retained earnings on the measure of depreciation and when the asset is derecognized upon disposal or scrapping. Land and buildings are shown at reassessed value, which represents the fair value at the date of reassessment less accumulated amortization and impairment losses. The revaluations are carried out by specialized assessors, members of the National Association of Romanian Assessors (“ANEVAR”). • Subsequent costs Daily maintenance and repair expenses on tangible assets are not capitalized and are recognized as costs of the period in which they occur. These costs mainly consist of work costs and consumables and may also include the cost of low value components. Expenses related to the maintenance and repair of tangible assets are recorded in the profit or loss account when they occur. Significant improvements made to tangible assets, which increase their value or their lifetime, or which significantly increase their ability to generate economic benefits by them, are capitalized (increase accordingly the accounting value of that immobilization). • Amortization The amortization is calculated at the carrying amount (acquisition cost or reassessed minus the residual value). The amortization is recognized in the profit or loss account using the straight-line method for the estimated useful life of the tangible fixed assets (less the land and the fixed assets under execution). The amortization is recorded starting from the date when they are available for use, for the activity for which they are intended, this modality most accurately reflecting the expected way of consuming the economic benefits incorporated in the asset. The amortization of an asset ceases at the earliest on 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 on the date the asset is derecognized. Amortization methods, useful lives and residual values are reviewed by the Group's management at each reporting date. The estimated useful life spans for the current period and for the comparative periods are the following: - constructions 12-50 years - machinery and equipment and means of transport 3-20 years - other installations, equipment and furniture 3-15 years Depreciation methods, estimated useful lives, and residual values are reviewed by the company's management at each reporting date. From the Group's history, it emerged that the residual value of the assets is insignificant and therefore, when calculating the depreciation, the residual value is not taken into account. • Depreciation An asset is impaired when its carrying amount exceeds its recoverable amount. On the occasion of each reporting date, the Company must verify whether there are indications of asset impairment. If such indications are identified, the Company must estimate the recoverable amount of the asset. If the carrying amount of an asset is reduced as a result of a revaluation, this reduction must be recognized in profit or loss. However, the reduction must be recognized in other comprehensive income to the extent that the revaluation surplus shows a credit balance for that asset. The reduction recognized in other comprehensive income reduces the accumulated amount in equity as revaluation surplus. Land does not depreciate. Depreciation of other tangible assets is calculated using the straight-line depreciation method, allocating costs related to the residual value, in accordance with the related useful life.

Notes to the consolidated financial statements as of 31 December 2022 page 23 4. SIGNIFICANT ACCOUNTING POLICIES (continued) h) Tangible assets (continued) • Derecognition The carrying amount of an item of tangible assets is derecognized (eliminated from the Consolidated statement of the financial position) upon disposal or when no future economic benefit from its use or disposal is expected. Tangible assets sold or disposed of are removed from the balance sheet together with the corresponding cumulated 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 derecognized. i) Investment property Investment property represented by real estate (land, buildings or parts of a building) held by the Group (as owner) for the purpose of renting or for the increase of value or both, and not in order to: - be used in the production or supply of goods or services or for administrative purposes; or - be sold during the normal course of business. Certain properties include a part that is held for rental or for the purpose 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 a real estate investment only if the part used for the purpose of producing goods, providing services or for administrative purposes is insignificant. j) Assets held for sale The company must classify a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered primarily through a sale transaction rather than through its continuing use. To be available for sale, it must be highly probable, i.e. there must be a plan to sell the asset, an active program to find a buyer must be launched, the asset must be advertised for sale at a reasonable price with fair value of the asset, and the sale to be completed within one year from the date of classification of the asset. The one- year deadline can be extended if there are circumstances beyond the entity's control and the entity can demonstrate that it is maintaining its intent to sell the asset. When there is a change in the use of a tangible asset, in the sense that it is to be improved with a view to sale, the Company records the transfer of the asset from the category of tangible assets to the category of fixed assets held for sale. If the transferred tangible fixed asset has been revalued, the related revaluation reserve is closed when the asset is sold. In the case of assets included in the category of fixed assets held for sale, which later change their destination, to be used for a longer period or to be rented to third parties, a transfer of them from the category of fixed assets held in for sale, in the category of tangible assets. k) Inventories Inventories are assets held for sale in the ordinary course of business, assets in progress, to be sold in the ordinary course of business, or assets 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 assessed at the lower of cost and net realizable value. The cost of inventories includes all the costs related to the acquisition and processing, as well as other costs incurred to bring the stocks in the form and place they’re at present. The net realizable value is the estimated selling price, which could be obtained in the normal course of business, less the estimated costs for completing the good and the estimated costs for making the sale. The cost of inventories that are not normally fungible and of the goods and services produced for and intended for separate orders is determined by the specific identification of the individual costs. For inventories, the cost is determined at the output using the “first in, first out” (FIFO) method.

Notes to the consolidated financial statements as of 31 December 2022 page 24 4. SIGNIFICANT ACCOUNTING POLICIES (continued) l) Depreciation of assets other than financial ones (continued) The carrying amount of the Company's non-financial assets, other than deferred tax assets, is reviewed at each reporting date to identify any indications of impairment. If there are such indications, the recoverable amount of the respective 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 cash-generating unit that is independent of other assets and other groups of assets. Impairment losses are recognized in the profit or loss account. The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value less costs to sell that asset or unit. To determine net value in use, future cash flows are discounted using a pre-tax discount rate that reflects current market conditions and risks specific to the asset. Impairment losses recognized in prior periods are evaluated at each reporting date to determine whether they have decreased or no longer exist. The impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. The impairment loss is recovered only if the asset's book value does not exceed the book value that would have been calculated, net of depreciation and amortization, if the impairment loss had not been recognized. m) Share capital The registered capital includes ordinary, nominative shares, 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. n) Own shares On the date of the transaction, the company recognizes its own shares as a result of redemptions, as a reduction of its own capital, in the statement of financial position in "Treasury shares" the amount of the redeemed amount. Own shares are recorded at purchase value, and brokerage commissions and other costs directly related to the purchase are recorded directly in equity, in a separate account. The cancellation of own shares is carried out in accordance with the approval of the shareholders, after meeting all legal requirements. Upon cancellation, the balance of own shares is offset against the share capital and retained earnings. The cancellation of own shares may generate gains or losses, depending on the purchase value of own shares relative to their nominal value. Gains or losses on the cancellation of treasury shares are recognized directly in equity in a separate account. o) Dividends to be distributed Dividends are treated as a distribution of profit in the period in which they were declared and approved by the Ordinary General Meeting of Shareholders. The profit available for distribution is the profit for the year in the financial statements prepared in accordance with IFRS. p) Prescribed dividends The rights to demand unclaimed dividends by the shareholders are analyzed by the Company's management, annually. The prescription decision is approved by the General Shareholders' Meeting ("G.S.M.") at the proposal of the Board of Directors, when the Company's management concludes that there will be no more cash flow outflows. At the time of prescription, the prescribed amount is recorded in equity, in a separate account within retained earnings. q) Provisions for risks and charges Provisions are recognized in the profit or loss account when the Group 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.

Notes to the consolidated financial statements as of 31 December 2022 page 25 4. SIGNIFICANT ACCOUNTING POLICIES (continued) q) Provisions for risks and charges (continued) Provisions are re-analyzed at the end of the reporting period and adjusted to reflect the best current estimate. If the outflow of resources that incorporate economic benefits is no longer likely, the provision should be cancelled. Provisions are not recognized for the costs that are incurred to carry out the activity in the future. The Group has provisions for onerous agreements when the benefits expected to be obtained from an agreement are lower than the inevitable expenses associated with fulfilling contractual obligations. r) 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 Group 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 employment contract, the Company’s administrators, directors with a mandate contract and employees are entitled to receive benefits (inc entives) 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 O.G.S.M. 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 shareholders meeting. • Plans of determined contributions The Group 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 Group are members and have the legal obligation to contribute (through individual social contributions) to the pension system and to the health system of the Romanian state. The company is not engaged in any independent pension system and, consequently, has no other obligations in this respect. The company is not engaged in any other post-retirement benefits system. The company has no obligation to provide subsequent services to former or current employees. • Long-term benefits for employees The Group’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 the previous periods. On the basis of the collective employment agreements in force, the persons who retire at the age limit can benefit on the date of retirement of an allowance equal to the maximum value of two salaries taken 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. s) Interest income and expenses Interest income and expenses are recognized in the profit or loss account using the effective interest method. The effective interest rate is the rate that exactly discounts the expected future cash payments and receipts over the expected life of the financial asset or liability (or, where applicable, over a shorter period) to the carrying amount of the financial asset or liability. t) Income from dividends Income from dividends is recognized in the profit or loss account on the date on which the right to receive this income is established. Dividend income is recorded at gross value including dividend tax, which is recognized as a current income tax expense. In the case of dividends received in the form of shares as an alternative to cash payment, dividend income is recognized at the level of cash that would have been received, corresponding to the increase in the related participation. The company does not record income from dividends related to shares received free of charge when they are distributed proportionately to all shareholders.

Notes to the consolidated financial statements as of 31 December 2022 page 26 4. POLITICI CONTABILE SEMNIFICATIVE (continued) u) Revenue from contracts with customers The Group recognizes income from contracts with customers when (or as) it fulfils a performance obligation by transferring a good or delivering a promised service (that is an asset) to a customer. An asset is transferred when (or as) the customer obtains control over that asset. For each identified performance obligation, the Group ascertains at the start of the contract if the performance obligation will be fulfilled in time or at a point in time. If the Group does not fulfil a performance obligation in time, the performance obligation is fulfilled at a point in time. The Group has analyzed the main types of income applying the five-step method of IFRS 15: Step 1: Identification of the contracts with customers; Step 2: Identification of obligations resulting from these contracts; Step 3: Determining the transaction price; Step 4: Allocating the transaction price to each performance obligation; Step 5: Recognition of revenue when or as each performance obligation is met. The table below provides information on the nature and timing of the performance obligation, including the significant payment terms for the main categories of revenue from customer contracts: Product/ Service type Nature and timeline of the performance obligation, including significant payment terms Accounting policies for income recognition Sunflower oil and products derived from sunflower The customer obtains control over the finished goods at the date of product reception or acceptance (that is the date when the customer acquires the capacity to use the finished goods and obtain all benefits therefrom). The Group recognizes a receivable, since this is the time when the right to consideration becomes unconditional. Payment terms are in general 30-180 days from the invoice issue date. The performance obligation is fulfilled at a point in time. Trade discounts offered to customers are based on their reaching certain annual sale values. Returns are usually not accepted. Income is recognized at the date of delivery to the customer (or purchase of the finished goods from the company’s headquarters) and product acceptance. Income includes the amount invoiced for the sale of the products, without VAT), from which trade discounts offered to customers are deducted. The Group applies the practical expedient of IFRS 15 paragraph 63 based on which it does not adjust transaction price with a financial component. If the Group collects short-term advances from customers, or for recognized income, it does not adjust the amounts collected or income for the effects of a significant financing component, because on the start of the contract it estimates that the time between the transfer of the goods and the collection will be less than one year. Trade discounts offered to clients (including expenses with their corresponding provisions) are deducted from the product sale income.

Notes to the consolidated financial statements as of 31 December 2022 page 27 4. POLITICI CONTABILE SEMNIFICATIVE (continued) u) Revenue from contracts with customers (continued) Product/ Service type Nature and timeline of the performance obligation, including significant payment terms Accounting policies for income recognition Income from the delivery of services (rental of commercial area) Services delivered by the Group are generally related to the products supplied. The service invoices are issued monthly for the period of the provision of the rental services. Invoices are generally paid within maximum 30 days from the date of service or at the time of service. The performance obligation is fulfilled within a 1 month. Income is recognized in the period when the service is delivered. Income from the delivery of tourism services The services provided by the Group are generally related to hotel rental. Service invoices are issued at the end of the period of customer accommodation and the provision of restaurant services. Invoices are generally paid within a maximum of 30 days from the date of service or at the time of service. The performance obligation is fulfilled within a maximum of 1 month. Income is recognized in the period when the service is delivered. v) Revenues and losses from exchange rate differences Currency transactions are recorded in the functional currency (RON), by converting the amount into foreign 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 Currency are converted using the exchange rate from the last day of currency auction of the year. Rate differences arising on the settlement of monetary items or conversion of monetary items at different rates from those at which they were converted to initial recognition (during the period) or in previous financial statements are recognized as profit or loss in the profit and loss account, during the period in which they occur. w) Income tax The profit tax related to the year includes current tax (including income tax related to subsidiaries that pay income tax according to the Romanian Fiscal Code, applicable on December 31, 2022 and December 31, 2021) and deferred tax. Current income tax includes income tax from dividends recognized at gross value. Income tax is recognized in profit or loss or in other overall result 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 December 31, 2022 and December 31, 2021, the corporate tax rate was 16% and the income tax rate was 1%. The tax rate related to taxable dividend income on December 31, 2022 and December 31, 2021 was: 5% and 0%. The deferred tax is determined by the Group using the balance sheet method for those temporary differences that arise between the tax base for calculating 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.

Notes to the consolidated financial statements as of 31 December 2022 page 28 4. SIGNIFICANT ACCOUNTING POLICIES (continued) w) Income tax (continued) The deferred tax is calculated 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. The deferred tax asset is recognized by the Company only to the extent that it is probable that future profits will be realized that can be used to cover the tax loss. The receivable is reviewed at the end of each financial year and is reduced to the extent that the related tax benefit is unlikely to be realized. Receivables and debts with deferred tax are offset only if there is a legal right to offset current debts and debts with the tax and if they are related to the tax collected by the same tax authority for the same entity subject to taxation or for different tax authorities but wishing to settle the claims and current 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. x) The result per share The Group presents the result on a basic and diluted share for ordinary shares. The basic result per share is determined by dividing the profit or loss attributable to the ordinary shareholders of the Group to the weighted average number of ordinary shares related to the reporting period. 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. y) Segment reporting A segment is a distinct component of the Group that provides certain products or services (business segment) or provides products or services in a certain geographic environment (geographic segment) and that is subject to risks and benefits different from those of other segments. The company is organized on the basis of a main business segment, its main activity being the making of financial investments, in order to increase the value of the shares in accordance with the regulations in force and the subsequent management of the investment profit and the exercise of all related rights to the invested instruments. z) Contingent liabilities and assets Liabilities, respectively contingent assets are obligations, respectively potential assets arising as a result of previous events and whose existence will be confirmed or not by the occurrence of one or more uncertain future events, which are not fully controlled by the Company. Valuation of contingent liabilities and assets inherently involves the use of judgments and estimates regarding the outcome of future events. Contingent liabilities are not recognized in the financial statements. They are presented in the notes, except in cases where the possibility of an outflow of economic benefits is reduced. Contingent assets are not recognized in the financial statements but are presented when an inflow of benefits is probable.

Notes to the consolidated financial statements as of 31 December 2022 page 29 4. SIGNIFICANT ACCOUNTING POLICIES (continued) aa) New standards and amendments Standards and interpretations that entered into force in the current year The following amendments to the existing standards issued by the International Accounting Standard Board ('IASB') and adopted by the European Union ('EU') are in force for the current reporting period: • Amendments to IFRS 3 "Business Combinations" – Definition of the conceptual framework with amendments to IFRS 3, adopted by the EU on 28 June 2021 (applicable for annual periods as of or after 1 January 2022); • Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" Onerous Contracts — Cost of Contract Performance, adopted by the EU on June 28, 2021 (applicable for annual periods beginning on or after January 1, 2022); • Amendments to IAS 16 "Property, plant and equipment": Property, plant and equipment — Proceeds before intended use (applicable for annual periods beginning on or after 1 January 2022). Application prior to that date is permitted; • Amendments to various standards as a result of the "Improvements to IFRS (cycle 2018-2020)" resulting from the annual draft improvement of IFRS (IFRS 1, IFRS 9, IFRS 16 and IAS 41) with the main purpose of eliminating inconsistencies and clarifying certain formulations – adopted by the EU on 28 June 2021. • The amendments to IFRS 1, IFRS 9 and IAS 41 are applicable for annual periods beginning on or after January 1, 2022. The amendments to IFRS 16 refer only to illustrative examples, so no effective date is set; The company considers that the adoption of these amendments did not have a significant impact on its annual financial statements. The following standards and amendments to existing standards issued by the IASB and adopted by the EU are not in force as at 31 December 2022: • IFRS 17 "Insurance Contracts", including amendments to IFRS 17 issued by the IASB on 25 June 2020, adopted by the EU on 19 November 2021 (applicable for annual periods beginning on or after 1 January 2023); • Amendments to IFRS 17 "Insurance Contracts"- Comparative information, adopted by the EU on 8 September 2022 (applicable for annual periods as of or after 1 January 2023); • Amendments to IAS 1: Presentation of accounting policies, adopted by the EU on 2 March 2022 (applicable for annual periods as of or after 1 January 2023); • Amendments to IAS 8 "Accounting policies, changes in accounting estimates and correction of errors": Definition of accounting estimates (applicable for annual periods beginning on or after 1 January 2023); • Amendments to IAS 12 "Income Tax": Deferred tax on assets and liabilities arising from a single transaction, adopted by the EU on 11 August 2022 (applicable for annual periods beginning on or after 1 January 2023); The Group believes that the adoption of these standards and amendments to the standards will not have a material impact on its annual financial statements. bb) New and revised IFRS Accounting Standards in issue but not adopted by the EU At the time of the authorization of these financial statements, IFRS as adopted by the EU does not differ significantly from the regulations adopted by the IASB, except for the following amendments: • Amendments to IAS 1 "Presentation of Financial Statements" — the classification of liabilities into current liabilities and long-term liabilities (applicable for annual periods beginning on or after 1 January 2023); • Amendments to IAS 1 "Presentation of Financial Statements" - long-term liabilities with covenants (applicable for annual periods beginning on or after 1 January 2024); • Amendments to IFRS 16 "Leases" – lease liability in a sale and leaseback contract (applicable for annual periods beginning on or after 1 January 2024);

Notes to the consolidated financial statements as of 31 December 2022 page 30 4. SIGNIFICANT ACCOUNTING POLICIES (continued) bb) New standards and amendments (continued) • Amendments to IFRS 10 "Consolidated Financial Statements" and IAS 28 "Investments in Associates and Joint Ventures" – sale or contribution of assets between an investor and its associates or joint ventures, and other amendments. • IFRS 14 "Deferral accounts related to regulated activities" (applicable for annual periods as of or after 1 January 2016) – The European Commission has decided not to issue the approval process of this interim standard and to wait for the final standard. The Group estimates that the adoption of these amendments to the existing standards will not have a significant impact on its annual financial statements in the year in which they will be applied for the first time. 5. CORRECTIONS OF ACCOUNTING ERRORS AND CHANGES IN ACCOUNTING POLICIES a) Changes in accounting policies The consolidated statement of the profit and loss account and other elements of the comprehensive result reported reported 31-Dec-21 Adjustment 31-Dec-21 Revenue from contracts with customers 1 - 245,410,533 245,410,533 Other operating income 1 268,344,224 (262,362,122) 5,982,103 Expenses with commissions, fees, administration and supervision fees 1 (4,101,615) 4,101,615 - (Constitutions)/Resumes of provisions for risks and expenses 2 11,042,975 (10,655,247) 387,728 Expenses with salaries, allowances and similar expenses 1 - (39,217,455) (39,217,455) Expenditure on raw materials, materials and goods 1 - (177,238,861) (177,238,861) Interest expense 1 - (2,145,712) (2,145,712) Other operating expenses 1 (283,209,198) 241,069,178 (42,140,020) 1. From January 1, 2022, in accordance with IAS 1 - Presentation of financial statements, due to significant information from a qualitative and quantitative point of view, the Company changed its accounting policy regarding the following elements related to the profit and loss account: 1.1 Revenues from contracts with customers – 245 million lei, reclassified from Other operating revenues; 1.2 Commissions, fees, administration and supervision fees – 4 million lei, reclassified in Other operational expenses; 1.3 Expenses with salaries, allowances and other similar expenses – 39 million lei, reclassified from Other operational expenses; 1.4 Expenses with raw materials, materials and goods – 177 million lei, reclassified from Other operational expenses; 1.5 Interest expenses – 2 million lei, reclassified from Other operational expenses. 2. As of January 1, 2022, the Company has changed its accounting policy regarding employee benefits, including performance bonuses granted to employees. In accordance with IAS 19 – Employee benefits, performance bonuses are part of Salaries, allowances and other similar expenses. Therefore, for the year ended December 31, 2021, the revenues from the resumption of provisions of 10 million lei and the related expenses of 5.5 million lei recorded for employees who will receive performance bonuses have been reclassified to Expenses with salaries, remunerations and other similar expenses. In addition, for presentation purposes, due to the qualitative significance of the information at the financial statement level, Salaries, remuneration and other similar expenses have been presented separately in the statement of financial position. The reclassifications have no impact on the Company's December 31, 2021 profit or loss account, income, cash flow statement or earnings per share.

Notes to the consolidated financial statements as of 31 December 2022 page 31 5. CORRECTIONS OF ACCOUNTING ERRORS AND CHANGES IN ACCOUNTING POLICIES (continued) Consolidated statement of financial position reported adjusted 31-Dec-21 Adjustment 31-Dec-21 Inventories 1 - 116,450,790 116,450,790 Other assets other than goodwill 1 121,839,631 (120,954,487) 885,144 Loans 1 - 113,477,440 113,477,440 Taxes and fees 1 22,910,254 (22,910,254) - Current income tax liabilities 1 - 17,239,503 17,239,503 Trade debts 1 - 14,855,680 14,855,680 Other debts 1 147,092,574 (129,361,252) 17,731,322 Provisions for risks and expenses 1 - 2,947,824 2,947,824 Consolidated statement of financial position reported adjusted 1 1 January 2021 reclassification 1 January 2021 Trade receivables and other sundry debtors 1 39,713,075 10,156,728 49,869,803 Inventories 1 - 72,230,871 72,230,871 Other assets other than goodwill 1 86,150,817 (84,504,912) 1,645,905 Loans 1 - 104,165,221 104,165,221 Taxes and duties 1 4,887,841 (4,887,841) - Current income tax liabilities 1 - 252,594 252,594 Trade debts 1 - 26,404,576 26,404,576 Other debts 1 151,729,827 (130,995,978) 20,733,849 Provisions for risks and expenses 1 - 2,249,864 2,249,864 1. From January 1, 2021, in accordance with IAS 1 - Presentation of financial statements, due to significant information from a qualitative and quantitative point of view, the Company changed its accounting policy regarding the following elements related to the profit and loss account: 1.1 Trade receivables and other miscellaneous debtors – 10 million lei (0.2 million lei 31-Dec-2021) reclassified from Other assets; 1.2 Inventories – 72 million lei (116.5 million lei at 31-Dec-2021), reclassified from Other assets; 1.3 Loans – 104 million lei (113.5 million lei at 31-Dec-2021), reclassified from Other debts; 1.4 Current profit tax liabilities – 0.25 million lei (17 million lei at 31-Dec-2021), reclassified from Taxes and fees; 1.5 Trade debts – 26.5 million lei (14.8 million lei at 31-Dec-2021), reclassified from Other debts; and 1.6 Provisions for risks and expenses -2.2 million lei (2.9 million lei at 31-Dec-2021), reclassified from Other liabilities. b) Corrections of accounting errors Accounting error corrections Adjusted consolidated statement of financial position reported adjusted 31-Dec-21 Adjustment 31-Dec-21 Financial assets at fair value through other comprehensive income 1 2,089,449,803 (22,528,226) 2,066,921,577 Real estate investments 2 166,017,540 133,912,472 299,930,012 Tangible assets 2 321,864,130 (115,203,554) 206,660,576 Other assets: goodwill 3 56,050,073 (56,050,073) - Deferred income tax liabilities 4 147,418,888 468,293 147,887,181 Adjustments to share capital 5 2,609,389,550 (2,609,389,550) - Reserves from the revaluation of tangible assets 6 143,789,418 (22,361,014) 121,428,404 Reserves from the revaluation of financial assets at fair value through other elements of the comprehensive result, net of deferred tax 7 633,945,244 (11,465,636) 622,479,609 Reported result 8 (1,719,248,533) 2,565,120,062 845,871,529 Impact on the Group's net assets - (71,136,021) -

Notes to the consolidated financial statements as of 31 December 2022 page 32 . CORRECTIONS OF ACCOUNTING ERRORS AND CHANGES IN ACCOUNTING POLICIES (continued) b) Corrections of accounting errors (continued) reported adjusted 31-Dec-21 Adjustment 31-Dec-21 Impact on the net asset attributable to the Group's shareholders - (72,743,145) - Impact on net assets attributable to non-controlling interests - 1,607,124 - The consolidated statement of the profit and loss account and other elements of the comprehensive result Gain/(Loss) from revaluation of real estate investments 11 - 13,453,019 13,453,019 Profit before tax 49,627,475 12,963,375 62,590,850 Profit tax (5,925,828) (5,562,643) (11,488,471) Net profit for the financial year 43,701,647 7,400,732 51,102,379 Other elements of the overall result 12 Increases/(Decreases) of the reserve from the revaluation of tangible fixed assets, net of deferred tax 218,042,296 (189,696,461) 28,345,835 (Loss)/Net gain from revaluation of equity instruments at fair value through other comprehensive income (FVTOCI), net of deferred tax 302,209,416 12,315,912 314,525,328 Other comprehensive income items – items that will not be reclassified to profit or loss 520,251,712 (177,380,549) 342,871,163 Total overall result for the financial year 563,953,359 (169,979,817) 393,973,542 Net profit attributable to the Group's shareholders 42,894,596 6,979,939 49,874,535 Net profit attributable to non-controlling interests 807,051 420,793 1,227,844 Basic and diluted earnings per share (net profit per share) attributable to the Group's shareholders 0.0858 0.0221 0.0997 Basic and diluted earnings per share (including the gain realized from the sale of FVTOCI financial assets), related to the Group's shareholders 0.0858 0.2065 0.2909 Total overall result related to the related financial year to the Group's shareholders 528,799,543 (149,980,531) 378,819,012 Non-controlling interests 34,680,801 (19,526,271) 15,154,530 Adjusted consolidated statement of financial position reported Adjusted 1 January 2021 Adjustment 1 January 2021 Financial assets at fair value through other comprehensive income 1 1,728,210,994 (27,552,037) 1,700,658,957 Real estate investments 2 106,334,747 175,905,252 282,239,999 Tangible assets 2 106,168,101 82,192,859 188,360,960 Other assets: goodwill 3 47,750,113 (47,750,113) - Deferred income tax liabilities 4 87,469,908 21,494,659 108,964,567 Adjustments to share capital 5 2,182,560,795 (2,182,560,795) - Reserves from the revaluation of tangible assets 6 55,433,894 51,200,559 106,634,453 Reserves from the revaluation of financial assets at fair value through other elements of the comprehensive result, net of deferred tax 7 427,057,782 (22,851,957) 404,205,825 Reported result 8 (1,508,438,070) 2,268,858,918 760,420,848 Own shares 9 (2,214,914) (59,747,655) (62,015,155) Other losses related to equity instruments 9 (59,747,655) 59,747,655 - Non-controlling interests 10 35,871,984 51,678,138 87,550,122 Impact on the Group's net assets 186,211,512 Impact on the net asset attributable to the Group's shareholders - 134,533,374 - Impact on net assets attributable to non-controlling interests - 51,678,138 -

Notes to the consolidated financial statements as of 31 December 2022 page 33 5. CORRECTIONS OF ACCOUNTING ERRORS AND CHANGES IN ACCOUNTING POLICIES (continued) b) Corrections of accounting errors (continued) 1. For the year ended December 31, 2021, respectively December 31, 2020, the Group determined the fair values of several level 3 investments based on the evaluation reports carried out by ANEVAR appraisers. The fair values were based on facts and circumstances that existed as of December 31, 2021 and December 31, 2020. However, the resulting fair values were not recorded by the Company's management as of December 31, 2021, nor as of December 31, 2020 in the reported financial statements. 2. a) For the year ended on December 31, 2020, according to the accounting policy, the Group revalued tangible fixed assets and real estate investments. The process of evaluating and determining the fair values related to tangible fixed assets and real estate investments took place after the reporting period ended on December 31, 2020; 2. b) For the financial year ended on December 31, 2021, the Group owned real estate investments of 115 million lei, which it presented as tangible assets. Therefore, real estate investments worth 115 million lei were reclassified from tangible assets. 2. c) Likewise, real estate investments worth 18.5 million lei that belonged to the Group on December 31, 2021 were not presented in the consolidated financial statements on December 31, 2021. 3. On December 31, 2020 and 2021, the Group had calculated goodwill for holdings in subsidiaries, which was not determined according to IFRS 3 - Business Combinations. For the acquisitions of businesses made before December 31, 2020 and December 31, 2021, respectively, the Group did not have valuation reports to determine the fair value of the acquisitions, nor the allocation of the purchase price. Thus, the goodwill was calculated as the difference between the price paid and the nominal value of the purchased shares. Therefore, the goodwill in the balance reported on December 31, 2020 and December 31, 2021 was cancelled through the carryover result related to the respective reporting periods; 4. During the 2020 and 2021 financial years, the Group calculated the deferred tax liability in respect of revaluation reserves related to equity instruments for which the Company had a holding of more than 10% for a period of more than 1 year starting from ended 2021, respectively 2020, in the amount of 44.5 million lei on December 31, 2021 (38 million lei on December 31, 2020). According to the Romanian Fiscal Code, reserves are non-taxable on the date of realization (ie when the equity instrument is sold). Therefore, there is no difference between the accounting and tax basis of the value of the financial assets at FVTOCI, and the related revaluation reserves and no tax liability for the difference should have been recorded in this respect. Also, on December 31, 2020 and December 31, 2021, the Group did not record the deferred tax liability related to taxable temporary differences related to real estate investments and tangible assets - 44 million lei on December 31, 2021, and 60 million lei, respectively on December 31 2020; 5. For the financial period on December 31, 2020 and December 31, 2021, the Group decided to cancel the effect of hyperinflation related to the share capital of the parent entity and the Group's reserves. The cancellation took place in accordance with the decision of the majority shareholder; 6. A significant part of the adjustments refers to point 2). 7. A significant part of the adjustment refers to point 1) and 4). 8. a) A significant part of the adjustment refers to points 3) and 5). b) Also, on 31 December 2021 and 31 December 2020, the Group held in its portfolio of equity investments free shares that were granted to the Company before the financial year 2020. On the date of grant, the Group recorded the shares obtained through the account of profit and loss, thus resulting in a gain of 2.4 million lei. In accordance with IAS 1 – Presentation of financial statements, IAS 32 – Financial instruments, presentation and IFRS 9 – Financial instruments, the value of free shares is zero on the date of grant to the Company, and at the end of the reporting period they are presented at fair value. The adjustment was also presented among the financial statements: Reserves from the revaluation of financial assets valued at fair value through other elements of the comprehensive result, net of deferred tax. c) During the consolidation process on December 31, 2020 and December 31, 2021, the Group did not eliminate the values of the retained earnings and reserves belonging to the subsidiaries before the acquisition. 9. On December 31, 2020, the Group presented the difference between the redemption price of its own shares and their nominal value, separately in equity as losses from the redemption of its own shares. However, the decision of the General Meeting of Shareholders to cancel these own shares took place during 2021. Thus, the entire price paid for the own shares had to be fully presented as a single element in the Group's equity;

Notes to the consolidated financial statements as of 31 December 2022 page 34 5. CORRECTIONS OF ACCOUNTING ERRORS AND CHANGES IN ACCOUNTING POLICIES ( continued) b) Corrections of accounting errors (continued) 10. On December 31, 2020, the Group calculated the value of non-controlling interests at 35.8 million lei. Following the related adjustments, mainly; revaluations of real estate investments and tangible assets, the value of non-controlling interests was restated to 87.5 million lei. 11. Following the revaluations of real estate investments on December 31, 2020, and December 31, 2021, the Group recorded in the financial year 2021 a gain from the revaluation of real estate investments of 13.5 million lei. 12. The adjustments related to other elements of the overall result are a result of the restatements presented in previous points 1-11). 6. ADMINISTRATION OF FINANCIAL RISKS According to the specificities of its activity, the Group is or can be subject to financial risks resulting from the activity undertaken for the achievement of the established goals. Through the risk management system, the Group awards significance to the management of risks, policies and procedures regarding the management of risks that are significant and relevant for the investment strategy. The risk management policy sets out the main coordinates for the control and management of issues that may have or even have an impact on the activity. The risk management activity, a major component of the Group’s activity, deals with both general and specific risks, as set o ut in national and international legal regulations. The Company’s organizational chart includes the Risk Management Bureau, which is hierarchically and functionally independent from the other departments of the Company. The Group attaches utmost importance to efficient risk management in order to achieve the strategy’s objectives and to ensure shareholder benefits. The management of significant risks involves providing the framework for identifying, evaluating, monitoring and controlling these risks in order to maintain them at an acceptable level in relation to the appetite to risk and its ability to mitigate or hedge these risks. Risk monitoring is done 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 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 Group is exposed, depending on the strategic objectives and the risk appetite undertaken by the management structure. Through its risk profile, the Group has established, for each risk category, the level by which the Group 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 Group’s nature, dimension, and complex activities. The global risk profile undertaken by the Group is average and corresponds to an average risk appetite. Investments in the Company’s shares involve not only specific benefits, but also the risk that objectives are not achieved, a s well as losses to investors, since revenues from investments generally are proportional to risk. In its current activities, the Group 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 Group are: - market risk (price risk, currency risk, interest rate risk); - credit risk; - liquidity risk; - operational risk; - sustainability risk.

Notes to the consolidated financial statements as of 31 December 2022 page 35 6. ADMINISTRATION OF FINANCIAL RISKS (continued) a) Market risk Market risk is the risk of recording losses related to on-balance sheet and off-balance sheet positions due to unfavorable market fluctuations in prices (such as, for example, share prices, interest rates, exchange rates). The Group 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 Group’s point of view, the relevant market risks are: price risk (position risk), currency exchange risk, interest rate risk. • Price (position) risk Price (position) risk is generated by the volatility of market prices, such as fluctuations in the market of financial instruments, as a result of changes in market prices, changes caused either by factors affecting all instruments traded on the market (systemic component) or by specific factors individual instruments or their issuer (non-systemic component). The Group 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 accordingly by rebalancing the portfolio of assets. On 31 December 2022 and 31 December 2021 the Group has the following asset structure subject to price risk: The market value of the portfolio of listed shares (on BVB - regulated market, BVB-AERO - alternative trading system), as of 31 December 2022 represents 98.77% of the total value of the managed portfolio of shares (31 December 2021: 96.89%). The Group also monitors the risk concentration by activity sectors, as follows: Portfolio structure The market value of the participation on 31 December 2022 The market value of the participation on 31 December 2021 Economic sectors with a share in the Company’s portfolio (in descending order): (RON) % (RON) % finance and banking 871,072,645 46.92% 1,153,088,518 55.66% oil resources, methane gas and related services 321,730,841 17.33% 345,485,479 16.68% financial intermediation 296,069,865 15.95% 202,739,754 9.79% energy and gas transport 124,100,007 6.69% 117,336,419 5.66% pharmaceutical industry 103,032,727 5.55% 107,751,847 5.20% tourism, catering, leisure 55,819,009 3.01% 66,179,292 3.19% machine building and processing industry 49,663,612 2.68% 52,985,968 2.56% electronic, electrotechnical industry 33,191,013 1.79% 24,296,708 1.17% real estate rentals and subleases 1,667,244 0.08% 1,710,054 0.09% TOTAL 1,856,346,963 100.00% 2,071,574,039 100.00% Based on the analysis of the data presented above, as of 31 December 2022, the Group mainly held shares that are active in the field of finance, banking with a share of 46.92% of the total portfolio, decreasing compared to 31 December 2021, when in the same sector of activity registered a weight of 55.66% • 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. Currency risk is the risk of losses resulting from changes in foreign exchange rates. This risk takes into account all positions held by the company in foreign currency deposits, financial instruments denominated in foreign currency, regardless of the holding period or the level of liquidity recorded by the respective positions. The group did not use derivative financial instruments during the reporting period to protect against exchange rate fluctuations. On December 31, 2022, availability in foreign currency was 36,355,515 lei (December 31, 2021: 4,104,096 lei), representing 36.26% of total availability.

Notes to the consolidated financial statements as of 31 December 2022 page 36 6. ADMINISTRATION OF FINANCIAL RISKS (continued) a) Market risk (continued) • Exchange rate risk (continued) Given that most of the Group's assets are denominated in national currency, exchange rate fluctuations do not directly affect the Group's activity. These fluctuations have influence in the case of the evaluation of investments such as foreign currency deposits and availability from current accounts. Availability in foreign currency at 31 December 2022 represents 1.84% (31 December 2021: 0.2%) of total financial assets, so the currency risk is insignificant. Investments in bank deposits in foreign currency are constantly monitored and measures are taken to invest, disinvest, depending on the forecasted evolution of the exchange rate. The concentration of assets and liabilities by types of currencies is presented as follows: In RON Accounting value at 31 December 2022 RON EUR USD 31 December 2022 Financial assets Cash and current accounts 9,315,636 8,497,516 713,786 104,334 Bank deposits 90,949,069 55,411,673 13,728,371 21,809,025 Financial assets measured at fair value through profit or loss 4,475,075 4,475,075 - Financial assets measured at fair value through other comprehensive income 1,851,871,888 1,851,871,888 - - Trade and other receivables 18,716,135 18,716,135 - Total financial assets 1,975,327,803 1,938,972,287 14,442,157 21,913,358 Financial liabilities Loans from banks 160,737,859 160,737,859 - - Dividends payable 51,083,704 51,083,704 - - Trade payables and other payables 11,670,375 11,663,420 6,955 - Total financial liabilities 223,491,938 223,484,983 6,955 - Net financial position 1,751,835,865 1,715,487,304 14,435,202 21,913,359 In RON Accounting value at 31 December 2021 RON EUR USD 31 December 2021 Financial assets Cash and current accounts 17,580,293 15,883,263 1,696,823 207 Bank deposits 35,476,691 33,069,624 91,077 2,315,990 Financial assets measured at fair value through profit or loss 4,652,462 4,652,462 - - Financial assets measured at fair value through other comprehensive income 2,066,921,577 2,066,921,577 - - Trade and other receivables 33,820,842 33,820,842 - - Total financial assets 2,158,451,865 2,154,347,768 1,787,900 2,316,197 Financial liabilities Loans from banks 113,477,440 113,477,440 - - Dividends payable 47,353,463 47,353,463 - - Trade payables and other payables 14,855,680 14,143,597 712,083 - Total financial liabilities 175,686,583 174,974,500 712,083 - Net financial position 1,982,765,282 1,979,373,268 1,075,817 2,316,197

Notes to the consolidated financial statements as of 31 December 2022 page 37 6. ADMINISTRATION OF FINANCIAL RISKS (continued) a) Market risk (continued) • Interest rate risk Interest rate risk represents the current or future risk of affecting profits and capital as a result of adverse changes in interest rates. The interest rate directly influences the income and expenses attached to financial assets and liabilities bearing variable interest. Most of the assets in the portfolio are non-interest bearing. Consequently, the Group is not significantly affected by interest rate risk. Interest rates applied to cash and cash equivalents are short-term. At the Group level, the share of borrowed resources in the total financing resources of companies is not significant, with the exception of Argus S.A. Constanta on December 31, 2022 and December 31, 2021 and Lactate Natura S.A. Târgoviste on December 31, 2021. In order to benefit from the interest rate volatility, for greater flexibility in the policy of allocating the money availabilities, it will be intended that the placing of the money availabilities in monetary instruments will be made especially in the short term, maximum 3 months. The following table summarizes the Group's exposure to interest rate risk.

Notes to the consolidated financial statements as of 31 December 2022 page 40 6. ADMINISTRATION OF FINANCIAL RISKS (continued) b) Credit risk Credit risk represents the current or future risk of affecting profits and capital as a result of the debtor's non-fulfilment of contractual obligations or his failure to fulfil those established. The group does not have major exposures to a single commercial debtor or group of commercial debtors or to any financial-banking institution. The main elements of credit risk identified, which can significantly influence the Company's activity, are: - the risk of non-payment of dividends/interests from portfolio companies; - the risk of not collecting the value of the contract, in the case of the activity of selling shares in "closed" companies; - the risk generated by investments in bonds and/or other credit instruments; - settlement risk in case of transactions with shares issued by listed companies; - risk of bankruptcy or insolvency. 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 unlisted assets, the exposure rate by business sectors. The credit risk may indirectly affect the activity of the Group, the case of the companies in the portfolio that have financial difficulties in paying their payment obligations corresponding to the dividends. Given the diversity of investments and the fact that most of them are carried out in stable entities and with increased liquidity in the market, this risk is greatly diminished and properly managed by the Group. The Group may be exposed to credit risk through investments in bonds, current accounts, bank deposits, and other receivables. At the Group level, there are no bonds, derivatives, which minimizes the credit risk. Through the specificities of its portfolio, the sector with high exposure if the “finance and banking” sector, with an exposu re of more than 38% in total assets, which holds 55% of the total share portfolio as of 31 December 2021. The exposure on this sector is monitored; a positive issue of such holding is the liquidity of investments, with 2 issuers being present in this sector: Banca Transilvania, B.R.D., which are listed on the main market of the Bucharest Stock Exchange, Premium category. As for the company’s cash, it is held in several banks, so as to avoid the concentration risk. Bank deposits are held at banking institutions in Romania. The assessment of the main elements of credit risk results in the conclusion that they fall within the risk limits approved for an average risk appetite.

Notes to the consolidated financial statements as of 31 December 2022 page 41 6. ADMINISTRATION OF FINANCIAL RISKS (continued) b) Credit risk (continued) In LEI Rating 31 December 2022 31 December 2021 EximBank Fitch: BBB- (assimilated to the sovereign rating) 932 1,224 Banca Transilvania Fitch: BB+ 76,900,451 34,779,583 BRD - Group Societe Generale Moody's: Baa1 423,795 1,427,439 Raiffeisen Bank Moody's: Baa1 471,334 615,359 BCR Moody's: Baa1 14,039,410 11,258,465 Garanti Bank Fitch: BB+ 3,997,387 2,663,094 Vista Bank Fitch: B+ 3,627,732 1,406,382 CEC Bank Fitch: B+ 634,414 632,957 Treasury Fitch: BBB- (assimilated to the sovereign rating) 81,499 147,603 Total availabilities at banks 100.176.954 52.932.106 Cash 87,751 124,878 Total current accounts and deposits, of which: - - Cash and current accounts 9,315,636 17,580,293 Deposits placed with banks 90,949,069 35,476,691 Expected credit loss, of which related: - - Cash and current accounts - - Deposits placed with banks - - Total cash, accounts and deposits placed with banks 100,264,705 53,056,984 c) Liquidity risk Liquidity risk the risk that a position in the company's portfolio cannot be sold, liquidated or closed at limited cost within a reasonably short time frame. 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 systematically monitors the liquidity profile of the asset portfolio, considering the contribution of each asset to the liquidity, as well as the significant liabilities and commitments, contingent or otherwise, that the company may have in relation to its support 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. The liquidity risk is related in particular to the shares held in the "closed" commercial companies existing in the managed portfolio. Thus, the sale of some shares - in the event of the appearance of negative aspects in their economic-financial situation or in the case of obtaining liquidity - cannot be carried out quickly enough, there is a risk of not being able to obtain a higher price or the slightly equal to that with which these holdings are valued in the calculation of the net asset, according to F.S.A. regulations. The Group constantly monitors the liquidity profile of the portfolio, analyzing 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. On 31.12.2022, the liquidity risk falls within the approved risk limits for a medium risk appetite. The negative net positions recorded in the category of liquidity under 1 month, between 3-12 months and over 1 year, are influenced by the loan owed by Argus S.A. Constanța and will be managed by the respective company and by the group, depending on the liquidation needs at the time, by using the resources obtained from the current operational activity.

Notes to the consolidated financial statements as of 31 December 2022 page 42 6. ADMINISTRATION OF FINANCIAL RISKS (continued) c) Liquidity risk The structure of assets and liabilities in terms of liquidity is analyzed in the following table: In RON Accounting value at 31 December 2022 Less than 1 month Between 1 and 3 months Between 3 and 12 months More than 1 year No present maturity 31 December 2022 Financial assets Cash and currents accounts 9,315,636 - - - - 9,315,636 Bank deposits 90,949,069 39,025,814 51,923,255 - - - Financial assets measured at fair value through profit or loss 4,475,075 - - - - 4,475,075 Financial assets measured at fair value through other comprehensive income 1,851,871,888 - - h- - 1,851,871,888 Trade and other receivables 18,716,135 12,603,898 2,830,198 116,545 3,165,494 Total financial assets 1,975,327,803 51,629,712 54,753,453 116,545 3,165,494 1,865,662,599 Financial liabilities Loans from banks 160,737,859 - - 159,080,652 956,305 700,902 Dividends payable 51,083,704 51,083,704 - - - - Commercial liabilities 11,670,375 5,965,866 2,672,233 61,085 367,172 2,604,019 Total financial liabilities 223,491,938 57,049,570 2,672,233 159,141,737 1,323,477 3,304,921 Net financial position 1,751,835,865 (5,419,858) 52,081,220 (159,025,192) 1,842,017 1,862,357,678

Notes to the consolidated financial statements as of 31 December 2022 page 43 6. RISKS MANAGEMENT (continued) c) Liquidity risk (continued) In RON Accounting value at 31 December 2021 Less than 1 month Between 1 and 3 months Between 3 and 12 months More than 1 year No present maturity 31 December 2021 Financial assets Cash and currents accounts 17,580,293 - - - - 17,580,293 Bank deposits 35,476,691 16,991,528 18,485,163 - - Financial assets measured at fair value through profit or loss 4,652,462 - - - - 4,652,462 Financial assets measured at fair value through other comprehensive income 2,066,921,577 - - - - 2,066,921,577 Trade and other receivables 33,820,842 22,187,571 4,571,276 813,112 4,140,991 2,107,892 Total financial assets 2,158,451,865 39,179,099 23,056,439 813,112 4,140,991 2,091,262,224 Financial liabilities Loans from banks 113,477,440 - - 110,000,000 3,477,440 - Dividends payable 47,353,463 47,353,463 - - - - Trade payables and other payables 14,855,680 12,291,969 2,119,186 6,064 438,461 - Total financial liabilities 175,686,583 59,645,432 2,119,186 110,006,064 3,915,901 - Net financial position 1,982,765,282 (20,466,333) 20,937,253 (109,192,952) 225,090 2,091,262,224

Notes to the consolidated financial statements as of 31 December 2022 page 44 6. RISKS MANAGEMENT (continued) d) Operational risk Operational risk is the risk of loss arising either from the use of inadequate or inadequate internal processes, people or systems, or from external events, and includes legal risk. 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 management capacity, integrity, controllability and continuity or the improper use of information technology. - Compliance risk - the current or future risk of affecting profits, own funds or liquidity, which may lead to significant financial losses or which may affect the reputation of the company, as a result of the violation or non-compliance with the legal and regulatory framework, with the agreements, recommended practices or ethical standards applicable to its activities. - Risk of money laundering and financing of terrorism (ML/FT) - inherent risk, respectively the level of the risk of money laundering and financing of terrorism before its mitigation, in which the impact and probability of involvement of regulated entities in operations of (ML/FT). In order to assess the level of operational risk to which it is exposed, the S.I.F. group Oltenia S.A. act to identify and classify operational risk events in specific categories, which allow establishing the most effective methods of control and mitigation of potential effects, The functional departments of the S.I.F. group Oltenia S.A. are responsible for the preliminary analysis of operational risks arising in their area of activity. The company has a policy of maintaining an optimal level of own capital 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 increase the value of the managed assets in the long term. Considering the degree of complexity of the activity of the S.I.F. group. Oltenia S.A., the volume of activity, the staff structure, the level of computerization, the complexity of the monitoring and control procedures and the other intrinsic aspects related to the company's risk policy, we estimate that the operational risk at the company level is medium. e) Risk related to durability Sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause a material adverse effect, actual or potential, on the value of the investment. Sustainability-related risks are integrated into the classification and management of existing risks, because they also affect the existing types of risk, to which the company is exposed in its activities. The company incorporates sustainability risks into the risk culture. The company integrates into the decision-making process and also evaluates the relevant risks related to sustainability, respectively those environmental and social events or conditions. f) Capital adequacy Management's capital adequacy policy focuses on maintaining a solid capital base in order to support the Group's continued development and the achievement of its investment objectives. Equity consists of share capital, created reserves, current profit and retained earnings. As of December 31, 2022, the Group's equity is 2,230,180,469 lei (December 31, 2021: 2,334,394,610 lei). The group is not subject to any legal capital adequacy requirements.

Notes to the consolidated financial statements as of 31 December 2022 page 45 7. 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 2022, as follows: In RON Accounting value Fair value through profit or loss Amortized cost Net Value Fair value Cash and cash equivalents - - 9,315,636 9,315,636 9,315,636 Bank deposits - - 90,949,069 90,949,069 90,949,069 Financial assets measured at fair value through profit or loss Amortized cost - 4,475,075 - 4,475,075 4,475,075 Financial assets measured at fair value through other comprehensive income 1,851,871,888 - - 1,851,871,888 1,851,871,888 Trade and other receivables - - 18,716,135 18,716,135 18,716,135 Total financial assets 1,851,871,888 4,475,075 118,980,840 1,975,327,803 1,975,327,803 Loans from banks 160,737,859 160,737,859 160,737,859 Trade payables and other payables - - 51,083,704 51,083,704 51,083,704 Dividends payable - - 11,670,375 11,670,375 11,670,375 Total financial liabilities - - 223,491,938 223,491,938 223,491,938 For financial assets and liabilities held at amortized cost, the Company estimated that fair value equals amortized cost given the low credit risk, short maturities and similar values based on observable inputs. The accounting values and fair values of financial assets and liabilities are presented as of 31 December 2021, as follows: In RON Accounting value Fair value through profit or loss Amortized cost Net Value Fair value Cash and cash equivalents - - 17,580,293 17,580,293 17,580,293 Bank deposits - - 35,476,691 35,476,691 35,476,691 Financial assets measured at fair value through profit or loss 2,066,921,577 - - 2,066,921,577 2,066,921,577 Financial assets measured at fair value through other comprehensive income - 4,652,462 - 4,652,462 4,652,462 Trade and other receivables - - 33,820,842 33,820,842 33,820,842 Total financial assets 2,066,921,577 4,652,462 86,877,826 2,158,451,865 2,158,451,865 Loans from banks - - 113,477,440 113,477,440 113,477,440 Trade payables and other payables - - 47,353,463 47,353,463 47,353,463 Dividends payable - - 14,855,680 14,855,680 14,855,680 Total financial liabilities - - 175,686,583 175,686,583 175,686,583

Notes to the consolidated financial statements as of 31 December 2022 page 46 8. GROSS DIVIDENDS INCOME Dividend income is recorded at gross value. The tax rates for dividends for the period ending on 31 December 2022 were 5% and zero (31 December 2021: 5% and zero). Dividend income, mainly by taxpayers, is presented as follows: In RON 31 December 2022 31 December 2021 BRD-GROUPE SOCIETE GENERALE S.A. Bucharest 102,134,508 2,150,581 OMV PETROM S.A. Bucharest 42,160,472 18,343,569 BANCA TRANSILVANIA S.A. 28,183,908 20,832,511 S.N.G.N. ROMGAZ S.A. Mediaș 7,023,487 4,029,655 S.N.T.G.N. TRANSGAZ S.A. Mediaș 3,607,277 1,981,325 S.I.F. BANAT CRISANA S.A. 2,728,596 - SANTIERUL NAVAL ORSOVA S.A. 1,696,179 3,200,337 IAMU S.A. Blaj 1,289,229 793,372 ANTIBIOTICE S.A. Iași 571,603 579,867 BURSA DE VALORI BUCURESTI S.A. 475,582 409,494 EVERGENT INVESTMENTS S.A. 188,496 148,682 DEPOZITARUL CENTRAL S.A. Bucharest 86,693 32,553 ELBA S.A. Timișoara 59,225 98,982 C.N.T.E.E. TRANSELECTRICA S.A. Bucharest - 2,359,273 Others 163,989 1,045,798 Total 190,369,244 56,005,999 9. INTEREST INCOME In RON 31 December 2022 31 December 2021 Income from interests for bank deposits 4,820,667 342,065 Total 4,820,667 342,065 10. REVENUE FROM CONTRACTS WITH CUSTOMERS In RON 31 December 2022 31 December 2021 *restated Revenue from the sale of finished products 362,498,861 193,090,800 Income from sales of goods 5,688,541 23,617,001 Income from commercial space rentals 35,134,456 28,702,732 Total 403,321,858 245,410,533

Notes to the consolidated financial statements as of 31 December 2022 page 47 10. REVENUE FROM CONTRACTS WITH CUSTOMERS (continued) The Group's customer exposure is as follows: Revenue from contracts with customers (in LEI) 31 December 2022 31 December 2021 KAUFLAND ROMANIA SCS 171,127,613 46,102,256 METRO CASH CARRY ROMANIA SRL 21,114,411 22,895,029 CARREFOUR ROMANIA SA 14,666,453 20,305,524 BUNGE ROMANIA - 15,130,113 REWE ROMANIA SRL 6,463,495 14,243,905 OMEGA AGRI RESOURCES LTD EXT 10,586,380 12,312,674 SELGROS CASH CARRY SRL 8,051,738 8,824,209 ROMANIA HYPERMARCHE SA 16,186,323 8,043,399 PROFI ROM FOOD SRL 7,315,419 6,428,973 Others 147,810,026 91,124,451 TOTAL 403,321,858 245,410,533 The Group's revenues at the product level are presented as follows: Revenues from contracts with customers (in LEI) 31 December 2022 31 December 2021 Bottled refined oil 287,059,690 135,871,275 Groats 60,277,084 23,045,905 Bulk refined oil 7,040,900 2,240,904 Crude oil 548,991 19,475,138 Other 48,395,193 64,777,311 TOTAL 403,321,858 245,410,533 Most of the Group's sales contracts are signed with customers in Romania on December 31, 2022 and December 31, 2021. 11. OTHER OPERATING INCOME In LEI 31 December 2022 31 December 2021 Other operating income 4,661,927 5,116,300 Income from subsidies/grants 2,091,698 827,180 Other financial incomes 19,741 38,623 Total 6,773,366 5,982,103

Notes to the consolidated financial statements as of 31 December 2022 page 48 12. SALARIES, ALLOWANCES AND OTHER SIMILAR EXPENSES In RON 31 December 2022 31 December 2021 No. of beneficiaries Total amount (lei) No. of beneficiaries Total amount (lei) Fixed remuneration Board of Directors 46 3,321,331 48 2,547,962 Top management 22 4,887,121 25 4,398,123 Control department 3 433,764 3 394,304 Personnel with attributions in the Alternative Investment Fund risk profile of the Company 3 823,200 3 699,469 Employees 464 25,363,692 479 23,835,892 Total fixed salaries 34,829,108 31,875,750 Variable remuneration Board of Directors 19 795,509 21 2,592,607 Top management 11 2,569,212 9 2,539,107 Control department 3 149,808 3 364,916 Personnel with attributions in the Alternative Investment Fund risk profile of the Company 3 538,465 1 587,872 Employees 369 2,068,363 308 3,582,736 Total variable salaries 6,121,357 342 9,667,238 Social contribution and similar expenses - 1,721,729 - 1,498,790 Net expenses/(net income) from untaken paid leave - 1,117,674 - 400,978 Net Expenses/(net income) from performance bonuses accruals - 7,053,665 - (4,225,301) - 349,377 - - Total expenses with salaries, remuneration and similar expenses - 51,192,910 - 39,217,455 31 December 2022 31 December 2021 Staff with mandate contract 22 25 Employees with higher education 120 120 Employees with upper secondary education 305 310 Employees with general education 45 55 Total 492 510 In the financial year ended on December 31, 2022, the average number of employees was 412 (December 31, 2021: 483), and the number of employees registered at the end of 2022 was 470 (December 31, 2021: 485). The company makes payments to institutions of the Romanian state on account of the pensions of its employees. All employees are members of the Romanian state pension plan. The Company does not operate any other pension or post- retirement benefit plans and therefore has no other pension obligations. Moreover, the Company is not obliged to provide additional benefits to employees after retirement.

Notes to the consolidated financial statements as of 31 December 2022 page 49 13. COSTS OF RAW MATERIALS, MATERIALS AND GOODS In LEI 31 December 2022 31 December 2021 Expenditure on raw materials and materials 270,515,716 158,670,201 Expenditure on goods 2,953,773 18,568,660 Total 273,469,489 177,238,861 14. OTHER OPERATING EXPENSES In LEI 31 December 2022 31 December 2021 Expenditure on external benefits 20,429,527 17,538,511 Energy and water expenses 14,315,288 7,085,558 Other operating expenses 12,330,102 11,155,160 Amortization expenses of tangible and intangible assets 12,193,755 6,153,826 Protocol, advertising and publicity expenses 387,322 206,965 Total 59,655,994 42,140,020 The expenses for external services include the expenses representing the audit amounting to 1,472.18 thousand lei on December 31, 2022 (December 31, 2021: 471.74 thousand lei) and expenses for taxes and commissions are mainly represented by the tax paid to A.S.F., 2 million lei on December 31, 2022 (2 million lei on December 31, 2021 15. INCOME TAX In RON 31 December 2022 31 December 2021 Current profit tax Current profit tax 4,220,225 2,493,774 Dividend tax (5%) 9,202,508 2,437,268 Deferred income tax - - Liabilities related to profit sharing and other benefits (1,845,912) (166,260) Real estate investments 12,438,909 4,716,759 Other elements (including tax loss impact) 2,848,162 2,373,781 Provisions for risks and expenses and other liabilities (424,397) (366,852) Total 26,449,495 11,488,471 Profit before tax 221,375,779 62,590,850 Tax in accordance with Group statutory tax rates (16%) 35,420,125 10,014,536 Effect on corporate tax of: Non-deductible expenditure 9,124,602 4,348,081 Non-taxable income (34,205,526) (13,277,861) Registration of temporary differences and the impact of the tax loss in the deferred tax 13,026,762 7,090,540 Tax on dividends (5%) 9,202,508 2,437,268 Other elements (2,118,630) 2,598,871 Effect of different tax rates (4,000,346) (1,722,964) Total income tax 26,449,495 11,488,471

Notes to the consolidated financial statements as of 31 December 2022 page 50 16. CASH AND CASH EQUIVALENTS In RON 31 December 2022 31 December 2021 Cash 87,751 124,878 Current accounts 9,227,885 17,455,415 Receivables related to current accounts - - Cash and Current Accounts - Gross Value 9,315,636 17,580,293 Expected credit loss related to current accounts - - Total cash and current accounts 9,315,636 17,580,293 Cash and cash equivalents include: In RON 31 December 2022 31 December 2021 Cash in branches 87,751 124,878 Current accounts with banks 9,227,885 17,455,415 Deposits placed with banks 90,849,287 35,457,570 Cash and cash equivalents 100,164,923 53,037,863 Attached receivables 99,782 19,121 Expected credit loss related to current accounts - - Expected credit loss related to deposits - - Bank deposits with a maturity of more than 3 months - - Total 100,264,705 53,056,984 Reconciliation of cash and cash equivalents with the balance sheet: În LEI Note 31 December 2022 31 December 2021 Cash and current accounts 9,315,636 17,580,293 Deposits placed with banks 90,949,069 35,457,570 Less the receivables attached to bank deposits (99,782) (19,121) Plus Expected credit loss related to deposits and current accounts - - Less deposits with maturity greater than 3 months - - Cash and cash equivalents in the statement of cash flows 100,164,923 53,037,863 Current accounts opened with banks are permanently available to the Group and are not restricted.

Notes to the consolidated financial statements as of 31 December 2022 page 51 17. BANK DEPOSITS Bank deposits Bank deposits to mature within 3 months In RON 31 December 2022 31 December 2021 Bank deposits 90,849,287 35,457,570 Receivables related to bank deposits 99,782 19,121 Total bank deposits – gross amount 90,949,069 35,476,691 Expected credit loss - - Total bank deposits 90,949,069 35,476,691 Bank deposits are permanently available to the Group and are not restricted or encumbered. 18. FINANCIAL ASSETS • Financial assets at fair value through profit or loss Financial assets at fair value through the profit or loss account as of 31 December 2022 and 31 December 2021 are presented as follows: In RON Fair value 31 December 2022 Fair value 31 December 2021 - Fund units 4,475,075 4,652,462 Total 4,475,075 4,652,462 The movement of financial assets measured at fair value through the profit or loss account as of 31 December 2022 and 31 December 2021 is presented as follows: Movement in Fair Value related to financial investments valued at fair value through the profit and loss account 2022 2021 1 January 4,652,462 3,598,942 Purchases - - Sales - - Net change in fair value (177,387) 1,053,520 31 December 4,475,075 4,652,462

Notes to the consolidated financial statements as of 31 December 2022 page 52 18. FINANCIAL ASSETS (continued) • Financial assets measured at fair value through other comprehensive income On December 31, 2022 and December 31, 2021, the structure of the Group's portfolio according to the market on which it traded was as follows: In RON 31 December 2022 31 December 2021 Shares measured at fair value through other comprehensive income 1,851,871,888 2,066,921,577 Changes in fair value pertaining to financial investment measured at fair value through other comprehensive income 2022 2021 January 1 2,066,921,577 1,700,658,957 Purchases 156,671,129 174,512,171 Sales 109,051,347 172,157,790 Net change in fair value (262,669,471) 363,908,239 31 December 1,851,871,888 2,066,921,577 The Group's trading activity aimed at implementing the investment strategy, in order to ensure the necessary conditions for the consolidation and rebalancing of the portfolio, taking into account the opportunities offered by the market and the need to comply with the prudential limitations incident to the activity of alternative investment funds. Inflows of shares in 2022 were in the amount of 156.67 million lei and represent, mainly, the purchase of shares from the capital market at S.I.F. Banat-Crisana (69.51 million lei), S.I.F Muntenia (43.77 million lei), Banca Transilvania (20.77 million lei), O.M.V. Petrom (10.33 million lei), Bucharest Stock Exchange (8.12 million lei), Electromagnetica (1.85 million lei) and Antibiotice (2.28 million lei). The sale value of the shares in 2022 amounted to 109.05 million lei, mainly consisting of the following issuers: Banca Transilvania (52.43 million lei), Eximbank (42.42 million lei) and S.N.G.N. Romgaz (6.95 million lei) and C.N.T.E.E. Transelectrica (0.96 million lei). Sales decisions are analyzed by the company's management together with the Investments Department and take place in the context where the company identifies reasonable opportunities to maximize investment returns. Inflows of shares during 2021 amounted to 174.51 million lei and mainly represent the purchase of shares from the capital market at S.I.F Muntenia (78.83 million lei), S.I.F. Banat-Crisana (40.58 million lei), Antibiotice Iași (26.94 million lei), Banca Transilvania (26.60 million lei), Bucharest Stock Exchange (0.94 million lei), Sinterom (0.14 thousand lei). The sale value of the shares in 2021 amounted to 172.16 million lei, mainly consisting of the following issuers: Banca Transilvania (107.27 million lei), OMV Petrom (23.71 million lei), B.R.D. GSG (19.85 million lei), SNGN Romgaz (8.05 million lei), S.I.F. Transilvania (4.85 million lei), Altur S.A. Slatina (0.35 million lei), CNTEE Transelectrica (1.27 million lei), Cerealcom Alexandria (1.66 million lei) and Corint S.A. Târgoviște (0.03 million lei). The sales and purchases took place according to the internal decisions of the Group in accordance with the risk policy and the investment strategy, in order to maximize returns and maintain the weights established by the risk and investment policy in the banking and energy sectors.

Notes to the consolidated financial statements as of 31 December 2022 page 53 18. FINANCIAL ASSETS (continued) • Financial assets measured at fair value through other comprehensive income (continued) Company Fair value as at 31 December 2022 - RON - Percentage of total - % - BANCA TRANSILVANIA S.A.CLUJ 512,315,870 27.60% B.R.D.-GROUPE SOCIETE GENERALE S.A. BUCUREȘTI 358,756,775 19.33% OMV PETROM S.A. BUCUREȘTI 251,958,044 13.57% S.I.F. BANAT-CRIȘANA S.A. 166,666,349 8.98% ANTIBIOTICE S.A. IAȘI 103,032,727 5.55% S.I.F. MUNTENIA S.A. 92,351,408 4.97% S.N.G.N. ROMGAZ S.A. 69,772,797 3.6% S.N.T.G.N. TRANSGAZ S.A. MEDIAȘ 67,059,731 3.61% C.N.T.E.E. TRANSELECTRICA S.A. BUCUREȘTI 56,781,978 3.06% TURISM FELIX BĂILE FELIX S.A. 40,942,936 2.21% Company Fair value as at 31 December 2021 – RON - Percentage of total - % - BANCA TRANSILVANIA S.A. CLUJ 623,764,043 30.11% B.R.D.-GROUPE SOCIETE GENERALE S.A. BUCUREȘTI 488,461,147 23.58% OMV PETROM S.A. BUCUREȘTI 266,188,144 12.85% ANTIBIOTICE S.A. IAȘI 107,751,847 5.20% S.I.F. BANAT-CRIȘANA S.A. 102,810,576 4.96% S.N.G.N. ROMGAZ S.A. 79,297,335 3.83% S.I.F. MUNTENIA S.A. 76,051,820 3.67% C.N.T.E.E. TRANSELECTRICA S.A. BUCUREȘTI 59,891,423 2.89% S.N.T.G.N. TRANSGAZ S.A. MEDIAȘ 57,444,996 2.77% TURISM FELIX BĂILE FELIX S.A. 50,025,845 2.41% 6. The hierarchy of fair values For the calculation of fair value, for equity instruments (shares), the Group 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. price derivatives); - Level 3: assessment techniques based largely on unobservable elements. This category includes all instruments for which the evaluation technique includes elements that are not based on observable data and for which unobservable input parameters can have a significant effect on the evaluation of the instrument.

Notes to the consolidated financial statements as of 31 December 2022 page 54 18. FINANCIAL ASSETS (continued) • The hierarchy of fair values (continued) 31 December 2022 In RON Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss 4,475,075 - - 4,475,075 Financial assets measured at fair value through other comprehensive income 1,752,138,244 - 99,733,664 1,851,871,888 Total 1,756,613,320 - 99,733,664 1,856,346,963 31 December 2021 In RON Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss 4,652,462 - - 4,652,462 Financial assets measured at fair value through other comprehensive income 1,963,986,818 - 102,934,759 2,066,921,577 Total 1,968,639,280 - 102,934,759 2,071,574,039 The fair value measurement of the equity investments (equity instruments - shares) held as of 31 December 2022 was performed as follows: - for listed and traded securities in the reporting period, the market value was determined by 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. - for listed securities without an active or unlisted market, 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. Fair value movement - Level 3 31 December 2022 31 December 2021 1 January 102,934,759 78,451,001 Purchases - 141,157 Sales 42,416,586 - Reclassifications from level 1 51,047,391 2,314,977 Net change in fair value (11,831,920) 22,027,624 31 December 99,733,644 102,934,759

Notes to the consolidated financial statements as of 31 December 2022 page 55 18. FINANCIAL ASSETS (continued) • The hierarchy of fair values (continued) Financial Assets Fair value at 31 December 2022 Valuation technique Unobservable inputs, value intervals Relationship between unobservable inputs and fair value Listed minority interest, without active market 3,119,986 Patrimonial approach – net accounting asset Carrying amount of assets Carrying amount of liabilities The higher the carrying amount of assets, the higher the fair value The higher the carrying amount of the liabilities, the lower the fair value Unlisted minority shares 16,659,508 Income approach – discounted cash- flow method Weighted average cost of capital: 14.13% Perpetuity growth rate of long-term income: 3.77% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term revenue growth rate, the higher the fair value. Minority shareholdings listed without an active market 73,822,266 Income approach – discounted cash- flow method Weighted average cost of capital: 16.67% Perpetuity growth rate of long-term income: 3.19% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term revenue growth rate, the higher the fair value. Unlisted minority shares 6,131,884 The patrimonial approach – net accounting asset Book value of assets Book value of liabilities The higher the book value of the assets, the higher the fair value The higher the book value of liabilities, the lower the fair value Total 99,733,644

Notes to the consolidated financial statements as of 31 December 2022 page 56 18. FINANCIAL ASSETS (continued) • The hierarchy of fair values (continued) Financial Assets Fair value at 31 December 2021 Valuation technique Unobservable inputs, value intervals Relationship between unobservable inputs and fair value Listed minority interest, without active market 745,162 Patrimonial approach – net accounting asset Carrying amount of assets Carrying amount of liabilities The higher the carrying amount of assets, the higher the fair value The higher the carrying amount of the liabilities, the lower the fair value Unlisted minority shares 15,131,901 Income approach – discounted cash- flow method Weighted average cost of capital: 10.75% Perpetuity growth rate of long-term income: 4.76% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term revenue growth rate, the higher the fair value. Listed minority interest, without active market 33,876,029 Income approach – discounted cash- flow method Weighted average cost of capital: 13.63% Perpetuity growth rate of long-term income: 3.18% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term revenue growth rate, the higher the fair value. Unlisted minority interest 53,181,666 The patrimonial approach – net accounting asset Book value of assets Book value of liabilities The higher the book value of the assets, the higher the fair value The higher the book value of liabilities, the lower the fair value. Total 102,934,759

Notes to the consolidated financial statements as of 31 December 2022 page 57 18. FINANCIAL ASSETS (continued) • The hierarchy of fair values (continued) Although the Company considers the fair value estimates as presented in these financial statements to be appropriate, the use of other methods or assumptions in the analysis and valuation could lead to values different from those presented. For fair values recognized through the use of a significant number of unobservable inputs (Level 3), changing one or more of the drivers in the analysis would have effects on comprehensive income and current income. A sensitivity analysis was performed on the value resulting from the evaluation of the placements in shares by estimating some risk variations on the main influencing factors. Two evaluation techniques were used, respectively: 1.) Income approach – Discounted cash flow method – the values of operating net financial flows as well as the values of the weighted average cost of capital were statistically modified by +/-5% and +/-50 bps respectively (2021: +/- 5%, respectively +/-50 bps), considered as a risk limit, obtaining values per share and implicitly of the company's own capital with a deviation from the standard value. Considering that within the holdings evaluated using the discounted cash flow method, there are companies for which the total value of the capitals was strongly influenced by the value of the excess assets that are added to the discounted value of the assets in operation, we also included a sensitivity analysis by estimating risk variations with +/-5% of excess assets. All these deviations from the standard value influence other elements of the overall result (before tax) Modified assumption (Lei) Impact in other elements of the comprehensive result (before tax) 31st of December 2022 Impact in other elements of the comprehensive result (before tax) 31st of December 2021 Increase in net operating cash flows by 5% 4,752,473 1,800,490 Decrease in net operating financial flows by 5% (2,739,303) (1,762,003) Increase in weighted average cost of capital by 50 bps (2,226,882) (2,191,829) Decrease in weighted average cost of capital by 50 bps 4,514,493 2,572,121 Increasing the growth rate in perpetuity by 50 bps 4,315,564 2,428,823 Decline in perpetuity growth rate by 50 bps (2,017,224) (2,064,642) Increase the value of excess assets by 5% 1,220,355 1,050,126 Decrease in value of excess assets by 5% (1,253,397) (1,048,841) From the information presented above, it can be seen that there is a direct relationship between the value of net operating cash flows and the value of excess assets and fair value, and an inverse relationship between the weighted average cost of capital and fair value: • the increase/decrease in net operating financial flows causes an increase/decrease in the fair value; • the increase/decrease in the weighted average cost of capital causes a decrease/increase in the fair value; • increase/decrease in excess assets causes an increase/decrease in fair value. The weighted average cost of capital represents the company's cost of capital in nominal terms (including inflation), based on the "Capital Asset Pricing Model". All sources of capital – shares, bonds and other long-term liabilities – are included in the calculation of the weighted average cost of capital. Excess assets represent assets that are not used in the current (operational) business of the company and may include financial assets, tangible assets, etc.

Notes to the consolidated financial statements as of 31 December 2022 page 58 18. FINANCIAL ASSETS (continued) • The hierarchy of fair values (continued) 2.) Equity approach – Adjusted net asset method and book net asset method – both asset values and liability values were adjusted by +/-5% (2021: +/-5%), yielding per share values and of the company's own capital, with a deviation from the standard value. These deviations from the standard value influence other elements of the overall result (before tax). Modified assumption (Lei) Impact in other elements of the comprehensive result (before tax) 31st of December 2022 Impact in other elements of the comprehensive result (before tax) 31st of December 2021 Increase in asset value by 5% 604,145 26,395,771 Decrease in asset value by 5% (591,636) (26,395,781) Increase in debt value by 5% (116,014) (23,705,768) Decreasing the value of debts by 5% 128,523 23,705,758 From the information presented above it can be seen that there is a direct relationship between the value of assets and fair value and an inverse relationship between the value of liabilities and fair value: • the increase/decrease in assets causes an increase/decrease in the fair value. • increase/decrease in liabilities causes a decrease/increase in fair value. Reserves from the fair value revaluation of financial assets at fair value through other elements of comprehensive income, net of deferred tax 31 December 2022 31 December 2021 January 1 622,479,609 404,205,825 Gross (loss)/gain from the revaluation of financial assets measured at fair value through other comprehensive income (262,669,472) 363,908,239 Deferred tax pertaining to the gain from the revaluation of financial assets measured at fair value through other comprehensive income 39,800,200 (49,382,911) Net (loss)/gain from the revaluation of available financial assets measured at fair value through other comprehensive income (222,869,272) 314,525,328 Gross gain from deferred tax pertaining to the transfer to retained earnings as a result of selling financial assets (36,022,470) (114,410,499) Deferred tax pertaining to the gains from the revaluation of financial assets through other comprehensive income, transferred to retained earnings as a result of selling financial assets 5,769,341 18,158,955 Gains net of deferred tax pertaining to the transfer to retained earnings as a result of selling financial assets (30,253,129) (96,251,544) 31 December 369,357,208 622,479,609

Notes to the consolidated financial statements as of 31 December 2022 page 59 19. COMMERCIAL RECEIVABLES AND DIFFERENT DEBTORS In LEI 31 December 2022 31 December 2021 Trade receivables 13,155,479 26,780,658 Advance payments to suppliers 2,348,960 5,124,199 Receivables from various debtors 5,953,100 4,801,181 Total other financial assets – gross amount 21,457,539 36,706,038 Less expected credit loss related to other financial assets 2,741,404 2,741,404 Total other financial assets 18,716,135 33,820,842 In LEI 31 December 2022 31 December 2021 Trade and other receivables - performing 18,716,135 33,820,842 Trade and other receivables - impaired 17,850,331 14,613,094 Trade and other receivables – gross amount 36,566,466 48,433,936 Adjustments for expected credit loss for trade and other receivables - performing - - Adjustments for expected credit loss for trade and other receivables - impaired 17,850,331 14,613,094 Total other financial assets 18,716,135 33,820,842 The age of receivables is presented as follows on December 31, 2022, respectively December 31, 2021: In LEI 31 December 2022 Expected credit loss Gross amount Net Value Not overdue - 7,501,065 7,501,065 Overdue between 0 and 30 days - 8,969,923 8,969,923 Overdue between 31 and 60 days - 1,679,211 1,679,211 Overdue between 61 and 90 days - 449,218 449,218 Overdue between 91 and 180 days - - - Overdue between 181 and 365 days - 116,718 116,718 Overdue more than 365 17,850,331 17,850,331 - Total 17,850,331 36,566,466 18,716,135

Notes to the consolidated financial statements as of 31 December 2022 page 60 19. COMMERCIAL RECEIVABLES AND DIFFERENT DEBTORS (continued) In LEI 31 December 2021 Expected credit loss Gross amount Net Value Not overdue - 7,749,668 7,749,668 Overdue between 0 and 30 days - 22,102,603 22,102,603 Overdue between 31 and 60 days - 1,896,807 1,896,807 Overdue between 61 and 90 days - 2,856 2,856 Overdue between 91 and 180 days - 11,821 11,821 Overdue between 181 and 365 days - 2,057,087 2,057,087 Overdue more than 365 days 14,613,094 14,613,094 - Total 14,613,094 48,433,936 33,820,842 The Group analyzed the credit risk losses related to receivables less than 365 days old according to the Group's policy, and the impact on the consolidated financial statements is insignificant as of December 31, 2022 and December 31, 2021. Changes in the balance of expected credit risk losses related to trade receivables and other sundry debtors at December 31, 2022 and December 31, 2021 are presented as follows: In RON 31 December 2022 31 December 2021 At 1 January 14,613,094 10,812,518 Charges 6,177,331 4,814,333 Reversals 2,940,094 1,013,757 At 31 December 17,850,331 14,613,094 20. INVENTORIES In RON 31 December 2022 31 December 2021 Raw materials and materials 113,753,871 70,033,959 Semi-products 46,969,337 28,001,780 Finished product 16,686,920 14,238,735 Impairment adjustments 569,777 204,750 Production in progress 71,379 3,104,643 Commodities 33,911 824,941 Other stocks 368 41,982 Total 178,085,563 116,450,790 The balance of the adjustments of value losses related to stocks on December 31, 2022 is 365,399 lei (0 on December 31, 2021). The stocks relate to the production of sunflower oil and sunflower-derived products. Thus, in the current economic context, the degree of utilization of the stocks is almost complete, and the losses in value tend to zero.

Notes to the consolidated financial statements as of 31 December 2022 page 61 22. INVESTMENT PROPERTY In LEI 31 December 2022 31 December 2021 Opening balance at January 1 299,930,012 282,239,999 Changes in fair value 9,041,490 17,690,013 Purchases - - Transfer or premises and equipment - - Sales - - Transfer of assets held for sale - - Closing balance at 31 December 308,971,502 299,930,012 The group does not have mortgaged real estate investments on December 31, 2022, respectively December 31, 2021. The last revaluation of the real estate investments held was carried out on December 31, 2022, the differences from the revaluation being recorded within the equity. The revaluation was carried out by an authorized appraiser, namely Neoconsult Valuation S.R.L., ANEVAR corporate member. The fair value hierarchy is Level 3 for investment property. Management believes that the net book value of investment property as of December 31, 2022 represents an estimate of fair value at the reporting date. Three valuation techniques were used in their estimation, namely: the market approach, the income approach and the cost approach: 1. Approach through the market - The method of market comparisons uses comparative analysis, respectively the estimation of the value is done by analyzing the market to find similar properties, then comparing these properties with the evaluated one. The method assumes that the market value of a real estate property is in direct relationship with the transaction prices of comparable properties, the comparative analysis being based on the similarities and differences between the properties and how they influence the value. The method is a global approach, which applies the information gathered following the supply-demand ratio in the market, reflected in the mass media or other credible sources of information. It is based on the unit value resulting from transactions with similar or comparable real estate carried out in a satisfactorily comparable area or areas. In this method there is a direct relationship between the market price and the resulting value, the higher the price of comparable properties, the higher the value resulting from this method, the lower the price of comparable properties, the higher the resulting value this method decreases. The method was basically used for land, the average price considered in the evaluation being 169 EUR/m2 with a minimum of 2 EUR/m2 and a maximum of 781 EUR/m2. In the case of constructions, the price varied between 97 and 2,050 EUR/m2. 2. Income approach through the method of direct capitalization the value of the property is determined based on the ability of the property to generate positive cash flows that ultimately remain at the disposal of the owner. The monthly gross operating income and related expenses are determined, with the net cash flow subsequently being discounted at a rate that represents the return expected by investors in the context of risks similar to those associated with property. As with net discounted cash flow valuation, there is a direct relationship between the cash flows expected to be generated and the appraised value and an inverse relationship between the discount rate and the appraised value – as the estimated cash flows increase or the discount rate decreases, the appraised value increases, as the forecasted cash flows decrease or the discount rate increases, the appraised value decreases. The method was used for constructions of the nature of commercial premises, the net rent considered in the evaluation methodology (after deducting the expenses related to the property) varying between 1.7 and 8.55 EUR/sqm/month depending on the location and equipment (between 2 EUR/m2/month and 8.68 EUR/m2/month in 2021). Also, the capitalization rate considered in the evaluation was in the range of 8-11% (between 7% and 11% in 2021). 3. Cost approach - The net replacement cost method (after deducting depreciation) is used when there is either no evidence of transaction prices for similar properties or no identifiable stream of income, real or theoretical, that would accrue to the owner and involves establishing the market value of the property by estimating the costs of building a new property, with the same utility, or adapting an old property to the same use, without costs related to construction / adaptation time. In the case of the evaluated constructions, the replacement cost was estimated by using the guide "Reconstruction costs - replacement costs, industrial, commercial and agricultural buildings. Special constructions" - Corneliu Şchiopu - Iroval Publishing House Bucharest, 2010, updated with indexes 2022-2023. Depreciation estimation was done by the segregation method, by which each cause of depreciation was analyzed separately, quantified and then applied to the reconstruction cost.

Notes to the consolidated financial statements as of 31 December 2022 page 62 22. INVESTMENT PROPERTY (continued) It is a direct relationship between estimated costs and resulting value – as the estimated construction costs increase, the assessed value increases, as the estimated costs decrease, the reassessed value decreases. It is an inverse relationship between the estimated depreciation and the resulting value – the higher the depreciation, the lower the assessed value, the lower the depreciation, the higher the reassessed value. The average net replacement cost considered in the evaluation (after depreciation) varied between EUR 363 and EUR 646/m2 (between EUR 338/m2 and EUR 520/m2 in 2021). The review of the fair values obtained from the independent appraisers takes place within each company within the Group, through an independent committee that reviews and approves the fair values that will be presented by each company in the Group at the end of each reporting period. For undivided quota lands a combination of the income approach and the cost approach (residual method) was used given that there were no comparable properties – the total property value was determined using the income method and to determine the land value, the total property value was subtracted the net replacement cost of the construction. The resulting value for these plots varied between 3 and 9,240 EUR/m2 depending on the location (between EUR 3/m2 and EUR 8,435/m2 in 2021). Real estate investments Fair value at 31st of December 2022 Fair value at 31st of December 2021 Evaluation technique Lands Constructions 161,454,294 1,033,344 155,123,813 1,017,616 The market approach The market approach Constructions 36,831,742 36,271,140 The income-based approach Constructions 90,283,563 88,865,074 The cost-based approach Lands 19,413,558 18,652,369 The residual method TOTAL 308,971,502 299,930,012 The accounting value of investment property presented as warranty for loans obtained by the Company is given below: Lei Financial year Income from annual rents Annual expenses for administration and maintenance of rented spaces Commercial profit Rented area (sqm) Average rent/sqm 2022 35,134,456 15,003,250 20,131,206 98,804 356 2021 28,702,732 8,908,799 19,793,933 80,236 358 Financial year Total future contractual rental income Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years Between 4 and 5 years More than 5 years 2022 149,580,084 25,702,214 25,703,207 26,583,991 26,315,458 26,506,299 18,768,915 2021 144,173,056 23,217,865 24,676,486 24,343,810 24,381,771 24,986,059 22,567,065 Most of the rental income results from spaces related to galleries and retail commercial spaces. The lease contracts in which the Group is the lessor have, as a rule, contractual terms of between 1 and 5 years on average, with the possibility of extension on the basis of an additional deed, and are in market conditions. The contracts do not contain the purchase option from the lessees of the leased premises. Also, the contracts do not contain residual value guaranteed by a th ird party or unguaranteed. The Group has not identified any significant situations that may arise in the foreseeable future that will require changes to contractual clauses.

Notes to the consolidated financial statements as of 31 December 2022 page 67 22. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (continued) The last revaluation of the owned land and buildings was carried out on December 31, 2022, the differences from the revaluation being recorded within equity. The revaluation was carried out by an authorized appraiser, namely Neoconsult Valuation S.R.L., ANEVAR corporate member. If tangible fixed assets had been valued at cost less depreciation and adjustments from value losses, on December 31, 2022, their estimated value by the Group's management would have been 22 million lei, and on December 31, 2021, 24 million lei . The fair value hierarchy is Level 3 for land and buildings. Management believes that the net book value of land and buildings at December 31, 2022 represents an estimate of fair value at the reporting date. Three evaluation techniques were used in their estimation, namely: 1. Approach through the market - The method of market comparisons uses comparative analysis, respectively the estimation of the value is done by analyzing the market to find similar properties, then comparing these properties with the evaluated one. The method assumes that the market value of a real estate property is in direct relationship with the transaction prices of comparable properties, the comparative analysis being based on the similarities and differences between the properties and how they influence the value. The method is a global approach, which applies the information gathered following the supply-demand ratio in the market, reflected in the mass media or other credible sources of information. It is based on the unit value resulting from transactions with similar or comparable real estate carried out in a satisfactorily comparable area or areas. In this method there is a direct relationship between the market price and the resulting value, the higher the price of comparable properties, the higher the value resulting from this method, the lower the price of comparable properties, the higher the resulting value this method decreases. The method was basically used for land, the average price considered in the evaluation being 15 EUR/m2 (same as 2021) with a minimum of 1 EUR/m2 and a maximum of 1,553 EUR/m2 (between EUR 1/m2 and EUR 1,614/m2 in 2021). In the case of constructions for which this method was used, the considered price varied between 412 and 2,053 EUR/m2 with an average of 685 EUR/m2. The considered values are similar to those of 2021. 2. Income approach – Two evaluation methods were used within this approach: 2.1. Discounted Net Cash Flow Valuation - The expected cash flows from an asset or business (FCFF) are discounted to present value using a rate of return that reflects the relative risk of the investment as well as the time value of cash (WACC). This rate is based on the individual rates of return on invested capital (equity and interest-bearing liabilities) and formed by the individual levels of return for each asset. This rate is calculated by weighting the cost of interest-bearing debt and equity, in proportion to their estimated weight in an estimated capital structure. Cash flow forecasts are made over a limited period (usually 5 years). The residual value, which represents the value of the business after the forecast period was explicitly estimated by capitalizing the profit at the end of the forecast period. The capitalization rate was estimated starting from the discount rate by deducting the continuous annual growth rate (long-term growth rate - g). In this method there is a direct relationship between the level of estimated FCFF and the resulting value, the higher the estimated cash flows, the higher the resulting value under this method, the higher the estimated cash flows, the lower the value resulting from this method decreases. This method was mainly used for the evaluation of assets within companies in the hotel field, the forecasts taking into account the specifics of each hotel unit and for the evaluation of the silos within the entity Argus S.A. In this method there is an inverse relationship between the estimated rate of return and the resulting value, the higher the discount rate, the lower the value resulting from this method, the lower the discount rate, the lower the resulting value this method increases. The discount rate used in the evaluations of companies in the hotel sector varied between 10.98% and 14.96% (between 10.1% and 10.4 in 2021), for silo-type industrial sites using a discount rate between 9.72% and 13.25%. In this method there is a direct relationship between the level of the long-term growth rate (g) and the resulting value, the higher the growth rate, the higher the resulting value following this method, the lower the growth rate, the lower the value resulting from this method. The long-term growth rate used in hotel company valuations ranged from 2.5% to 5.98% (between 0.6% and 7.07% in 2021) for silo-type industrial sites using a of long-term growth between 0.62% and 2.51%. 2.2. Direct capitalization valuation – The value of the property was determined based on the property's ability to generate positive cash flows that ultimately remain with the owner. The monthly gross operating income and related expenses are determined, with the net cash flow subsequently being discounted at a rate that represents the return expected by investors in the context of risks similar to those associated with property. As with net discounted cash flow valuation, there is a direct relationship between the cash flows expected to be generated and the appraised value and an inverse relationship between the discount rate and the appraised value – as the estimated cash flows increase or discount rate decreases, appraised value increases, as forecasted number streams decrease or discount rate increases, appraised value decreases.

Notes to the consolidated financial statements as of 31 December 2022 page 68 The forecasted cash flows considered an occupancy rate of the locations that varied between 65% and 85%, and the capitalization rate considered in this approach varied between 9.5% and 11% (8% and 11% in 2021). 3. Cost approach - The net replacement cost method (after deducting depreciation) is used when there is either no evidence of transaction prices for similar properties or no identifiable stream of income, real or theoretical, that would accrue to the owner and involves establishing the market value of the property by estimating the costs of building a new property, with the same utility, or adapting an old property to the same use, without costs related to construction / adaptation time. In the case of the evaluated constructions, the replacement cost was estimated by using the guide "Reconstruction costs - replacement costs, industrial, commercial and agricultural buildings. Special constructions" - Corneliu Şchiopu - Iroval Publishing House Bucharest, 2010, updated with indexes 2022-2023. Depreciation estimation was done through the segregation method, by which each cause of depreciation was analyzed separately, quantified and later applied to the reconstruction cost. There is a direct relationship between the estimated costs and the resulting value – the higher the estimated construction costs, the higher the value the assessed value increases, the lower the estimated costs, the lower the reassessed value. It is an inverse relationship between the estimated depreciation and the resulting value – the higher the depreciation, the lower the assessed value, the lower the depreciation, the higher the reassessed value. The total impairment considered in the assessment was in the range of 25 - 95%. The average net replacement cost considered in the evaluation varied between 697 and 756 EUR/m2 (between 552 and 757 EUR/m2 in 2021), but separately, certain improvements are also considered for buildings at a specific cost that is not allocated to the area. For undivided share land a combination of the income approach and the cost approach (residual method) was used given that there are no comparable properties – the total value of the property was determined using the income method and to determine the value of the land, from the total value of the property has been subtracted the net replacement cost of the construction. The resulting value for these plots varied between 25 and 6,051 EUR/m2 depending on the location. There were no changes in valuation methods from one period to another. Tangible assets Fair value at 31st of December 2022 Fair value at 31st of December 2021 Evaluation technique Lands 67,731,998 65,322,312 The market approach Construction 2,368,320 2,374,880 The market approach Construction 107,143,617 107,440,370 The income approach Lands (improvements) 119,578 122,562 The cost approach Construction 5,453,673 5,468,778 The cost approach Lands 13,086,085 13,412,624 The residual method Other tangible assets 12,864,892 12,519,051 Historical cost TOTAL 204,768,162 206,660,576

Notes to the consolidated financial statements as of 31 December 2022 page 69 23. LOANS As of December 31, 2022, the Group's loans are mainly located by banking units as follows: Company Bank Currency Interest rate Final Maturity Balance at 31st of December 2022 Argus S.A. Constanța Banca Transilvania RON Robor 3M + 1.2% 27.08.2023 152,921,978 As of December 31, 2022, the Group has debts from financial leasing in the amount of 773,534 lei (0 on December 31, 2021). As of December 31, 2021, the Group's loans are mainly located by banking units as follows: In lei Company Bank Currency Interest rate Final Maturity Balance at 31st of December 2021 Argus S.A. Constanța Banca Transilvania RON Robor 3M + 1.3% 31.07.2022 110,000,000 Lactate Natura S.A. CEC RON Robor 3M + 1.2% 04.06.2023 151,098 Lactate Natura S.A. CEC RON Robor 3M + 3.5% 03.06.2022 2,276,975 Total 112,428,073 The Group's withdrawals and repayments related to loans at 31 December 2022 and 31 December 2021 are as follows: 31 December 2022 31 December 2021 Long-term bank loans 2,285,790 - Initial balance Withdrawals 1,158,674 2,285,790 Repayment - - Final Balance 3,444,464 2,285,790 31 December 2022 31 December 2021 Short-term bank loans Initial balance 111,191,650 91,411,912 Withdrawals 235,800,441 122,931,812 Repayment 189,698,696 103,152,074 Final Balance 157,293,395 111,191,650 Total loans 160,737,859 113,477,440

Notes to the consolidated financial statements as of 31 December 2022 page 70 23. LOANS (continued) The guarantees granted for obtaining the credits were as follows: Year 2022: Argus: The company's loans are guaranteed by mortgages on fixed assets with a net book value of 25,768,699 lei on December 31, 2022 and stocks in the total amount of 178,748,589 lei. Year 2021: Lactate Natura: For the credit due on 03.06.2022: - First-class real estate mortgage on the Târgoviște Dairy Products Factory; - Mortgage on the accounts opened by the company at CEC Bank S.A.; For the credit due on 04.06.2023: - Grade II real estate mortgage on the Târgoviște Dairy Products Factory; - Mortgage on the current account opened by the company at CEC Bank S.A. Târgoviște branch; - Movable mortgage established in favor of the bank on the purchased movable assets. Argus: - The company's loans are guaranteed by mortgages on fixed assets with a net book value of 33,766,705 lei on December 31, 2021 and stocks in the total amount of 112,034,871 lei. 24. DIVIDENDS PAYABLE In RON 31 December 2022 31 December 2021 Dividends payable for 2021 4,875,611 - Dividends payable for 2020 7,411,724 7,718,194 Dividends payable for 2019 14,653,427 15,068,687 Dividends payable for 2018 21,094,316 21,430,095 Dividends payable for 2017 448,733 453,718 Dividends payable for 2016 414,640 416,063 Dividends payable for 2015 596,370 596,634 Dividends payable for 2014 492,337 492,340 Dividends payable for 2013 644,644 649,431 Dividends from previous years 451,902 528,299 Total dividends payable 51,083,704 47,353,463 25. COMMERCIAL LIABILITIES Trade and other payables In RON 31 December 2022 31 December 2021 Supplies 11,452,916 14,343,096 Advances from customers 217,459 512,584 Total 11,670,375 14,855,680

Notes to the consolidated financial statements as of 31 December 2022 page 71 26. OTHER LIABILITIES In RON 31 December 2022 31 December 2021 Debt related to the State Budget 979,141 5,201,257 Liabilities related to salaries 6,077,225 2,066,611 Other liabilities 14,082,008 10,463,454 Total 21,138,374 17,731,322 27. PROVISIONS FOR RISKS AND EXPENSES In RON 31 December 2022 31 December 2021 At 1 January 2,947,824 2,249,864 Charges 2,327,091 1,171,575 Reversals 2,166,726 473,615 At 31 December 3,108,189 2,947,824 28. DEFERRED PROFIT TAX LIABILITIES Deferred income tax liabilities are determined by the following elements: 31 December 2022 In LEI Assets Liabilities Net Taxable effect Tangible assets 122,350,703 - 122,350,703 21,153,826 Real estate investments 226,346,870 226,346,870 36,477,620 Financial assets valued at fair value through other comprehensive income 367,706,587 - 367,706,587 58,833,054 Provisions for risks and expenses - 16,254,227 (16,254,227) (2,600,676) Other liabilities (employee benefits) - 14,627,434 (14,627,434) (2,340,389) Tax losses - - - - Other elements of capital - (20,244,741) 20,244,741 3,239,157 Total 716,404,160 10,636,920 705,767,240 114,762,592 Deferred income tax liabilities 114,762,592 31 December 2021 In LEI Assets Liabilities Net Taxable effect Tangible assets 121,052,359 - 121,052,359 22,320,649 Real estate investments 152,576,175 152,576,175 24,038,711 Financial assets valued at fair value through other comprehensive income 646,508,143 - 646,508,143 103,441,303 Provisions for risks and expenses - 13,664,246 (13,664,246) (2,186,279) Other liabilities (employee benefits) - 1,039,124 (1,039,124) (166,260) Tax losses 20,860,185 - 20,860,185 (3,337,630) Other elements of capital - (23,604,289) 23,604,289 3,776,687 Total 940,996,862 (8,900,919) 949,897,781 147,887,181 Deferred income tax liabilities 147,887,181

Notes to the consolidated financial statements as of 31 December 2022 page 72 28. DEFERRED PROFIT TAX LIABILITIES (continued) The net movement related to the chargeable position is presented as follows: The balance sheet item Taxable effect of temporary differences to 31st of December 2021 Taxable effect of temporary differences at 31st of December 2022 The net movement between the two financial periods Effect in Tangible assets 22,320,649 21,153,826 (1,166,823) Other elements of the overall result Real estate investments 24,038,711 36,477,620 12,438,909 Profit and loss account Financial assets valued at fair value through other comprehensive income 103,441,303 58,833,054 (44,608,249) Other elements of the overall result Provisions for risks and expenses (2,186,279) (2,600,676) (414,397) Profit and loss account Other liabilities (benefits granted to employees (leaves not taken)) (166,260) (2,340,389) (2,174,129) Profit and loss account Tax losses (3,337,630) - 3,337,630 Reported result Other elements of capital 3,776,687 3,239,157 (537,530) Other elements of the overall result Total 147,887,181 114,762,592 (33,124,589) The balance sheet item Taxable effect of temporary differences to 31st of December 2020 Taxable effect of temporary differences at 31st of December 2021 The net movement between the two financial periods Effect in Tangible assets 18,970,217 22,320,649 3,350,432 Other elements of the overall result Real estate investments 19,321,953 24,038,711 4,716,758 Profit and loss account Financial assets valued at fair value through other comprehensive income 73,409,125 103,441,303 30,032,178 Other elements of the overall result Provisions for risks and expenses (1,819,427) (2,186,279) (366,852) Profit and loss account Other liabilities (benefits granted to employees (leaves not taken) - (166,260) (166,260) Profit and loss account Tax losses (3,588,741) (3,337,630) 251,111 Reported result Other elements of capital 2,671,442 3,776,687 1,105,245 Other elements of the overall result Total 108,964,567 147,887,181 38,922,612

Notes to the consolidated financial statements as of 31 December 2022 page 73 29. CAPITAL AND RESERVES o Social capital The share capital, according to the Company's articles of incorporation, has the value of 50,000,000 lei, it is divided into 500,000,000 shares with a nominal value of 0.1 lei/share and is the result of direct subscriptions made to the share capital of the Company and through the transformation into shares of the amounts due as dividends based on Law no. 55/1995 and through the effect of Law no. 133/1996. Additional details regarding the share capital of the parent company can be found in its individual financial statements. The share capital according to the constitutive act is as follows: In RON 31 December 2022 31 December 2021 Statutory share capital 50,000,000 50,000,000 On December 31, 2022, the number of shareholders is 5,727,907 (December 31, 2021: 5,732,113), which, in the structure, is presented as follows: Number of shareholders Number of shares Amount (lei) (%) 31 December 2022 Individuals 5,728,730 209,676,656 20,967,666 42% Legal entities 177 290,323,344 29,032,334 58% Total 31 December 2022 5,728,907 500,000,000 50,000,000 100% Number of shareholders Number of shares Amount (lei) (%) 31 December 2021 Individuals 5,731,902 230,024,632 23,002,463 46% Legal entities 211 269,975,368 26,997,537 54% Total 31 December 2021 5,732,113 500,000,000 50,000,000 100% • Legal reserves According to legal requirements. The group constitutes legal reserves in the amount of 5% of the profit registered according to the applicable accounting regulations up to the level of 20% of the social capital according to the constitutive acts. Legal reserves cannot be distributed to shareholders. On December 31, 2022, the legal reserves are 23,409,585 lei (December 31, 2021: 22,931,604 lei). • Dividends During the reporting period ended on December 31, 2022, the Group declared payment dividends in the amount of 14.250.000 lei (December 31, 2021: 25.000.000 lei). • Other reserves In lei 31 December 2022 31 December 2021 Other reserves – own financing sources 451,941,744 429,391,006 Other reserves – established following the enforcement of Law no, 133/1996* 144,636,073 144,636,073 Other reserves 96,492,920 91,654,301 Total 693,070,737 665,681,380 * The reserve related to the initial portfolio was established following the application of Law no. 133/1996. as the difference between the value of the contributed portfolio and the value of the share capital subscribed to the Company. These reserves are assimilated to an input premium.

Notes to the consolidated financial statements as of 31 December 2022 page 74 30. MINORITY INTEREST The minority interest in the equity capital of the companies included in the consolidation is presented as follows: In LEI 31 December 2022 31 December 2021 La 1 January 86,675,621 87,550,122 Profit attributable to non-controlling interests 5,494,902 1,227,844 Property, plant and equipment revaluation reserves attributable to non-controlling interests (12,545,480) 13,228,015 Reserves from the revaluation of FVTOCI equity instruments, net of deferred tax (978,620) 698,671 Dividends distributed to non-controlling interests (1,117,017) (585,970) Changes in the group structure (2,644,187) (15,443,061) La 31 December 74,885,218 86,675,621 Significant minority interest holdings of the Group. on an individual level, they are related to the Argus S.A. subsidiary. Balance Sheet Items. profit and loss account and global result and cash flows of Argus S.A. that were consolidated by the Group are presented as follows: Information from the financial position 31 December 2022 31 December 2021 Assets Cash and current accounts 2,136,040 8,058,951 Deposits placed with banks 35,494,614 6,987,860 Financial assets valued at fair value through profit or loss - - Financial assets designated at fair value through other comprehensive income 33,584 6,592 Trade receivables and other miscellaneous debtors 15,801,493 29,273,706 Inventories 177,750,960 115,854,002 Real estate investments 11,636,539 11,404,796 Tangible assets 148,552,353 155,006,446 Intangible assets 14,490 12,630 Other assets 299,759 743,605 Receivables related to the current profit tax (418,040) - Total Assets 391,301,793 327,348,589 Liabilities Loans 159,324,280 110,000,000 Dividend payment 554,186 554,832 Current income tax liabilities - 24,153 Trade debts 7,140,542 11,375,268 Other debts 1,146,632 4,047,769 Provisions for risks and expenses 6,742,942 1,509,847

Notes to the consolidated financial statements as of 31 December 2022 page 75 30. MINORITY INTEREST (continued) Deferred income tax liabilities 14,304,896 12,480,130 Total Liabilities 189,213,479 139,991,999 Net assets, of which 202,924,395 187,356,589 Interests that do not control 29,671,793 41,762,256 The majority shareholders of the Group 173,252,602 145,594,333 Information from the profit and loss account and global result 31 December 2022 31 December 2021 Income Gross dividend income - - Interest income 741,138 72,880 Revenues from contracts with clients 366,057,313 209,237,043 Other operating income 5,741,297 2,418,920 (Loss)/Net gain from exchange rate differences (94,622) 1,013,453 Net gain /(Net loss) from the revaluation of financial assets at fair value through the profit or loss account - - Net gain on sale of non-financial assets - - Net gain from revaluation of real estate investments 235,311 3,394,554 Costs (Losses)/Recovery of losses from the depreciation of financial assets - - (Losses)/Recovery of losses from the depreciation of non-financial assets (190,392) (440,253) (Constitutions)/Resumes of provisions for risks and expenses (870,945) 387,728 Salary expenses allowances and similar expenses (22,283,220) (15,002,695) Raw material expenses materials and goods (268,901,879) (170,079,940) Other operating expenses (47,801,643) (26,941,848) Profit before tax 32,632,357 4,059,843 Profit tax 2,945,286 (25,648) Net profit for the financial year 29,687,071 4,085,491 Other elements of the overall result Increases/(Decreases) of the reserve from the revaluation of tangible assets. Net of deferred tax (6,454,092) 13,330,766 (Loss)/Net gain from revaluation of equity instruments at fair value through other comprehensive income (FVTOCI). Net of the lover’s tax - - Other comprehensive income items – items that will not be reclassified to profit or loss (6,454,092) 13,330,766 Other comprehensive income items – items that will be reclassified to profit or loss - - Other elements of the overall result - - Total overall result for the financial year 23,232,979 17,416,257 Net profit of the exercise related to non-controlling interests 4,031,504 554,810 Total global result of the exercise related to non-controlling interests 3,155,039 2,365,128

Notes to the consolidated financial statements as of 31 December 2022 page 76 30. MINORITY INTEREST (continued) Financial information related to cash flows 31 December 2022 31 December 2021 Cash flows at the beginning of the period 15,046,811 31,971,603 Cash flows at the end of the period 37,630,654 15,046,811 Net increase/(decrease) in cash and cash equivalent 22,583,844 (16,924,792) Net cash from operating activities (23,609,339) (31,941,142) Net cash used in investment activities (3,131,098) (3,473,779) Net cash used in financing activities 49,324,280 18,490,128 Net increase/(decrease) in cash and cash equivalents 22,583,844 (16,924,792) 31. EARNINGS PER SHARE In LEI 31 December 2022 31 December 2021 Net profit attributable to the Group's shareholders 189,431,383 49,874,535 The weighted average number of ordinary shares in circulation 487,123,288 500,000,000 Basic earnings per share (net profit per share) 0.3889 0.0997 Net profit attributable to the Group's shareholders 189,431,383 49,874,535 Gain reflected in retained earnings attributable to ordinary shareholders (from the sale of financial assets at fair value through other elements of comprehensive income) 31,231,750 95,552,873 The weighted average number of ordinary shares in circulation 487,123,288 500,000,000 Earnings per basic share (including the gain realized from the sale of financial assets valued at fair value through other elements of comprehensive income) 0.4530 0.2909 32. WARRANTIES GIVEN Apart from the guarantees granted for obtaining bank loans. The group has no guarantees of any kind. 33. CONTINGENTS RELATED TO THE ENVIRONMENT Within the Group, Argus S.A. Constanţa has registered a provision for future environmental costs amounting to 922.700 RON, representing costs for closing a cell of technological waste. The Group management does not consider the costs associated with these elements to be significant. 34. THE TRANSFER PRICE The Romanian legislative framework contains rules on transfer prices between affiliated persons since 2000. The Romanian tax legislation includes the principle of market value according to which the transactions between the related parties must take place at the market value, respecting the principles of transfer pricing. Local taxpayers conducting transactions with affiliated parties must draw up and make available to the tax authorities, at their written request, the file of documentation of transfer prices, within the period granted by the authorities (the big taxpayers who carry out transactions with affiliated personnel over the ceilings established by legislation have the obligation to prepare the annual transfer pricing file starting with the transactions of 2016). Failure to file the transfer pricing documentation or submitting an incomplete file may result in penalties for non-compliance.

Notes to the consolidated financial statements as of 31 December 2022 page 77 34. THE TRANSFER PRICE (continued) However, regardless of the file's existence, in addition to the content of the transfer pricing documentation file, tax authorities may interpret transactions and circumstances differently from the management's interpretation and, as a result, impose additional tax obligations resulting from adjusting transfer prices (materialized in increases), of income, reductions of deductible expenses, thus increasing the tax base of the corporate tax). As a result, it is expected that the tax authorities will initiate thorough checks of the transfer prices, to ensure 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. 35. TRANSACTIONS AND MONEY WITH PARTIES IN SPECIAL RELATIONS Entities in which the Company has holdings in the share capital between 20% and 50% 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 issuers (01 January 2021: 6 issuers), All these companies are based in Romania. For these issuers, the Company’s holding percentage does not differ from the percentage of votes held. Company name Percentage held in 31 December 2022 - % - Percentage held in 31 December 2021 - % - SINTEROM S.A. Cluj-Napoca 32.13 32.13 ELECTRO TOTAL S.A. Botoșani * 29.86 29.86 TURISM FELIX S.A. Băile Felix 29.26 29.26 ȘANTIERUL NAVAL Orșova S.A. 28.02 28.02 TURISM LOTUS FELIX S.A. Băile Felix 27.46 27.46 ANTIBIOTICE S.A. Iași 27.04 26.41 ELECTROMAGNETICA S.A. București 28.16 26.14 * Company under judicial liquidation Following the analysis of the quantitative and qualitative criteria presented in IAS 28 - "Investments in associated entities" and IFRS 10 - "Consolidated financial statements". The group concluded that it does not hold investments in associated entities as of December 31, 2022 and December 31, 2021. 36. KEY MANAGEMENT PERSONNEL December 31, 2022 Following Decisions no. 9 and 10 of the Ordinary General Meeting of Shareholders of 28.04.2022. by which Mrs. Andreea Cosmănescu was appointed as a member of the Board of Directors of the company. The Financial Supervision Authority issued Authorization no. 83/18.05.2022, by which the changes made in the way of organization and operation of the S.I.F. were authorized. Oltenia S.A. Members of the Board of Directors: Sorin - Iulian Cioacă - President. Mihai Trifu - Vice President. Codrin Matei. Mihai Zoescu and Andreea Cosmănescu. Senior management: Sorin – Iulian Cioacă – General Manager. Mihai Trifu - Deputy General Director. December 31, 2021 Members of the Board of Administration: Sorin – Iulian Cioacă – President, Mihai Trifu - Vice-President, Codrin Matei, Mihai Zoescu and Andreea Cosmănescu – provisional member. Senior management: Sorin – Iulian Cioacă – General Manager, Mihai Trifu - Deputy General Director.

Notes to the consolidated financial statements as of 31 December 2022 page 79 37. SEGMENT REPORTING (continued) We present below the benchmarks for the purpose of a possible analysis as of 31 December 2022, 31 December 2021.: - Assets, liabilities and equity according to the Consolidated Statement of Financial Position 31 December 2022 In LEI Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Assets Cash and current accounts 9,315,636 2,241,614 3,847,109 2,242,516 984,397 Deposits placed with banks 90,949,069 12,881,011 37,457,177 36,794,614 3,816,267 Financial assets valued at fair value through profit or loss 4,475,075 4,475,075 - - - Financial assets at fair value through other comprehensive income 1,851,871,888 1,817,001,120 34,419,156 50,405 401,207 Trade receivables and other sundry debtors 18,716,135 22,330 2,439,905 15,930,994 322,906 Inventories 178,085,563 45,100 43,115 177,951,473 45,875 Real estate investments 308,971,502 1,100,816 295,054,291 11,636,539 1,179,856 Tangible assets 204,768,162 12,400,449 4,462,100 161,240,262 26,665,351 Intangible assets 216,651 45,798 155,882 14,490 481 Other assets 469,452 82,820 24,107 325,277 37,248 Current income tax receivable 418,040 418,040 - - - Total assets 2,668,257,173 1,850,714,173 377,902,842 406,186,570 33,453,588 Liabilities Loans 160,737,859 - 1,336,273 159,324,280 77,306 Dividend payment 51,083,704 49,300,619 1,210,271 554,186 18,628 Current income tax liabilities 690,393 324,149 771,108 (418,039) 13,175 Trade debts 11,670,375 1,610,683 2,163,458 7,542,589 353,645 Other debts 21,138,374 14,710,397 4,553,699 1,215,298 658,980 Provisions for risks and expenses 3,108,189 - 1,340,000 1,768,189 - Deferred income tax liabilities 114,762,592 63,028,769 37,240,018 14,304,896 188,909 Total debts 363,191,486 128,974,617 48,614,827 184,291,399 1,310,643

Notes to the consolidated financial statements as of 31 December 2022 page 80 37. SEGMENT REPORTING (continued) - Assets, liabilities and equity according to the Consolidated Statement of Financial Position (continued) 31 December 2021 In LEI Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Assets Cash and current accounts 17,580,293 3,918,233 3,201,190 8,205,083 2,255,787 Deposits placed with banks 35,476,691 14,631,528 7,934,996 6,987,860 5,922,307 Financial assets valued at fair value through profit or loss 4,652,462 4,652,462 - - - Financial assets at fair value through other comprehensive income 2,066,921,577 2,009,173,493 57,115,841 6,592 625,651 Trade receivables and other sundry debtors 33,820,842 2,081,463 1,810,558 29,880,235 48,586 Inventories 116,450,790 16,153 59,945 116,315,698 58,994 Real estate investments 299,930,012 1,551,404 284,379,176 11,404,796 2,594,636 Tangible assets 206,660,576 12,463,318 4,917,498 167,787,453 21,492,307 Intangible assets 184,257 6,181 161,546 14,520 2,010 Other assets 885,144 72,624 59,331 745,187 8,002 Current income tax receivable - - - - - Total assets 2,782,562,644 2,048,566,859 359,640,081 341,347,424 33,008,280 Liabilities Loans 113,477,440 - 978,811 112,436,889 61,740 Dividend payment 47,353,463 45,798,986 709,941 554,832 289,704 Current income tax liabilities 17,239,503 16,776,057 443,337 (139) 20,248 Trade debts 14,855,680 439,275 750,443 13,508,539 157,423 Other debts 17,731,322 8,134,007 483,548 7,674,420 1,439,347 Provisions for risks and expenses 2,947,824 - 1,340,000 1,607,824 - Deferred income tax liabilities 147,887,181 111,023,194 26,111,047 10,603,476 149,464 Total debts 361,492,413 182,171,519 30,817,127 146,385,841 2,117,926 The presented indicators were established based on the individual financial statements of the Company and of the companies in the scope of consolidation. Within the fixed assets held by the Group on December 31, 2022, a weight of 98.12% is held by the assets from the financial investment activity represented by the portfolio of financial fixed assets. Respectively 97.21% on December 31.

Notes to the consolidated financial statements as of 31 December 2022 page 81 37. SEGMENT REPORTING (continued) - Income, expenses and profit or loss according to the consolidated statement of profit or loss and other comprehensive income (continued) 31 December 2022 In RON Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Income Gross dividend income 190,369,244 187,605,794 2,743,121 - 20,329 Interest income 4,820,667 2,510,095 1,358,787 756,066 195,719 Revenues from contracts with clients 403,321,858 - 32,664,911 366,057,313 4,599,634 Other operating income 6,773,366 157,774 874,295 5,741,297 - (Loss)/Net gain from exchange rate differences (14,986) (4,880) 82,901 (94,624) 1,617 Net gain from revaluation of financial assets at fair value through profit or loss (177,388) (177,388) - - - Gain/(Loss) from revaluation of real estate investments 8,507,174 578,028 8,450,610 (233,970) (287,494) Expenses - (Losses)/Recovery of losses from the depreciation of financial assets (22,491) - (20,289) - (2,202) (Losses)/Recovery of losses from the depreciation of non-financial assets (190,392) - - (190,392) - (Constitutions)/Resumes of provisions for risks and expenses (870,945) - - (870,945) - Expenses with salaries, allowances and similar expenses (51,192,910) (17,506,362) (6,347,827) (23,609,908) (3,728,813) Expenditure on raw materials, materials and goods (273,469,489) (311,994) (455,638) (268,901,879) (3,799,978) Interest expense (6,821,935) - - (6,821,935) - Other operating expenses (59,655,994) (6,490,611) (7,562,330) (42,868,675) (2,734,378) Profit before tax 221,375,779 166,360,456 31,788,541 28,962,348 (5,735,566) Profit tax (26,449,495) (7,583,475) (15,920,734) (2,945,286) - Net profit for the financial year 194,926,284 158,776,981 15,867,807 26,017,062 (5,735,566)

Notes to the consolidated financial statements as of 31 December 2022 page 82 37. SEGMENT REPORTING (continued) - Income, expenses and profit or loss according to the consolidated statement of profit or loss and other comprehensive income (continued) The net profit on December 31, 2022 was made from financial investment activity in a proportion of 81.45% (74.08% on December 31, 2021). 31 December 2021 In LEI Group Financial services Commercial space rentals Food industry (majority production of sunflower oil and sunflower derivatives) Tourism Income Gross dividend income 56,005,999 54,303,970 1,039,686 - 662,343 Interest income 342,065 67,659 169,665 73,240 31,501 Revenues from contracts with clients 245,410,533 - 19,027,428 217,091,317 9,291,788 Other operating income 5,982,103 1,136,884 1,761,453 3,083,766 (Loss)/Net gain from exchange rate differences 1,088,029 70,358 2,857 1,013,466 1,348 Net gain from revaluation of financial assets at fair value through profit or loss 1,053,520 1,053,520 - - - Gain/(Loss) from revaluation of real estate investments 13,453,019 1,008,272 5,578,194 3,394,554 3,471,999 Expenses - - - - - (Losses)/Recovery of losses from the depreciation of financial assets 50,155 - 51,342 (5,438) 4,251 (Losses)/Recovery of losses from the depreciation of non-financial assets (440,253) - - (440,253) - (Constitutions)/Resumes of provisions for risks and expenses 387,728 - - 387,728 - Expenses with salaries, allowances and similar expenses (39,217,455) (12,503,697) (5,910,386) (17,280,315) (3,523,057) Expenditure on raw materials, materials and goods (177,238,861) (107,044) (1,036,316) (175,570,837) (524,664) Interest expense (2,145,712) - (2,145,712) - Other operating expenses (42,140,020) (2,886,787) (7,171,431) (28,924,929) (3,156,873) Profit before tax 62,590,850 42,143,135 13,512,492 676,587 6,258,636 Profit tax (11,488,471) (4,287,792) (5,996,337) (21,533) (1,182,809) Net profit for the financial year 51,102,379 37,855,343 7,516,155 655,054 5,075,827

Notes to the consolidated financial statements as of 31 December 2022 page 83 38. COMMITMENTS AND CONTINGENT LIABILITIES • Legal actions The Group has a number of court actions arising from the normal course of business, The Group’s management believes that these actions will not have a significant impact on the financial statements. As of 31 December 2022, a number of 124 cases were registered in court, of which: • 59 cases where they have the status of applicant; • 23 cases where they have the quality of defendant; • 2 cases where they have the quality of intervener; • 38 cases in insolvency proceedings; • 2 cases as a seized third party, According to their scope, the cases are structured as follows: • 29 commercial cases; • 7 cases - cancellation of G.S.M. decisions; • 39 cases in the insolvency procedure: in 31 cases it acts as a chirographic creditor; in 8 cases, it acts as a creditor • 49 other cases, The total of 124 cases is structured as follows: • 102 cases are found in the companies included in the consolidation scope, as follows: - 47 cases as plaintiff for the amount of 5,840,836 RON; - 17 cases as defendant for the amount of 2,786,639 RON; - 35 cases in the insolvency procedure for the amount of 12,823,144 RON; - 3 cases as a seized third party, - 1 case with the quality of intervener • 22 cases belong to the Company and consist mainly of: - 16 cases - plaintiff; - 6 cases - defendant; - 3 cases - in insolvency proceedings; - 1 case - impleaded; - 1 case – intervener According to their scope, the 22 cases belonging to the company are structured as follows: -7 cases - cancellation of G.S.M. resolutions, where the Company is the plaintiff; - 3 cases - companies in insolvency proceedings, as follows: in one case the company has the capacity of an unsecured creditor; in 2 cases it has the capacity of contribution creditor - 12 other cases;

Notes to the consolidated financial statements as of 31 December 2022 page 84 38. COMMITMENTS AND CONTINGENT LIABILITIES (continued) According to their object the following most important causes: a) Causes in which Argus S.A. has the capacity of plaintiff for the amount of 4,831,072 lei, which mainly concerns: - taking responsibility according to Article 138 of Law no. 85/2006; - the insolvency procedure. b) Cases in which Comcereal S.A., subsidiary of Argus S.A. has the capacity of plaintiff for the amount of 4,206,295 lei, of which 2,776,419 refer to the insolvency procedure and the amount of 664,358 lei for forced execution, promissory note. c) Cases in which Construcții Feroviare S.A. Craiova has the capacity of plaintiff for the amount of 2,221,886 lei, representing mainly the insolvency procedure, and defendant for the amount of 2,500,000 lei, representing claims. • Environmental contingencies The group has registered a guarantee constituted by Argus S.A. for the closure of a technological waste deposit at the disposal of A.F.M. in the amount of 922,700 lei. Management does not consider the expenses associated with these items to be significant. • The transfer price Romanian tax legislation contains rules on transfer prices between related parties since 2000. The current legislative framework defines the principle of "market value" for transactions between related persons. as well as transfer pricing methods. As a result. it is expected that the tax authorities will initiate thorough investigations of transfer pricing. to ensure that the tax result is not distorted by the effect of related party pricing. The company cannot quantify the result of such a check. 39. SUBSEQUENT EVENTS AFTER THE BALANCE DATE SOCIETATEA DE INVESTIŢII FINANCIARE OLTENIA S.A. After the balance sheet reporting date, there were no significant events that need to be presented in the notes to the financial statements. • ALIMENTARA S.A. Slatina On 13.02.2023, the A.G.O.A. meeting took place. by which the election of a new Board of Directors was approved. • ARGUS S.A. Constanța I. From the current report sent to the market on 09.02.2023, investors are informed about the litigation filed against the company By the former administrator Popa Carmen in file no. 857/118/2023 pending at the Constanța Court. II. From the current report sent to the market on 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia as of 01.03.2023 resigned from the position of administrator and Mrs. Paraschiv Maria was co-opted as provisional administrator as of 01.03.2023 02.03.2023. • COMPLEX HOTELIER DÂMBOVIȚA S.A. Târgoviște On 17.02.2023, the O.G.S.M. meeting took place. by which the election of a new Board of Directors was approved.

Notes to the consolidated financial statements as of 31 December 2022 page 85 39. FURTHER EVENTS AFTER THE BALANCE DATE (continued) • CONSTRUCTII FEROVIARE CRAIOVA S.A. I. On 14.02.2023, the O.G.S.M. meeting took place. by which the election of a new Board of Directors was approved. II. Through the current report sent to the market on 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia as of 01.03.2023 resigned from the position of administrator and Mrs. Paraschiv Maria was co-opted as provisional administrator as of 01.03.2023 02.03.2023. • FLAROS S.A. București I. On 02.02.2023, the O.G.S.M. meeting took place. by which the election of a new Board of Directors was approved. II. In the meeting of the E.G.S.M. from 02.02.2023 it was approved: - changing the main object of activity of the company Flaros S.A.; - the evaluation report of the company Flaros S.A. drawn up by the independent evaluator KPMG Advisory S.R.L to establish the price of the issuer's shares; - the procedure regarding the withdrawal of shareholders from the company; - amendment of the Constitutive Act as a result of the change in the object of activity. • GEMINA S.A. Rm. Vâlcea. I. On 14.02.2023, the O.G.S.M. meeting took place. by which the election of a new Board of Directors was approved. II. On 03.02.2023, investors are informed that Mrs. Vasile Carmen Iulia has resigned from the position of administrator as of 03.01.2023. • GRAVITY CAPITAL INVESTMENTS S.A. București There are no events. • LACTATE NATURA S.A. Târgoviște I. In the AGEA meeting of 07.02.2023 it was approved: - temporary suspension of the activity for a period of 3 years, starting from 09.02.2023; - reduction of the share capital for the partial coverage of losses; - the method and algorithm for reducing the number of shares because of the reduction of the share capital. • MERCUR S.A. Craiova I. On 20.02.2023, the A.G.O.A. meeting took place. by which the election of a new Board of Directors was approved II. Through the current report sent to the market on 02.03.2023, investors are informed that Mrs. Vasile Carmen Iulia as of 01.03.2023 resigned from the position of administrator and Mr. Codrin Matei was co-opted as provisional administrator as of 01.03.2023 02.03.2023. • PROVITAS S.A. București I. In the O.G.S.M. meeting of 16.02.2023, the election of the Sole Administrator was approved. • TURISM SA Pucioasa There are no events.

Notes to the consolidated financial statements as of 31 December 2022 page 86 39. FURTHER EVENTS AFTER THE BALANCE DATE (continued) • UNIVERS SA Rm. Vâlcea On 14.02.2023, the O.G.S.M. meeting took place. by which the election of a new Board of Directors was approved • VOLTALIM SA Craiova There are no events. 40. CONTINUITY OF BUSINESS The impact on the operations and business continuity During 2022 the capital market was exposed to heightened volatility as a result of uncertainties in the geopolitical environment. both locally and globally. The management of the company monitored this situation and adopted the necessary measures. and informing shareholders and investors proceeded normally the company communicating through current and periodic reports and/or updates of the company's website relevant information and events about the company. Macroeconomic uncertainty is still present. being influenced by the geopolitical conflict. high inflation and tight monetary policy. These factors can have a significant impact on the Romanian economy and consequently on the companies in the company's portfolio. The Board of Directors of the company is aware that economic developments both at the global and local level can influence the future activity of the company. having effects on the company's future results. Management constantly monitors the risks and uncertainties present. implementing measures to ensure the continuation of the activity in optimal conditions. None of the commercial companies included in the scope of consolidation fall under the O.M.F.P. no. 881/June 25, 2012. respectively, it is not obliged to prepare and report financial statements under I.F.R.S. They manage the accounting records according to the O.M.F.P. regulations 1802/2014 for the approval of accounting regulations regarding individual annual financial statements and consolidated annual financial statements. In order to consolidate. they prepare the second set of financial statements under I.F.R.S. The financial statements prepared in accordance with I.F.R.S. results from the restatement of the financial statements prepared on the basis of O.M.F.P. 1802/2014. The consolidated financial statements were drawn up in accordance with Norm no. 39/2015 for the approval of the Accounting Regulations compliant with the International Financial Reporting Standards applicable to authorized entities. regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector as well as the Investor Compensation Fund. These financial statements are intended exclusively for use by the Group. Its shareholders and F.S.A. and does not generate changes in shareholders' dividend rights. The consolidated financial statements were approved by the Board of Directors in the meeting of 24 March 2023 and were signed on their behalf by: Sorin – Iulian Cioacă Mihai Trifu Valentina Vlăduțoaia President -General Manager Vice-president - Deputy General Manager Economic Manager