The notes attached are an integral part of the separate financial statements. page 6 SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME In RON Note 31 December 2022 31 December 2021 as restated* Income Gross dividend income 7 194,404,216 57,273,099 Interest income 8 2,824,719 392,111 Other operating income 9 157,774 1,136,884 Expenses Net gain/ (Net loss) from the revaluation of financial assets at fair value through profit or loss (177,388) 1,053,520 (Losses)/Reversal on financial assets impairment 34,592 38,776 Expenses with wages, remunerations, and other similar expenses 10 (16,805,940) (11,931,543) Other operating expenses 11 (7,933,809) (6,052,799) Profit before taxation 172,504,164 41,910,048 Income tax 12 (7,695,679) (4,287,792) Net profit of the financial year 164,808,485 37,622,256 Other elements of the comprehensive income Increase/(decrease) from revaluation of premises and equipment, net of deferred tax 86,687 936,341 (Net loss)/Net gain from the revaluation of equity instruments at fair value through other comprehensive income (“FVTOCI”), net of deferred tax (220,196,165) 313,412,997 Other comprehensive income - Total (220,109,478) 314,349,338 Total comprehensive income of the financial year (55,300,993) 351,971,594 The result on the action of the base and diluted 23 Net profit per share 0.3383 0.0752 Net profit including gains from selling financial assets at fair value through other comprehensive income 0.3988 0.2643 * Balances restated for comparability and presentation according to Note 4 to the separate financial statements. The separate financial statements were approved by the Board of Directors in the meeting of 17 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 separate financial statements. page 7 SEPARATE STATEMENT OF FINANCIAL POSITION In RON Note 31 December 2022 31 December 2021 01 January 2021 as restated* as restated* Assets Cash and current accounts 13 2,241,614 3,918,232 4,279,517 Bank deposits 14 12,881,011 14,631,528 26,602,893 Financial assets measured at fair value through profit or loss 15 4,475,075 4,652,462 3,598,943 Financial assets measured at fair value through other comprehensive income 15 2,193,709,763 2,373,923,240 1,995,142,337 Bonds at amortized cost 15 2,927,744 6,851,710 - Property, plant and equipment 16 12,400,450 12,463,318 11,282,944 Other assets 17 1,732,250 3,995,141 1,404,984 Total assets 2,230,367,907 2,420,435,631 2,042,311,618 Liabilities Dividends payable 18 49,300,619 45,798,986 61,222,189 Current income tax liabilities (93,891) 16,776,057 (92,163) Financial liabilities at amortized cost 19 2,096,313 443,880 257,892 Deferred income tax liabilities 20 63,154,039 109,146,540 78,318,319 Other liabilities 21 10,314,900 8,359,573 11,295,436 Total liabilities 124,771,980 180,525,036 151,001,673 Equity Share capital 22 50,000,000 50,000,000 52,214,914 Legal and statutory reserves 10,003,314 10,003,314 9,932,437 Retained earnings 885,081,368 729,408,036 649,163,058 Reserves from the revaluation of property, plant and equipment 7,408,018 7,687,157 7,074,686 Reserves from the revaluation of financial assets measured at fair value through other comprehensive income 572,907,170 822,551,830 603,668,705 Other reserves 643,561,019 620,260,258 631,218,714 Own shares (63,364,962) - (61,962,569) TOTAL EQUITY 2,105,595,927 2,239,910,595 1,891,309,945 TOTAL LIABILITIES AND EQUITY 2,230,367,907 2,420,435,631 2,042,311,618 * Balances restated for comparability and presentation according to Note 4 to the separate financial statements. The separate financial statements were approved by the Board of Directors in the meeting of 17 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 separate financial statements. page 8 INDIVIDUAL STATEMENT OF CHANGES IN EQUITY In RON Share capital Reserves from the revaluation of premises and equipment Reserves from the revaluation of financial assets at fair value through other comprehensive income Retained earnings Legal reserves Other reserves Own shares Total BALANCE AT 1 JANUARY 2022 (reported) 50,000,000 7,241,779 778,347,775 731,780,300 10,003,314 620,260,258 - 2,197,633,426 Errors corrections - 445,378 44,204,055 (2,372,264) - - - 42,277,169 BALANCE AT 1 JANUARY 2022 (*restated) 50,000,000 7,687,157 822,551,830 729,408,036 10,003,314 620,260,258 - 2,239,910,595 COMPREHENSIVE INCOME Profit of the financial year at 31 December 2022 - - - 164,808,485 - - - 164,808,485 Other comprehensive income Revaluation of property, plant and equipment, net of deferred tax - 86,687 - - - - - 86,687 Transfer of revaluation reserve to retained earnings following the depreciation or derecognition of property, plant and equipment - (365,826) - 365,826 - - - - Revaluation at fair value of equity instruments FVTOCI, net of deferred tax - - (220,196,165) - - - - (220,196,165) Net (gain)/losses, transferred to retained earnings, from the sale of FVTOCI equity instruments - - (29,448,495) 29,448,495 - - - - TOTAL COMPREHENSIVE INCOME of the financial year - (279,139) (249,644,660) 194,622,806 - - - (55,300,993) Transactions with shareholders Decrease in share capital - - - - - - - - Own shares redeemed - - - - - - (63,364,962) (63,364,962) Own shares cancelled - - - - - - - - Other own sources of financing - - - (23,300,761) - 23,300,761 - - Statutory dividends - - - - - - - - Total transactions with shareholders recognized directly in equity - - - (23,300,761) - 23,300,761 (63,364,962) (63,364,962) Dividend payment related to 2021 - - - (14,250,000) - - - (14,250,000) Total transactions with shareholders (dividends) - - - (37,550,761) - 23,300,761 (63,364,962) (77,614,962) Other corrections - - - (1,398,713) - - - (1,398,713) BALANCE AT 31 DECEMBER 2022 50,000,000 7,408,018 572,907,170 885,081,368 10,003,314 643,561,019 (63,364,962) 2,105,595,927 * Balances restated for comparability and presentation according to Note 4 to the separate financial statements. The separate financial statements were approved by the Board of Directors in the meeting of 17 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 separate financial statements. page 9 INDIVIDUAL STATEMENT OF CHANGES IN EQUITY In RON Share capital Reserves from the revaluation of premises and equipment Reserves from the revaluation of financial assets at fair value through other comprehensive income Retained earnings Legal reserves Other reserves Own shares Total BALANCE AT 1 JANUARY 2021 (reported) 52,214,914 7,169,734 582,017,291 651,606,842 9,932,437 631,218,714 (61,962,569) 1,872,197,363 Errors corrections - (95,048) 21,651,414 (2,443,784) - - - 19,112,582 BALANCE AT 1 JANUARY 2021 (corrected) 52,214,914 7,074,686 603,668,705 649,163,058 9,932,437 631,218,714 (61,962,569) 1,891,309,945 COMPREHENSIVE INCOME Profit of the financial year at 31 December 2022 - - - 37,622,256 - - - 37,622,256 Other comprehensive income Revaluation of property, plant and equipment, net of deferred tax - 936,341 - - - - - 936,341 Transfer of revaluation reserve to retained earnings following the depreciation or derecognition of premises and equipment - (323,870) - 323,870 - - - - Revaluation at fair value of equity instruments FVTOCI, net of deferred tax - - 313,412,997 - - - - 313,412,997 Net (gain)/losses, transferred to retained earnings, from the sale of FVTOCI equity instruments - - (94,529,872) 94,529,872 - - - - TOTAL COMPREHENSIVE INCOME of the financial year - 612,471 218,883,125 132,475,998 - - - 351,971,594 Transactions with shareholders Decrease in share capital - - - - - - - - Own shares redeemed - - - - - - - - Own shares cancelled (2,214,914) - - - - - 2,214,914 - Other own sources of financing - - - (27,231,020) - (32,519,744) 59,750,764 - Statutory dividends - - - - - 21,561,288 - 21,561,288 Other items with an impact on equity - - - - 70,877 - (3.109) 67,768 Dividend payment related to 2020 - - - (25,000,000) - - - (25,000,000) Total transactions with shareholders (2,214,914) - - (52,231,020) 70,877 (10,958,456) 61,962,569 (3,370,944) BALANCE AT 31 DECEMBER 2021 50,000,000 7,687,157 822,551,830 729.408.036 10,003,314 620,260,258 - 2,239,910,595 * Balances restated for comparability and presentation according to Note 4 to the financial statements The separate financial statements were approved by the Board of Directors in the meeting of 17 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 separate financial statements. page 10 CASH FLOW STATEMENT The element's name 31 December 2022 31 December 2021 *as restated A 1 2 Cash flows from operating activities Net profit of the financial year 164,808,485 37,622,256 Adjustments: Loss/(reversal) of impairment losses on financial assets (34,592) (38,776) Net gain/ (Net loss) from the revaluation of financial assets at fair value through profit or loss 177,390 (1,053,520) Gross dividend income (194,404,216) (57,273,099) Interest income (2,824,719) (392,111) Establishments/(reversals) related to benefits granted to employees 3,917,681 (4,563,154) Income tax 7,695,679 4,287,792 Other adjustments (18,855) (277,108) Changes in assets and liabilities from operating activities Changes in financial assets at fair value through other comprehensive income (77,356,745) (18,563,811) Changes in bonds at amortized cost 3,923,966 (6,800,000) Changes in other assets 590,281 (98,141) Changes in other liabilities (309,922) 1,813,276 Dividends received 185,201,708 54,835,830 Interest received 2,824,719 340,402 Income tax paid related to comprehensive income (23,157,594) (2.998.915) Net cash from operating activities 71,033,266 6,840,921 Cash flows from investment activities Payments for the acquisition of tangible and intangible assets (495,181) (296,565) Cash collection from sale of assets and investment property 80,867 - Net cash from investment activities (414,314) (296,565) Cash flows from financing activities Dividends paid (10,748,367) (18,861,916) Own shares redeemed (63,300,000) - Net cash from financing activities (74,048,367) (18,861,916) Net gain/ (Net loss) in cash and cash equivalents (3,429,415) (12,317,559) Cash and cash equivalents at the beginning of the financial year 18,546,306 30,863,865 Cash and cash equivalents at the end of the reporting period 15,116,891 18,546,306

Notes to the separate financial statements as of 31 December 2022 page 12 1. REPORTING ENTITY Societatea de Investiții Financiare Oltenia S.A. ("The Company" or "S.I.F. Oltenia S.A.") was established on November 1, 1996 in Craiova Romania and is the successor of Fondul Proprietății Private V Oltenia, reorganized and transformed in accordance with the provisions of Law no. 133/1996, law for the transformation of Private Property Funds into financial investment companies. The company is classified according to the applicable legal provisions as a closed-end Alternative Investment Fund (FIA), intended for retail investors, diversified, self-administered category. S.I.F. Oltenia S.A. is authorized by the Financial Supervisory Authority as an Administrator of Alternative Investment Funds (A.F.I.A.) through Authorization no. 45/15.02.2018 and as an Alternative Investment Fund intended for Retail Investors (F.I.A.I.R.) 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 administrators of alternative investment funds, Law no. 24/2017 - republished, regarding issuers of financial instruments and market operations, with subsequent amendments and additions, Companies Law no. 31/1990 (R), with subsequent amendments and additions, Law no. 243/2019 on the regulation of alternative investment funds, A.S.F. Regulation no. 5/2018 regarding issuers of financial instruments and market operations, Regulation A.S.F. no. 7/2020 regarding the authorization and operation of alternative investment funds and Norm no. 39/2015 for the approval of the Accounting Regulations compliant with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund. The company is self-administered and has its headquarters in Craiova, Tufănele str. no. 1, postal code 200767, Dolj county. The company is registered at the Trade Registry Office next to the Dolj Court with number J16/1210/1993 and Unique Registration Code 4175676, tax attribute RO. The Company's shares are listed on the Bucharest Stock Exchange, Premium Category (market symbol SIF5). The records of the Company's shares and shareholders are kept in accordance with the law by Depozitarul Central S.A. Bucharest. The storage activity provided by the legislation is provided by Raiffeisen Bank S.A.. The main field of activity is CAEN code 649 - other financial intermediation activities, exclusive of insurance and pension fund activities, and the main activity is CAEN code 6499 - other financial intermediation n.e.c. In accordance with the constitutive act, the main activities that the Company can carry out are the following: 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.

Notes to the separate financial statements as of 31 December 2022 page 13 1. REPORTING ENTITY (continued) - 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 AIF and other assets in which it has invested. The subscribed and paid-up social capital is 50,000,000 RON, divided into 500,000,000 shares with a nominal value of 0.1 RON/share. The main characteristics of the shares issued by the company are: ordinary, nominative, of equal value, issued in a dematerialized form, fully paid when subscribed, registered to the account and granting equal rights to their holders, except for the limitations in the legal provisions and regulations. The separate financial statements prepared as of 31 December 2022 are audited. 2. BASIS OF PREPARATION a) Compliance Statement The individual financial statements ("financial statements") were drawn up in accordance with Norm no. 39/2015 for the approval of the Accounting Regulations in accordance with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund with subsequent amendments and additions, and are in the responsibility of the Company's management. The separate financial statements were approved by the Board of Directors in the meeting of 17 March 2023. These financial statements have been drawn up based on the going concern principle, which assumes that the Company will continue its activity in the foreseeable future. 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 FSA 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 consolidated financial statements of S.I.F. Oltenia S.A. as of 31 December 2022 will be prepared, approved, made available to the public in electronic format on the company’s website: www.sifolt.ro. The Company's accounting records are kept in RON. b) Presentation of financial statements The Company adopted a liquidity-based presentation in the separate statement of financial position, and the presentation of income and expenses was made in relation to their nature in the separate 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”. The present separate financial statements have been drawn up based on the going concern principle, which assumes that the Company will continue its activity in the foreseeable future. The Company's management believes that the Company will normally continue its activity in the future and, consequently, the individual financial statements have been prepared on this basis (see also Note 2 (f) "The impact of the Russian-Ukrainian military conflict and other trends on international level, on the financial position and performance of the Company)". c) The functional and presentation currency Management of the Company consider that the functional currency, as defined by IAS 21 “The Effects of Changes in Foreign Exchange Rates”, is the Romanian (“RON”). The individual financial statements are presented in RON, rounded to the closest RON, a currency that the management of the Company has selected as presentation currency.

Notes to the separate financial statements as of 31 December 2022 page 14 2. BASIS OF PREPARATION (continued) d) Basis of measurement The separate financial statements have been prepared based on the fair value convention for financial assets and liabilities at fair value through profit or loss and financial assets measured at fair value through other comprehensive income. Other financial assets and liabilities, as well as non-financial assets and liabilities have been presented at amortized cost, revaluated amount or historical cost. e) Use of estimates and judgments The preparation of separate 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 other factors considered reasonable in the context of these estimates. The results of these estimates form the basis of judgments about the carrying amounts of assets and liabilities that cannot be obtained from other sources of information. The results obtained may differ from the estimated values. The Company 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 15 (d) and 3 (e)); • Fair value hierarchy and unobservable inputs used in the evaluation (Level 3) (see explanatory notes 15 (d)); • Classification of financial instruments (see notes 3 (e)); • Adjustments for expected credit losses related to assets valued at amortized cost (see note 3 (e)). f) The impact of the Russian-Ukrainian military conflict and other international trends on the position and financial performance of the Society On February 24, 2022, Russia began military operations against Ukraine. This was preceded by a pooling of troops on the border with Ukraine and diplomatic recognition by Russia 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, also given the important role played by Russia in the market for energy raw materials in Europe. S.I.F. Oltenia S.A has no direct exposures to Russia or Ukraine. The year 2022 was a difficult year for the capital market, the energy shock created by the military conflict, aggravated by inflationary pressures having negative influences on listed share prices, which recorded declines and high volatility. Against the background of inflationary pressures stemming, in particular, from the increase in commodity prices at 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 6.75% per year in November 2022, respectively 7% per year at the beginning of January 2023. The generalized increase in interest resulting from this had a negative effect on the BSE share prices. Internally, the additional risks relate to the delay in reforms and 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. As a result of these events and trends at domestic and international level, the Company recorded a decrease in financial position and performance, mainly caused by the decrease in the fair value of investments in the shares and fund units in the portfolio (see Notes 15 a) and b)). S.I.F. Oltenia S.A. analyzed 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 Company has exposure, ad-hoc crisis simulations were carried out according to the risk procedures, concluding, from all this, that the profitability of the Company may be affected, but in the short or medium term, and no difficulties are estimated in fulfilling the Company's commitments, and the continuity of the activity is not affected.

Notes to the separate financial statements as of 31 December 2022 page 15 2. BASIS OF PREPARATION (continued) f) The impact of the Russian-Ukrainian military conflict and other international trends on the position and financial performance of the Society (continue) The prolongation of the war in Ukraine and the extension of the associated sanctions generate uncertainties and risks regarding the perspective of the economic activity, of the medium-term evolution of inflation, with an impact on the evolution of the quotations of the financial instruments, including on the Bucharest Stock Exchange, where it is expected that further, at least in the short term, over a horizon of 3-6 months, be high volatility. The management carefully monitors the evolution of this conflict and other events and trends at global level and their impact and of the measures taken at international level on the economic environment at national level, a market where the company's assets are exposed. 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies represent the principles, bases, conventions, rules, and specific practices applied by the Company when preparing and presenting the financial statements. The following accounting policies have been applied consistently over all periods presented in the separate financial statements prepared by the Company. 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 separate 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 those that have been recognized in equity as a result of the registration 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 Euro (EUR) 1:4.9474 1:4.9481 -0.01% American dollar (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 Company 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. 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. Associates are those companies in which the Company can exercise significant influence, but not control over financial and operational policies.

Notes to the separate financial statements as of 31 December 2022 page 16 3. SIGNIFICANT ACCOUNTING POLICIES (continued) c) Subsidiaries and associated entities (continued) The company classified and accounted for in these individual financial statements all financial investments in subsidiaries as financial assets measured at fair value through other comprehensive income under IFRS 9 “Financial instruments”. The company does not have associated entities. On December 31, 2022, 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 list of subsidiaries as of December 31, 2022, respectively December 31, 2021, is as follows: No. Company name Address Company Reg. no. Trade Register No. ORC Percentage held by SIF as of 31.12.2022 Percentage held by SIF as of 31.12.2021 1 COMPLEX HOTELIER DÂMBOVIȚA S.A. TÂRGOVIȘTE, 1 B-DUL LIBERTĂȚII, DÂMBOVITA County 10108620 J15/11/1998 99.99% 99.99% 2 GRAVITY CAPITAL INVESTMENTS S.A.* BUCUREȘTI, 14 B-DUL UNIRII, SECTOR 4 46979099 J40/20021/2022 99.99% 0.00% 3 VOLTALIM S.A. CRAIOVA, 120 A, B-DUL DECEBAL., DOLJ County 12351498 J16/698/1999 99.55% 99.55% 4 MERCUR S.A. CRAIOVA 14 CALEA UNIRII Street, DOLJ County 2297960 J16/91/1991 97.86% 97.86% 5 LACTATE NATURA S.A. TÂRGOVIȘTE, 23 B-DUL INDEPENDENȚEI, DÂMBOVIȚA County 912465 J15/376/91 93.70% 66.33% 6 GEMINA TOUR S.A. RM. VÂLCEA, 103 ȘTIRBEI VODĂ street, VÂLCEA County 1477750 J38/876/1991 88.29% 88.29% 7 ARGUS S.A. ** CONSTANȚA, 1 INDUSTRIALĂ street, CONSTANȚA County 1872644 J13/550/1991 86.42% 86.42% 8 ALIMENTARA S.A. SLATINA, 1 ARINULUI street, OLT County 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, 28A ALEEA I BARIERA VÂLCII 28A, DOLJ County 2292068 J16/2209/1991 77.50% 77.50% 11 UNIVERS S.A. RM. VÂLCEA, 4 REGINA MARIA Street, VÂLCEA County 1469006 J38/108/1991 73.75% 73.75% 12 PROVITAS S.A. BUCUREȘTI, 14, B-DUL UNIRII, BL. 6A, 6B, 6C, SECT. 4 7965688 J40/10717/1995 70.28% 70.28% 13 TURISM S.A. PUCIOASA PUCIOASA, 110, REPUBLICII street, JUD. DÂMBOVITA 939827 J15/261/1991 69.22% 69.22%

Notes to the separate financial statements as of 31 December 2022 page 17 3. SIGNIFICANT ACCOUNTING POLICIES (continued) c) Subsidiaries and associated entities (continued) * GRAVITY CAPITAL INVESTMENTS S.A.* holds the following holdings on December 31, 2022. • Gravity Real Estate S.R.L. - 100% (including the subsidiary Gravity Real Estate One S.R.L.) As of 31 December 2021 they were zero: ** Argus S.A. Constanța holds the following holdings on December 31, 2022 and December 31,2021: • Comcereal S.A. Tulcea – 95.36% (including the subsidiary Cereal Prest SA Tulcea) • Argus Trans S.R.L. - 100% • Aliment Murfatlar S.R.L. – (100%, on December 31, 2022 and 55.04% on December 31,2021.) d) Statement of Cash Flows On preparing the statement of cash flow, the Company treats the following as cash and cash equivalents: cash at hand, current bank accounts, bank deposits with an initial maturity within or equal to 3 months and their corresponding interest (without, if the case be, restricted deposits), less the corresponding interest and adjustments for expected credit loss. In view of the main business objective, the Company’s management considers that the entire investment activity in financial instruments, both the management of financial assets classified at fair value through profit or loss (FVTPL) and those classified at fair value through other comprehensive income (FVTOCI), they are part of the operational work. 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; and - Cash and cash equivalents; i. Classification The Company classifies the financial instruments held in accordance with IFRS 9 "Financial Instruments" in financial assets and financial liabilities. The Company classifies financial assets measured at: • amortized cost: cash and cash equivalents, bank deposits, debt instruments (bonds) and trade receivables and other receivables; • fair value through other comprehensive income: equity instruments (e.g. shares); and • fair value through profit or loss: unit funds. The basis for classification depends on: - the business model of the Company for managing financial assets; and - the characteristics of the contractual cash flows of the financial asset.

Notes to the separate financial statements as of 31 December 2022 page 18 3. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 1. Financial Assets (continued) • The business model may be of the following type: • • To collect contractual cash flows: Financial assets held within this business model are managed to obtain cash flows through the collection of contract payments over the life of the instrument. This means that the Group manages the assets held in its portfolio to collect those contractual cash flows (instead of managing the general return of the portfolio through holding or selling assets). • Assets classified in this category are not necessarily held to maturity, “rare frequency” sales are also possible, when the risk profile of those particular instruments increases, and they no longer correspond to the Company’s investment policy. An increase of the sale frequency over a certain period of time is not necessarily contrary to this type of business if the Company can explain the reasons that led to these sales and can prove that the sales do not reflect a modification of the current business model. • • To collect contractual cash-flows and to sell: • • Financial assets that are held within this business model are managed both for the collection of contractual cash flows and for the sale of financial assets. • • Other business models: • • Other business models include the maximization of cash flows through sale, trading, management of assets based on fair value, financial instruments purchased for sale or trade purposes that are measured at fair value through profit or loss. • • The management of this portfolio is made based on the market value evolution of those assets and includes frequent purchases and sales for the purpose of profit maximization. • • Analysis of cash flow characteristics (SPPI test) • • The SPPI test is the analysis of the contractual terms of the financial assets in order to identify whether the cash flows are exclusively payments of principal and interest on the principal outstanding. • • 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 measured at amortized cost The financial assets measured at amortized cost are cash and cash equivalents, bank deposits, debt instruments and trade receivables. o After initial recognition, a financial asset is classified as being valued at amortized cost only if two conditions are met simultaneously: the financial asset is held in the framework of a business model whose objective is to hold financial assets to collect contractual cash flows; o the contractual terms of the financial asset give rise, on specified dates, to cash flows representing only principal and interest payments (‘SPPI’). The company conducted the SPPI test for assets measured at amortized cost (e.g. bonds and trade receivables), and there were no significant deviations. • Financial assets measured at fair value through other comprehensive income („FVTOCI”) • The Company’s holdings in equity instruments are fully measured at fair value through other comprehensive income as at 31 December 2022 and 2021.

Notes to the separate financial statements as of 31 December 2022 page 19 3. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 1. Financial Assets (continued) After initial recognition, a financial asset is classified as measured at fair value through other comprehensive income only if two conditions are met simultaneously: o the asset is held under a business model whose objective is to hold financial assets both to receive the 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 payments of principal and interest. In addition, upon initial recognition of an investment in equity instruments that is not held for trading, the Company may irrevocably choose to disclose subsequent changes in fair value in other comprehensive income. The Company has used its 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 sale, not for trading. A gain or loss corresponding to an equity instrument measured at fair value through other comprehensive income must be recognized in other comprehensive income, except for dividend revenue. Dividends received from entities in which the Company holds shares are recognized in profit or loss at gross value only when: a) the Company’s right to receive the dividend payment is established; b) the economic benefits associated with the dividend are likely to be generated for the Company, and c) the value of the dividend can be reliably measured. • Financial assets measured at fair value through profit or loss (“FVTPL”): The financial assets valued at FVTPL of the Company are represented by the fund units as at December 31, 2022 and 2021. All financial assets that are not classified as measured at amortized cost or fair value through other comprehensive income, as described in these notes to the financial statements, are measured at fair value through profit or loss. Additionally, upon initial recognition, the Company may irrevocably appoint that a financial asset, which would otherwise meet the requirements to be appraised at the amortized cost or at fair value through other elements of the comprehensive income, should be appraised at fair value through profit or loss, if this discards or significantly reduces an accounting mismatch that would appear if proceeded otherwise. Financial assets that do not meet the cash-flow collection criteria (SPPI test) must necessarily be measured at fair value through profit or loss. Following the adoption of IFRS 9, financial assets of the nature of equity instruments for which the Company did not use the irrevocable option to classify them as financial assets measured at fair value through other comprehensive income, 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 meets all of the following conditions: o it is held for 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 profit tracking; or o It is a derivative (except for a derivative that is a financial collateral arrangement or a designated and effective hedging instrument). The company does not hold financial assets held for trading on 31 December 2022 or 31 December 2021. For financial assets at fair value through profit or loss, changes in fair value are recognized in the statement of comprehensive income, in profit or loss.

Notes to the separate financial statements as of 31 December 2022 page 20 3. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 2. Financial liabilities i) Classification Financial liabilities are classified after initial recognition at amortized cost, with the exception of financial liabilities measured at fair value through profit or loss represented by financial liabilities held for trading that are designated at initial or subsequent recognition at fair value through profit or loss as required by IFRS 9, including financial liabilities related to derivatives. The company did not hold financial liabilities classified as fair value profit or loss at 31 December 2022 or 31 December 2021. 3. Initial recognition of financial assets and liabilities Assets and liabilities are recognized on the date on which the Company becomes a part of the contractual provisions of the instrument, on the date of the transaction. Financial assets and liabilities are measured 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 those financial assets or financial liabilities. 4 Compensations of financial assets and liabilities Financial assets and liabilities are cleared and net result is presented in the statement of financial position only when there is a legal right to set off and if there is an intention to settle them on a net basis or if the Company intends to realize the asset and settle the liability simultaneously. Income and expenses are presented net only when permitted by accounting standards, or for profit and loss resulting from a group of similar transactions such as those from the trading activity of the Company. 5. Evaluation i) At the amortized cost The amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments, plus or less accumulated amortization using the effective interest method for each difference between the initial value and the value at maturity, and less any reduction (direct or through the use of an adjustment account) for impairment or inability to recover. ii) Measurement at fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures the fair value of a financial instrument using quoted prices on an active market for that instrument. A financial instrument has an active market if quoted prices are available quickly and regularly for that instrument. The Company measures the instruments quoted on active markets using the closing price. A financial instrument is considered to be quoted on an active market when quoted prices are available immediately and regularly from an exchange, a dealer, a broker, an industry association, a pricing service or a regulatory agency, and these prices reflect transactions that occur on a real and regular basis, conducted under objective market conditions. In the category of shares listed on an active market are included all those shares admitted to trading on the stock exchange or alternative market and showing frequent trades. The market price used to determine fair value is the closing price of the market on the last trading day before the measurement date. For the calculation of fair value, for equity instruments (shares), the Company uses the following hierarchy of methods: - Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities; - Level 2: entries other than the listed prices included in Level 1 which are observable for assets or liabilities, either directly (e.g. prices) or indirectly (e.g. price derivatives);

Notes to the separate financial statements as of 31 December 2022 page 21 3. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 5. Evaluation (continued) - 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, 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 fair value measurement of the equity instruments (shares) held is as follows: - for securities listed and traded on an active market during the reporting period, the market value was determined taking into account the quotation on the last trading day (the 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 the rest of the listed securities for which there is no active market or are not quoted, valuation techniques based on unobservable elements were used, thus evaluation reports were drawn up by an authorized evaluator member of ANEVAR and also reviewed by the Company. iii) Identifying and assessing the impairment Financial assets measured at amortized cost The company recognizes expected credit losses on financial assets at amortized cost as required by IFRS 9. For this purpose, these instruments are classified as stage 1, stage 2 or stage 3 depending on absolute or relative credit risk, by reference to the moment of their initial recognition. Thus: Stage 1: includes (i) newly recognized exposures, except for those that have not been purchased or issued impaired; (ii) exposures for which credit risk has not significantly deteriorated since initial recognition (iii) exposures with low credit risk (low credit risk exemption). Stage 2: includes exposures that, although performing, have registered a significant deterioration of 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 Company and all cash flows that the Company expects to receive, discounted at the initial effective interest rate. For stage 1 exposures, expected credit loss is equal to expected loss calculated on a timescale of up to one year. For stage 2 or 3 exposures, expected credit loss is equal to expected loss calculated on a timescale corresponding to the entire duration of the exposure. The company shall assess whether the credit risk for a financial instrument has increased significantly since initial recognition based on information, available without undue cost or effort, which is an indicator of significant increases in credit risk since initial recognition, such as a significant deterioration in the financial results or credit rating of the issuer of the financial instrument or a delay of more than 30 days in the payment of interest or principal on the financial instrument. The company uses the simplified approach applicable to cash and cash equivalents, bank deposits, amortized cost bonds and commercial receivables and other receivables registered in the "Other assets" category, which do not have a significant financing component. By this approach the Company measures for these receivables the adjustment for loss at an amount equal to the losses of lifetime expected credit (i.e. removes the need to calculate the Expected Losses for Stage 1 Credit Risk for an amount equal to the expected 12-month credit losses and the need to assess the occurrence of a significant increase in credit risk). The Company has defined as “impaired” exposures, the receivables that meet one or both criteria below: • exposures for which the Company evaluates that it is unlikely that the debtor pay its obligations in full, irrespective of the value of exposures and number of days for which exposure is delayed; (e.g. due to major financial difficulties faced by the client; in the case of disputed amounts); • overdue amounts, with significant delays older than 365 days.

Notes to the separate financial statements as of 31 December 2022 page 22 3. SIGNIFICANT ACCOUNTING POLICIES (continued) e) Financial assets and liabilities (continued) 5. Evaluation (continued) The company recognizes in profit or loss the amount of changes in expected credit losses over the lifetime of financial assets as losses or the reversal of expected credit losses. Expected credit losses or reversals are determined as the difference between the carrying amount of the financial asset and the present value of future cash flows using the effective interest rate of the financial asset at baseline. The company has assessed the potential impact of credit risk losses on its financial assets and does not consider it to be a significant one. 6. Gains and losses on changes in fair value The gains or losses resulting 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: a) Gains or losses arising from financial assets or financial liabilities classified as measured at fair value through profit or loss are recognized in profit or loss; b) Gains or losses arising from a financial asset measured at fair value through other comprehensive income are recognized in other comprehensive income. 7. Derecognition The Company derecognizes a financial asset when the rights to receive cash flows from that financial asset expire, or when the Company has transferred the rights to receive the contractual cash flows related to that financial asset in a transaction in which it has significantly transferred all the risks and benefits of ownership. Any concern in the transferred financial assets held by the Company or created for the Company is separately recognized as an asset or liability. The Company derecognizes a financial liability when the contractual obligations have been concluded 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 for a fee, then it shall recognize either a management asset or a management liability for that management contract. On derecognition of a financial asset in its entirety (excluding capital instruments classified at fair value through other comprehensive income), the difference between: • its book value and • the sum of (i) value of the amount received (including any new asset obtained minus any new liability) and (ii) any accumulated gain or loss that was recognized in other comprehensive income, must be recognized in profit or loss. For debt instruments, when the financial asset at fair value through other comprehensive income is recognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from the revaluation reserve into profit or loss as a reclassification adjustment (recycling to profit or loss). In case of equity instruments measured at fair value through other comprehensive income accumulated gain or loss previously recognized in other comprehensive income is not reclassified from equity to profit or loss (not recycled in profit or loss), but is reclassified to retained earnings. f) Other financial assets and liabilities Other financial assets and liabilities are valued at amortized cost using the effective interest method.

Notes to the separate financial statements as of 31 December 2022 page 23 3. SIGNIFICANT ACCOUNTING POLICIES (continued) g) Intangible 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. • Amortization of intangible assets Depreciation is calculated for the cost of the asset or another cost-substituting amount less the residual value. Depreciation is recognized in the statement of financial performance using the straight-line method for the estimated useful life of intangible assets from the date on which they are available for use, which most accurately reflects the expected way of consuming the economic benefits incorporated in the asset. The estimated useful life spans for the current period and for comparative periods are as follows: Computer programs – 3 years. Amortization methods, useful lives and residual values are reviewed at the end of each financial year and adjusted accordingly. h) Property, plant and equipment • Recognition and assessment Property, plant and equipment recognized as assets are initially measured at acquisition cost (for those purchased for consideration), at the contribution amount (for those received as a contribution in kind to the formation / increase of share capital), respectively at fair value from the date of acquisition for those received free of charge. The cost of an item of premises 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. Property, plant and equipment are classified by the Company in the following classes of assets of the same nature and with similar uses: - land and buildings; - machinery and equipment and means of transport; - furniture, office equipment, human and material value protection equipment and other bodily assets. • Measurement after recognition For further recognition, the Company adopted the revaluation model. After recognition as an asset, premises and equipment items of the nature of lands and buildings are accounted for at the revaluated amount, this being the fair value at the date of revaluation minus any subsequent accumulated depreciation and any accumulated impairment losses. Other property, plant and equipment are measured at cost less cumulative depreciation and any impairment losses. Revaluations shall be made on a regular basis sufficient regularity to ensure that the carrying amount does not differ materially from what would have been determined by the use of fair value at the date of the reporting period. If an item of property, plant and equipment is revalued, then the entire class of property, plant and equipment to which that item belongs is subject to revaluation.

Notes to the separate financial statements as of 31 December 2022 page 24 3. SIGNIFICANT ACCOUNTING POLICIES (continued) h) Property, plant and equipment (continued) If the carrying amount of an asset is increased as a result of a revaluation, the increase is recognized in other comprehensive income and accumulated in equity as a revaluation surplus. 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. If the carrying amount of an asset is impaired as a result of 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 revaluation surplus to the carried over result are not made through profit or loss. The revaluation reserves shall be recorded on each fixed asset and on each revaluation operation that has taken place. The revaluation surplus included in equity relating to an item of property, plant and equipment shall be transferred directly to retained earnings on the basis of depreciation and when the asset is derecognized at disposal or disposal. Land and buildings are shown at a revalued amount, which is fair value at the date of revaluation less accumulated depreciation and impairment losses. The re-evaluations are carried out by specialized evaluators, members of ANEVAR. • Subsequent costs The expenses for daily maintenance and repairs related to property, plant and equipment are not capitalized. They are recognized as costs of the period in which they occur. These costs consist mainly of expenditure on labor and consumables and may also include the cost of low-value components. Expenses for the maintenance and repair of property, plant and equipment shall be entered in the profit or loss account when they arise. Significant improvements made to property, plant and equipment, which increase their value or their lifetime, or which significantly increase their ability to generate economic benefits by them, are capitalized (they increase the carrying amount of those assets accordingly). • Depreciation Depreciation is calculated at the carrying amount (acquisition cost or revalued amount, less residual value) for the activity for which they are intended. Depreciation is recognized in the statement of financial performance using the straight-line method for the estimated useful life of property, plant and equipment (excluding land and current fixed assets), it shall be recorded from the date on which it is available for use, for the activity for which it is intended, this means reflecting most accurately how the economic benefits embodied in the asset are consumed. Depreciation of an asset ceases at the earliest on the date when 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 on which the asset is derecognized. Each part of an item of property, plant and equipment presenting a significant cost in relation to the total cost of that item shall be depreciated separately. 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 2-20 years - furniture, office equipment, human and material value 3-15 years protection equipment and other bodily assets Depreciation methods, estimated useful life spans, as well as residual values are reviewed by the company's management at each reporting date. From the history of the Company, it resulted that the residual value of the assets is insignificant and therefore, the residual value is not taken into account when calculating the depreciation. • Depreciation An asset is impaired when its book value exceeds its recoverable amount.

Notes to the separate financial statements as of 31 December 2022 page 25 3. SIGNIFICANT ACCOUNTING POLICIES (continued) h) Property, plant and equipment (continued) On each reporting date, the Company must verify whether there are indications of impairment of assets. If such indications are identified, the Company must estimate the recoverable amount of the asset. If the book value of an asset is impaired because of reassessment, this decrease must be recognized as profit or loss. However, the reduction must be recognized in other comprehensive income elements to the extent that exist a revaluation reserve surplus. The reduction recognized in other elements of the comprehensive income reduces the amount accumulated in the equity as a revaluation surplus. Land does not depreciate. The depreciation of other tangible goods is calculated, using the straight-line depreciation method, allocating residual value costs in line with the corresponding lifetime. • Derecognition The carrying amount of an item of property, plant and equipment is derecognized (removed from the statement of financial position) upon disposal or when no future economic benefit is expected from its use or disposal. Property, plant and equipment 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 premises 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 Company (as owner) for the purpose of renting or for the increase of value or both, and not 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. • Recognition An investment property is recognized as an asset if and only if: - a future economic benefit associated with the investment property is likely to enter the Company. - the cost of real estate investment can be reliably determined. • Valuation Initial valuation An investment property is initially assessed at cost, including trading costs. The cost of a purchased real estate investment consists of its purchase price plus any directly attributable expenses (for example, professional fees for the provision of legal services, fees for the transfer of ownership and other trading costs). Subsequent valuation The Company’s accounting policy regarding the subsequent assessment of real estate investments is based on the fair value model. This policy is applied consistently to all real estate investments. Assessment of the fair value of real estate investments is carried out by ANEVAR member appraisers. Fair value is based on market price quotations, adjusted, as appropriate, to reflect differences related to the nature, location or conditions of the relevant asset. These evaluations are reviewed periodically by the Company management.

Notes to the separate financial statements as of 31 December 2022 page 26 3. SIGNIFICANT ACCOUNTING POLICIES (continued) i) Investment property (continued) Gains or losses resulting from changes in the fair value of real estate investments are recognized in the profit or loss account of the period in which they occur. The fair value of real estate investments reflects market conditions at the balance sheet date. • Transfers Transfers to and from the category of investment property must be made when and only when there is a change in the use of the asset highlighted by: - commencement of use by the Company - for transfers from the category of real estate investments to the category of property, plant and equipment used by the Company; - start of the planning process in perspective of sale - for transfers from the category of real estate investments to the category of stocks, accounted for in accordance with IFRS 5; - conclusion of the use by the Company - for transfers from the category of property, plant and equipment used by the Company in the category of real estate investments; - the start of an operating lease with another part - for transfers from the category of stocks to the category of real estate investments. For the transfer of an investment property valuated at fair value to premises and equipment, the implicit cost of the asset for the purpose of its later accounting will be its fair value on the date of its use modification. If a real estate property used by the Company becomes an investment property that will be accounted at fair value, the Group applies IAS 16 until the date of modification of the utilization. The Company must treat any difference from the date of modification in the book value of a real estate property, in accordance with IAS 16 and its fair value as a revaluation, in accordance with IAS 16. • Derecognition The book value of a real estate investment is derecognized upon disposal or when the investment is definitively withdrawn from use and no future economic benefits from its disposal are expected. Gains or losses arising from the disposal or disposal of a real estate investment must be determined as the difference between the net proceeds from the disposal and the carrying amount of the asset and must be recognized in profit or loss during the termination or disposal. j) Assets held for sale The company must classify a non-current asset (or disposal group) as held for sale if its carrying amount is to be recovered primarily through a sale transaction and not through its continued use. In order to be available for sale, it must be very likely, respectively to have a plan to sell the asset, to launch an active program to find a buyer, the asset is promoted to sale at a reasonable price at the fair value of the asset and the sale is completed within one year of the date of classification of the asset. The one-year period may be extended if there are circumstances beyond the control of the entity and the establishment can prove that it maintains the intention of its plan to sell the asset. When there is a change in the use of an property, plant and equipment, 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 property, plant and equipment to the category of fixed assets held for sale. If the transferred property, plant and equipment has been revalued, the revaluation reserve shall be closed at the time of the sale of the asset. In the case of assets included in the category of fixed assets held for sale, which subsequently change their destination, to be used for a longer period or to be rented to third parties, a transfer thereof shall be recorded in the accounts, from the category of fixed assets held for sale, in the category of property, plant and equipment. Currently, the company does not have assets that can be classified in this category because it does not have a sales plan for this purpose.

Notes to the separate financial statements as of 31 December 2022 page 27 3. SIGNIFICANT ACCOUNTING POLICIES (continued) (k) impairment of non-financial assets The carrying amount of the Company's assets that are not of a financial nature, other than assets of the nature of deferred taxes, is reviewed at each reporting date to identify the existence of impairment indices. If such indications exist, the recoverable amount of those assets shall be estimated. An impairment loss is recognized when the carrying amount of the asset or its cash-generating unit exceeds the recoverable value of the asset or cash-generating unit. A cash-generating unit is the smallest identifiable group that generates cash and is independent of other assets and groups of assets. Impairment losses are recognized in the profit or loss account. The recoverable amount of a cash-generating asset or unit is the maximum between its value in use and its fair value less the costs of selling that asset or unit. For the determination of the net usage value, future cash flows are discounted using a pre-tax discount rate that reflects current market conditions and risks specific to that asset. Impairment losses recognized in previous periods shall be assessed at each reporting date to determine whether they have decreased or no longer exist. Impairment loss shall be resumed if there has been a change in the estimates used to determine the recovery value. Impairment loss shall be resumed only if the carrying amount of the asset does not exceed the carrying amount that would have been calculated, net depreciation and impairment, if the impairment loss had not been recognized. l) Share Capital The share capital consists of ordinary, registered shares of equal value, issued in dematerialized form and grants equal rights to their holders. m) Own Shares The company recognizes at the time of the transaction the equity shares following the redemptions, as a decrease in the equity, in the statement of the financial position in the "Equity" for the part related to the nominal value and the "Other items of equity" for the difference between the redemption value and the nominal value. 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. Cancellation of own shares is carried out in accordance with the approval of shareholders, after fulfilling all legal requirements. On cancellation, the balance of own shares is offset against the share capital and retained earnings. The cancellation of own shares can generate gains or losses, depending on the acquisition value of own shares in relation to their nominal value. Gains or losses on the cancellation of own shares are recognized directly in equity in a separate account. (n) Dividends to be distributed Dividends are treated as a distribution of profit during the period in which they were declared and approved by the Ordinary General Meeting of Shareholders. The profit available for distribution is the profit of the year in the financial statements prepared in accordance with IFRS. (o) Prescribed Dividends The rights to claim the dividends not paid by the shareholders are analyzed by the Company's management annually. The pre-listing decision is approved by the Company when the Company's management concludes that there will be no significant cash flows that will come out of the Company. The prescribing decision is approved by the General Meeting of Shareholders ("AGA"). At the time of prescription, the prescribed value is recorded their value in equity, in a separate account within the deferred result. p) Provisions for risks and charges Provisions are recognized in the profit or loss account when the Company has a present obligation (legal or implied) arising from a past event, where an outflow of resources incorporating economic benefits is required to settle the obligation and where a credible estimate of the amount of the obligation can be made. For the purpose of determining the provision, future cash flows shall be discounted using a pre-tax discount rate reflecting current market conditions and risks specific to that liability. The amount recognized as a provision shall be the best estimate of the expenses necessary to settle the current obligation at the end of the reporting period.

Notes to the separate financial statements as of 31 December 2022 page 28 3. SIGNIFICANT ACCOUNTING POLICIES (continued) p) Provisions for risks and charges (continued) The provisions shall be reconsidered at the end of the reporting period and adjusted to reflect the current best estimate. If the outflow of resources incorporating economic benefits is no longer likely, the provision must be canceled. Provisions shall not be recognized for costs incurred in carrying out business in the future. The company records provisions for onerous contracts where the estimated benefits to be derived from a contract are less than the unavoidable expenses associated with the fulfillment of contractual obligations. q) Employee benefits • Short-term benefits Short-term employee benefits include wages, premiums (incentives) and social security contributions. Short-term employee benefit obligations 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. An accrual is recognized for the amounts expected to be paid by way of short-term cash premiums or schemes for the participation of staff in profit, as long as the Company 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 (incentives) in case the net profit indicator set out in the budget of revenues and expenditures approved by the General shareholders meeting for the current year is met, up to the amount approved by the Ordinary General Shareholders Meeting (“OGSM”) where the financial statements of the relevant year were approved. This obligation is first recognized in the profit or loss statement of the financial exercise where the profit was achieved under the form of accrual 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 company makes payments on behalf of its own employees to the pension system of the Romanian state, health insurance and the work insurance contribution during the normal activity. All employees of the Company 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 work insurance contribution is recognized in the profit or loss account of the period. The company has no other additional obligations. The company is not employed in any independent pension scheme and therefore has no other obligations in this respect. The company is not engaged in any other post-retirement benefit scheme. The company is not obliged to provide subsequent services to former or current employees. • Long-term employee benefits The net obligation of the Company regarding the benefits related to the long-term services is represented by the amount of future benefits that the employees have earned in exchange for the services provided by them in the current and previous periods. Based on the Collective Labor Agreement in force on 31.12.2022, people who retire at old age benefit on the date of retirement from an allowance equal to the amount of two salaries at the time of retirement. The present value of this obligation is not material, and as such the company does not recognise these future costs as a provision in the financial statements. Starting with 2023, based on the Collective Labour Agreement, people who retire at old age no longer benefit from additional allowances. r) Interest revenues and expenses Interest income and expenses are recognized in the profit or loss account through the effective interest method. The effective interest rate is the rate that exactly updates the expected cash payments and receipts in the future over the expected life of the financial asset or debt (or, where appropriate, for a shorter term) to the carrying amount of the financial asset or debt. 3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Notes to the separate financial statements as of 31 December 2022 page 29 s) Dividend income Dividend income is recognized in the profit or loss account on the date on which the right to receive such income is established. Dividend income is recorded at gross value including dividend tax, which is recognized as current expense with profit tax. In the case of dividends received in the form of shares as an alternative to the payment in cash, the income from dividends is recognized at the level of the cash that would have been received, in correspondence with the increase of the related participation. The company does not record dividend income for the shares received free of charge when they are distributed proportionally to all shareholders. t) Foreign exchange gains and losses Transactions in foreign currency are recorded in functional currency (leu), by converting the amount in foreign currency at the official exchange rate communicated by the National Bank of Romania, valid on the transaction date. At the reporting date, monetary items denominated in foreign currency are converted using the exchange rate on the last foreign exchange auction day of the year. Exchange differences which arise when settling monetary items or converting monetary items at rates other than those at which they were converted at initial recognition (during the period) or in previous financial statements are recognized as gains or losses in the profit or loss account in the period in which they arise. u) Income tax The income tax for the year includes the current tax and the deferred tax. 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. Current income tax also includes tax on income from dividends recognized at gross value. For the period ending on 31 December 2022, the corporate income tax rate was 16% (31 December 2021: 16%). The tax rate for dividend income was 5% and zero (31 December 2021: 5% and zero). The deferred tax is determined using the balance sheet method for those temporary differences that appear between the fiscal basis for calculating the tax for assets and liabilities and their accounting value, used for reporting in the separate financial statements. The deferred tax is not recognized for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets and liabilities arising from transactions that are not business combinations, and which do not affect the accounting or fiscal profit and differences arising from investments in subsidiaries, provided they are not resumed in the near future. The deferred tax is calculated based on the tax rates that are expected to be applicable to the temporary differences upon their resumption, based on the legislation in force on the reporting date or issued at the reporting date and which will come into force later. The deferred tax asset is recognized by the company only to the extent that it is likely to make future profits that can be used to cover the tax loss. The claim shall be reviewed at the end of each financial year and 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. Additional taxes arising from the distribution of dividends are recognized on the same date as the obligation to pay dividends.

Notes to the separate financial statements as of 31 December 2022 page 30 3. SIGNIFICANT ACCOUNTING POLICIES (continued) v) Result per share The Company presents the earnings per share on a basic and diluted for ordinary shares. The basic earning per share is determined by dividing the profit or loss attributable to the ordinary shareholders of the Company to the weighted average number of ordinary shares related to the reporting period. 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. w) Segment reporting A segment is a distinct component of the Company that provides certain products or services (business segment) or provides products or services in a certain geographical environment (geographical segment) and that is subject to different risks and benefits from those of the 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 instruments invested. x) Contingent liabilities and contingent assets Liabilities, respectively contingent assets, are obligations, respectively potential assets arising as a result of previous events and the existence of which will be confirmed or not by the occurrence of one or more uncertain future events, which are not fully controlled by the Company. The valuation of contingent liabilities and contingent assets inherently involves the use of judgements and estimates of the outcome of future events. Contingent liabilities are not recognized in the financial statements. They are set out in the notes, except in cases where the possibility of an exit of economic benefits is reduced. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of benefits is probable. y) New standards and amendments New and amended IFRS Accounting Standards that are effective for 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. Amendments to IFRS 1, IFRS 9 and IAS 41 are applicable for annual periods beginning on or after 1 January 2022. 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.

Notes to the separate financial statements as of 31 December 2022 page 31 3. SIGNIFICANT ACCOUNTING POLICIES (continued) y) New standards and amendments (continued) New and amended IFRS Accounting Standards that are effective for the current year (continued) 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 company believes that the adoption of these standards and amendments to the standards will not have a material impact on its annual financial statements. z) 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); • 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 company 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.

Notes to the separate financial statements as of 31 December 2022 page 32 4. ADJUSTMENT OF RECLASSIFICATIONS AND ERRORS 4.1. Changes in accounting policies Reclassifications 31 December 2021 Reclassified amount 31 December 2021 *reported *restated Income from reversal of provisions 10,063,154 (10,063,154) - Expenses with wages, remunerations, and other similar expenses - (11,931,543) (11,931,543) Commissions, fees, administration, and supervision taxes (3,545,677) 3,545,677 - Other operational expenses, out of which: (24,504,205) (18,451,406) (6,052,799) Expenses with wages, remunerations, and other similar expenses (16,494,697) 16,494,697 - Expenses with depreciations, provisions and other adjustments values (6,110,930) 5,500,000 (610,930) Starting January 01, 2022 the Company changed it`s accounting policies in respect of employees benefits, including the performing bonuses. In accordance with IAS 19 – Employee benefits, the performing bonuses are part of the Expenses with wages, remunerations, and other similar expenses. Therefore, for the year ended December 31, 2021 income from reversal of provisions of 10 mil RON and expenses with provisions of 5.5 mil RON booked for the employees performing bonuses have been reclassified to Expenses with wages, remunerations, and other similar expenses. Furthermore, for presentation purposes due to qualitative significant amount of the information at the financial statement level, the Expenses with wages, remunerations, and other similar expenses have been presented as a separate line in the separate statement of profit or loss and other comprehensive income. Also, starting January 01, 2022 the Company changed it`s accounting policies in respect of Commissions, fees, administrations, and supervision taxes in accordance with IAS 1 – Presentation of Financial Statements, therefore the amount of 3.5 mil. RON in respect of Commissions, fees, administration, and supervision taxes for the year ended as of 31 December 2021 have been reclassified to Other operational expenses. The reclassifications has no impact in the profit or loss account, income the cash flow statement or earnings per share of the Company as of 31 December 2021. 4.2. Error correction 31 December 2021 Adjustment 31 December 2021 *reported *restated Financial assets measured at fair value through other comprehensive income 1 2,377,459,051 (3,535,811) 2,373,923,240 Deferred tax liability 2 153,580,405 (44,433,865) 109,146,540 Reserves from the revaluation of financial assets measured at fair value through other comprehensive income, net of deferred tax 3 778,347,775 44,204,055 822,551,830 Retained earnings 4 731,780,300 (2,372,264) 729,408,036 31 December 2020 Adjustment 31 December 2020 *reported *restated Financial assets measured at fair value through other comprehensive income 1 2,014,682,452 (19,540,115) 1,995,142,337 Deferred tax liability 2 116,202,339 (37,884,020) 78,318,319 Reserves from the revaluation of financial assets measured at fair value through other comprehensive income, net of deferred tax 3 582,017,291 21,651,414 603,668,705 Retained earnings 4 651,606,842 (2,443,784) 649,163,058

Notes to the separate financial statements as of 31 December 2022 page 33 4. ADJUSTMENT OF RECLASSIFICATIONS AND ERRORS (continued) 1. For the year ended 31 December 2021, respectively 31 December 2020 the Company determined the fair values of several level 3 equity investments, which were previously presented under level 1 of the fair value without having an adequate liquidity analysis, based on evaluation reports performed by ANEVAR appraisers. The fair values were based on facts and circumstances that existed as of 31 December 2021, respectively 31 December 2020. However, the resulted fair values have not been booked by the Company management as of 31 December 2021 nor 31 December 2020 in the reported financial statements. 2. During the financial years 2020 and 2021 the Company computed deferred tax liability in respect of revaluation reserves related to equity instruments for which the Company owned a share greater than 10% for a period greater than 1 year as of the year ended 2021, respectively 2020. In accordance with the Romanian Fiscal Code the reserves are non-taxable at the realization date (i.e. when the equity instrument is sold). Therefore, the are no difference between the accounting and fiscal base of the financial assets measure at FVTOCI, and related reserves from revaluation and no difference tax liability should have been booked in this respect. 3. A significant part of the adjustment relates to pct 1) and 2). 4. On 31 December 2021 and 31 December 2020, the Company held in its investment and equity portfolio free shares that were granted to the Company prior to the adoption of IFRS 9. At the time of granting, the Company recorded the shares received through the profit and loss account. In accordance with IAS 1 – Presentation of financial statements, IAS 32 – Financial instruments, presentation, and IFRS 9 – Financial instruments, the value of the free shares is nil at granting date towards the Company, and at the end of the reporting period are presented at fair value. The adjustment was in presented also in the financial statements line: Reserves from the revaluation of financial assets measured at fair value through other comprehensive income, net of deferred tax. 5. SIGNIFICANT RISKS MANAGEMENT According to the specificities of its activity, the Company is or can be subject to significant risks resulting from the activity undertaken for the achievement of the established goals. Through the risk management system, the Company 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 Company’s activity, deals with both general and specific risks, as set out in national and international legal regulations. The Company’s organizational chart includes the Risk Management function, which is hierarchically and functionally independent from the other departments of the Company. The Company 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 Company is exposed, depending on the strategic objectives and the risk appetite undertaken by the management structure. Through its risk profile, the Company has established, for each risk category, the level by which the Company is willing to take or accept risks, provided that significant risks are kept under control The risk profile was established both at a global and at an individual level, for each risk category, considering the Company’s nature, dimension and complex activities.

Notes to the separate financial statements as of 31 December 2022 page 34 5. SIGNIFICANT RISKS MANAGEMENT (continued) The global risk profile undertaken by the Company is average and corresponds to an average risk appetite. Investments in the Company’s shares involve not only specific benefits, but also the risk that objectives are not achieved, as well as losses to investors, since revenues from investments generally are proportional to risk. In its current activities, the Company may face both the specific risks resulting from its current operation, as well as indirect risks resulting from the performance of operations and services in cooperation with other financial entities. The main risks identified in the activity of the Company are: - market risk (price risk, currency risk, interest rate risk); - credit risk; - liquidity risk; - operational risk; - sustainability risk. a) 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 Company’s point of view, the relevant market risks are: price risk, currency exchange risk, interest rate risk. The company is exposed to the following market risks: • Price risk (position) Price (position) risk is generated by market price volatility, such as fluctuations in the market in financial instruments as a result of market price changes, caused either by factors affecting all instruments traded on the market (systemic component) or by factors specific to individual instruments or their issuer (non-systemic component). S.I.F. Oltenia S.A. monitors both the systemic component (general risk determined by macro-level factors) and the specific risk, determined by the issuers’ own activity, so that when price risks are not in line with internal policies and procedures, action is taken accordingly by rebalancing the asset portfolio. Given the specific activity of the S.I.F. Oltenia S.A., price risk is a relevant risk for the company. The market value of the portfolio of listed shares presented in the fair value hierarchy at level 1 (on BVB – regulated market, BVB- AERO – alternative trading system), as at 31 December 2022, represents 83.38% (31 December 2021: 83.11%) of the total value of the managed portfolio. The Company 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, banking 848,262,302 38.59% 1,119,751,658 47.08% resources of oil, methane gas and related services 317,424,040 14.44% 340,847,296 14.33% financial intermediation 287,501,561 13.08% 179,329,234 7.54% lease and sublease of real estate 234.854.180 10.68% 284,422,689 11.98% energy and gas transport 123,814,159 5.63% 117,312,819 4.93% food industry 121,210,970 5.51% 61,325,171 2.58% pharmaceutical industry 102,737,926 4.67% 107,436,212 4.52% tourism, public food catering, leisure 73,351,704 3.34% 85,544,233 3.6% machine building industry, processing 49,608,599 2.26% 52,924,950 2.23% electronic, electrotechnical industry 32,699,145 1.49% 24,170,137 1.02% fund units 4,475,075 0.20% 4,652,462 0.20% other activities 2,245,177 0.10% 362,468 0.02% TOTAL 2,198,184,838 100% 2,378,575,702 100%

Notes to the separate financial statements as of 31 December 2022 page 35 5. SIGNIFICANT RISKS MANAGEMENT (continued) a) Market risk (continued) Based on the analysis of the data presented above, as of 31 December 2022, the Company mainly held shares that are active in the field of finance, banking with a share of 38.59% of the total portfolio, decreasing compared to 31 December 2021, when in the same sector of activity registered a weight of 47.08% (decrease due to transactions on the capital market and the disposal of the stake held by S.I.F. Oltenia S.A. to EXIMBANK S.A.). The exposure by counties on December 31, 2022 and December 31, 2021, respectively, is as follows: Exposure by counties 31 December 2022 % 31 December 2021 % BUCUREȘTI 901,035,180 41.07% 1.048,312,749 44.16% CLUJ 511,311,058 23.31% 613,143,350 25.83% ARAD 166,666,349 7.60% 88,605,685 3.73% SIBIU 137,561,962 6.27% 137,463,893 5.79% CONSTANȚA 108,220,196 4.93% 58,438,906 2.46% DOLJ 105,092,704 4.79% 142,562,914 6.01% IAȘI 102,737,926 4.68% 107,436,212 4.53% BIHOR 53,456,007 2.44% 65,157,746 2.74% VÂLCEA 31,678,761 1.44% 33,771,486 1.42% DÂMBOVIȚA 27,090,005 1.23% 19,189,338 0.81% MEHEDINȚI 16,001,685 0.73% 18,241,921 0.77% OLT 14,447,905 0.66% 22,538,714 0.95% ALBA 11,900,586 0.54% 12,285,564 0.52% TIMIȘ 4,146,437 0.19% 5,753,216 0.24% HARGHITA 2,363,002 0.11% 1,021,546 0.04% Total 2,193,709,763 100% 2,373,923,240 100% • Exchange rate risk Foreign exchange risk is the risk of loss resulting from changes in foreign exchange rates. This risk takes into account all positions held by the company in foreign currency deposits, foreign currency denominated financial instruments, regardless of the holding period or the level of liquidity recorded by those positions. The company did not use derivatives during the reporting period to protect itself from exchange rate fluctuations. Given that most of the Company’s assets are expressed in national currency, exchange rate fluctuations do not directly affect the Company’s activity. These fluctuations have an influence on the valuation of investments such as foreign currency deposits and current account availabilities. Financial assets in foreign currency represented only by availability represent, as of December 31, 2022, 0.03% (December 31, 2021:0.09%) of total financial assets, so the currency risk is insignificant. Investments in bank deposits in foreign currency are constantly monitored and investment, divestment measures are taken, depending on the forecast evolution of the exchange rate.

Notes to the separate financial statements as of 31 December 2022 page 36 5. SIGNIFICANT RISKS MANAGEMENT a) Market risk (continued) The concentration of assets and liabilities by types of currencies is presented as follows: In RON Book value RON EUR (RON equivalent) USD (RON equivalent) 31 December 2022 Financial assets Cash and current accounts 2,241,614 1,501,291 706,860 33,463 Bank deposits 12,881,011 12,881,011 - - 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 2,193,709,763 2,193,709,763 - - Bonds at amortized cost 2,927,744 2,927,744 - - Total financial assets 2,216,235,207 2.215.494.884 706,860 33,463 Dividends payable Financial liabilities at amortized cost 49,300,619 49,300,619 - - Total financial liabilities 2,096,313 2,096,313 - - Net position 51,396,932 51,396,932 - - In RON Accounting value RON EUR USD 31 December 2021 Financial assets Cash and current accounts 3,918,232 2,221,204 1,696,821 207 Bank deposits 14,631,528 14,163,207 - 468,321 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 2,373,923,240 2,373,923,240 - - Bonds at amortized cost 6,851,710 6,851,710 - - Total financial assets 2,403,977,172 2,401,811,823 1,696,821 468,528 Dividends payable 45,798,986 45,798,986 - - Financial liabilities at amortized cost 443,880 443,880 - - Total financial liabilities 46,242,866 46,242,866 - - Net position 2,357,734,306 2,355,568,958 1,696,821 468,528 • Interest rate risk Interest rate risk is 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 variable interest-bearing financial assets and liabilities. Most of the assets in the portfolio are not interest-bearing. Consequently, the Company is not significantly affected by interest rate risk. The interest rates applied to cash and cash equivalents are short-term.

Notes to the separate financial statements as of 31 December 2022 page 37 5. SIGNIFICANT RISKS MANAGEMENT (continued) In order to benefit from interest volatility, for greater flexibility in the policy of allocating money availability, it will be aimed at placing money availability in monetary instruments in particular in the short term, maximum 3 months. An increase in interest rate risk is investment in bonds. In the third quarter of 2021, S.I.F. Oltenia S.A. diversified its portfolio by purchasing covered bonds issued by Mercury S.A., but the share of these instruments in the total asset of the Company is only 0.28%. The share of these instruments in the total assets of the Company as at 31 December 2022 was 0.13%. Therefore, it can be concluded that the interest rate risk is insignificant. The following table summarizes the Company's exposure to interest rate risk. In RON Accounting value Less than 3 months Between 3 and 12 months Over 12 months No interest 31 December 2022 Financial Assets Cash and cash equivalents 2,241,614 - - - 2,241,614 Bank deposits 12,881,011 12,881,011 - - - 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 2,193,709,763 - - - 2,193,709,763 Bond held at amortized cost 2,927,744 - 67,744 2,860,000 - Total financial assets 2,216,235,207 12,881,011 67,744 2,860,000 2,200,426,452 Dividends payable 49,300,619 - - - 49,300,619 Financial liabilities at amortized cost 2,096,313 - - - 2,096,313 Total financial liabilities 51,396,932 - - - 51,396,932 Net financial position 2,164,838,275 12,881,011 67,744 2,860,000 2,149,029,520 In RON Accounting value Less than 3 months Between 3 and 12 months Over 12 months No interest 31 December 2021 Cash and cash equivalents 3,918,232 - - - 3,918,232 Bank deposits 14,631,528 14,631,528 - - - 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 2,373,923,240 - - - 2,373,923,240 Bonds at amortized cost 6,851,710 51,710 6,800,000 - Total financial assets 2,403,977,172 14,631,528 51,710 6,800,000 2,382,493,934 Dividends payable 45,798,986 - - - 45,798,986 Financial liabilities at amortized cost 443,880 - - - 443,880 Total financial liabilities 46,242,866 - - - 46,242,866 Net financial position 2,357,734,306 14,631,528 51,710 6,800,000 2,336,251,068

Notes to the separate financial statements as of 31 December 2022 page 38 5. SIGNIFICANT RISKS MANAGEMENT (continued) b) Credit risk Credit risk is the current or future risk of affecting profits and capital as a result of the debtor's failure to meet contractual obligations or its failure to meet those established. The main identified credit risk elements, which can significantly influence the Company’s activity, are: - the risk of non-collection of dividends/interest from portfolio companies; - the risk of non-collection of the contract value, in the case of the activity of selling the shares packages to companies of the “closed” type; - the risk generated by investments in bonds and/or other credit instruments; - settlement risk in the 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 as follows: The exposure rate to high-risk issuers of bankruptcy (over the next 2 years), the exposure rate by unlisted assets, the exposure rate by sector of activity. In the case of the Company, credit risk is mostly determined by exposures on asset items such as “shares” representing 98.35% of the assets under management, measured according to the legal provisions. By the specific portfolio, the high exposure sector is the “finance, banks” sector with an exposure of over 20% in total assets, which as of December 31, 2022 held 38.59% of the total stock portfolio. The exposure in this sector is monitored, a positive aspect of these holdings being the liquid character of the investments, the main issuers being Banca Transilvania and BRD – Groupe Societe Generale. S.I.F. Oltenia S.A. is exposed to credit risk through investments in bonds and by holding current accounts and bank deposits as well as other receivables. On December 31, 2022, the company held bonds issued by Mercur S.A. which have a very low weight (0.13%) in total assets, these bonds are guaranteed and are not admitted to trading. As regards the company’s money availability, it is placed at several banks, so the risk of concentration is also avoided. The bank deposits are constituted at the most important banking institution in the system, Banca Transilvania. Fitch ratings reconfirmed Banca Transilvania’s long-term rating to BB+, with a stable outlook. As a result of the assessment of the main elements of credit risk, we can conclude that they fall within the approved risk limits for a medium risk appetite. In RON Rating 31 December 2022 31 December 2021 EximBank Fitch: BBB- (assimilated to sovereign rating) 932 1,224 Banca Transilvania Fitch: BB+ 12,990,734 14,670,925 BRD - Groupe Societe Generale Moody's: Baa1 96 286 Raiffeisen Bank Moody's: Baa1 192,531 325,708 BCR Moody's: Baa1 1,936,704 3,544,575 Total current account and bank deposits 15,120,997 18,542,718 Cash 1,628 7,042 Total cash and current accounts and bank deposits, of which: 15,122,625 18,549,760 Cash and current accounts 2,241,614 3,918,232 Bank deposits 12,881,011 14,631,528 Total cash, accounts and bank deposits 15,122,625 18,549,760

Notes to the separate financial statements as of 31 December 2022 page 39 5. SIGNIFICANT RISKS MANAGEMENT (continued) b) Credit risk (continued) In RON Rating 31 December 2022 31 December 2021 Bonds Issued by Mercur S.A. No Rating 2,927,744 6,851,710 Financial assets at amortized cost c) Liquidity risk Liquidity risk is the risk that a position in the company’s portfolio cannot be sold, liquidated or closed at limited costs within a reasonably short period of time. The company seeks to maintain a level of liquidity appropriate to its underlying obligations, based on an assessment of the r elative liquidity of the assets on the market, taking into account the time required for liquidation and the price or amount at which those assets may be liquidated, as well as their sensitivity to market risks or other external factors. The company shall systematically monitor the liquidity profile of the asset portfolio, taking into account the contribution of each asset to liquidity, as well as the significant liabilities and commitments, contingent or otherwise, that the company may have in relation to its underlying obligations. The liquidity risk associated with payment obligations is very low, with current liabilities of the company covered by holdings in current accounts and/or short-term deposits. Liquidity risk is linked in particular to holdings in closed-end companies in the managed portfolio. Thus, the sale of holdings - in the event of negative aspects in their economic and financial situation or in case of liquidity - cannot be carried out quickly enough, There is a risk that it will not be possible to obtain a price higher or at least equal to that with which these holdings are valued in the calculation of the net asset, according to the regulations of the A.S.F. In RON Book Value Under 3 months Between 3 and 12 months More than 12 months No predetermined maturity 31 December 2022 Financial assets Cash and current accounts 2,241,614 2,241,614 - - - Deposits with banks 12,881,011 12,881,011 - - - Financial assets measured at fair value through the profit or loss account 4,475,075 - - - 4,475,075 Financial assets designated at fair value through other comprehensive income 2,193,709,763 - - - 2,193,709,763 Bonds at depreciated cost 2,927,744 - 67,744 2,860,000 - Total financial assets 2,216,235,207 15,122,625 67,744 2,860,000 2,198,184,838 In RON 31 December 2022 31 December 2021 Commercial receivables and different debtors 17,914 2,065,856 Advances granted to suppliers 4,416 15,608 Other financial assets at amortized cost 48,855 37,143 Total commercial receivables and different debtors 71,185 2,118,607

Notes to the separate financial statements as of 31 December 2022 page 40 5. SIGNIFICANT RISKS MANAGEMENT (continued) c) Liquidity risk (continued) In RON Book Value Under 3 months Between 3 and 12 months More than 12 months No predetermined maturity Financial liabilities Dividend payment 49,300,619 25,958,768 - - 23,341,851 Financial liabilities at amortised cost 2,096,313 - - - 2,096,313 Total financial liabilities 51,396,932 25,958,768 - - 25,438,164 Net position 2,164,838,275 -10,837,143 67,744 2,860,000 2,172,746,674 The company continuously monitors the liquidity profile of the portfolio, analyzing the impact of each asset on liquidity, adopting a prudential policy on cash outflows, continuously assessing the quantitative and qualitative risks of positions held and of the investments expected to be realized. At 31.12.2022, liquidity risk falls within the approved risk limits for a medium risk appetite. The negative net position registered in the liquidity category below 3 months is due to the payment dividends for the last three previous financial years that were not claimed by the shareholders (see note 18). The company constantly monitors the dividend payments made and places the excess liquidity in financial instruments, according to the investment policy. The structure of assets and liabilities in terms of liquidity is analysed in the following table: În lei Book Value Under 3 months Between 3 and 12 months More than 12 months No predetermined maturity 31 December 2021 Financial assets Cash and current accounts 3,918,232 3,918,232 - - - Deposits with banks 14,631,528 14,631,528 - - - Financial assets measured at fair value through the profit or loss account 4,652,462 - - - 4,652,462 Financial assets designated at fair value through other comprehensive income 2,373,923,240 - - - 2,373,923,240 Bonds at depreciated cost 6,851,710 - 51,710 6,800,000 - Total financial assets 2,403,977,172 18,549,760 51,710 6,800,000 2,378,575,702 Financial liabilities Dividend payment 45,798,986 43,345,455 - - 2,453,531 Financial liabilities at amortised cost 443,880 - - - 443,880 Total financial liabilities 46,242,866 43,345,455 - - 2,897,411 Net position 2,357,734,306 (24,795,695) 51,710 6,800,000 2,375,678,291

Notes to the separate financial statements as of 31 December 2022 page 41 5. SIGNIFICANT RISKS MANAGEMENT (continued) d) Operational risk Operational risk is the risk of loss arising either from the use of inappropriate or failing internal processes, persons or systems, or from external events, including legal risk. In the category of operational risk, the following shall be sought: Operational risk is the risk of loss arising either from the use of inappropriate or failing internal processes, persons or systems, or from external events, including legal risk. In the category of operational risk, the following shall be sought: Information technology risk (it) - a sub-component of operational risk that relates to the current or future risk of affecting, on the one hand, the profits and capital of entities or investors, participants or insured, on the other hand, caused by the inadequacy of the it strategy and policies, information technology and its processing, in terms of management capacity, integrity, controllability and continuity, or inappropriate use of information technology; Strategic risk is the current or future risk of affecting profits and capital caused by changes in the business environment or unfavorable business decisions, inadequate implementation of decisions or lack of reaction to changes in the business environment. Strategic risk corresponds to the existence of an inefficient strategy, either at the level of society or at the level of one or more functional structures. Strategic risk is mitigated by adopting measures aimed at complying with the investment strategy approved by shareholders. Reputational risk is the current or future risk of affecting profits and capital caused by the unfavorable perception of the company’s image by customers, counterparties, shareholders, investors or the supervisory authority. The prevention and mitigation of reputational risk is achieved, without limitation, through the proper application of its own ethics, confidentiality rules, as well as the regulations in force incidents S.I.F. Oltenia S.A., including those related to the prevention and combating of money laundering, the development of an appropriate form of presentation / communication of information materials, etc. Systemic risk – the risk of a deterioration in the financial system, which can have serious negative consequences for the financial system and the real economy. The company may be exposed to systemic risk due to its interconnection with asset markets and financial investors. A significant decrease in market asset prices or a systemic liquidity crisis due to the macroeconomic, political or pandemic environment may also have an effect on the value of the company’s assets. These potential negative effects are monitored at company level through stress tests and the setting of exposure limits to market, issuer, liquidity and credit risk. For the purpose of assessing the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. acts to identify and categorize operational risk events into specific categories, allowing to establish the most effective methods of control and mitigation of potential effects. The functional compartments of the S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity. The person responsible for risk management has the responsibility to implement and develop measures for managing operational risk. S.I.F. Oltenia S.A. uses self-assessment as an instrument for the analysis and management of operational risk. The person responsible for risk management updated the risk register to 31.12.2022, events of the nature of operational risk being carefully monitored and remedied in an optimal time, so as not to affect the company’s activity. In 2022, the Company carried out the internal assessment of the operational risks generated by the it systems according to the A.S.F. norm no. 4/2018 regarding the management of the operational risks generated by the it systems used by the entities authorized / approved / registered, regulated and / or supervised by A.S.F. From the point of view of the A.S.F. norm no. 4 / 2018, the Company falls under the risk category "Medium". According to Article 49(a) of the A.S.F. norm no. 4/2018, the result of the internal evaluation of the operational risks of the Company must be sent to the A.S.F. by March 31, 2023, for the year 2022. According to Art. 21 of the A.S.F. norm no. 4/2018, the company has the obligation to audit it externally or with internal certified resources the important it systems used, every 3 years, so that the period subject to audit is 3 consecutive calendar years, From the first month of January after the end of the period subject to the previous it audit, according to the medium risk category. In 2020, the Company performed the external audit on the relevant information systems of the Company, audit performed by certSIGN S.A. The next audit on the relevant information systems of the Company is to be carried out in 2023.

Notes to the separate financial statements as of 31 December 2022 page 42 5. SIGNIFICANT RISKS MANAGEMENT (continued) d) Operational risk (continued) The company has a policy of maintaining an optimal level of equity in order to develop the society 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 assets managed in the long term. Given the complexity of the activity of the S.I.F. Oltenia S.A., the volume of activity, the staff structure, the level of informatization, the complexity of monitoring and control procedures and other intrinsic aspects related to the risk policy of the company, we estimate that the operational risk at the company level is an average one. Considering the degree of complexity of the activity of S.I.F. Oltenia S.A., the volume of activity, the personnel structure, the level of computerization, the complexity of the monitoring and control procedures and the other intrinsic aspects related to the company's risk policy, we estimate that the operational risk at the level of the society is an average one. d) The sustainability risk Sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause a significant, actual or potential negative effect on the value of the investment. Sustainability risks are integrated into the classification and management of existing risks, as they also affect the types of risk that the company is exposed to in its activities. The company incorporates sustainability risks into the risk culture. The company shall integrate into the decision-making process and also assess the relevant sustainability risks, i.e. those environmental, social or governance events or conditions that, if they were to occur, could have an impact on the profitability of the investments made. f) Capital adequacy The management policy regarding capital adequacy focuses on maintaining a solid capital base in order to support the continued development of the Company and to achieve the investment objectives. Capital consists of the share capital, the reserves created, the current result and the deferred result. As of 31 December 2022, the equity of the Company is 2,105,595,927 RON (31 December 2021: 2,239,910,595 RON). 6. FINANCIAL ASSETS AND LIABILITIES Accounting classifications and fair values The accounting values and fair values of financial assets and liabilities shall be presented as at 31 December 2022 as follows: In RON Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income Amortized cost Total accounting value Fair value Cash and current accounts - - 2,241,614 2,241,614 2,241,614 Bank deposits - - 12,881,011 12,881,011 12,881,011 Financial assets measured at fair value through profit or loss 4,475,075 - - 4,475,075 4,475,075 Financial assets measured at fair value through other comprehensive income - 2,193,709,763 - 2,193,709,763 2,193,709,763 Bonds at amortized cost - - 2,927,744 2,927,744 2,927,744 Total financial assets 4,475,075 2,193,709,763 18,050,369 2,216,235,207 2,216,235,207 Dividends payable - - 49,300,619 49,300,619 49,300,619 Financial liabilities at amortized cost - - 2,096,313 2,096,313 2,096,313 Total financial liabilities - - 51,396,932 51,396,932 51,396,932

Notes to the separate financial statements as of 31 December 2022 page 43 6. FINANCIAL ASSETS AND LIABILITIES (continued) The accounting values and fair values of financial assets and liabilities are presented as of 31 December 2021, as follows: In RON Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income Amortized cost Accounting value Fair value Cash and current accounts - - 3,918,232 3,918,232 3,918,232 Bank deposits - - 14,631,528 14,631,528 14,631,528 Financial assets measured at fair value through profit or loss 4,652,462 - - 4,652,462 4,652,462 Financial assets measured at fair value through other comprehensive income - 2,373,923,240 - 2,373,923,240 2,373,923,240 Bonds at amortized cost - - 6,851,710 6,851,710 6,851,710 Total financial assets 4,652,462 2,373,923,240 25,401,470 2,403,977,172 2,403,977,172 Dividends payable - - 45,798,986 45,798,986 45,798,986 Financial liabilities at amortized cost - - 443,880 443,880 443,880 Total financial liabilities - - 46,242,866 46,242,866 46,242,866 7. 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 B.R.D.- GROUPE SOCIETE GENERALE S.A. București 101,910,928 2,146,055 O.M.V. PETROM S.A. București 41,460,124 17,795,820 BANCA TRANSILVANIA S.A. Cluj-Napoca 26,699,863 19,892,934 S.N.G.N. ROMGAZ S.A. Mediaș 7,023,487 4,029,655 ALIMENTARA S.A. Slatina 6,798,422 - S.N.T.G.N. TRANSGAZ S.A. Mediaș 3,605,869 1,980,552 S.I.F. BANAT CRIȘANA S.A. Arad 2,728,596 - ȘANTIERUL NAVAL ORȘOVA S.A. Mehedinți 1,696,179 3,200,337 IAMU S.A. Blaj 1,289,229 793,372 ANTIBIOTICE S.A. Iași 570,020 578,231 BURSA DE VALORI BUCUREȘTI S.A. București 475,582 409,494 DEPOZITARUL CENTRAL S.A. București 86,693 32,553 ELBA S.A. Timișoara 59,226 98,982 C.N.T.E.E. TRANSELECTRICA S.A. București - 2,359,273 UNIVERS S.A. Rm. Vâlcea - 1,345,419 VOLTALIM S.A. Craiova - 1,307,459 FLAROS S.A. București - 986,712 PROVITAS S.A. București - 316,251 TOTAL 194,404,216 57,273,099

Notes to the separate financial statements as of 31 December 2022 page 44 8. INTEREST INCOME In RON 31 December 2022 31 December 2021 Income from interest on bank deposits 2,550,751 340,396 Income from interest on current bank accounts 1 5 Income from interest on bonds 273,967 51,710 TOTAL 2,824,719 392,111 9. OTHER OPERATING INCOME In RON 31 December 2022 31 December 2021 Other operating revenues 141,842 1,119,784 Other financial revenues 15,932 17,100 Total 157,774 1,136,884 As at 31 December 2021, other operating income includes income from revaluation of property, plant and equipment and gains from fair value measurement of investment property. 10. EXPENSES WITH SALARIES, REMUNERATIONS AND SIMILAR EXPENSES IN RON No. of beneficiaries at 31 December 2022 Total amount (lei) at 31 December 2022 No. of beneficiaries at 31 December 2021 Total amount (lei) at 31 December 2021 Fixed remuneration Board of Directors 5 1,105,182 5 986,691 Top management 2 2,289,730 2 1,833,491 Control department 3 433,764 3 394,304 Personnel with attributions in the FIA risk profile of the Company 3 1,077,397 3 699,469 Employees 35 2,772,456 37 3,604,449 Total fixed salaries 7,678,529 7,518,404 Variable remuneration Board of Directors 4 709,167 9 2,404,587 Top management 2 2,126,280 2 2,392,641 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 37 1,195,471 38 2,693,677 Total variable remuneration 4,719,191 8,443,693

Notes to the separate financial statements as of 31 December 2022 page 45 10. EXPENSES WITH SALARIES, REMUNERATIONS AND SIMILAR EXPENSES (continued) IN RON No. of beneficiaries at 31 December 2022 Total amount (lei) at 31 December 2022 No. of beneficiaries at 31 December 2021 Total amount (lei) at 31 December 2021 Social and similar contributions 490,539 532,600 Net expense/income from provisions related to vacations not taken 917,681 Net expenses/income from provisions related to incentives 3,000,000** (4,563,154) * Total salaries, allowances, contributions and similar expenses 16,805,940 11,931,543 * The amount of 4,563,154 lei represents the difference between the establishment of the provision for incentives related to the year 2021 in the amount of 5,500,000 lei and 10,063,154 lei ( reversal of the provisions for incentives related to the years 2019 and 2020 granted in 2021). ** The amount of 3,000,000 lei represents the difference between 8,500,000 lei (establishment of the provision for incentives related to the year 2022) and 5,500,000 lei (reversal of the provisions for incentives related to the year 2021). 31 December 2022 31 December 2021 Personnel with mandate contract 2 2 Employees with higher education 25 25 Employees with secondary education 10 11 Employees with general education 3 3 Total 40 41 The evolution of the number of employees by category during the reporting period is presented as follows: No. employee 31 December 2021 Employees in during the year 2022 Employees out during the year 2022 No. employee 31 December 2022 Employees with higher education 25 5 5 25 Employees with secondary education 11 5 6 10 Employees with general education 3 - - 3 Total 39 10 11 38 In the financial year ended on December 31, 2022, the average number of employees was 37 (December 31, 2021: 38), and the number of employees registered at the end of 2022 was 38 (December 31, 2021: 39). 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 separate financial statements as of 31 December 2022 page 46 11. OTHER OPERATING EXPENSES In RON 31 December 2022 31 December 2021 * restated Expenditure on external benefits 3,175,581 1,280,765 Expenses with taxes and commissions 2,822,046 3,069,803 Amortization expenses of tangible and intangible assets 735,013 610,930 Other operational expenses 628,672 881,720 Expenses with raw materials and materials 311,996 107,045 Protocol, advertising and publicity expenses 260,501 102,536 Total 7,933,809 6,052,799 Expenses regarding commissions owed to S.S.I.F. for share transactions are represented by the commissions related to the sale of securities on the regulated market. Commissions related to share purchases, other than those recorded through the Profit or Loss Account, are recorded in the book value of financial assets. The expenses representing the audit are in the amount of 999 thousand lei on December 31, 2022 (December 31, 2021: 105 thousand lei) and are presented in the expenses with external benefits. Also, in the category of expenses with external benefits, expenses with asset evaluation reports, maintenance and repair expenses, utilities are also included. Expenses with taxes and commissions are mainly represented by the fee paid to A.S.F., in the amount of 2,01 million lei on December 31, 2022 (2 million lei on December 31, 2021). 12. INCOME TAX Reconciliation of profit before tax, at the expense of profit tax in profit or loss account: În RON 31 December 2022 31 December 2021 Current profit tax Current profit/income tax (16%) - 1,850,524 Tax on dividends 9,202,508 2,437,268 Total 9,202,508 4,287,792 Deferred income tax Liabilities relating to profit participation and other benefits (1,506,829) - Total corporate tax in the financial year 7,695,679 4,287,792 Profit before tax 172,504,164 41,910,048 Tax in accordance with statutory tax rates of 16% (2021: 16%) 27,600,667 6,705,608 Effect on corporate tax of: Non-deductible expenditure 5,787,570 3,420,905 Non-taxable income (32,053,725) (10,930,267) Registration of temporary differences and the impact of the tax loss in the deferred tax (1,506,829) - Tax on dividends (5%) 9,202,508 2,437,268 Other elements (1,334,512) 2,654,278 Corporate income tax 7,695,679 4,287,792

Notes to the separate financial statements as of 31 December 2022 page 47 12. INCOME TAX (continued) On 31 December 2022, non-deductible expenses on which the effect of corporate income tax has been calculated mainly include expenses related to non-taxable income as well as expenses constituting provisions for premiums (incentives) for 2022. Non-taxable income on which the effect of corporate tax has been calculated mainly includes dividend income as well as income from the reversal of provisions for premiums (incentives) granted. 13. CASH AND CASH EQUIVALENTS In RON 31 December 2022 31 December 2021 Cash in the cashier’s office 1,628 729 Current accounts in banks 2,239,983 3,911,187 Cash equivalents 3 6,316 Total cash and cash equivalents 2,241,614 3,918,232 Current accounts opened with banks are permanently available to the Company and are not restricted. 14. DEPOSITS PLACED WITH BANKS In RON 31 December 2022 31 December 2021 Sight deposits 12,875,280 14,628,077 Accrued interest 5,731 3,451 Total deposits in banks 12,881,011 14,631,528 Bank deposits are permanently available to the Company and are not restricted or encumbered. 15. FINANCIAL ASSETS a) Financial assets at fair value through profit or loss (fund units) 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

Notes to the separate financial statements as of 31 December 2022 page 48 15. FINANCIAL ASSETS (continued) a) Financial assets at fair value through profit or loss (fund units) (continued) The movement of financial assets in the reporting period ending 31 December 2022 is shown in the following table: Changes in fair value pertaining to financial investment measured at fair value through profit or loss 2022 2021 Initial balance 4,652,462 3,598,943 Purchases - - Sales - - Net change in fair value (177,387) 1,053,519 Ending balance 4,475,075 4,652,462 b) Financial assets measured at fair value through other comprehensive income shall be presented as follows: Changes in fair value pertaining to financial investment measured at fair value through other comprehensive income 2022 2021 Initial balance 2,373,923,240 1,995,142,337 Purchases 182,158,654 183,526,428 Sales 102,752,368 167,012,159 Net change in fair value (259,619,763) 362,266,634 Ending balance 2,193,709,763 2,373,923,240 The trading activity of S.I.F. Oltenia S.A. aimed to implement the investment strategy, in order to ensure the necessary conditions for consolidating and rebalancing the portfolio taking into account the market opportunities and the need to respect the prudential limitations related to the activity of alternative investment funds. The share inflows in 2022 amounted to 182.16 million lei and represent mainly the acquisition of shares mainly on the capital market at S.I.F. Banat-Crișana (84.37 million lei), S.I.F Muntenia (43.77 million lei), Banca Transilvania (20.77 million lei), O.M.V. Petrom (10.33 million lei), Lactate Natura (10.25 million lei), Bucharest Stock Exchange (8.12 million lei), Electromagnetica (1.85 million lei) and Antibiotice (2.28 million lei) and Gravity Capital Investments (0.09 million lei). The sale value of the shares in 2022 amounted to 102.75 million lei and represents the sale value on the capital market of the shares of the following issuers from the Company’s portfolio: 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 management of the company together with the Investment Department and take place in the context in which the company identifies reasonable opportunities to maximize investment returns. The share inflows in 2021 amounted to 183.5 million lei and represent mainly the acquisition of shares on the capital market of S.I.F Muntenia (78.83 million lei), S.I.F. Banat-Crișana (40.58 million lei), Antibiotice Iasi (26.94 million lei), Banca Transilvania (26.60 million lei), Alimentara Slatina (8.97 million lei), Bucharest Stock Exchange (0.94 million lei), Lactate Natura (0.51 million lei), Sinterom (0.14 million lei) and Dambovita Hotel complex (0.01 million lei). The sale value of the shares in 2021 was 167.01 million lei and represents the sale value of the shares of the following issuers in the Company’s portfolio: Banca Transilvania (107.27 million lei), OMV Petrom (23.71 million lei), B.R.D. GSG (19.85 million lei), S.N.G.N. Romgaz (8.05 million lei), S.I.F. Transilvania (4.85 million lei), Altur S.A. Slatina (0.35 million lei), C.N.T.E.E. Transelectrica (1.27 million lei), Cerealcom Alexandria (1.66 million lei) and Corint S.A. Targoviste (0.03 million lei).

Notes to the separate financial statements as of 31 December 2022 page 49 15. FINANCIAL ASSETS (continued) No. Company Fair value at 31 December 2022 - RON - Percentage of total securities - % - 1 BANCA TRANSILVANIA CLUJ 490,332,314 22% 2 B.R.D.-GROUPE SOCIETE GENERALE BUCUREȘTI 357,929,988 16% 3 O.M.V. PETROM BUCUREȘTI 247,651,243 11% 4 S.I.F. BANAT CRIȘANA 166,666,349 8% 5 ARGUS CONSTANȚA 108,220,196 5% 6 ANTIBIOTICE IAȘI 102,737,926 5% 7 S.I.F. MUNTENIA 92,351,408 4% 8 FLAROS BUCUREȘTI 88,484,374 4% 9 S.N.G.N. ROMGAZ S.A. 69,772,797 3% 10 S.N.T.G.N. TRANSGAZ MEDIAȘ 67,032,181 3% No. Company Fair value on 31 December 2021 - RON - Percentage of total securities - % - 1 BANCA TRANSILVANIA CLUJ 591,552,885 25% 2 B.R.D.-GROUPE SOCIETE GENERALE BUCUREȘTI 487,335,445 21% 3 O.M.V. PETROM BUCUREȘTI 261,549,961 11% 4 ANTIBIOTICE IAȘI 107,436,212 5% 5 S.I.F. BANAT CRIȘANA 88,605,685 4% 6 FLAROS BUCUREȘTI 88,495,733 4% 7 MERCUR S.A. CRAIOVA 85,115,935 4% 8 S.N.G.N. ROMGAZ S.A. 79,297,335 3% 9 S.I.F. MUNTENIA 76,051,820 3% 10 C.N.T.E.E. TRANSELECTRICA BUCUREȘTI 59,891,423 3% c) Bonds at amortized cost In RON 31 December 2022 31 December 2021 Bonds issued by Mercur S.A. 2,927,744 6,851,710 Total bonds at depreciated cost – gross value 2,927,744 6,851,710 Expected loss of credit - - Total bonds at amortized cost 2,927,744 6,851,710 As of December 31, 2021, the unlisted cost corporate bonds issued by Mercur S.A. Craiova are included in the category of bonds at amortized cost. The bonds were purchased within the offer addressed to less than 150 investors, carried out by Mercur S.A. Craiova between 09.09.2021 – 13.09.2021. A number of 680 bonds were purchased with the following characteristics: - Face value: 10.000 lei; - Maturity: 15.09.2026; - Interest rate: ROBOR 1M +1% / year; - Payment of coupons: semi-annual; - Secured by a real estate mortgage, represented by land 6,508 sqm and commercial spaces in Mercur Center Craiova – 11,741 sqm, valued at a fair value of RON 66 mil. as of December 31, 2022, the valuation report being prepared by Neoconsult Valuation S.R.L, ANEVAR evaluator.

Notes to the separate financial statements as of 31 December 2022 page 50 15. FINANCIAL ASSETS (continued) d) 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. 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 1,828,425,408 - 365,284,355 2,193,709,763 Total 1,832,900,483 - 365,284,355 2,198,184,838 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 1,966,470,210 - 407,453,030 2,373,923,240 Total 1,971,122,672 - 407,453,030 2,378,575,702 Fair Value Movement Level 3 2022 2021 Initial balance 407,453,030 153,214,913 Acquisitions 10,345,338 9,634,557 Sales 42,416,586 - Reclassifications from level 1 51,409,859 216,162,527 Net change in fair value (61,507,286) 28,441,033 Outstanding balance 365,284,355 407,453,030 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;

Notes to the separate financial statements as of 31 December 2022 page 51 15. FINANCIAL ASSETS (continued) d) 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 majority interest 103.720.325 Patrimonial approach – net accounting asset The market value of assets The market value of debt 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 Minority shareholdings listed without an active market 73.822.266 Income approach – discounted cash-flow method Weighted average cost of capital: 16.67% The lower the weighted average cost of capital, the higher the fair value. Perpetuity growth rate of long-term income: 3.2% The higher the long-term income growth rate, the higher the fair value. Unlisted minority interest 5.640.015 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 interest 16.659.508 Income approach – discounted cash-flow method Weighted average cost of capital: 14,13% The lower the weighted average cost of capital, the higher the fair value. Perpetuity growth rate of long-term income: 3.77% The higher the long-term income growth rate, the higher the fair value. Listed majority shareholdings with no active market 94.636.402 Income approach – discounted cash-flow method Weighted average cost of capital: 13,5% Perpetuity growth rate of long-term income: 4,5% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term income growth rate, the higher the fair value. Unlisted majority interest 86.999 Patrimonial approach- corrected net asset The market value of assets Market value of debts The higher the market value of the assets, the higher the fair value The higher the market value of the liabilities, the lower the fair value Listed minority interest 67.598.85 Income approach – discounted cash-flow method Weighted average cost of capital: 13,3% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term income growth rate, the higher the fair value. Perpetuity growth rate of long-term income: 3,8% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term income growth rate, the higher the fair value . Total 365.284.355

Notes to the separate financial statements as of 31 December 2022 page 52 15. FINANCIAL ASSETS (continued) d) 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 Majority shareholdings listed without an active market 88.495.733 Patrimonial approach – net accounting asset The market value of assets The market value of debt 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 Minority shareholdings listed without an 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 income growth rate, the higher the fair value. Unlisted minority interest 52.239.723 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 majority interest 2.886.265 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 Listed majority shareholdings with no active market 137.557.268 Income approach – discounted cash-flow method Weighted average cost of capital: 11.55% Perpetuity growth rate of long-term income: 2.57% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term income growth rate, the higher the fair value. Unlisted majority interest 76.520.949 Income approach – discounted cash-flow method Weighted average cost of capital: 9.58% Perpetuity growth rate of long-term income: 1.78% The lower the weighted average cost of capital, the higher the fair value. The higher the long-term income growth rate, the higher the fair value. Unlisted minority interest 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 income growth rate, the higher the fair value. Total 407.453.030

Notes to the separate financial statements as of 31 December 2022 page 53 15. FINANCIAL ASSETS (continued) d) The hierarchy of fair values (continued) While the Company considers fair value estimates as presented in these financial statements to be appropriate, the use of other methods or assumptions in analysis and measurement could lead to values that are different from those presented. For fair values recognized by the use of a significant number of unobservable inputs (Level 3), the change of one or more of the determining factors in the analysis would have an effect on the overall and current result. At the value resulting from the valuation of investments in shares, a sensitivity analysis was carried out by estimating some risk variations on the main influencing factors. Two evaluation techniques were used, namely: 1.) Income approach – Discounted cash flow method – the values of net operating financial flows as well as the values of the weighted average cost of capital have been statistically changed 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 equity with a deviation from the standard value. Given that in holdings assessed using the discounted cash flow method, there are companies for which the total value of capital has been strongly influenced by the value of excess assets that is added to the present value of assets in operation, we have also included a sensitivity analysis by estimating risk changes of +/-5% of excess assets. All these deviations from the standard value influence other elements of the comprehensive income (before tax). Modified assumption (Lei) Impact in other comprehensive income (before tax) 31 December 2022 Impact in other comprehensive income (before tax) 31 December 2021 Increase in net operating financial flows by 5% 10,033,903 7,905,734 Decrease of net financial flows from the operation by 5% (5,014,970) (8,257,405) Increase the weighted average cost of capital by 50 bps (4,425,011) (11,399,853) Weighted average cost of capital reduction by 50 bps 10,185,350 12,975,931 Increase the growth rate in perpetuity by 50 bps 9,454,882 10,942,199 Decrease the growth rate in perpetuity by 50 bps (3,652,051) (9,886,159) Increase in the value of excess assets by 5% 5,214,067 5,450,720 Decrease in the value of excess assets by 5% (4,581,671) (6,588,059) From the information presented above it can be seen that it is a direct relationship between the amount of net operating financial flows and the amount of excess assets and fair value, and a reverse relationship between the weighted average cost of capital and fair value: - the increase/decrease in net financial flows from the operation causes an increase/decrease in fair value; - the increase/decrease of the weighted average cost of capital leads to a decrease/increase in fair value; - the increase/decrease of excess assets causes an increase/decrease in fair value. The weighted average cost of capital is the cost of the company's 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 are assets that are not used in the current (operational) activity of the company and may include financial assets, tangible assets, etc. 2) The asset-based approach – The corrected net asset method and the net accounting asset method – both the values of assets and the amounts of liabilities have been changed by +/-5% (2021: +/-5%), obtaining values per share and equity of the company, with a deviation from the standard value. These deviations from the standard value influence other elements of the overall result (before tax).

Notes to the separate financial statements as of 31 December 2022 page 54 15. FINANCIAL ASSETS (continued) d) The hierarchy of fair values (continued) Modified Assumptions (Lei) Impact in other comprehensive income (before tax) 31 December 2022 Impact in other comprehensive income (before tax) 31 December 2021 Increase in the value of assets by 5% 5,920,128 31,266,708 Decrease in the value of assets by 5% (5,919,624) (31,266,717) Increase in the value of debts by 5% (291,245) (24,048,333) Decrease in the value of debts by 5% 291,749 24,048,324 From the information presented above it can be seen that it is a direct relationship between the value of assets and fair value and an inverse relationship between the amount of liabilities and fair value: - the increase/decrease in assets causes an increase/decrease in fair value. - the increase/decrease in liabilities causes a decrease/increase in fair value. e) Reserve from fair value revaluation of financial assets at fair value through other comprehensive income, net of deferred tax In RON 2022 2021 As at 1 January 822,551,830 603,668,705 Gross (loss)/gain from the revaluation of financial assets measured at fair value through other comprehensive income (259,619,763) 362,266,634 Deferred tax pertaining to the gain from the revaluation of financial assets measured at fair value through other comprehensive income 39,423,598 (48,853,637) Net (loss) / gain from the revaluation of available financial assets measured at fair value through other comprehensive income (220,196,165) 313,412,997 Gross gain from deferred tax pertaining to the transfer to retained earnings as a result of selling financial assets (34,889,898) (112,535,563) 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 5,441,403 18,005,691 Gains net of deferred tax pertaining to the transfer to retained earnings as a result of selling financial assets (29,448,495) (94,529,872) As at 31 December 572,907,170 822,551,830

Notes to the separate financial statements as of 31 December 2022 page 55 16. PROPERTY, PLANT AND EQUIPMENTS Gross book value 1 January 2022 Inflows Transfer Outflows Cumulative depreciation cancellation at the measurement date Revaluation increases Revaluation mitigations 31 December 2022 Property, plant and equipment Land 2,436,224 - - - - - (414,716) 2,021,508 Construction 9,454,882 - - - (438,945) 135,097 - 9,151,034 Equipment and means of transport 2,691,733 860,457 - (1,339,274) - - - 2,212,916 Other fixed assets 205,935 61,403 - (62,352) - - - 204,986 Total 14,788,774 921,860 - (1,401,626) (438,945) 135,097 (414,716) 13,590,444 Cumulated depreciation 1 January 2022 Depreciation in the year Transfer depreciation Outflows Cancellation of cumulated depreciation at the value date Establishment of depreciation of fixed assets Reduction of depreciation of fixed assets 31 December 2022 Property, plant and equipment Construction - 438,945 - - (438,945) - - - Equipment and means of transport 2,160,957 247,905 - (1,339,275) - - - 1,069,587 Other fixed assets 164,499 18,260 - (62,352) - - - 120,407 Total 2,325,456 705,110 - (1,401,627) (438,945) - - 1,189,994 Net book value Land 2,436,224 - - - - - - 2,021,508 Construction 9,454,882 - - - - - - 9,151,034 Equipment and means of transport 530,775 - - - - - - 1,143,329 Other fixed assets 41,437 - - - - - - 84,579 Total 12,463,318 - - - - - - 12,400,450

Notes to the separate financial statements as of 31 December 2022 page 56 16. PROPERTY, PLANT AND EQUIPMENTS (continued) Gross book value 1 January 2021 Inflows Transfer Outflows Cumulative depreciation cancellation at the measurement date Revaluation increases Revaluation mitigations 31 December 2021 Property, plant and equipment Land 1,940,645 - - - - 495,579 - 2,436,224 Construction 8,862,434 - - - (398,061) 990,509 - 9,454,882 Equipment and means of transport 2,453,607 261,426 - (23,300) - - - 2,691,733 Other fixed assets 192,246 19,488 - (5,799) - - - 205,935 Total 13,448,932 280,914 - (29,099) (398,061) 1,486,088 - 14,788,774 Cumulated depreciation 1 January 2021 Depreciation in the year Transfer depreciation Outflows Cancellation of cumulated depreciation at the value date Establishment of depreciation of fixed assets Reduction of depreciation of fixed assets 31 December 2021 Property, plant and equipment Construction - 398,061 - (398,061) - - - - Equipment and means of transport 2,005,727 178,429 (23,199) - - - - 2,160,957 Other fixed assets 160,261 10,137 (5,899) - - - - 164,499 Total 2,165,988 586,627 (29,098) (398,061) - - - 2,325,456 Net book value Land 1,940,645 - - - - - - 2,436,224 Construction 8,862,434 - - - - - - 9,454,882 Equipment and means of transport 447,880 - - - - - - 530,775 Other fixed assets 31,986 - - - - - - 41,437 Total 11,282,944 - - - - - - 12,463,318

Notes to the separate financial statements as of 31 December 2022 16. PROPERTY, PLANT AND EQUIPMENTS (continued) The company has no restrictions on property titles. Property, plant and equipment was not used as collateral. At the end of the reporting periods in 2022 and 2021. The company did not register contractual obligations for purchases of property, plant and equipment. The last revaluation of the land and buildings held was carried out on 31 December 2022, with revaluation differences being recorded in equity. The revaluation was carried out by the authorized appraiser, respectively Neoconsult Valuation S.R.L., an ANEVAR corporate member. Management considers that the net carrying amount of land and buildings at 31 December 2022 is an estimate of fair value at the reporting date. Three valuation techniques were used in their estimation, namely: market value, value determined on the basis of discounted net cash flows and net replacement cost value. The fair value hierarchy is Level 3 for land and buildings. At the value resulting from the valuation of land and buildings, a sensitivity analysis was carried out by estimating risk variations on the main influencing factors. Three techniques were used, namely: - valuation based on market value – thus, the values of the market prices estimated to be obtained for these property, plant and equipment have been changed +/-5%. These deviations from the standard amount influence the profit and loss account before tax; - valuation based on discounted net cash flows – thus, the amounts of estimated income to be earned from these property, plant and equipment have been changed +/-5%. These deviations from the standard amount influence the profit and loss account before tax; - valuation based on net replacement cost – thus, the estimated net replacement costs for these property, plant and equipment have been changed +/-5%. These deviations from the standard value influence the profit and loss account before tax. Property, plant and Equipment Fair value as at 31 December 2022 Valuation Method Land Construction 2,021,508 753,984 Market value-based valuation Construction 8,304,552 Valuation on the basis of discounted net cash flows Construction 92,497 Valuation based on net replacement cost TOTAL 11,172,541 Modified Assumptions (Lei) Impact in the profit and loss account 31 December 2022 Impact in the profit and loss account 31 December 2021 Increase the market value by 5% Land 101,123 97,032 Construction 37,699 37,606 Decrease in market value by 5% Land (101,123) (97,032) Construction (37,699) (37,606) Increase revenues by 5% Lands - - Construction 496,984 427,282 Decrease revenues by 5% Land - - Construction (496,984) (545,510) Increase in net replacement cost by 5% Land - - Construction 4,625 5,273 Decrease in net replacement cost by 5% Land - - Construction (4,625) (5,273)

Notes to the separate financial statements as of 31 December 2022 17. OTHER ASSETS In RON 31 December 2022 31 December 2021 Other financial assets at amortized cost 71,185 2,118,607 Investment property 514,451 318,949 Other assets 1,100,816 1,551,405 Intangible assets 45,798 6,180 TOTAL 1,732,250 3,995,141 The last valuation of the real estate investments held was made on 31.12.2022 by Neoconsult Valuation S.R.L., corporate member of ANEVAR. The differences in the valuation were recorded in the profit or loss account. As of 31 December 2021, debtors from the transactions of shares under settlement (T+2), settled in 2022, amounting to RON 2,053,856, are presented in other financial assets at amortised cost. In RON 31 December 2022 31 December 2021 Other financial assets at amortized cost – Stage 1 71,185 2,118,607 Other financial assets at amortized cost – Stage 3 693,435 659,215 Expected credit risk adjustments (693,435) (659,215) TOTAL 71,185 2,118,607 18. DIVIDENDS PAYABLE In RON 31 December 2022 31 December 2021 Dividends payable for 2021 4,466,219 - Dividends payable for 2020 7,202,979 7,490,028 Dividends payable for 2019 14,289,570 14,696,597 Dividends payable for 2018 20,888,941 21,158,830 Dividends payable for 2017 319,925 320,082 Dividends payable for 2016 411,016 411,208 Dividends payable for 2015 593,284 593,548 Dividends payable for 2014 484,043 484,045 Dividends payable for 2013 644,642 644,648 Total dividends payable 49,300,619 45,798,986 By Judgment nr. 6 a A.G.O.A. S.I.F. Oltenia S.A. dated October 20, 2021 was approved to make in the financial year of 2021 the accounting registration to reserves of dividends not collected for more than three years from the date of their chargeability, for which the right of action is extinguished by prescription, respectively the dividends related to the financial years of 2016 and 2017, existing in the balance as unpaid at the end of october 26, 2021. In this regard, dividends for 2016 amounting to 12,058,153 lei and dividends for 2017 amounting to 9,503,136 lei were registered with reserves.

Notes to the separate financial statements as of 31 December 2022 19. FINANCIAL LIABILITIES AT AMORTIZED COST In RON 31 December 2022 31 December 2021 Commercial Debts 1,610,683 439,275 Debts in connection with financial leasing 480,659 - Other taxes 4,971 4,605 Total 2,096,313 443,880 20. DEFERRED TAX PAYABLE Deferred tax liabilities are determined by the following elements: In RON Assets Liabilities Net Taxable effect liability/(asset) 31 December 2022 Property, plant and equipment and investment property 16,179,097 - 16,179,097 2,588,656 Financial assets assessed at fair value through other elements of the comprehensive income 367,706,587 - 367,706,587 58,833,054 Other liabilities (benefits granted to employees (untaken paid leave)) - 9,417,681 (9,417,681) (1,506,829) Other equity items - (20,244,741) 20,244,741 3,239,158 TOTAL 383,885,684 (10,827,060) 394,712,744 63,154,039 Deferred tax liabilities 63,154,039 In RON Assets Liabilities Net Tax effect (debts/assets) 31 December 2021 Property, plant and equipment and investment property 13,985,955 - 13,985,955 2.237.753 Financial assets assessed at fair value through other elements of the comprehensive income - received free of charge 646,508,142 - 646,508,142 103.441.303 Other equity items - (21,671,778) 21,671,778 3.467.484 TOTAL 660,494,097 (21,671,778) 682,165,875 109.146.540 Deferred tax liabilities 109,146,540 Deferred income tax on December 31, 2022 and December 31, 2021 is mainly determined by financial assets valued at fair value through other comprehensive income.

Notes to the separate financial statements as of 31 December 2022 20. DEFERRED TAX PAYABLE (continued) Net movement in deferred tax liabilities is presented as follows for the year 2022: Balance sheet item Net tax position of temporary differences as of 2021 Net tax position of temporary differences as of 2022 Net movement in the temporary differences Deferred tax liability Tax effect@16% Impact in Property, plant and equipment and investment property 13,985,955 16,179,097 2,193,142 350,903 Other comprehensive income Financial assets assessed at fair value through other elements of the comprehensive income – received free of charge 646,508,142 367,706,587 (278,801,555) (44,608,249) Other comprehensive income Other liabilities (benefits granted to employees (untaken paid leave)) - (9,417,681) (9,417,681) (1,506,829) Profit and loss account Other equity items 21,671,778 20,244,741 (1,427,037) (228,326) Other equity items Total 682,165,875 394,712,744 (287,453,131) (45,992,501) Balance sheet item Net tax position of temporary differences as of 2020 Net tax position of temporary differences as of 2021 Net movement in the temporary differences Deferred tax liability Tax effect@16% Impact in Property, plant and equipment and investment property 13,985,955 13,985,955 - - Other comprehensive income Financial assets assessed at fair value through other elements of the comprehensive income - received free of charge 458,807,028 646,508,143 (187,701,114) (30,032,178) Other comprehensive income Other equity items 16,696,511 21,671,778 (4,975,267) (796,043) Other equity items Total 489,489,494 682,165,875 (192,676,381) (30,828,221)

Notes to the separate financial statements as of 31 December 2022 21. OTHER LIABILITIES In RON 31 December 2022 31 December 2021 Liabilities related to remuneration and other employees’ benefits, out of which: 9,948,695 7,675,494 Salaries and related contributions 531,014 2,175,494 Performance bonuses 8,500,000 5,500,000 Provisions for unfused leave 917,681 Liabilities related to the State Budget 189,874 495,619 Other liabilities 176,331 188,461 Total 10,314,900 8,359,573 During 2022, provisions were established regarding the performance bonuses related to employees in the amount of 8,500,000 lei (2021: 5,500,000 lei) and reversed 5,500,000 lei (2021: 10,063,154 lei) 22. CAPITAL AND RESERVES • Share Capital The share capital, according to the articles of incorporation of the Company, has the value of 50,000,000 lei, It is divided into 500,000,000 shares with a face value of RON 0.1/share and is the result of direct subscriptions made to the share capital of the Company and by converting into shares the amounts due as dividends under Law no. 55/1995 and by the effect of Law no. 133/1996. The shares issued by the company are traded on the Bucharest Stock Exchange - Premium category (market symbol SIF5). The stock and shareholders record is kept by Depozitarul Central S.A. Bucharest. The Company’s shares are: Ordinary, nominative of equal value, issued in dematerialized form, paid in full at the time of subscription, evidenced by registration in the account and grant equal rights to their holders, except for the limitations in the regulations and legal provisions. ▪ During 2021, the decrease of the share capital of the S.I.F. Oltenia S.A. with a number of 22,149,143 shares with a face value of 0.1 lei, from the value of 52,214,914.30 lei (divided into 522,149,143 shares) to 50,000,000 lei (divided into 500,000,000 shares). We mention that on June 24, 2021, the A.S.F. issued the certificate of registration of financial instruments no. AC-419-4/24.06.2021 recording the reduction of the share capital, following the Decision no. 6 of the A.G.E.A. of 29 October 2020. ▪ Based on the Decision no. 4 of the extraordinary General meeting of shareholders of 31 March 2022, the Company purchased a number of 25,000,000 own shares (face value 0.1 lei/share), representing 5% of the share capital. The redemption value was 2.5 lei/share, resulting in a negative reserve of 60,864,962 lei, which represents the difference between the redemption value and the nominal value of the shares. The offer had an oversubscription of 416% and the allocation factor was 0.2402 for each subscribed share. ▪ The acquisition of the shares was made within the public offer for the purchase of shares issued by the company, approved by the A.S.F. by Decision no. 671/31.05.2022. The share capital according to the articles of incorporation is as follows: In RON 31 December 2022 31 December 2021 Statutory registered capital 50,000,000 50,000,000

Notes to the separate financial statements as of 31 December 2022 22. CAPITAL AND RESERVES (continued) As of 31 December 2022, the number of shareholders is 5,727,907 (31 December 2021: 5,732,113) with the following structure: No. of shareholders No. of shares Amount (RON) (%) 31 December 2022 Total natural entities 5,728,730 209,676,656 20,967,666 42% Total legal entities 177 290,323,344 29,032,334 58% Total 31 December 2022 5,728,907 500,000,000 50,000,000 100% No. of shareholders No. of shares Amount (RON) (%) 31 December 2021 Total natural entities 5,731,902 230,024,632 23,002,463 46% Total legal entities 211 269,975,368 26,997,537 54% Total 31 December 2021 5,732,113 500,000,000 50,000,000 100% • Legal reserves The legal reserves are constituted, according to the legal requirements, in the amount of 5% of the profit recorded according to the applicable accounting regulations up to the level of 20% of the value of the share capital, according to the constitutive act. The value of the legal reserve on December 31, 2022 is 11,603,314 lei (December 31, 2021: 11,603,314 lei). In the financial years 2022 and 2021, the Company did not set up legal reserves from the profit, these reaching the ceiling of 20% of the share capital, according to the constitutive act. The related deferred tax is 1,600,000 lei on December 31, 2022 and 2021. Legal reserves cannot be distributed to shareholders. • Differences from changes in the fair value of financial assets measured at fair value through other comprehensive income elements This includes the cumulative net changes in the fair values of the financial assets measured at fair value by other items of the comprehensive income, from the date of their classification in this category to their derecognition or impairment. The reserves from the valuation of financial assets valued at fair value through other elements of the comprehensive result are recorded at net value of the related deferred tax and are as of December 31, 2022 in the amount of 572,907,170 lei (December 31, 2021: 822,551,830 lei). The deferred tax related to these reserves is recorded on the equity and deducted from the reserves from the valuation of the financial assets valued at fair value through other elements of the comprehensive result. • Other reserves In RON 31 December 2022 31 December 2021 Reserves distributed from net profit 470,287,061 446,530,712 Reserves established following the enforcement of Law no. 133/1996* 144,636,073 144,636,073 Reserves of prescribed dividends 28,112,816 28,112,816 Reserves from foreign exchange differences and other reserves 525,069 980,657 Total 643,561,019 620,260,258 * The reserve related to the initial portfolio was established following the application of Law No. 133/1996, as a difference between the value of the contributed portfolio and the value of the registered capital subscribed to the Company. These reserves are assimilated to a contribution premium.

Notes to the separate financial statements as of 31 December 2022 22. CAPITAL AND RESERVES (continued) • Dividends The Ordinary General Meeting of Shareholders, convened on April 28, 2022 at the first call, decided to distribute the net profit of the financial year 2021, in the amount of 37,550,738 lei, to the following destinations: a) Dividends: 15,000,000 lei (39.95% of net profit), which ensures a gross dividend per share of 0.03 lei. b) Other reserves (own funding sources): 22,550,738 lei (60.05% of the net profit) in order to establish the necessary funds for investments. The date of 02.08.2022 was approved as the dividend payment date in accordance with the provisions of art. 178 para. (2) from the A.S.F. Regulation no. 5/2018. Payment of dividends distributed by S.I.F. Oltenia S.A. was carried out through the Central Depository, of the Participants in its system (according to Law no. 24/2017, art. 86, paragraph 5 and ASF Regulation no. 5/2018, art. 177) and through the Romanian Commercial Bank - the agent the payment. The payment of the dividends related to the year 2021 started on August 2, 2022 and was carried out through the Central Depository and Paying Agent – Banca Comercială Română. 23. EARNINGS PER SHARE In RON 31 December 2022 31 December 2021 Profit attributable to ordinary shareholders 164,808,485 37,622,256 The weighted average number of ordinary shares 487,123,288 500,000,000 The result per basic share 0.383 0.0752 In RON 31 December 2022 31 December 2021 Net profit attributed to Company shareholders 164,808,485 37,622,256 Earnings reflected in the retained earnings attributed to ordinary shareholders (from selling financial assets at fair value through other comprehensive income) 29,448,495 94,529,872 The weighted average number of ordinary shares 487,123,288 500,000,000 The result per basic share (including the earnings from selling financial assets at fair value through other comprehensive income) 0.3988 0.2643 24. GRANTED GUARANTEES The company has no guarantees. 25. TRANSACTIONS AND MONEY WITH PARTIES IN SPECIAL RELATIONS The company has identified in the course of its business the following parties in special relations: • Subsidiaries In accordance with the legislation in force on 31 December 2022, the Company has control in a number of 13 issuers on (31 December 2020: 12 issuers), according to note 3 c). All subsidiaries of the Company as at December 31, 2022 and December 31, 2021 are based in Romania, and the percentage of holding is not different from the percentage of the number of votes held. On 31 December 2022 and 31 December 2021, the following balances relating to related party transactions are recorded: The following related party transactions took place in the financial years 2021 and 2022:

Notes to the separate financial statements as of 31 December 2022 25. TRANSACTIONS AND MONEY WITH PARTIES IN SPECIAL RELATIONS (continued) On December 31, 2022 and December 31, 2021, the following balances related to transactions with related parties are recorded: 31 December 2022 COMPLEX HOTELIER DAMBOVITA S.A. VOLTALIM S.A. MERCUR S.A. GEMINA TOUR S.A. - ALIMENTARA S.A. FLAROS S.A. UNIVERS S.A. PROVITAS S.A LACTATE NATURA S.A. Bonds at amortized cost - - 2,860,000 - - - - - - Bonds accrued interest - - 67,744 - - - - - - Other assets - - - - - - - 7,416 Loans granted and reimbursed during the year 2,000,000 - - - - - - - - Increased of share capital - - - - - - - - 10,255,348 Dividend income - - - - - - - - - Acquisition of services 240 - - 210 38,144 - Acquisition of equity instruments (shares) - 581,683 829,861 - 6,030,604 1,714,591 4,705,591 - - Bonds interest income - - 273,967 - - - - - - Loans interest income 2,060 - - - - - - - - Dividend income - - - - 6,798,422 - - - - 31 decembrie 2021 COMPLEX HOTELIER DAMBOVITA S.A. VOLTALIM S.A. MERCUR S.A. GEMINA TOUR S.A. ALIMENTARA S.A. FLAROS S.A. UNIVERS S.A. PROVITAS S.A LACTATE NATURA S.A. Bonds at amortized cost - - 6,800,000 - - - - - - Bonds accrued interest - - 51,710 - - - - - - Other assets - - - - - - - - - Loans granted and reimbursed during the year - - - - - - - - - Increased of share capital - - - - - - - - - Dividend income Acquisition of services - - - - - - - - - Acquisition of equity instruments (shares) - - - - - - - - - Bonds interest income - - 51,710 - - - - - - Loans interest income - - - - - - - - Dividend income - 1,307,459 - - - 986,712 1,345,419 - -

Notes to the separate financial statements as of 31 December 2022 page 65 25. TRANSACTIONS AND MONEY WITH PARTIES IN SPECIAL RELATIONS (continued) • Key management staff 31 December 2022 Following Decisions no. 9 and 10 of the Ordinary General Meeting of Shareholders dated 28.04.2022, by which Mrs. Andreea Cosmănescu was appointed as a member of the Board of Directors of the company, the Financial Supervisory 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 Manager. 31 December 2021 Members of the Board of Directors: 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 Manager. The company has not granted loans or advances (with the exception of advances for travel in the interest of the service, justified within the legal term) to the members of the Board of Directors and the management, and has no accounting commitments of this nature. The Company has not received or granted any guarantees in favor of any related party. 26. COMMITMENTS AND CONTINGENT LIABILITIES Legal actions As of December 31, 2022, there are 22 cases pending before the courts: 16 cases as plaintiff; 6 cases as a defendant; in 3 cases being in insolvency proceedings; in one case it has the capacity of intervener, in another case it is called as a surety. According to their object, the causes are structured as follows: - 7 cases (annulment of A.G.A. decisions/annulment of operations with shares) in which the company has the capacity of plaintiff; - 3 cases - companies in the insolvency procedure, as follows: in one case the company has the status of unsecured creditor; in 2 cases he has the capacity of contribution creditor; - 12 other causes. According to their object, we exemplify the following causes: a) Cases in which S.I.F. Oltenia S.A. has the capacity of plaintiff, it mainly aims at the annulment of some AGM decisions, having as their object: operations with shares, right to withdraw from the company, decisions adopted in violation of the limits of competence, among the defendant companies appearing: Sinterom S.A., Elba S.A., Altur S.A. of which we exemplify: 1. Case file no. 3678/30/2021, pending before the Timiș Court, defendant Elba SA, having as object the action for annulment of the OGSM Decision of 25.05.2021. At the 07.11.2022 deadline, the court definitively dismissed the appeal declared by S.I.F. Oltenia S.A. 2. Case file no. 251/1285/2021, pending before the Timiș Court, defendant Elba SA, having as object the action for annulment of the OGSM Decision of 19.01.2022. The case was settled on 18 July 2022 by dismissing the company's application. S.I.F. Oltenia S.A. appealed against the rejection solution.

Notes to the separate financial statements as of 31 December 2022 page 66 26. COMMITMENTS AND CONTINGENT LIABILITIES (continued) 3. Case file no. 612/1285/2022, pending before the Cluj Court, defendant Sinterom SA, having as object the action for annulment of the OGSM Decision of 05.05.2022. At the 04.10.2022 deadline, the court dismissed the application. S.I.F. Oltenia S.A. filed an appeal. At the 21.02.2023 deadline, the court definitively dismissed the appeal declared by S.I.F. Oltenia S.A. 4. Case file no. 943/1285/2022, pending before the Cluj Court, defendant Sinterom SA, having as object the action for annulment of the Sinterom Board of Directors Decision of 29.08.2022. At the 01.11.2022 deadline, the court suspended the case until the final resolution of the case 251/1285/2022. S.I.F. Oltenia S.A. filed an appeal to the suspension. Case file no. 943/1285/2022/a2 was disjoined from the main scope of the file, having as object the previously mentioned appeal against the suspension. At the 28.02.2023 deadline, the court definitively dismissed the appeal declared by S.I.F. OlteniaS.A.. 5. Case file no. 1058/1285/2022, before the Commercial Court of Cluj, defendants Sinterom S.A. and Someș Logistic S.A. The file is in the regularization stage and no deadline has yet been set. Case file no. 1058/1285/2022/a1 was disjoined from the main file, having as object the request for a review of the stamp duty in the main file. On 16.02.2023, the Commercial Court of Cluj definitively dismissed the application as unfounded. 6. Case file no. 1738/104/2019, pending before the Olt Court, defendant Altur SA, having as object the action for the establishment of the right of withdrawal of the company from the share capital of Altur SA, the Court has granted numerous hearings, in order to draw up and submit the expert report and assessment. On the deadline of 27 October 2021, the court ordered the replacement of Avensis Capital Consulting SRL by Veridio S.R.L. At the last deadline, on 01.03.2023, the Olt Court postponed the case to 29.03.2023, in order to observe the answer to the objections of the assessment report drawn up in the case. In the chapter “other cases”, in which the Company has the status of complainant, files with various scopes are registered: criminal complaints, forced executions, claims-damages, appeals to enforced execution on the due dividends, requests for intervention, etc. b) Cases in which S.I.F. S.A. acts as defendant; 1. Case file no. 6933/215/2022, before the General Court of Dolj, in contradiction with Elba S.A., concerning small claims, concerning the costs of the proceedings in case 2365/30/2021. At the 04.07.2022 deadline, the Craiova Court upheld the applicant’s request, ordering the defendant S.I.F. Oltenia S.A. to pay the amount of 16,660 lei, representing costs in case 2365/30/2021. S.I.F. Oltenia S.A. appealed. At the 11.01.2023 deadline, the Dolj Court upheld the appeal brought by S.I.F. Oltenia S.A., reducing the court costs to 8,330 lei. The decision is final. 2. Case file no. 22773/215/2022, before the General Court of Craiova, in contradiction with Elba S.A., concerning small claims, concerning the costs of the proceedings in case 2364/30/2021. At the first hearing, set for 13.02.2023, the court postponed the case to 29.05.2023. 3. Case file no. 3371/207/2022, before the Caracal Court, in contradiction with Cenuse Aurel and Cenuse Maria, having as object an establishment action. At the 16.11.2022 deadline, the court dismissed the application. The applicants lodged an appeal, to which the S.I.F. Oltenia S.A. filed a challenge. The Olt Court set a deadline for 27.04.2023. c) In the cases of insolvency, on the date of analysis, three cases were left: - in two cases, S.I.F. Oltenia S.A. is a creditor, respectively: 1. Electrototal Botosani – case file no. 6146/40/2005, pending before the Botosani Court for 16 May 2023; 2. SCCF Bucharest - file no. 6131/3/2005, pending with the Bucharest Court for 14 June 2023; - In one case, S.I.F. Oltenia S.A. is an unsecured creditor, respectively Geochis SA Galați – case file no. 1065/121/2019, pending before the Galați Court, with hearing on 15 May 2023. 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. Environmental contingencies The company has not recorded any kind of provision for future costs regarding environmental elements. Management does not consider the expenses associated with these items to be significant.

Notes to the separate financial statements as of 31 December 2022 page 67 26. COMMITMENTS AND CONTINGENT LIABILITIES (continued) Transfer pricing 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 parties, as well as the transfer pricing methods. As a result, tax authorities are expected to initiate thorough transfer pricing checks 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. 27. SUBSEQUENT EVENTS AFTER THE BALANCE DATE After the balance sheet reporting date, there were no significant events that need to be presented in the notes to the financial statements. The separate financial statements were approved by the Board of Directors in the meeting of 17 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

1 Contents GENERAL INFORMATION .................................................................................................................................... 3 1. ANALYSIS OF THE COMPANY'S ACTIVITY ............................................................................................. 3 1.1. PORTFOLIO MANAGEMENT ............................................................................................................................................ 4 1.2. INVESTMENTS AND TRANSACTIONS.................................................................................................................................. 9 1.3. THE MANAGEMENT OF MONETARY INSTRUMENTS .............................................................................................................. 9 1.4. THE STRUCTURE OF MANAGED ASSETS ........................................................................................................................... 10 1.5. EVOLUTION OF THE NET ASSET .................................................................................................................................... 13 1.6. THE EVOLUTION OF THE SHARES OF S.I.F. OLTENIA S.A. ON THE BUCHAREST STOCK EXCHANGE ............................................. 13 1.7. EVALUATION OF THE ACTIVITY OF S.I.F. OLTENIA S.A. .................................................................................................... 14 1.7.1. Elements of general valuation........................................................................................................................... 14 1.7.2. Evaluation of the technical level of the company description of the main products made and / or services provided ...................................................................................................................................................................... 14 1.7.3. Evaluation of the technical-material supply activity (indigenous sources, import sources).............................. 15 1.7.4. Evaluation of the sales activity .......................................................................................................................... 15 1.7.5. Evaluation of aspects related to the company's employees/staff ..................................................................... 15 1.7.6. Assessing the aspects related to the impact of the issuer's core business on the environment ....................... 15 1.7.7. Evaluation of the research and development activity ....................................................................................... 16 1.7.8. Evaluation of the company's activity regarding risk management ................................................................... 16 1.7.9. The main risks to which S.I.F. Oltenia S.A. is exposed Oltenia S.A. .................................................................... 16 1.7.10. Perspective elements regarding the company's activity ................................................................................. 25 2. TANGIBLE ASSETS OF THE COMPANY ...................................................................................................... 26 3. THE MARKET OF SECURITIES ISSUED BY THE COMPANY ............................................................. 26 3.1. SPECIFICATION OF THE MARKETS IN ROMANIA AND OTHER COUNTRIES ON WHICH THE SECURITIES ISSUED BY THE COMPANY ARE NEGOTIATED ................................................................................................................................................................... 26 3.2. DESCRIPTION OF THE COMPANY'S POLICY ON DIVIDENDS ................................................................................................... 26 3.3. DESCRIPTION OF ANY ACTIVITIES OF THE COMPANY TO ACQUIRE ITS OWN SHARES .................................................................. 28 3.4. REGISTERED SUBSIDIARIES OF S.I.F. OLTENIA S.A. ........................................................................................................... 28 3.5. BONDS AND/OR OTHER DEBT SECURITIES ISSUED BY S.I.F. OLTENIA S.A. .............................................................................. 28 4. COMPANY MANAGEMENT ......................................................................................................................... 28 5. SITUATION OF LITIGATIONS .................................................................................................................... 31 6. FULFILMENT OF THE COMMUNICATION OBLIGATIONS ESTABLISHED BY THE LEGISLATION......................................................................................................................................................... 32 7. OTHER IMPORTANT EVENTS.................................................................................................................... 34 8. ECONOMIC AND FINANCIAL RESULTS AND THE STATEMENT ON ASSETS .................................. 37 9. CORPORATE GOVERNANCE ......................................................................................................................... 41 10. CORPORATE SOCIAL RESPONSIBILITY (CSR)....................................................................................... 48 11. ANNEXES ........................................................................................................................................................... 49

2 The annual report for the financial year 2022 was prepared in accordance with Law no. 24/2017 on issuers of financial instruments and market operations, FSA Regulation no. 5/2018 on issuers of financial instruments and market operations, FSA Regulation no.7/2020 on the authorisation and operation of alternative investment funds and Rule no. 39/2015 for the approval of the Accounting Regulations compliant with the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the FSA of the Financial Instruments and Investments Sector, as well as to the Investors Compensation Fund. Date of the report:31 December 2022 Company name: S.I.F. OLTENIA S.A. Registered office: Craiova, 1 Tufanele street, Dolj County, postal code 200767 Telephone/fax: 0251-419,343; 0251-419,340 Company registration no. RO4175676 Trade Register No. J16/1210/03.03.2014 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:254900VTOM8GL8TVH59 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 The main features of the securities issues by the issuer: the shares of S.I.F. Oltenia S.A. are nominal, issued in dematerialized form and grant equal rights to their holders. The shares of the company are listed in the Premium category of the Bucharest stock Exchange, being negotiable and freely transferable, in accordance with legal provisions.

3 General Information S.I.F. Oltenia S.A. is established as a legal person under private law, of Romanian nationality, organized as a joint stock company. 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. The company is authorized by the Financial Supervisory Authority as an Alternative Investment Fund Manager (A.I.F.M.) under Authorization No. 45/15.02.2018 and as a Retail Investor Alternative Investment Fund (R.I.A.I.F.) from 08.06.2021, according to Authorization no. 94/08.06.2021. The legal framework During the reporting period, S.I.F. Oltenia S.A. carried out its activity in compliance with the legal provisions contained in: the Law on companies no. 31/1990, republished, as subsequently amended and supplemented. Law no. 74/2015 on alternative investment fund managers, as subsequently amended and supplemented; Law no. 24/2017 on financial instrument issuers and market operations, as republished; Law no. 243/2019 on the regulation of alternative investment funds and for the amendment and completion of some regulatory documents; 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, as subsequently amended and supplemented; FSA Regulation no. 10/2015 on alternative investment fund managers, as subsequently amended and supplemented; FSA Regulation no. 1/2019 on the assessment and approval of the members of the management structure and of the persons holding key positions in the entities regulated by the Financial Supervisory Authority, as subsequently amended and supplemented; FSA Regulation no. 2/2016 on the application of corporate governance principles by authorized entities, regulated and supervised by the Financial Supervisory Authority, as subsequently amended and supplemented; Regulation no. 5/2018 on financial instrument issuers and market operations, as subsequently amended and supplemented; FSA Regulation no. 7/2020 on the authorization and operation of alternative investment funds, as subsequently amended and supplemented; the Bucharest Stock Exchange Code; the Corporate Governance Code of the Bucharest Stock Exchange; Norm no. 39/2015 for the approval of Accounting Regulations compliant with International Standards of Financial Reporting, applicable to authorized entities, settled and supervised by the Financial Supervision Authority from the Sector of Financial Instruments and Investments, as subsequently amended and supplemented; and the Articles of Association. S.I.F. Oltenia S.A., as an issuer listed in the Premium category of the BUCHAREST STOCK EXCHANGE., is permanently concerned with the observance of the Corporate Governance principles. Analysis of the company's activity S.I.F. Oltenia S.A., a Romanian legal entity, was established as a joint stock company on 01.11.1996, based on Law no. 133/1996 regarding the transformation of the Funds of Private Property into Financial Investment Companies. S.I.F. Oltenia S.A. is listed on the Bucharest Stock Exchange starting with 01.11.1999, with a free-float of 100%. Main field of activity The main field of activity of the company is NACE code 649 - other activities of financial intermediation, excluding insurance activities and pension funds, and its main activity is NACE code 6499 - other financial intermediation n.e.c. The scope of activity The main activities that can be carried out by S.I.F. Oltenia S.A. are the following: 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.

4 - activities relating to the assets of the AIF, namely services necessary for the performance of the A.I.F.M.’s management task s, 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 AIF and other assets in which it has invested. In 2022, the performance of the depositary activities provided for by the FSA legislation and regulations was ensured by RAIFFEISEN BANK S.A. The records of the shareholders of S.I.F. Oltenia S.A. are kept by DEPOZITARUL CENTRAL S.A. Bucureşti. During the financial year 2022, no significant merger or reorganization of S.I.F. Oltenia S.A. or of the companies controlled by it took place. 1.1. Portfolio management S.I.F. Oltenia S.A. has as its main objective the management of a diversified portfolio of assets to ensure the resources necessary for the implementation of the investment program, the preservation and long-term growth of the capital, in order to satisfy the interests of its shareholders. The asset allocation strategy aims to maximize the performance of the managed portfolio, under the prudential conditions established by the regulations applicable to the operation of the company. The investments are made following the legal regulations in the field, taking into account the monitoring and control of the probable risks that may occur due to the activity carried out by the company. As of 31 December 2022, the company's portfolio included 40 issuers, the same number as on 31 December 2021.The valuation of the assets of S.I.F. Oltenia S.A. is carried out according to the FSA Regulations no. 7/2020. The market value of the portfolio of shares administered on 31.12.2022, of 2,193,709,763 lei, recorded an increase by 7.73% compared to 31.12.2021 when the market value of the portfolio was 2,377,459,052 lei. This decrease was influenced by the globally unstable macroeconomic context that affected all stock markets. During 2022, S.I.F. Oltenia S.A. withdrew from the shareholding of Banca de Export-Import a RomanieiEximBank S.A. and established the subsidiary Gravity Capital Investments S.A. (where S.I.F. Oltenia S.A. owns 99.99%). The structure of the portfolio of shares as of 31.12.2022, depending on the market on which it is traded and the way in which it enters into the calculation of the net assets, is described as follows: No. Structure of the portfolio Issuers Market value of stakes No. % lei % 1 Bucharest Stock Exchange listed companies 15 35.00 1,761,148,148 80.28 2 Listed companies - AeRO (Bucharest Stock Exchange) 9 20.00 339,456,253 15.47 3 Listed and non-trading companies 2 10.00 3,119,986 0.14 4 Closed-end companies 11 27.50 89,985,376 4.10 5 Companies under reorganization, judicial liquidation 3 7.50 0 0.00 TOTAL 40 100.00 2,193,709,763 100.00 From the analysis of the structure of the portfolio of shares as at 31.12.2022, it is found that 95.89% of the market value is given by the value of the listed stakes, compared to 93.14% at the end of 2021. The graphical representation of the portfolio structure by value and by the market in which it operates is as follows:

5 The market value of the listed and traded shares is calculated in accordance with the FSA 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. București, Turism S.A. Pucioasa, Gemina Tour S.A. RâmnicuVâlcea 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 applying valu ation methods in accordance with international valuation standards (in which the fair value principle is used) approved by the Board of Directors of the Company 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. RâmnicuVâlcea, Alimentara S.A. Slatina, Flaros S.A. București, COS Târgoviște S.A. Târgoviște, ConstrucțiiFeroviare S.A. Craiova, Lactate Natura S.A. Târgoviște and Turism Felix S.A. Băile Felix which were appraised based on the financial statements from 30.09.2022 and the companies IAMU S.A. Blaj and Sinterom S.A. Cluj, which were 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. The valuation methods used for the valuation of financial assets in the Portfolio are available on the company’s websitewww.sifolt.ro, Investor Information/Reporting/Asset Valuation Methods. Changes in valuation policies and methods shall be communicated to investors and to the Financial Supervisory Authority in accordance with the legal provisions in force. 0 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 800,000,000 900,000,000 1,000,000,000 1,100,000,000 1,200,000,000 1,300,000,000 1,400,000,000 1,500,000,000 1,600,000,000 1,700,000,000 1,800,000,000 1,900,000,000 2,000,000,000 sc. cotate BVB sc. cotate AERO (BVB) sc. listate și netranzacționate sc.comerciale închise sc. în reorganizare, lichidare judiciară sc. în reorganizare judiciară și tranzacționate Structure of the portfolio according to the market on which it is traded Valoarea de piață totală la 31.12.2022 Valoarea de piață totală la 31.12.2021

6 Liquidity analysis of issuerslisted 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. 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 ConstrucțiiFeroviare S.A. Craiova. In the last 12 months, 103,560 shares worth 14,613.48 lei (5 0 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 (12.12.2022), 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 Târgoviște S.A. there is no 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 in 18 transactions at an average price of 3.592 lei/share. Later, on 05.10.2022, the investors were informed that the bankruptcy procedure was initiated in the case of this issuer. In the case of issuers Mercur S.A. Craiova, Univers S.A. RâmnicuVâlcea, 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. This ensures both an increased convergence between the monthly reporting of the net asset and the financial-accounting statement and a reduction in the monthly volatility of the value contained in the calculation of the net asset value. The composition of the portfolio by holding categories is as follows: Share held in the total share capital of the issuer 31.12.2022 31.12.2021 No. Market value of the packages - lei - Share in the total market value of the portfolio % No. Market value of the packages - lei - Weight in the total market value of the portfolio % 0.01% - 5% 10 1,295,631,051 59.06 11 1,585,668,874 66.80 5.01% - 33% 17 523,815,936 23.88 17 446,274,222 18.80 33.01% - 50% 0 - - - - - 50.01% - 100% 13 374,262,776 17.06 12 345,515,956 14.40 TOTAL 40 2,193,709,763 100.00 42 2,373,923,240 100.00 The graphical representation of the market value of equity of per holding categories as of 31.12.2022, compared to the same period of the previous year, is as follows:

8 as of 31.12.2022, down by 18% compared to the same period of the previous year (47.10%). During 2022, S.I.F. Oltenia S.A. implemented the investment strategy approved by the General Shareholders Meeting, which aimed to diversify the portfolio in order to reduce the market risk. Exposure on the financial intermediation sector increased from a share in the portfolio of 8% as of 31.12.2021, reaching a share in the total portfolio of 7.54% as of 31.12.2022. The financial intermediation sector is a sector that includes investment companies (S.I.F.), but also Depozitarul Central and the Bucharest Stock Exchange – presenting medium and long-term growth potential. From the point of view of geographical exposure, all issuers from the portfolio of S.I.F. Oltenia S.A. have their registered office in Romania. The activity of the trading companies in the portfolio - especially those in which S.I.F. Oltenia S.A. holds controlling or majority shares - was permanently monitored, the main objectives being: the assessment of the real potential of companies; the estimation of investment needs for business development; improving the economic and financial results of the companies in which S.I.F. Oltenia S.A. is a majority shareholder; promoting high-performance management at the companies in the portfolio of S.I.F. Oltenia S.A.; analysis of the investment processes adopted by the companies in the portfolio of S.I.F. Oltenia S.A.; the establishment of arrangements regarding an eventual recovery of the shares. The involvement of S.I.F. Oltenia S.A. in the case of companies where it holds a majority position resulted in: providing consultancy in the preparation and optimization of budgets; negotiating competitive performance criteria with managerial teams; the introduction of good corporate governance practices; analysis, together with the management teams, of the results, prospects, opportunities and potential risks; looking for solutions to reduce expenditure; identification of new outlets; the provision of financial resources. Through its representatives in the Boards of Directors, S.I.F. Oltenia S.A. has undertaken analysis, monitoring and management activities of the companies in the portfolio in which it holds the majority stake, meetings with the representatives of these companies took place, in order to discuss the problems in their activity and to start actions to streamline the economic indicators and overcome the economic difficulties existing at national/international level. The exercise of the shareholder duties conferred by the Law no. 31/1990 republished, as subsequently amended and supplemented was made through the representatives in the General Shareholders Meetings. On 31 December 2022, S.I.F. Oltenia S.A. held majority shares in 13 companies: No. Company name Percentage of ownership S.I.F. OLTENIA S.A. - % - Share in total assets S.I.F. OLTENIA S.A. - % - COMPLEX HOTELIER S.A. Dâmbovița 99.99 0.4304 GRAVITY CAPITAL INVESTMENTS S.A. București 99.99 0.0039 VOLTALIM S.A. Craiova 99.55 2.0532 MERCUR S.A. Craiova 97.86 2.3615 GEMINA TOUR S.A. RâmnicuVâlcea 88.29 0.1539 ARGUS S.A. Constanța 86.42 4.8521 ALIMENTARA S.A. Slatina 85.23 0.6152 FLAROS S.A. București 81.07 3.9673 CONSTRUCȚII FEROVIARE CRAIOVA S.A. Craiova 77.50 0.1007 UNIVERS S.A. RâmnicuVâlcea 73.75 1.2664 PROVITAS S.A. București 70.28 0.1916 TURISM PUCIOASA S.A. Pucioasa 69.22 0.2017 LACTATE NATURA S.A. Târgoviște 93.70 0.5824 TOTAL - 16.7803 Comparative evolution of the portfolio of S.I.F. Oltenia S.A. and of the VAN in 2022 vs. 2021 is as follows:

9 31.12.2022 31.12.2021 Number of companies in the portfolio 40 40 Portfolio market value (equity) (lei) 2,193,709,763 2,373,923,240 Total Asset Value (lei) 2,230,367,907 2,420,435,631 Net Asset Value (lei) 2,105,595,927 2,239,910,595 Net Unit Asset Value (lei) 4.4328 4.4798 During 2022, the portfolio of shares recorded, in summary, the following evolution: the number of companies remained constant; the market value of the share portfolio decreased by 7.59%; the value of the total asset decreased by 7.85% and that of the net asset value by 6%; the value of the net unit asset registered an depreciation of 1,05%. 1.2. Investments and transactions The cost of shares sold during the reporting period amounts to 69.24 million lei. Among the share packages that were the subject of sales transactions, we mention: Banca Transilvania S.A. 39.70 million lei EximbankRomânia S.A. 23.59 million lei S.N.G.N. Romgaz S.A. 5.28 million lei C.N.T.E.E. Transelectrica S.A. 0.67 million lei The total investments amounted to 182million lei. The most important investments on the capital market were in securities issued by: S.I.F. Banat-Crișana S.A. 84.37 million lei S.I.F Muntenia S.A. 43.77 million lei Banca Transilvania S.A. 20.77 million lei O.M.V. Petrom S.A. 10.33 million lei Lactate Natura S.A. Târgoviște 10.25 million lei Bursa de ValoriBucureștiS.A,.București 8.12 million lei Electromagnetica S.A. București 1.85 million lei Antibiotice S.A. Iași 2.28 million lei Gravity Capital Investments S.A. București 0.09 million lei The transactions made during 2022 were made on the basis of the investment strategy approved by the Ordinary General Shareholders Meeting of 28 April 2022. 1.3. The management of monetary instruments The cash placement policy was prudent and aimed at diversifying the risk. During 2022, the cash availability was placed in deposits in lei and foreign currency. As of 31 December 2022, the monetary instruments (current accounts and deposits) amounting to Ron 15,122,622 have a weight of 0.6780% of the total assets under management. Deposits in lei represent 85.18%of the total monetary instruments, the amounts placed in current accounts (lei or currency), holding a share of 14.82%. The graphical representation of the placements in monetary instruments as at 31.12.2022 is as follows:

10 Investments were generally made in the short term, on different due dates, in order to ensure the necessary liquidity to pay the outstanding debts and to mitigate the investment risk. As of 31 December 2022, the amounts found in current accounts are 2,241,611 lei, with a weight of 0.1005% in total assets, of which 1,501,288 lei are amounts placed in current and cash accounts in lei. Bank deposits in the amount of 12,881,011 lei have a weight of 0.5775% in total active. 1.4. The structure of managed assets As of 31.12.2022, the value of the assets under management – calculated in accordance with the FSA Regulation no. 9/2014 – is 2,230,367,907 lei, representing a decrease by 7.9347% compared to the value recorded on 31 December 2021 (2,422,592,329 lei). The following table shows the assets managed by S.I.F. Oltenia S.A. on 31.12.2022: Asset type Market value - RON - Share in total assets -%- Financial assets 2,201,112,582 98.6883% Financial assets measured at amortized cost 2,927,744 0.1313% Listed corporate bonds 0 0.0000% Unlisted corporate bonds 2,927,744 0.1313% Financial assets assessed at fair value through the profit or loss account 4,475,075 0.2006% Securities in listed AIF/UCITS 0 0.0000% Securities in unlisted AIF/UCITS 4,475,075 0.2006% Financial assets assessed at fair value through other elements of the comprehensive income 2,193,709,763 98.3564% Listed shares traded in the last 30 days 2,100,604,401 94.1820% Listed shares not traded in the last 30 days 3,119,986 0.1399% Unlisted shares 89,985,376 4.0346% Shares due under subscriptions to increases in share capital 0 0.0000% Liquid funds 2,241,611 0.1005% Deposits 12,881,011 0.5775% Other assets 14,132,703 0.6336% TOTAL ASSETS 2,230,367,907 It is found that listed shares represent 94.32% ofthe assets under management. Financial assets such as shares have a market value of 2,193,709,763 lei, respectively 98.3564% of total assets, recording an increase of 8.3762% compared to the value recorded on 31 December 2021 (2,377,459,052 lei). This depreciation was influenced

12 The main 10 participations in the portfolio as at 31.12.2022 compared to 31.12.2021 31.12.2022 31.12.2021 No. Issuer Number of shares S.I.F. OLTENIA S.A. Market value - RON - Percentage in registered capital of the issuer -%- Percentage in total assets of S.I.F. OLTENIA S.A. -%- Number of shares S.I.F. OLTENIA S.A. Market value - RON - Percentage in the registered capital of the issuer -%- Percentage in total assets of S.I.F. OLTENIA S.A. -%- BANCA TRANSILVANIA S.A. Cluj-Napoca 24,615,076 490,332,314 3.4784 21.9844 229,284,064 591,552,885 3.6328 24.4399 B.R.D. – GROUPE SOCIETE GENERALE S.A. Bucureşti 27,533,076 357,929,988 3.9508 16.0480 27,533,076 487,335,445 3.9508 20.1342 OMV PETROM S.A. Bucureşti 589,645,817 247,651,243 0.9463 11.1036 524,148,219 261,549,961 0.9253 10.8059 S.I.F. BANAT CRIȘANA S.A. 68,586,975 166,666,349 13.5144 7.4726 34,884,128 88,605,685 6.7681 3.6607 ARGUS S.A. Constanța** 30,920,056 108,220,196 86.4160 4.8521 30,920,056 58,438,906 86.4160 2.4144 ANTIBIOTICE S.A. Iaşi 181,515,771 102,737,926 27.0379 4.6063 177,287,478 107,436,212 26.4081 4.4387 S.I.F. MUNTENIA S.A. 76,959,507 92,351,408 9.8082 4.1406 48,595,412 76,051,820 6.1933 3.1421 FLAROS S.A. Bucureşti 1,233,390 88,484,374 81.0712 3.9673 1,233,390 88,495,733 81.0712 3.6562 S.N.G.N. ROMGAZ S.A. Mediaş 1,848,286 69,772,797 0.4795 3.1283 2,033,265 79,297,335 0.5275 3.2762 S.N.T.G.N. TRANSGAZ S.A.Mediaş** 243,311 67,032,181 2.0665 3.0054 243,311 57,421,396 2.0665 2.3724 MERCUR S.A. Craiova* 7,104,836 52,670,784 97.8593 2.3615 7,104,836 85,133,935 97.8593 3.5173 C.N.T.E.E. TRANSELECTRICA S.A. Bucureşti* 2,616,681 56,781,978 3.5697 2.5459 2,661,841 59,891,423 3.6313 2.4744 TOTAL TOP 10 1,791,178,776 80.3086 1,905,924,239 79.5456 Total assets (lei) 2,230,367,907 2,422,592,329 Note: * - On 31.12.2022, C.N.T.E.E. TRANSELECTRICA S.A. and MERCUR S.A. CRAIOVA do not belong to the top 10 companies in terms of share in the total assets of the AIFRI. These figures were not included in the 31.12.2022 totals. **- As of 31.12.2021, Argus S.A. Constanta and Transgaz S.A. Medias did not belong to the top 10 companies in terms of share in the total assets of the AIFRI. (these figures were not included). The market value on 31.12.2022 of the first 10 issuers present in the portfolio represents 80.3086% of the value of the total asset of S.I.F. Oltenia S.A., and the banking sector represents 38.03% of the total asset value.

13 1.5. Evolution of the Net Asset With a value of 4.4328 lei on 31.12.2022, the unitary net asset shows an increase by 0.8539% compared to the value recorded on 31.12.2021 (4.3953 lei). The following table shows the evolution of the UNAV during 2022: Jan 2022 Feb 2022 Mar. 2022 Apr 2022 May 2022 June 2022 July 2022 Aug 2022 Sept 2022 Oct 2022 Nov 2022 Dec 2022 UNAV – RON 4.5249 4.3443 4.4019 4.3614 4.3425 4.4813 4.5515 4.6540 4.2230 4.3055 4.5893 4.4328 The graphical representation of the evolution of the UNAV during 2022, is as follows: As of 30.09.2022, the depreciation of UNAV was generated by factors such as the geo-political conflict in Ukraine, the energy crisis, the rising inflation and tightening of monetary policy by central banks, including the National Bank of Romania, with a fear from an economic recession at global level, so that the capital market suffered in this context. 1.6. The evolution of the shares of S.I.F. OLTENIA S.A. on the Bucharest Stock Exchange The closing price on 30.12.2022, the last trading day of 2022, for a share of SIF 5 was 1.7200 lei, which represents a decrease of 2.0166% compared to the closing price of 2021, of 1.6860 lei. The evolution of the SIF5 action during 2022 compared to the BET index and the BET-FI index is as follows: 4.5249 4.3443 4.4019 4.3614 4.3425 4.4813 4.5515 4.6540 4.2230 4.5893 4.4328 4.0000 4.1000 4.2000 4.3000 4.4000 4.5000 4.6000 4.7000 1/31/2022 2/28/2022 3/31/2022 4/30/2022 5/31/2022 6/30/2022 7/31/2022 8/31/2022 9/30/2022 11/30/2022 12/31/2022 Evolution of the net unitary asset during January - December 2022 VUAN (lei/acțiune)

14 The maximum closing price on the main market reached in 2022 of the SIF5 share was 2.0800 lei, (price reached in the trading session on 21.06.2022, one day before the closing of the public tender offer for SIF5 shares issued by S.I.F. Oltenia S.A.) , and the minimum price of 1.6460 lei was registered in the meeting on 07.02.2022. The number of transactions in SIF5 securities was 11,778. In 2022, a total of 135,538,178 SIF5 shares were traded, of which 48,061,485 shares on the main market, 61,518,574 shares on the Deals market and 25,958,119 shares on the POF market. The total number of shares of S.I.F. Oltenia S.A. that were traded: 135,538,178 shares; Transaction value: 261,953,537 lei; Average trading price: 1.9327 RON/share; The stock market capitalization of S.I.F. Oltenia S.A. at 31.12.2022 was 860,000,000 lei (173.83 million EUR, exchange rate 1 EUR = 4.9474 lei at 30.12.2022). 1.7. Evaluation of the activity of S.I.F. OLTENIA S.A. 1.7.1. Elements of general valuation Profit The gross profit recorded on 31.12.2022, also affected by the provision set up for the profit participation fund of the personnel, the superior and administrative management of the company, is 172,504,164 lei. Following the registration of a profit tax of 7,695,679 lei, a net profit of 164,808,485 lei resulted, 73% higher than the net profit provided in the Income and Expenses Budget for 2022 (95,049,642 lei). b) Turnover According to the specifics of the activity, S.I.F. Oltenia S.A. records total revenues of 197,386,709 lei, which represent 131.18% of the budgeted value for 2022 (150,467,444 lei). c) Export Not applicable. d) Costs The total expenditure for 2022 was 24,882,545 lei and represents 49.36% of the budgeted amount for 2022. e) Percentage of the market held Not applicable f) Liquidity On 31.12.2022, the available cash of S.I.F. Oltenia S.A. amounted to 15,122,622 lei of which 12,881,011 lei- placed in bank deposits. 1.7.2. Evaluation of the technical level of the company description of the main products made and / or services provided − Main outlets – not applicable − Share of each category of products orservices in revenue and total turnover

15 Indicator name 2020 2021 2022 - lei - % - lei - % - lei - % TOTAL REVENUES of which: 71,755,576 100.00 58,802,094 100.00 197,386,709 100.00 - Gross dividend income 70,945,772 98.87 57,273,099 97.40 194,404,216 98.49 - Income from interests 306,077 0.43 392,111 0.67 2,824,719 1.43 * - In accordance with the provisions of IFRS 9 with effect from 01.01.2018, the results related to transactions with financial assets measured at fair value through other comprehensive income are reflected in retained earnings. Note: The indicators are presented under IFRS reporting conditions for the entire period − New products envisaged for the next financial year– Not applicable 1.7.3. Evaluation of the technical-material supply activity (indigenous sources, import sources) The technical and material supply of the company is related to the products and materials necessary for the current administrative activity, the weight of these expenses being insignificant. 1.7.4. Evaluation of the sales activity Not applicable 1.7.5. Evaluation of aspects related to the company's employees/staff On 31 December 2022, S.I.F. Oltenia S.A. had, on 31.12.2021, a number of 40 employees, of which 2 members of the senior management (the General Manager and theDeputy General Manager). Of the employees, 25 are employed in positions requiring higher education. Total no. of employees Employees with higher education: 2021 39 25 2022 38 25 During 2022, no trade union was organized within the company. Employees have appointed a representative to promote and defend their interests in the relationship with the company's management. 1.7.6. Assessing the aspects related to the impact of the issuer's core business on the environment S.I.F. Oltenia S.A., as a closed-end Alternative Investment Fund (AIF) for retail investors, diversified, self-managed category, is a participant in the financial market, which takes into account the main negative effects of investment decisions on sustainability factors, falling under the provisions of Article 4(1)(a) of Regulation (EU) 2019/2088 on sustainability in the financial services sector. Sustainability risks may represent a real, distinct risk, but may also have an impact on other risks, such as market, liquidity, credit, operational risks etc., as the significant risks to which S.I.F. Oltenia S.A. is exposed are identified. The exposure of S.I.F. Oltenia S.A. to sustainability risks is mostly indirect, as it is determined by the concrete characteristics of the companies in the company’s portfolio.

16 The monitoring of these indirect risks shall be carried out in an integrated manner within the framework of the internal portfolio management procedures of S.I.F. Oltenia S.A., in order to base timely investment/divestiture decisions. 1.7.7. Evaluation of the research and development activity Not applicable 1.7.8. Evaluation of the company's activity regarding risk management 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 obliagtions stipulated in the regulatory framework. The risk management activity, which is an important component of the company’s activity, covers both general risks and specific risks, as required by national and international legal regulations. S.I.F. Oltenia S.A. is or can be subject to financial risks resulting from the activity undertaken for the achievement of the established goals. Managing significant risks involves providing the framework for the identification, assessment, monitoring and control of those risks with a view to maintaining them at an acceptable level in relation to the company’s risk appetite and its ability to mitigate or hedge those risks. Risk monitoring is carried out at each hierarchical level, with procedures for supervising and approving decision-making limits. 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 S.I.F. Oltenia S.A. has established, for each risk category, the level up to which the Company is willing to take or accept risks, provided that significant risks are kept under control. The overall risk profile taken by S.I.F. Oltenia S.A. corresponds to a medium risk appetite. 1.7.9. The main risks to which S.I.F. Oltenia S.A. is exposed Oltenia S.A. 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, S.I.F. Oltenia S.A. 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 financial risks identified in the activity of S.I.F. Oltenia S.A. are as follows: market risk (price risk, currency risk, interest rate risk); credit risk; liquidity risk; operational risk; sustainability risk. 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 company’s point of view, the relevant market risks are: price risk (position risk), currency exchange risk, interest rate risk. Price (position) 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 company 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. 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. As of 31 December 2022, S.I.F. Oltenia S.A. had bank deposits in the amount of 12,881,011 lei,which represents 0.5775% of the total assets. The company follows the evolution of monetary policy in order to monitor the effects that may influence

17 interest rate risk. Moreover, the exposure of the company to the change in fair value or future cash flows due to interest rate fluctuations is low, the share of covered bonds issued by Mercur S.A. in the total asset of the company is only 0.1313%, so the interest rate risk is not significant. S.I.F Oltenia S.A. did not use derivative financial instruments in 2022 to hedge against interest rate fluctuations. 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 Company did not use derivative financial instruments to protect itself against interest rate fluctuations. The company 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 740,323 lei, representing 33.0264% of the total cash and 0.0336% of the total financial assets, so that the foreign exchange risk is insignificant. In this context, the company did not use derivative financial instruments during the reporting period to protect itself against exchange rate fluctuations. The market risk falls within the approved risk limits for a medium risk appetite. Liquidity risk Liquidity risk is the risk that a position in the portfolio of the company cannot be sold, liquidated or closed at limited costs within a reasonably short period of time. The Company aims to maintain a level of liquidity appropriate to its underlying obligations, based on an assessment of the relative liquidity of the assets on the market, considering the period required for liquidation and the price or value at which the respective assets can be liquidated, as well as their sensitivity to market risks or other external factors. The company constantly monitors the liquidity profile of the asset portfolio, analysing the impact of each asset on the liquidity, as well as the significant, contingent or other kind of liabilities or commitments, that the company may have regarding its underlying obligations. The liquidity risk for payment obligations is very low, as the company’s current debt is covered by holdings in current accounts and/or short-term deposits. The company constantly monitors the liquidity profile of the portfolio, analysing the impact of each asset on the liquidity, adopting a prudent policy regarding the cash outflows, permanently evaluating the quantitative and qualitative risks of the positions held and of the expected investments to be made. As of 31.12.2022, the liquidity risk falls within the approved risk limits for a medium risk appetite. 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 credit risk elements identified, which may significantly influence the activity of S.I.F. Oltenia S.A. are as follows: - the risk of non-collection of dividends from portfolio companies; - the risk of not receiving the value of the contract, in the case of the activity of selling the shares in “closed” companies; - the risk generated by 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. In the case of the company, the credit risk is largely determined by the exposures on asset items of the type of “shares”, which represent 98.3564% of the managed assets, assessed according to the legal provisions. The high exposure sector remains the finance and banking sector with an exposure of over 30% in total assets. On 31 December 2022 the share of this sector in the total portfolio of shares was about 38.67%. Exposure to the sector is monitored, with the liquid nature of investments being a positive aspect of these holdings, as the issuers in the portfolio are Banca Transilvania and BRD – Groupe SocieteGenerale S.A. S.I.F. Oltenia S.A. is exposed to credit risk through investments in bonds and by holding current accounts and bank deposits, as well as other receivables. As of 31 December 2022, the company held bonds issued by Mercur S.A., with a very low share (0.1313%) in the total assets; such bonds are guaranteed and are not admitted to trading.

18 As for the company’s available funds, they are mainly placed with the most important banking institution in the system, Banca Transilvania. Fitch Ratings reconfirmed Banca Transilvania’s long-term rating at BB+, with a stable outlook. 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. 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 (SB/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 SB/FT operations are analysed. With a view to assessing the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. acts to identify and frame operational risk events within specific categories, that will allow to establish the most efficient methods of controlling and reducing potential effects. The functional structures within S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity. S.I.F. Oltenia S.A. 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 person in charge with managing risks updated the risk register on 31 December 2022, as operational risk events were carefully monitored and timely remedied, so as not to affect the company’s activity. In 2022, the Company carried out the internal evaluation of the operational risks generated by the Information Systems according to the FSA Norm no. 4/2018 regarding the management of the operational risks generated by the information systems used by the authorized / approved / registered entities, regulated and / or supervised by the FSA. From the point of view of FSA Norm No. 4/2018, the Company falls into the "average" risk category. According to art. 49 letter a) of the FSA Norm no. 4/2018, the result of the internal assessment of the Company’s operational risks must be sent to FSA by 31 March 2023, for the year 2022. According to art. 21 of the FSA Norm no. 4/2018, the Company has the obligation to audit the important information systems used, every 3 years, by means of an external IT audit or with certified internal resources, so that the period subject to the audit will be 3 consecutive calendar years, starting with the first January following the end of the period subject to the previous IT audit, according to the classification in the medium risk category. In 2020, the external audit of the relevant IT systems of the Company was carried out by CertSIGN S.A. The next audit on the relevant IT systems of the Company is to be carried out in 2023. The Company has a policy of maintaining an optimum level of equity in order to develop the company and achieve the proposed objectives. The main objective of the Company is the continuity of the activity in order to increase the value of the total asset in the long term. Taking into account the complexity of the activity of S.I.F. Oltenia S.A., the volume of activity, the personnel structure, the level of computerization, the complexity of the monitoring and control procedures and the other intrinsic aspects related to the risk policy of the company, the operational risk at the level of the company falls within the assumed risk appetite. 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 company is exposed in its activities. The company shall incorporate sustainability risks into the risk culture. The company integrates into the decision-making process and 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.

19 Portfolio risk The allocation of asset categories within the limits imposed by legislation Holding limits by different asset categories are regulated by art. 35 (2) of Law no. 243/2019. During 2022, the structure of the portfolio and its compliance with the legal provisions were periodically analyzed, this being one of the main objectives in the monitoring and control of the risk associated with the asset portfolio. The analysis of compliance with the holding limits shall be carried out on a monthly basis by the person responsible for risk management when approving reports on the calculation of the net asset. During the period 01.01.2021 - 31.12.2022 there were no exceedings of the legal holding limits provided by the legislation in force. As of 31 December 2022, the assets in the portfolio of S.I.F. Oltenia S.A. fall within the legal limits. Limits on the level of exposure by categories of assets, relative to total assets, according to the monthly report "Statement of assets and liabilities as at 31.12.2022": a) S.I.F. Oltenia S.A. may not hold more than 10% of the assets in transferable securities and money market instruments issued by the same issuer, except for transferable securities or money market instruments issued or guaranteed by a Member State, by public authorities of the Member State, by a third State or by public international bodies of which one or more Member States are members. The limit of 10% may be increased up to a maximum of 40%, provided that the total value of the securities held by the R.I.A.I.F. in each of the issuers in which it has holdings of up to 40% shall in no case exceed 80% of the value of its assets. S.I.F. Oltenia S.A. holds, as of 31.12.2022, both securities (shares) and money market instruments (bank deposits) at Banca Transilvania. Issuer Total value - lei - Percentage in total R.I.A.I.F. assets -%- BANCA TRANSILVANIA CLUJ - shares 490,332,314 21.9844 total deposits in RON 12,881,011 0.5775 total deposits in foreign currency - - TOTAL shares + deposits 503,213,325 22.5619 total assets - lei 2,230,367,907 Holdings in excess of 10 % of the total assets of S.I.F. Oltenia S.A. are as follows: Issuer Total value - lei - Percentage in total R.I.A.I.F. assets -%- BANCA TRANSILVANIA CLUJ (including deposits) 503,213,325 22.5619 B.R.D.-GROUPE SOCIETE GENERALE BUCUREȘTI 357,929,988 16.0480 OMV PETROM. 247,651,243 11.1036 TOTAL holdings of more than 10% 1,108,794,556 49.7135 Total assets - lei 2,230,367,907 It is noted that in the case of holdings with Banca Transilvania, B.R.D. - Groupe SocieteGenerale and OMV Petrom, the exception mentioned under art. 35, paragraph (2), letter a) of Law no. 243/2019 is applicable,namely the limit of 10% may be increased up to a maximum of 40%, provided that the total value of the securities held by SIF5 in each of the issuers in which it has holdings of up to 40% does not exceed in any case 80% of the value of its assets. b) S.I.F. Oltenia S.A. may not hold more than 50% of its assets in securities and money market instruments issued by entities belonging to the same group. The portfolio highlights the Banca Transilvania group, the Bucharest Stock Exchange group and Group Mercur S.A. Banca Transilvania Group Banca Transilvania Group: Banca Transilvania and Fondul Deschis de Investiții BT INDEX RO, which is a stock fund managed by BT Asset Management S.A.I.. – a fund within Banca Transilvania Group.

20 Issuer total value - RON - Percentage in total R.I.A.I.F. assets -%- 31.12.2022 BANCA TRANSILVANIA - shares 490,332,314 21.9844 - bonds - - BT INDEX RO 3,329,238 0.1493 Bank deposits in RON 12,881,011 0.5775 Bank deposits in foreign currency - - Total 506,542,563 22.7112 Total assets - lei 2,230,367,907 It is noted that the compulsory limit is observed in the case of the Banca Transilvania Group. BVB Group BVB Group: Bucharest Stock Exchange and Depozitarul Central S.A. where Bucharest Stock Exchange has a holding of 69.0421% of theshare capital according to the Articles of Association of 04.03.2021. Issuer total value - RON - Percentage in total R.I.A.I.F. assets -%- 31.12.2022 BUCHAREST STOCK EXCHANGE 24,424,035 1.0951 DEPOZITARUL CENTRAL 1,256,529 0.0563 Total 25,680,564 1.1514 Total assets - lei 2,230,367,907 It is noted that in the case of the “BVB Group” the imposed limit is observed. Mercur S.A. Group: Issuer total value - RON - Percentage in total R.I.A.I.F. assets -%- 31.12.2022 MERCUR S.A. - shares 52,670,784 2.3615 - bonds 2,927,744 0.1313 Total 55,598,528 2.4928 Total assets - lei 2,230,367,907 It is noted that also in the case of "Grup MERCUR S.A." the limit imposed is observed. For the group to which the AIFM that administers the relevant AIF belongs, this limit shall be 40 %. No. Issuer Symbol Total value - lei - Share in the issuer’s registered capital -%- Percentage in total R.I.A.I.F. assets -%- 1 COMPLEX HOTELIER DÂMBOVIȚA S.A. 9,599,989 99.9999 0.4304

21 2 GRAVITY CAPITAL INVESTMENTS S.A. 86,999 99.9889 0.0039 3 VOLTALIM CRAIOVA 45,793,257 99.5506 2.0532 4 MERCUR CRAIOVA - shares MRDO 52,670,784 97.8593 2.3615 - bonds 2,927,744 87.1795 0.1313 5 LACTATE NATURA TÂRGOVIȘTE S.A. INBO 12,990,774 93.7015 0.5824 6 GEMINA TOUR RM.VÂLCEA S.A. 3,433,464 88.2866 0.1539 7 ARGUS S.A. CONSTANȚA UARG 108,220,196 86.4160 4.8521 8 ALIMENTARA SLATINA S.A. ALRV 13,720,321 85.2258 0.6152 9 FLAROS S.A. BUCUREȘTI FLAO 88,484,374 81.0712 3.9673 10 CONSTRUCȚII FEROVIARE CRAIOVA S.A. CFED 2,245,177 77.5001 0.1007 11 UNIVERS RM. VÂLCEA S.A. UNVR 28,245,297 73.7494 1.2664 12 PROVITAS S.A. BUCUREȘTI 4,272,902 70.2780 0.1916 13 TURISM PUCIOASA S.A. 4,499,242 69.2191 0.2017 TOTAL 377,190,520 16.9116 Total assets - lei 2,230,367,907 The weight of the companies within the group in the total assets of S.I.F. Oltenia S.A. is 16.9116%. It is noted that the 40% limit is respected. c) Counterparty risk exposure in an OTC derivatives transaction may not exceed 20% of its assets, regardless of the counterparty to the transaction. As of 31 December 2022, S.I.F. Oltenia S.A. does not hold in its portfolio derivative financial instruments. d) S.I.F. Oltenia S.A. has the obligation that the global exposure to derivative financial instruments should not exceed the total value of its asset. As of 31 December 2022, S.I.F. Oltenia S.A. does not hold in its portfolio derivative financial instruments. e) S.I.F. Oltenia S.A. has the obligation that the value of the current accounts and of the cash should fall within maximum 20% of its assets. This limit may be exceeded up to a maximum of 50% provided that the amounts involved derive from the issue of equity securities, from investments that are due or from the sale of the portfolio financial instruments and that such excess does not cover more than 90 days. The cash position (current accounts and cash) as of 31.12.2022 is as follows Total value - RON - Share in total assets -%- Current accounts and cash in RON 1,501,288 0.0673 Current accounts and cash in foreign currency 740,323 0.0332 Total current accounts and cash 2,241,611 0.1005 Total assets 2,230,367,907 It is found that the limit is respected. f) S.I.F. Oltenia S.A. may not establish and hold bank deposits with the same bank representing more than 30% of its assets. S.I.F. Oltenia S.A. had on 31.12.2021 bank deposits in lei and foreign currency with Banca Transilvania. BANCA TRANSILVANIA deposits total value - RON - Share in total assets -%- Total deposits in RON 12,881,011 0.5775 Total deposits in foreign currency - -

22 Deposits with Banca Transilvania 12,881,011 0.5775 Total assets 2,230,367,907 It is found that the imposed limit is respected. g) S.I.F. Oltenia S.A. cannot hold more than 20% of its assetsin equity investments not admitted to trading on a trading venue or on a stock exchange in a third country, issued by a single AIF intended for retail investors - AIFRI. S.I.F. Oltenia S.A. does not have investments that fall into this category. h) S.I.F. Oltenia S.A. cannot hold more than 10% of its assetsin equity investments not admitted to trading on a trading venue or on a stock exchange in a third country, issued by a single AIF intended for professional investors - AIFRI. S.I.F. Oltenia S.A. does not have investments that fall into this category. i) S.I.F. Oltenia S.A. may not hold more than50% of its assetsin shares not admitted to trading on a trading venue or on an exchange in a third country, issued by other open-ended AIFs. S.I.F. Oltenia S.A. has no investments that fall into the AIF category open type. For the group to which the AIFM that administers the relevant AIF belongs, this limit shall be 40 % of their assets; None of the companies controlled by S.I.F. Oltenia S.A. belongs to the category: “open-ended investment fund”. It is found that the imposed limit is respected. j) S.I.F. Oltenia S.A. may not hold more than40% of its assetsin equity securities issued by a single UCITS authorized by the FSA or by a national competent authority from another Member State, as well as in equity securities issued by a single CIU admitted to trading on a trading venue from Romania, another Member State or on an exchange from a third country. S.I.F. Oltenia S.A. holds on 31.12.2021, the following shareholdings of UCITS authorized by FSA: Issuer Total value - lei - Weight in the total assets of SIF - % - UCITS authorized by F.S.A. BT INDEX RO (FDIR - open-ended Investment Fund in Romania) 3,329,238 0.1493 FDI NAPOCA (FDIR - open-ended Investment Fund in Romania) 271,773 0.0122 FDI TRANSILVANIA (FDIR - open-ended Investment Fund in Romania) 395,139 0.0177 FDI TEHNOGLOBINVEST (FDIR - open-ended Investment Fund in Romania) 478,925 0.0215 Total UCITS authorised by FSA 4,475,075 0.2006 UCI admitted to trading S.I.F. Banat - Crișana S.A. 166,666,349 7.4726 S.I.F. Muntenia S.A. 92,351,408 4.1406 Total UCI 259,017,757 11.6132 Total UCITS authorised by FSA and UCI admitted to trading 263,492,832 11.8139 It is found that the imposed limit is respected. k) S.I.F. Oltenia S.A. may not grant loans of financial instruments representing more than 20% of its assets, and the loan period may not exceed 12 calendar months, in accordance with the regulations issued by the FSA on margin transactions and lending operations. The limit of 20% of its assets can be increased up to 30%, with the approval of the FSA, under the conditions established by the FSA regulations;

23 S.I.F. Oltenia S.A. does not have on 31.12.2021 loans of financial instruments. l)S.I.F. Oltenia S.A.cannot grant cash loans, cannot participate/subscribe to syndicated loans, cannot guarantee cash loans in favour of a third party, except for the entities in the group to which the AIFRI is part, established as an investment company within the limit of 10% of its assets, and cannot directly, partially or fully purchase portfolios of loans issued by other financial or non-financial entities, except for investment investments in financial instruments issued by internationally recognized financial institutions, credit institutions or non-banking financial institutions authorized by NBR or other central banks from a Member State or from third states. S.I.F. Oltenia S.A. has not as at 31.12.2022 granted cash loans, has not participated/subscribed to syndicated loans, has not guaranteed cash loans in favour of a third party and has not directly, partially or fully acquired loan portfolios issued by other financial or non-financial entities. m)S.I.F. Oltenia S.A. cannot hold more than 40% of the value of its assets in transferable securities, money market instrumentsnot admitted to trading on a trading venue or on a stock exchange in a third country, except for government securities and bonds issued by the Ministry of Public Finance, as well as the holdings acquired by the company by law - case in which the holding limit is not established. As of 31.12.2022, the category of securities not admitted to trading (unlisted) on a trading venue or stock exchange in a third country includes the following companies: No. Issuer No. of held shares Total value (lei) Share in the issuer’s registered capital (%) Percentage in total R.I.A.I.F. assets (%) 1 Biroul de Investiții Regional Oltenia IFN 272,411 2,716,241 19.4540 0.1218 2 Complex Hotelier Dâmbovița 1,754,221 9,599,989 99.9999 0.4304 3 Corealis S.A. Craiova 655,757 1,667,245 11.4189 0.0748 4 Depozitarul Central S.A. Bucharest 9,878,329 1,256,529 3.9057 0.0563 5 Elba S.A. Timișoara 39,628 4,146,437 2.3694 0.1859 6 Electro Total S.A. Botoșani 57,909 - 29.8562 - 7 Gemina Tour S.A. Rm.Vâlcea 757,888 3,433,464 88.2866 0.1539 8 Gravity Capital Investments S.A. București 8,999 86,999 99.9889 0.0039 9 Provitas S.A. Bucharest 35,139 4,272,902 70.2780 0.1916 10 Sagricom S.A. Ulmi 57,941 - 4.2057 - 11 Sanevit S.A. Arad 792,662 - 13.2841 - 12 Turism Lotus S.A. Felix 347,859,802 12,513,071 27.4554 0.5610 13 Turism S.A. Pucioasa 1,010,599 4,499,242 69.2191 0.2017 14 Voltalim S.A. Craiova 5,997,519 45,793,257 99.5506 2.0532 TOTAL 89,985,376 4.0346 The quota of shares held in closed-end issuers is 4.0346%. The category of money market instruments not admitted to trading on a trading venue or a stock exchange in a third country includes bank deposits and unlisted corporate bonds. Holdings in securities and money market instruments Market - RON - Share in total assets -%- shares held in close-ended issuers 89,985,376 4.0346 unlisted corporate bonds 2,927,744 0.1313 bank deposits 12,881,011 0.5775 Total 105,794,131 4.7433 Total assets 2,230,367,907

24 The holdings in securities and money market instruments not admitted to trading represent 7.6154% of the total assets. It is noted that the 40% limit is respected. n) S.I.F. Oltenia S.A. cannot hold more than 20% of the value of its assets in shares issued by limited liability companies, regulated by Law no. 31/1990, republished, as subsequently amended and supplemented. As of 31 December 2022, S.I.F. Oltenia S.A. did not hold shares issued by limited liability companies regulated by Law no. 31/1990, republished, as subsequently amended and supplemented. o) S.I.F. Oltenia S.A. cannot hold more than 10% of the value of its assets in greenhouse gas emission allowances. As of 31 December 2022, S.I.F. Oltenia S.A. SA did not hold any greenhouse gas emission allowances. Limits on the level of exposures in the issuers' share capital. a) art. 136 of Law no.126/2018 on markets in financial instruments In accordance with art. 136, paragraphs (5), (6) and (7)of Law no. 126/2018 on the markets of financial instruments, S.I.F. Oltenia S.A. cannot own - as a shareholder of a market operator - directly or together with the persons with whom it acts in concert, more than 20 % of the total voting rights. As of 31 December 2022, the holding of S.I.F. Oltenia S.A. at Bucharest Stock Exchange is: Issuer No. of shares held by S.I.F. Total value - lei- Share in the issuer’s registered capital - % - Share in total SIF assets - % - BURSA DE VALORI BUCUREȘTI S.A. 691,899 24,424,035 8.5958 1.0951 It is noted that the limit imposed by Article 136 of Law No. 126/2018 on markets in financial instruments is observed. b) The Articles of Association of Depozitarul Central S.A. According to the Articles of Association of the Company, the shareholders of Depozitarul Central S.A may not hold more than 5% of the voting rights As of 31 December 2022, the holding of S.I.F. Oltenia S.A. held the following with Depozitarul Central S.A.: Issuer No. of shares Total value - lei- Share in the issuer’s registered capital - % - Share in total SIF assets - % - DEPOZITARUL CENTRAL S.A. BUCUREȘTI 9,878,329 1,256,529 3.9057 0.0563 It is noted that the imposed limit is observed. c) the Articles of Association of Banca Transilvania S.A. According to the Company’s Articles of Association, no shareholder of Banca Transilvania S.A. may own more than 10% of the Bank’s total share capital unless: (i) with the approval of the GSM; and (ii) in accordance with all the procedures requi red by the law. As of 31 December 2022, the holding of S.I.F. Oltenia S.A. held the following with Banca Transilvania S.A.: Issuer No. of shares Total value - lei- Share in the issuer’s registered capital - % - Share in total SIF assets - % - BANCA TRANSILVANIA S.A. 24,615,076 490,332,314 3.4784 21.9844 It is noted that the imposed limit is observed.

25 LEVERAGE Leverage means any method by which the company increases the exposure of the portfolio it manages either by borrowing cash or securities, by derivative positions or by any other means. Leverage is expressed as the ratio of its exposure (both gross and commitment methods) to its net asset value. S.I.F. Oltenia S.A. does not use the leverage effect in the portfolio management process. According to Regulation (EU) No 231/2013, and Article 38(4) of Law No 243/2019, the leverage ratio calculated on 30.09.2022 is as follows: Gross method: Lever level 1.0521 SIF5 exposure 2,215,245,285 Commitment method: Lever level 1.0593 SIF5 exposure 2,230,367,907 During 2022, S.I.F. Oltenia S.A. did not use SFTs and total return swaps as defined by Regulation (EU) 2365/2015 on transparency of securities financing transactions and transparency of reuse and amending Regulation (EU) No 648/2012. Stress testing According to the risk management policy, stress tests shall be carried out at least annually and whenever the situation so requires. S.I.F. Oltenia S.A. performed stress tests in the fourth quarter of 2022 with the structure of the company's assets as reference date on 30.11.2022. The stress test was aimed at investigating possible vulnerabilities in terms of market risk, liquidity risk, interest rate risk and currency risk. Following the stress tests, no major risks were identified that would affect the proper functioning of the company and its ability to honor its obligations, namely the continuation of the activity. The scenarios analysed showed that the liquidity risk is in line with the limits assumed, taking into account the portfolio held and the macroeconomic aspects of the market. As regards market risk, the impairment of assets in stressed situations (the market value of the financial instruments held is fluctuated as a result of changes in market prices of the shares of issuers held in the portfolio) may have an impact on the financial results. 1.7.10. Perspective elements regarding the company's activity The liquidity of the equity portfolio of S.I.F. Oltenia S.A. - constituted on 31.12.2022 in proportion of 94.32% of the shares in the share capital of listed companies (on the Bucharest Stock Exchange - regulated market and AeRO – alternative trading system) - is closely related to the liquidity of the capital market. 2022 was a year of volatility and uncertainty. According to the monthly report of the Bucharest Stock Exchange, the capital market reached a new record in 2022 in terms of the total trading value performed on all markets with all types of financial instruments after the total transactions exceeded 24 billion lei, up 11% from 2021. Also last year, the average daily trading liquidity for all types of financial instruments listed on the regulated market (PR) and the multilateral trading system (SMT) increased by 11% and reached 95.6 million lei. At the same time, international uncertainties have led to market declines of 10.7% for the BET index and 1.9% for the BET-TR index at the end of last year. According to the European Commission’s winter economic forecast, Romania’s real GDP growth is estimated at just 2.5% in 2023 and 3.0% in 2024, this evolution is influenced by the negative impact of inflation, strict financing conditions and the slower growth rate of other EU economies. Also, compared to inflation recorded at the end of 2022 (16.4%), the European Commission forecasts inflation of 9.7% in 2023 and 5.5% in 2024. The investments to be made in 2023 will be carried out in accordance with the strategy approved by the General Shareholders Meeting of 27/28 April 2023 and will fall within the risk profile of the company and the applicable prudential limits. The investments will focus mainly on the opportunities offered by the capital market and the money market, without affecting the financial situation of the company, which will be financed from own sources.

26 Given that the main revenues of the company are dividend income, and issuers from the financial-banking sector do not submit for the approval of the General Shareholders Meeting the distribution of dividends from the profit of the year 2022, S.I.F. Oltenia S.A. will carefully monitor the liquidity risk in order to ensure the proper functioning of the company in optimal conditions. Impact on the portfolio The capital market is still affected by the effects caused by the crisis in Ukraine - the company considers that many of the economic sectors represented in the portfolio will feel the financial impact and will have effects on the operations carried out by them. S.I.F. Oltenia S.A. 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. S.I.F. Oltenia S.A. has as its main objective the long-term increase in the value of managed assets. The management of company 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. 2. Tangible assets of the company S.I.F. Oltenia S.A., by the nature of its activity, does not own production capacities. Tangible assets in ownership have an insignificant value, being recorded in accounting at 12,400,450 lei. They are represented by land and fixed assets. The main fixed assets are buildings, electrical and thermal installations, computing technique and cars necessary for carrying out the current administrative activity. The Company carried out the last revaluation of tangible assets as of 31 December 2022, the revaluation differences being recorded in the equity. The re-evaluation was carried out by an authorized appraiser, a corporate member of ANEVAR. There are no disputes related to the ownership of the held tangible assets. The market of securities issued by the company 3.1. Specification of the markets in Romania and other countries on which the securities issued by the company are negotiated The shares of S.I.F. Oltenia S.A. were listed starting with 01.11.1999 on the 1 st category of the Bucharest Stock Exchange. S.I.F. Oltenia S.A. is currently in the Premium category. 3.2. Description of the Company's policy on dividends În the las 3 years, S.I.F. Oltenia S.A. distributed dividends. However, depending on the macroeconomic developments and the existing/estimated investment opportunities, the management of S.I.F. Oltenia S.A. may propose to the shareholders the significant reduction of the value of the distributed dividends, including the preservation of the related amounts for the financial support of the investment projects concerned or of some alternative forms of remuneration of the shareholders (for example, by carrying out possible buy-back programmes). The dividend policy aimed at satisfying the interests of short term investors, as well as the medium and long term institutional development, so that a part of the net profit was distributed to reserves, in order to create the own resources necessary for the investment activity. 2019 - lei - 2020 - lei - 2021 - lei - Gross dividends to be distributed - total 52,214,914 25,000,000 14,250,000* Gross dividends paid - total 37,925,344 17,797,021 9,783,781 Gross dividends paid /Gross dividends to be distributed - % - 72.63 71.18 68.66 Gross dividend /share 0.10 0.05 0.03 Net profit 124,132,273.67 52,231,020 37,550,738 Allocation from net profit for dividends -% - 42.06 47.86 39.95

27 *The difference up to the value of 15,000,000 lei approved by the GSM of 27.04.2022 (750,000 lei) represents the value of the dividend due to own shares redeemed by S.I.F. Oltenia S.A. and cannot be distributed, the company is not entitled to a dividend from the redeemed shares. The graphical representation of the distribution of dividends granted by S.I.F. Oltenia S.A. to its shareholders during the period 2019-2021 is as follows: Until 31.12.2022, dividends due to shareholders were distributed: 72.63% of those related to 2019, 71.18% of those related to 2020, respectively 68.66% of those due for 2021. In accordance with the decision no. 5B of the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. of 28.04.2022, the distribution of the net profit of the financial year 2021, amounting to 37,550,738 lei, was approved for the following destinations: a) Dividends: 15,000,000 lei (39.95% of the net profit), which ensures a gross dividend per share of 0.03 lei. b) Other reserves (the company’s own funding sources): 22,550,738 lei (60.05% of the net profit) with a view to establishing the required funds for investments. The date of 02.08.2022 was approved as the date for dividend payment according to the provisions of art. 178 par. (2) of FSA Regulation no. 5/2018. The payment of the dividends distributed by S.I.F. Oltenia S.A. was made through Depozitarul Central, through the Participants in its system (according to Law no. 24/2017, art. 86 paragraph5 and the FSA Regulation no. 5/2018, art. 5/2018, art. 177) and through the Romanian Commercial Bank – the payment agent. The methods of payment of the dividends were made known to the shareholders (press release no. 6799/06.07.2021), disseminated on the BVB website and on the company's website: A. Payments through Participants - payments to shareholders natural and legal persons/other entities that held securities accounts opened with participants (intermediary in the clearing and settlement system and registry of Depozitarul Central) For the shareholders natural and legal persons who at the date of registration held shares issued by S.I.F. Oltenia S.A. highlighted in the account opened with a Participant, the dividends were paid automatically on the Payment Date (02.08.2022), through Depozitarul Central S.A. in the accounts of the respective participants, without the submission of additional documents. B. Payments to shareholders natural persons who do not have securities accounts opened with the Participants I. Payments by bank transfer according to the requests of the shareholders addressed directly to Depozitarul Central - the payment by bank transfer is made by Depozitarul Central S.A. based on the IBAN code collection form and its procedure available to the shareholders on the website www.depozitarulcentral.ro. II. Payments through the payment agent Banca ComercialăRomână 34.00 36.00 38.00 40.00 42.00 44.00 46.00 48.00 50.00 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 100,000,000 110,000,000 120,000,000 130,000,000 2019 2020 2021 Allocation from net profit for dividends -% - Gross dividends to be distributed - total Net profit

28 For the shareholders natural persons, not represented by a Participant, the payment of the dividends was made in cash at the BCR counters, as S.I.F. Oltenia S.A. provided the due amounts. C. Dividends due to shareholders with shares held in co-ownership In the case of shares held in co-ownership, the payment of dividends was made according to the following peculiarities: In the case of shares held in co-ownership on the Registration Date, the payment of dividends was made as follows: • in the case of cash payments, the payments were made provided that all the co-owners presented themselves to the Paying Agent, in person or through a legal and/or conventional representative, and submitted the documents required for cash payment; • in the case of payments by bank transfer, the dividends due to the co-owners will be transferred to the account indicated by all co-owners based on the joint request addressed to Depozitarul Central. • In the case of payments to those who opened an account with the Participant, the dividends due to the co-owners were transferred to the Participant whose clients they are. • If the co-owners have requested both the registration by the Depozitarul Central of the direct transfer of ownership of financial instruments as a result of the exit from the division, in accordance with the applicable legal regime, as well as the direct payment to each of the co-owners according to the number of instruments acquired in exclusive ownership, Depozitarul Central blocks the payment of dividends, the payment being made to each former co-owner according to the procedure communicated by the company. D. Dividends due to deceased shareholders The dividends due to the deceased shareholders are distributed at the request of the successors only after the registration by Depozitarul Central S.A. of the transfer of the shares to the successors as an effect of the succession, based on the request of the heirs. E. Dividends whose payment could not be made through Depozitarul Central Dividends due to shareholders whose amount does not cover the distribution expenses generated by the payment through Depozitarul Central S.A. (in the case of holders of no more than 120 S.I.F. Oltenia S.A. shares), shall be distributed - at the shareholder's request - from the headquarters of S.I.F. Oltenia S.A. through a cashier, without commission, starting from 2 August 2022. 3.3. Description of any activities of the Company to acquire its own shares The Financial Supervisory Authority issued the authorization no. 671/31.05.2022, which authorized the public offer for the purchase of shares issued by S.I.F. Oltenia S.A., initiated by S.I.F. Oltenia S.A., in accordance with the decision of the EGSM no. 4 of 31.03.2022, with the following characteristics: • The number of shares subject to the offer is 25,000,000 representing 5% of the share capital; • Nominal value: 0.10 RON/share; • The purchase price is: 2.5 RON/share; • Period of development: 08.06.2022-22.06.2022; • The intermediary of the offer: SWISS Capital S.A.; • Places of subscription according to the information contained in the tender document. As of 22.06.2022, the public offer for the purchase of shares issued by S.I.F. Oltenia S.A., initiated by S.I.F. Oltenia S.A., in accordance with the decision of the EGSM no. 4 of 31.03.2022, was successfully concluded, with a number of 104,085,853 shares representing 416.3434% of the number of securities object of the offer being submitted. 3.4. Registered subsidiaries of S.I.F. Oltenia S.A. S.I.F. Oltenia S.A. holds a share of over 50% in 13 companies in the portfolio that fall within the consolidation area. 3.5. Bonds and/or other debt securities issued by S.I.F. Oltenia S.A. S.I.F. Oltenia S.A. did not issue bonds and/ or other debt securities. Company management The Administrative Board 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.

29 The composition of the Board of Directors as at 31.12.2022 is as follows: Sorin - Iulian Cioacă – President of the Board of Directors; Mihai Trifu– Vice-president of the Board of Directors; CodrinMatei - independent non-executive member of the Board of Directors; Mihai Zoescu - independent non-executive member of the Board of Directors; AndreeaCosmănescu - independent non-executive member of the Board of Directors. Brief presentation of the members of the Board of Directors as at 31.12.2021 Sorin - Iulian Cioacă – President of the Board of Directors Experience: President/General Manager of S.I.F. Oltenia S.A., from 29.10.2020 ongoing. Sole Administrator of Gravity Real Estate Investments S.R.L, from October 2022 ongoing President of the Investor Compensation Fund, period: 16 August 2021 – ongoing Non-executive member of the Board of Directors of S.I.F. 1 IMGB S.A. Bucharest: 16 December 2020 – ongoing Advisor in the Division of Placing, Transactions, Calculation and Net Assets within S.I.F. Oltenia S.A., period: 1 November 2020 – 4 December 2020 Advisor to the General Manager within S.A.I. Muntenia Invest S.A., period: 01.02.2019 - 31.10.2020 Tenured/associated teacher at ASE Bucharest - Faculty of Finance, Insurance, Banks and Stock Exchanges, period: 01.10.2015 - ongoing Economist within a Romanian Government Agency, period: 01.09.2001 - 31.07.2018 Studies: Doctor of Finance, Academy of Economic Studies Bucharest Bachelor's Degree in Mathematics, University of Bucharest – Faculty of Mathematics Master's Degree, University of Bucharest – Faculty of Mathematics Bachelor of Economics, Academy of Economic Studies Bucharest, Faculty of Finance, Insurance, Banking and Stock Exchange Mihai Trifu – Vice-president of the Board of Directors Experience: Vice President/Deputy General Manager of S.I.F. Oltenia S.A., from 29.10.2020 ongoing. Sole Administrator of Gravity Capital Investments S.A., from October 2022 ongoing Member of the Board of Directors of Antibiotice S.A., August 2021-ongoing Economic Manager within Biofarm S.A., period: June 2018 - December 2020 Acting Financial Director within Delphi Diesel Systems - plant in Iasi, Romania, between January 2018 - May 2018 Regional Finance Manager at Delphi Diesel Systems, September 2015 - May 2018 Studies: Executive MBA, Vienna University of Economics and Business, ongoing Association of Chartered Certified Accountants, UK Master in Business Administration - Faculty of Management, Academy of Economic Studies Bucharest Codrin Matei – Member of the Board of Directors Experience: Director of S.I.F. Oltenia S.A., from 29.10.2020 ongoing. President of the Board of Directors of Flaros S.A. Bucharest, period: February 2021 - ongoing Director of Crosspoint Real Estate S.A., during November 2019 - ongoing Director of Crosspoint Finance S.R.L., between December 2004 - ongoing Member of the Global Advisory Board, March 2015 - August 2017 Director of Capital Acquisitions S.r.l., between December 2006 - August 2017 Director of Blackwater Capital S.r.l, between November 2013 - March 2017 Studies: Corporate Finance Course, London Business School Master in Business Management, Academy of Economic Studies Bucharest Bachelor's Degree in Investment Management, Bucharest Academy of Economic Studies

30 Mihai Zoescu – Member of the Board of Directors Experience: Director of S.I.F. Oltenia S.A., from 18.06.2021 ongoing. Member of the Board of Directors of Santierul Naval Orsova S.A. December 2021– ongoing Member of the Board of Directors of Electromagnetica S.A. September 2021 - ongoing Economic Manager of Biofarm S.A., January 2021 – ongoing Manager of Deal Advisory KPMG Advisory Srl, between April 2013 - January 2021 KPMG Senior Manager, November 2005 - March 2013 Administrator ServopecSrl, between December 1996 - 2016 Studies: The Chamber of Financial Auditors in Romania Association of Chartered Certified Accountants, UK Master Degree from the Doctoral School in Finance and Banks (DOFIN), Academy of Economic Studies Bucharest Bachelor's Degree in Insurance, Banking and Stock Exchange, Academy of Economic Studies Bucharest Andreea Cosmănescu – Member of the Board of Directors Experience: Director of S.I.F. Oltenia S.A., from 18.05.2022 ongoing. Provisional administrator of S.I.F. Oltenia S.A., between 19.11.2021 - 28.04.2022 Director of GMS EMEA, Honeywell Elster Romania Srl, between September 2021 – ongoing Associate and Administrator of S.C. MAVERS TAX ADVISORY S.R.L, 13.09.2021-ongoing Senior Tax Manager/Tax Manager/Senior Consultant, Ernst & Young Srl, March 2011 - September 2021 Senior Consultant,/Junior Consultant, PriceWaterhouseCoopers Tax Advisors and Accountants Srl , August 2008 - March 2011 Studies: Bachelor of Law, DimitrieCantemir Christian University Bucharest Master in Accounting and Management Informatics, Accounting and Fiscality of Heritage, Academy of Economic Studies Bucharest Bachelor's Degree in Economic Management, Academy of Economic Studies Bucharest On 31.12.2021, the directors of the company had the following holdings of shares of S.I.F. Oltenia S.A.: Sorin-Iulian Cioacă 10 shares Mihai Trifu 500 shares Codrin Matei - Mihai Zoescu - Andreea Cosmănescu - The senior management According to the Articles of Association of S.I.F. Oltenia S.A., the President of the Board of Directors also holds the position of General Manager, and the Deputy President of the Board of Directors also holds the position of Deputy General Manager. On 31.12.2022, 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. On 31.12.2021, the senior management had the following composition: Sorin - Iulian Cioaca - General Manager; Mihai Trifu– Deputy General Manager. The members of the senior management have entered mandate contracts with the Company. In accordance with the legal provisions and the Articles of Association, the members of the senior management are empowered to lead and coordinate the current activity of S.I.F. Oltenia S.A. and have the power to represent the company.

31 Litigations of the members of the board of directors and the management regarding the activity within the issuer On 31.12.2022, the members of the Board of Directors and the Senior Management did not have any disputes regarding the activity within the company. Situation of litigations As of 31 December 2022, there are 22 cases pending before the courts: 16 cases as plaintiff; 6 cases as defendant; in 3 cases being in insolvency proceedings; in one case it acts as intervenor, in one case it is called as a guarantee. According to their scope, the cases 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. According to their purpose, we exemplify the following cases: a) Cases in which S.I.F. Oltenia S.A. has the status of plaintiff, mainly aimed at cancelling some decisions of the General Shareholders Meeting, having as object: operations with shares, right of withdrawal from the company, decisions adopted with violation of the limits of competence, some of the defendant companies being: Sinterom S.A., Elba S.A., Altur S.A., for instance: 1. Case file no. 3678/30/2021, pending before the Timiș Court, defendant Elba SA, having as object the action for annulment of the OGSM Decision of 25.05.2021. At the 07.11.2022 deadline, the court definitively dismissed the appeal declared by S.I.F. Oltenia S.A. 2. Case file no. 251/1285/2021, pending before the Timiș Court, defendant Elba SA, having as object the action for annulment of the OGSM Decision of 19.01.2022. The case was settled on 18 July 2022 by dismissing the company's application. S.I.F. Oltenia S.A. appealed against the rejection solution. 3. Case file no. 612/1285/2022, pending before the Cluj Court, defendant Sinterom SA, having as object the action for annulment of the OGSM Decision of 05.05.2022. At the 04.10.2022 deadline, the court dismissed the application. S.I.F. Oltenia S.A. filed an appeal. At the 21.02.2023 deadline, the court definitively dismissed the appeal declared by S.I.F. Oltenia S.A. 4. Case file no. 943/1285/2022, pending before the Cluj Court, defendant Sinterom SA, having as object the action for annulment of the Sinterom Board of Directors Decision of 29.08.2022. At the 01.11.2022 deadline, the court suspended the case until the final resolution of the case 251/1285/2022. S.I.F. Oltenia S.A. filed an appeal to the suspension. Case file no. 943/1285/2022/a2 was disjoined from the main scope of the file, having as object the previously mentioned appeal against the suspension. At the 28.02.2023 deadline, the court definitively dismissed the appeal declared by S.I.F. OlteniaS.A.. 5. Case file no. 1058/1285/2022, before the Commercial Court of Cluj, defendants Sinterom S.A. and Someș Logistic S.A. The file is in the regularization stage and no deadline has yet been set. Case file no. 1058/1285/2022/a1 was disjoined from the main file, having as object the request for a review of the stamp duty in the main file. On 16.02.2023, the Commercial Court of Cluj definitively dismissed the application as unfounded. 6. Case file no. 1738/104/2019, pending before the Olt Court, defendant Altur SA, having as object the action for the establishment of the right of withdrawal of the company from the share capital of Altur SA, the Court has granted numerous hearings, in order to draw up and submit the expert report and assessment. On the deadline of 27 October 2021, the court ordered the replacement of Avensis Capital Consulting SRL by Veridio S.R.L. At the last deadline, on 01.03.2023, the Olt Court postponed the case to 29.03.2023, in order to observe the answer to the objections of the assessment report drawn up in the case. In the chapter “other cases”, in which the Company has the status of complainant, files with various scopes are registered: criminal complaints, forced executions, claims-damages, appeals to enforced execution on the due dividends, requests for intervention, etc. b) Cases in which S.I.F. S.A. acts as defendant; 1. Case file no. 6933/215/2022, before the General Court of Dolj, in contradiction with Elba S.A., concerning small claims,

32 concerning the costs of the proceedings in case 2365/30/2021. At the 04.07.2022 deadline, the Craiova Court upheld the applicant’s request, ordering the defendant S.I.F. Oltenia S.A. to pay the amount of 16,660 l ei, representing costs in case 2365/30/2021. S.I.F. Oltenia S.A. appealed. At the 11.01.2023 deadline, the Dolj Court upheld the appeal brought by S.I.F. Oltenia S.A., reducing the court costs to 8,330 lei. The decision is final. 2. Case file no. 22773/215/2022, before the General Court of Craiova, in contradiction with Elba S.A., concerning small claims, concerning the costs of the proceedings in case 2364/30/2021. At the first hearing, set for 13.02.2023, the court postponed the case to 29.05.2023. 3. Case file no. 3371/207/2022, before the Caracal Court, in contradiction with Cenuse Aurel and Cenuse Maria, having as object an establishment action. At the 16.11.2022 deadline, the court dismissed the application. The applicants lodged an appeal, to which the S.I.F. Oltenia S.A. filed a challenge. The Olt Court set a deadline for 27.04.2023. c) In the cases of insolvency, on the date of analysis, three cases were left: - in two cases, S.I.F. Oltenia S.A. is a creditor, respectively: 1. ElectrototalBotosani – case file no. 6146/40/2005, pending before the Botosani Court for 16 May 2023; 2. SCCF Bucharest - file no. 6131/3/2005, pending with the Bucharest Court for 14 June 2023; - In one case, S.I.F. Oltenia S.A. is an unsecured creditor, respectively Geochis SA Galați – case file no. 1065/121/2019, pending before the Galați Court, with hearing on 15 May 2023. 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. Fulfilment of the communication obligations established by the legislation The activity of S.I.F. Oltenia S.A. was carried out under conditions of transparency, in compliance with the legislation in force. The Company has prepared and published the regular and current reports in the content and terms provided by the regulations of the capital market and has provided the information requested by the Bucharest Stock Exchange - the regulated market on which the shares issued by S.I.F. Oltenia S.A. Based on art. 101 of Law no. 24/2017 on financial instrument issuers and market operations(R), S.I.F. Oltenia S.A. has developed a policy of involvement with the issuers in the portfolio. Thus, during 2022, the company implemented this policy, and the voting in the issuers in the portfolio was presented as follows: 1. In the case of the issuer Alimentara S.A. Slatina, S.I.F. Oltenia S.A. voted in the GSM from 14.04.2022 and 31.08.2022. The vote was “in favour” for the items on the agenda. 2. In the case of the issuer Altur S.A. Slatina, S.I.F. Oltenia S.A. voted in the GSM from 17.01.2022, 27.04.2022 and 16.06.2022. The expressed vote was “in favour” for the agenda items, with the exception of the GSM of 27.04.2022, where S.I.F. Oltenia S.A. voted “abstention” for the items on the agenda regarding the approval of the financial statements for 2021, the discharge of the administrators for the activity carried out in 2021 and for the ratification of the loan granted by shareholder Andrici Adrian to the company. 3. In the case of the issuer Antibiotice S.A. Iași, S.I.F. Oltenia S.A. voted in the GSM from 28.02.2022 and 16.09.2022. The vote expressed was “abstention” on the items on the agenda of the GSM of 28.02.2022 and “for” on the items on the agenda of the GSM of 16.09.2022. 4. In the case of the issuer Argus S.A. Constanta, S.I.F. Oltenia S.A. voted in the GSM from 20.04.2022, 08.08.2022 and 29.11.2022. The vote was “in favour” on the agenda. 5. In the case of the issuer BRD - Groupe SocieteGenerale S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 24.02.2022 and 28.04.2022. The vote was “in favour” for the items on the agenda. 6. In the case of the issuer Banca Transilvania S.A. Cluj-Napoca, S.I.F. Oltenia S.A. voted in the GSM from 28.04.2022 and 18.10.2022. The vote was “in favour” for the items on the agenda. 7. In the case of the issuer Biroul de Investiții Regional Oltenia I.F.N. Craiova, S.I.F. Oltenia S.A. voted in the GSM from 23.03.2022 and 18.05.2022. The expressed vote was “against” for the items on the agenda of the GSM of 23.03.2022, with the exception of the point regarding the change of address of the headquarters, following the street renumbering, where the vote was “in favour” and for the GSM of 18.05.2022, the vote was “against” on all the items on the agenda. 8. In the case of the issuer Bucharest Stock Exchange S.A., S.I.F. Oltenia S.A. voted in the GSM from 20.04.2022. The vote was “in favour” for the items on the agenda.

33 9. In the case of the issuer C.N.T.E.E. Transelectrica S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 25.02.2022, 18.04.2022, 28.04.2022, 16.05.2022, 18.08.2022, 29.09.2022 and 15.12.2022. The expressed vote was “in favour” for the agenda items, with the exception of the OGSM of 27.04.2022, where S.I.F. Oltenia S.A. voted “abstention” for the approval of the revenue and expenses budget for 2022. 10. In the case of the issuer Complex Hotelier Dambovita S.A. Targoviste, SI.F. Oltenia S.A. voted in the GSM from 20.04.2022. The vote was “in favour” for the items on the agenda. 11. In the case of the issuer ConstrucțiiFeroviare Craiova S.A. Craiova, S.I.F. Oltenia S.A. voted in the GSM from 12.04.2022 and 14.09.2022. The vote was “in favour” for the items on the agenda. 12. In the case of the issuer Corealis S.A. Craiova, S.I.F. Oltenia S.A. voted in the GSM from 18.05.2022. The vote was “against” for the items on the agenda. 13. In the case of the issuer Depozitarul Central S.A. București, S.I.F. Oltenia S.A. voted in the GSM fro m 26.05.2022. The vote was “in favour” for the items on the agenda. 14. In the case of the issuer Elba S.A. Timișoara, S.I.F. Oltenia S.A. voted in the GSM from 05.05.2022. The expressed vote was “against” the items on the agenda, with the exception of the allocation of profit to dividends, where it voted “in favour”. 15. In the case of the issuer Electromagnetica S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 28.04.2022. The vote was “in favour” for the items on the agenda. 16. In the case of the issuer Eximbank Banca de Export Import ARomâniei S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 18.04.2022 and 06.06.2022. The vote expressed was “in favour” for the items on the agenda of the GSM of 18.04.2022 and “against” on the items on the agenda of the GSM of 06.06.2022. 17. In the case of the issuer Flaros S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 18.04.2022 and 05.09.2022. The vote was “in favour” for the items on the agenda. 18. In the case of the issuer Gemina Tour S.A. Rm. Vâlcea, S.I.F. Oltenia S.A. voted in the GSM from 11.04.2022. The vote was “in favour” for the items on the agenda. 19. In the case of the issuer Gravity Capital Investments S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 14.12.2022. The vote was “in favour” for the items on the agenda. 20. In the case of the issuer Iamu S.A. Blaj, S.I.F. Oltenia S.A. voted in the GSM from 26.04.2022 and 29.11.2022. The vote was “in favour” for the items on the agenda. 21. In the case of the issuer Lactate Natura S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 21.04.2022 and 05.12.2022. The vote was “in favour” for the items on the agenda. 22. In the case of the issuer Mercur S.A. Craiova, S.I.F. Oltenia S.A. voted in the GSM from 12.04.2022. The vote was “in favour” for the items on the agenda. 23. In the case of the issuer OMV Petrom S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 27.04.2022 and 26.07.2022. The vote was “in favour” for the items on the agenda. 24. In the case of the issuer Provitas S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 15.04.2022. The vote was “in favour” for the items on the agenda. 25. In the case of the issuer Relee S.A. Medias, S.I.F. Oltenia S.A. voted in the GSM from 27.04.2022. The vote was “in favour” for the items on the agenda. 26. In the case of the issuer S.N.G.N. Romgaz S.A. Mediaș, S.I.F. Oltenia S.A. voted in the GSM from 06.01.2022, 28.02.2022, 28.04.2022, 08.06.2022, 08.07.2022, 13.09.2022, 22.09.2022, 17.11.2022, 28.11.2022, 08.12.2022 and 29.12.2022. The vote was “in favour” for the items on the agenda. 27. In the case of the issuer Șantierul Naval Orșova S.A. Orșova, S.I.F. Oltenia S.A. voted in the GSM from 15.04.2022 and 24.11.2022. The vote was “in favour” for the items on the agenda. 28. In the case of the issuer S.I.F. Banat-Crisana S.A. Arad, S.I.F. Oltenia S.A. voted in the A.G.A. from the dates of 28.04.2022. The vote was "for" on the items on the agenda, with the exception of option 2 of item 4 on the agenda regarding profit distribution, where he voted "against". 29. In the case of the issuer S.I.F. Muntenia S.A. București, S.I.F. Oltenia S.A. voted in the GSM from 28.04.2022 and 22.06.2022. The vote was “in favour” for the items on the agenda. 30. In the case of the issuer Sinterom S.A. Cluj-Napoca, S.I.F. Oltenia S.A. voted in the GSM from 19.01.2022, 28.04.2022 and 05.05.2022. The vote was “against” for the items on the agenda. 31. In the case of the issuer S.N.T.G.N. Transgaz S.A. Mediaș, S.I.F. Oltenia S.A. voted in the GSM from 20.01.2022,

34 25.01.2022, 28.02.2022, 28.04.2022, 14.06.2022, 27.07.2022, 20.09.2022, 12.10.2022 and 07.12.2022. The expressed vote was “in favour” for the items on the agenda, with the exception of the OGSM of 28.02.2022, where S.I.F. Oltenia S.A. vot ed “abstention” for the approval of the revenue and expenditure budget for 2022 and the OGSM of 28.04.2022, where S.I.F. Oltenia S.A. voted “against” the lower value of the dividend from the two proposed values. 32. In the case of the issuer Turism Felix S.A. Baile Felix, S.I.F. Oltenia S.A. voted in the GSM from 19.04.2022 and 08.12.2022. The vote was “in favour” for the items on the agenda. 33. In the case of the issuer Turism Lotus Felix S.A. Baile Felix, S.I.F. Oltenia S.A. voted in the GSM from 01.03.2022, 19.04.2022 and 11.11.2022. The vote was “in favour” for the items on the agenda. 34. In the case of the issuer TurismPucioasa S.A., S.I.F. Oltenia S.A. voted in the GSM from 13.04.2022 and 02.07.2022. The vote was “in favour” for the items on the agenda. 35. In the case of the issuer Tușnad S.A. BăileTușnad, S.I.F. Oltenia S.A. voted in the GSM from 13.04.2022 and 30.11.2022. The vote was “in favour” for the items on the agenda. 36. In the case of the issuer Univers S.A. Rm. Vâlcea, S.I.F. Oltenia S.A. voted in the GSM from 11.04.2022 and 01.09.2022. The vote was “in favour” for the items on the agenda. 37. In the case of the issuer Voltalim S.A. Craiova, S.I.F. Oltenia S.A. voted in the GSM from 12.04.2022, 06.06.2022 and 02.09.2022. The vote was “in favour” for the items on the agenda. Other important events The main events in the Company's activity during the period January - December 2022 were: Convening the General Shareholders Meeting of S.I.F. Oltenia S.A. for 31 March 2022 On 23 February 2022, the Board of Directors called the Extraordinary General Shareholders Meeting of S.I.F. Oltenia S.A. for 31 March 2022, with the following items on the agenda: Electing the meeting’s secretarial team, including 2 members, i.e. Ms Cimpoeru Ana - Internal Auditor and Ms Teodora Negoita Costin, whose identification data are available at the company’s headquarters. Ms Teodora Negoita Costin will be elected the meeting secretary, who will draw up the assembly’s minutes. The proposed persons are shareholders of S.I.F. Oltenia S.A. The appointment of notary public Virgil ClaudiuFaurar, from the Notary Public Office - SPN DoinaFaurar of Craiova, Dolj, for the supervision of the operations incurred by the meeting secretaries, according to art. 129 par. (3) of Law no. 31/1990 (R). Electing the commission to count the votes expressed by the shareholders regarding the issues on the agenda of the Extraordinary General Shareholders Meeting, including three members: Ms Vladutoaia Valentina, Ms Balan Viorica and Ms Talea Mihaela, whose identification data are available at the company’s headquarters. The proposed persons are shareholders of S.I.F. Oltenia S.A. It was approved to carry out a program of redemption by the Company of its own shares, in accordance with the applicable legal provisions, under the following conditions: (i) size of the programme - repurchase no more than 25,000,000 own shares with a nominal value of 0.10 RON / share representing 5% of the current share capital; (ii) the acquisition price of the shares - the minimum purchase price will be 0.1 RON/share and the maximum price will be 4 RON/share; the duration of the programme - a period of maximum 5 months from the date of publication of the EGSM decision in the Official Gazette of Romania, Part IV; the payment of the repurchased shares will be made from the distributable profit or the available reserves of the company registered in the last approved annual financial statement, except for the legal reserves, based on the financial statements 2020, according to the provisions of art.1031 d) of Law No. 31/1990, on companies, as republished and modified; the purpose of the programme - the reduction of the share capital by cancelling the repurchased shares. Approval of the mandate of the senior management of S.I.F. Oltenia S.A. for the fulfllment, with due regard for the legal requirements, of the redemption program of its own shares, including but not limited to the determination of the acquisition of its own shares. Approval of 19.04.2022 as registration date (ex date: 18.04.2022) according to the legal provisions in force, for the determination of shareholders affected by the adopted decisions. The Extraordinary General Shareholders Meeting of S.I.F. Oltenia S.A., that took place on 31 March 2022 On 31 March 2022, the EGSM of S.I.F. Oltenia S.A. took place on 24 February 2021, at the Golden House Hotel of

35 Craiova; the items on the agenda were fully approved and gathered most of the votes expressed by the present and represented shareholders. Publication of preliminary financial results on 31 December 2021 On 28 February 2022, the company published the preliminary financial results as of 31 December 2021, which were brought to the attention of investors through the BVB website and the company’s website www.sifolt.ro, Investor Information section. Calling the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. for 28 April 2022 On 17 March 2022, the Board of Directors called the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. for 28 April 2022, with the following items on the agenda: Electing the meeting’s secretarial team, including 2 members, i.e. Ms Cimpoeru Ana - Internal Auditor and Ms Teodora Negoita Costin, whose identification data are available at the company’s headquarters. Ms Teodora Negoita Costin will be elected the meeting secretary, who will draw up the assembly’s minutes. The proposed persons are shareholders of S.I.F. Oltenia S.A. The appointment of notary public Virgil ClaudiuFaurar, from the Notary Public Office - SPN DoinaFaurar of Craiova, Dolj, for the supervision of the operations incurred by the meeting secretaries, according to art. 129 par. (3) of Law no. 31/1990 (R). Electing the commission to count the votes expressed by the shareholders regarding the issues on the agenda of the Ordinary General Shareholders Meeting, including three members: Ms Vladutoaia Valentina, Ms Balan Viorica and Ms Talea Mihaela, whose identification data are available at the company’s headquarters. The proposed persons are shareholders of S.I.F. Oltenia S.A. Presentation and approval of the individual and consolidated financial statements of S.I.F. Oltenia S.A. as of 31.12.2021, drawn up according to Rule no. 39 39/2015 on the approval of Accounting Regulations complying with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority for Financial Instruments and Investments, based on the reports of the Board of Directors and of the Financial Auditor. - The approval of the allocation of the net profit for the financial exercise of 2021, of 37,550,738 RON, according to the proposals provided by the Board of Directors, in one of the following options: Option I: allocating the entire net profit of the financial year 2021, of 37,550,738 RON, to Other reserves, for own sources, in order to support future investments; OR Option II: allocating the net profit of the 2021 financial exercise, of 37,550,738 lei RON, to the following destinations: a) Dividends: 15,000,000 RON (39.95% of the net profit), which ensures a gross dividend per share of 0.03 RON. The proposed dividend ensures a shareholder remuneration rate of 1.60%, calculated at the average share trading price in 2021 (1.8749 RON/share) and 1.78 % calculated at the closing price for 2021 (1.6860 RON/share). The date of 02/08/2022 is approved as the DATE for dividend PAYMENT according to the provisions of art. 178 par. (2) of FSA Regulation no. 5/2018. Dividends will be allocated to shareholders according to legal provisions; payment-related costs will be borne by the shareholders from the value of net dividends. b) Other reserves (the company’s own funding sources): 22,550,738 lei (60.05% of the net profit) with a view to establishing the required funds for investments. Approval of the administrators’ accounts for the activity they performed during the 2021 financial exercise, according to the duration of the held mandate: - Sorin - Iulian Cioacă (period 01.01.2021 – 31.12.2021); - Mihai Trifu (period 01.01.2021 – 31.12.2021); - Codrin Matei (period 01.01.2021 – 31.12.2021); - Adrian Andrici (period 01.01.2021 – 15.09.2021); - Mihai Zoescu (period 18.06.2021 – 31.12.2021); - Andreea Cosmănescu (period 19.11.2021 – 31.12.2021). Presentation and approval of the Revenues and Expenses Budget for 2022 and of the Strategy for 2022. Presentation and approval of the Annual Report on the remuneration of the management of S.I.F. Oltenia S.A. for the financial year 2021. The election of a member of the Board of Directors of the financial investment company S.I.F. Oltenia S.A. for a term of office equal to the remaining term of office of the directors in office. Approval of the starting date of the term of office of a member of the Board of Directors as the date of obtaining authorization/approval from the Financial Supervisory Authority. Approval of the date 14.07.2022 as the registration date and 13.07.2022 as the ex date, according to the legal provisions in force, for the determination of shareholders affected by the adopted decisions. The General Shareholders Meeting of S.I.F. Oltenia S.A., that took place on 28 April 2022 On 28 April 2022, the OGSM of S.I.F. Oltenia S.A. was organized upon the first call in the Golden House Hotel in Craiova. The items on the agenda were approved and met the majority of the votes cast.

36 As for item 5, the shareholders decided to approve the second option, i.e. the distribution of the net profit of the financial year 2021, amounting to 37,550,738 lei, for the following destinations: a) Dividends: 15,000,000 RON (39.95% of the net profit), which ensures a gross dividend per share of 0.03 RON. The proposed dividend ensures a shareholder remuneration rate of 1.60%, calculated at the average share trading price in 2021 (1.8749 RON/share) and 1.78 % calculated at the closing price for 2021 (1.6860 RON/share). The date of 02/08/2022 is approved as the DATE for dividend PAYMENT according to the provisions of art. 178 par. (2) of FSA Regulation no. 5/2018. Dividends will be allocated to shareholders according to legal provisions; payment-related costs will be borne by the shareholders from the value of net dividends. b) Other reserves (the company’s own funding sources): 22,550,738 lei (60.05% of the net profit) with a view to establishing the required funds for investments. Regarding item 9 on the agenda of the O.G.S.M. of S.I.F. Oltenia S.A., the shareholders decided to appoint Ms Andreea Cosmănescu as member of the Board of Directors of the financial investment company S.I.F. Oltenia S.A. for a term of office equal to the remaining term of office of the directors in office. Publication of the Annual Report at individual and consolidated level for the financial year 2022 As of 28 April 2022, the Company has made available to shareholders and investors, in electronic format on its website (www.sifolt.ro), the B.V.B. website (www.bvb.ro) and at its registered office, the Annual Report at individual and consolidated level for the financial year 2021, documents approved in the Ordinary General Shareholders Meeting of 28.04.2022. Publication of the Quarterly Report on 31.03.2022 As of 13 May 2022, the Company has made the Quarterly Report as at 31.03.2022 available to shareholders and investors in electronic format on its website (www.sifolt.ro), the B.V.B. website (www.bvb.ro) and at its registered office. Authorisation as member of the Board of Directors of Ms Andreea Cosmănescu The Financial Supervisory Authority issued the authorization no. 83/18.05.2022, which authorized the changes in the organization and functioning of S.I.F. Oltenia S.A. following the appointment of Ms Andreea Cosmănescu as a member of the Board of Directors of the company, in accordance with the decisions no. 9 and 10 of the Ordinary General Shareholders Meeting of 28.04.2022. The Board of Directors of S.I.F. Oltenia S.A. is the following: 1. Sorin - Iulian Cioacă - President of the Board of Directors; 2. Mihai Trifu – Vice-President of the BoD; 3. Codrin Matei - non-executive administrator; 4. Mihai Zoescu - non-executive administrator; 5. Andreea Cosmănescu – non-executive administrator. Following the appointment of Ms AndreeaCosmănescu as a member of the Board of Directors of the company, the Board of Directors of S.I.F. Oltenia S.A., meeting on 20.05.2022, by Decision no. 11/20.05.2022, approved the composition of each advisory committee, consisting of 3 (three) non-executive administrators - Mihai Zoescu, CodrinMatei and Andreea Cosmănescu -, as follows: The Nomination and Remuneration Committee: Ms Andreea Cosmănescu – non-executive administrator – president; Mr Codrin Matei - non-executive administrator; Mr Mihai Zoescu - non-executive administrator. The Audit Committee: Mr Mihai Zoescu - non-executive administrator - president; Ms Andreea Cosmănescu – non-executive administrator; Mr CodrinMatei - non-executive administrator. The Investment Policies - Strategies Committee: Mr Codrin Matei - non-executive administrator - president; Ms Andreea Cosmănescu – non-executive administrator; Mr Mihai Zoescu - non-executive administrator. The public offer for the purchase of shares issued by S.I.F. Oltenia S.A., initiated by S.I.F. Oltenia S.A. The Financial Supervisory Authority issued the authorization no. 671/31.05.2022 which authorized the public offer for the purchase of shares issued by S.I.F. Oltenia S.A., initiated by S.I.F. Oltenia S.A., in accordance with the decision of the EGSM no. 4 of 31.03.2022, with the following characteristics: The number of shares subject to the offer is 25,000,000 representing 5% of the share capital; Nominal value: 0.10 RON/share; The purchase price is: 2.5 RON/share; Period of development: 08.06.2022-22.06.2022; The intermediary of the offer: SWISS Capital S.A.;

37 Places of subscription according to the information contained in the tender document. As of 22.06.2022, the public offer for the purchase of shares issued by S.I.F. Oltenia S.A., initiated by S.I.F. Oltenia S.A., in accordance with the decision of the EGSM no. 4 of 31.03.2022, was successfully concluded, with a number of 104,085,853 shares representing 416.3434% of the number of securities object of the offer being submitted. Withdrawal from the shareholders of the Export-Import Bank of Romania EximBank S.A. By the current report no. 7535/26.07.2022, S.I.F. Oltenia S.A. informed investors and shareholders on the pursuit of the steps to finalize the legal procedures regarding the withdrawal from the shareholders of the Export-Import Bank of Romania Eximbank S.A., in accordance with the provisions of Law 31/1990 on commercial companies, as republished. In this context, on 26.07.2022, the company requested the Export-Import Bank of Romania Eximbank S.A. to pay the amount of RON 42,416,586, representing the value of 4,364,430 shares held by the company at the price set by the evaluation report. Oltenia S.A. at the price set in the evaluation report. Thus, on 16.08.2022, S.I.F. Oltenia S.A. collected the amount of RON 42,416,586, representing the value of 4,364,430 shares owned by S.I.F. Oltenia S.A. at the price set in the evaluation report. Decision of the Financial Supervisory Authority no. 1040/03.08.2022 By Decision of the Financial Supervisory Authority no. 1040/03.08.2022, the acquisition project and the acquisition by the company S.I.F. Oltenia S.A of the status of significant shareholder of S.I.F. Banat-Crișana S.A. Arad was approved. The approved purchase project was aimed at the purchase by S.I.F. Oltenia S.A., within a maximum period of 60 working days, of a maximum of 6,500,000 shares of S.I.F. Banat-Crișana S.A., which led to the acquisition by S.I.F. Oltenia S.A. of the status of significant shareholder of S.I.F. Banat-Crișana S.A. Arad was approved. Publication of the half-yearly report on 30.06.2022 As of 16 August 2022, the Company has made the Half-yearly Report as at 30.06.2022 available to shareholders and investors in electronic format on its website (www.sifolt.ro), the B.V.B. website (www.bvb.ro) and at its registered office. Publication of the Consolidated Half-yearly Report on 30.06.2022 As of 26 September 2022, the Company has made the Half-yearly Consolidated Report as at 30.06.2022 available to shareholders and investors in electronic format on its website (www.sifolt.ro), the B.V.B. website (www.bvb.ro) and at its registered office. Creation of subsidiary Gravity Capital Investments S.A. On 17 October 2022, the Gravity Capital Investments S.A. subsidiary was established, with the main object of activity “Holding activities”. The value of the subscribed and paid-up share capital is 90,000 lei, of which the company owns 99.99% and Voltalim S.A. Craiova owns 0.01%. Publication of the Quarterly Report on 30.09.2022 As of 14 November 2022, the Company has made the Quarterly Report as at 30.09.2022 available to shareholders and investors in electronic format on its website (www.sifolt.ro), the B.V.B. website (www.bvb.ro) and at its registered office. Events subsequent to 31 December 2022 After the balance sheet reporting date, there were no significant events that need to be presented in this report. Impact on the operations and business continuity of the company 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, with the company communicating relevant information and events about the company through current and periodic reports and/or updates to the company's website. Macroeconomic uncertainty is still present, being influenced by the geopolitical conflict, high inflation and rigorous 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. 8. Economic and financial results and the statement on assets The Individual Financial Statements have been prepared by the Company in accordance with International Financial Reporting Standards adopted by the European Union (EU). The Company has prepared IFRS individual financial statements to meet the requirements of Regulation 39/2015 for the approval of Accounting Regulations compliant with International Financial

38 Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority of the Financial Instruments and Investment Sector. For the purposes of Regulation 39/2015, International Financial Reporting Standards, hereinafter referred to as IFRS, are the standards adopted in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards as subsequently amended and supplemented. The reporting currency of the financial results is the leu. Individual statement of the financial position for the year ended 31 December 2022 In lei 31 December 2022 31 December 2021*retreated 1 January 2021*retreated Assets Cash and current accounts 2,241,614 3,918,232 4,279,517 Deposits placed in banks 12,881,011 14,631,528 26,602,893 Financial assets assessed at fair value through the profit or loss account 4,475,075 4,652,462 3,598,943 Financial assets appointed at fair value through other comprehensive income elements 2,193,709,763 2,373,923,240 1,995,142,337 Bonds at the amortized cost 2,927,744 6,851,710 - Tangible assets 12,400,450 12,463,318 11,282,944 Other assets 1,732,250 3,995,141 1,404,984 Total assets 2,230,367,907 2,420,435,631 2,042,311,618 Liabilities Payable dividends 49,300,619 45,798,986 61,222,189 Current tax liabilities (93,891) 16,776,057 (92,163) Financial debt at amortized cost 2,096,313 443,880 257,892 Deferred tax liabilities 63,154,039 109,146,540 78,318,319 Other payables 10,314,900 8,359,573 11,295,436 Total payables 124,771,980 180,525,036 151,001,673 Equity Registered capital 50,000,000 50,000,000 52,214,914 Legal reserves 10,003,314 10,003,314 9,932,437 Retained earnings 885,081,368 729,408,036 649,163,058 Reserves from the reassessment of tangible assets 7,408,018 7,687,157 7,074,686 Reserves from the reassessment of financial assets at fair value through other elements of the comprehensive income 572,907,170 822,551,830 603,668,705 Other reserves 643,561,019 620,260,258 631,218,714 Own shares (63,364,962) - (61,962,569) Total equity 2,105,595,927 2,239,910,595 1,891,309,945 Total payables and equity 2,230,367,907 2,420,435,631 2,042,311,618 * Details regarding the restatement are provided in note 4 of the individual financial statements as of 31.12.2022 On 31.12.2022, the total assets amount to 2,230,367,907 lei, being down by 7.85% compared to 31.12.2021, restated situations (2,420,435,631 lei). Within the assets, the financial assets valued at fair value through other elements of the global result amount to 2,193,709,763 lei and represent 98.36% of total assets, according to the specifics of the activity. Deposits placed in banks amount to 12,881,011 lei and represent 0.58% of total assets, decreasing compared to 2021, the main reason being that, during 2022, the interest rates offered by banks for setting up deposits, although they were raised, they did not exceed the inflation in our country. On 31.12.2022, the company's debts were in the amount of 124,771,980 lei, down 30.88% compared to the previous year (180,525,036 lei), these being, mainly, influenced by the evolution of the debt indicator regarding the profit tax current and deferred tax liability indicator.

39 At the end of the 2022 financial year, the company's equity amounts to 2,105,595,927 lei, down by 6% compared to 2021, when their value was 2,239,910,595 lei. This evolution is mainly due to the differences in the change in the fair value of financial assets valued at fair value through other elements of the comprehensive result which registered a decrease of 7.6%. Individual statement of profit or loss and other comprehensive income for the year ended 31 December 2022 In lei 31 December 2022 31 December 2021*retreated Incomes Gross incomes from dividends 194,404,216 57,273,099 Interest revenues 2,824,719 392,111 Other operational incomes 157,774 1,136,884 Expenses Net profit/(Net losses) from the revaluation of financial assets at fair value through the profit or loss statement (177,388) 1,053,520 (Losses)/reversal of impairment losses on financial assets 34,592 38,776 Expenditure on salaries, allowances and similar expenses (16,805,940) (11,931,543) Other operational expenses (7,933,809) (6,052,799) Profit before taxation 172,504,164 41,910,048 Profit tax (7,695,679) (4,287,792) Net profit of the financial year 164,808,485 37,622,256 Other elements of the comprehensive income Increase/(decrease) in the reserve from the revaluation of the tangible assets, net of deferred tax 86,687 936,341 (Loss)/net gain from the revaluation of equity measured at fair value through other comprehensive income (“FVTOCI”) net of deferred tax (220,196,165) 313,412,997 Total other elements of the comprehensive income (220,109,478) 314,349,338 Total comprehensive income for the financial exercise (55,300,993) 351,971,594 The result per basic share and diluted Net result per share 0.3383 0.0752 Net result per share including earnings from the sale of financial assets measured at fair value through other comprehensive income 0.3988 0.2643 * Details regarding the restatement are provided in note 4 of the individual financial statements as of 31.12.2022 The main income group that determined the profit at the end of the financial year 2022 is represented by gross dividend income, amounting to 194,404,216 lei, 239.43% higher compared to the previous year. The companies in the portfolio of S.I.F. Oltenia S.A. that distributed dividends for the financial year 2021 during 2022 are: In lei 31 December 2022 31 December 2021 B.R.D. - GROUPE SOCIETE GENERALE S.A. București 101,910,928 2,146,055 O.M.V. PETROM S.A. București 41,460,124 17,795,820 BANCA TRANSILVANIA S.A. Cluj- Napoca 26,699,863 19,892,934 S.N.G.N. ROMGAZ S.A. Mediaș 7,023,487 4,029,655 ALIMENTARA S.A. Slatina 6,798,422 - S.N.T.G.N. TRANSGAZ S.A. Mediaș 3,605,869 1,980,552 S.I.F. BANAT CRIȘANA S.A. 2,728,596 -

40 ȘANTIERUL NAVAL ORȘOVA S.A. 1,696,179 3,200,337 IAMU S.A. Blaj 1,289,229 793,372 ANTIBIOTICE S.A. Iași 570,020 578,231 BURSA DE VALORI BUCUREȘTI S.A. București 475,582 409,494 DEPOZITARUL CENTRAL S.A. București 86,693 32,553 ELBA S.A. București 59,224 98,982 C.N.T.E.E. TRANSELECTRICA S.A. București - 2,359,273 UNIVERS S.A. Rm. Vâlcea - 1,345,419 VOLTALIM S.A. Craiova - 1,307,459 FLAROS S.A. București - 986,712 PROVITAS S.A. București - 316,251 TOTAL 194,404,216 57,273,099 During 2022, the main issuers in the portfolio of S.I.F. Oltenia S.A. distributed a higher gross dividend than the one allocated in 2021. At the end of the financial year 2022, the profit recorded before tax is 172,504,164 lei, increasing by 312% compared to the profit obtained at the end of 2021 (41,910,048 lei), but with an increase of 72% compared to the one forecasted in the Income and Expenses Budget for 2022 (100,052,254 lei). The gross profit is influenced by the amount of 8,500,000 lei, which represents a provision established in accordance with the Articles of Association of the Company, the Collective Bargaining Agreement and the Senior Management Mandate Agreement. It is proposed to the Ordinary General Shareholders Meeting the approval of the gross result achieved, which includes the provision created to stimulate employees, senior management and administrators in accordance with the legal framework mentioned and the granting of the Board of Directors, the competence to distribute the amount of employees, senior management (with mandate contract) and administrators. The net profit of the financial year 2022 is 164,808,485 lei , i.e. 73% higher than the one provided by the Income and Expenses Budget for 2022 (95,049,642 lei). Individual Cash Flow Statement as at 31.12.2022 In lei Name of the element Reporting period 31 December 2022 31 December 2021 A 1 2 Cash flows from operating activities Net profit of the financial year 164,808,485 37,622,256 Adjustments: Losses/(reversal of impairment) losses on financial assets (34,592) (38,776) (Gain)/Loss for financial assets at fair value through profit or loss 177,390 (1,053,520) Dividend income (194,404,216) (57,273,099) Interest revenues (2,824,719) (392,111) Establishment/(resumption) of benefits granted to the employees 3,917,681 (4,563,154) Income tax 7,695,679 4,287,792 Other adjustments (18,855) (277,108) Changes in operating assets and liabilities Changes in financial assets at fair value through other comprehensive income (77,356,745) (18,563,811)

41 Changes in bonds at amortized cost 3,923,966 (6,800,000) Changes in other assets 590,281 (98,141) Changes in other liabilities (309,922) 1,813,276 Received dividends 185,201,708 54,835,830 Received interests 2,824,719 340,402 Income tax paid in respect of comprehensive income (23,157,594) (2,998,915) Net cash from operating activities 71,033,266 6,840,921 Cash flows from investment activities Purchase of tangible and intangible assets (495,181) (296,564) Proceeds from the sale of immovable property and investment property 80,867 - Net cash from investment activities (414,314) (296,564) Cash flows from financing activities: Paid dividends (10,748,367) (18,861,916) Own shares redeemed (63,300,000) - Net cash used in financing activities (74,048,367) (18,861,916) Net increase/(decrease) of cash and cash equivalents (3,429,415) (12,317,559) Cash and cash equivalents at the beginning of the reporting period 18,546,306 30,863,865 Cash and cash equivalents at the end of the reporting period 15,116,891 18,546,306 9. Corporate governance Societatea de InvestiţiiFinanciareOltenia S.A. is classified in the Premium category of the Bucharest Stock Exchange. The subscribed and paid-up share capital of the company is 50,000,000 lei. It is divided into 500,000,000 shares, with a nominal value of 0.1 lei. The shares are ordinary, registered, of equal value, issued in dematerialised form and confer equal rights to their holders.The shares shall be indivisible, the company recognizing a single representative for the exercise of the rights arising out of the holding of a share. The company carries out its activity in accordance with the provisions of the Romanian legislation and pays special attention to the observance of the rights of its shareholders. By Regulation no. 2/2016, the Financial Supervisory Authority (FSA) has regulated the unitary regulatory framework for the application of the principles of corporate governance to the entities authorized, regulated and supervised by FSA, a regulation that has applied since 1 January 2017. The statement of S.I.F. Oltenia S.A. on the application of corporate governance principles in 2022, drawn up in accordance with the Annex to Regulation no. 9/2019, is presented in the document "Declaration of S.I.F.Oltenia S.A. on the application of corporate governance principles",attached hereto. S.I.F. Oltenia S.A. is committed to maintaining and developing the best corporate governance practices to ensure an efficient decision-making process that leads to the long-term viability of the company, to achieving the company's objectives and to creating added value for all stakeholders (shareholders, employees, business partners). S.I.F. Oltenia S.A. paid special attention to good corporate governance and adhered to the principles of the Code of Corporate Governance of the Bucharest Stock Exchange. Considering the Corporate Governance Code of the Bucharest Stock Exchange, S.I.F. Oltenia S.A. assessed the degree of compliance with the provisions of the Code on 31.12.2022, the level of implementation being presented in the document "Declaration of compliance with the Corporate Governance Code of the Bucharest Stock Exchange 2021", annexed to this report. Also, on 27 February 2022, the Board of Directors of S.I.F. Oltenia S.A. has approved the revision of the Corporate Governance Regulation. COMPANY MANAGEMENT In accordance with the Articles of Association, S.I.F. Oltenia S.A. is administered in a unitary system. At the date of this report, in accordance with the Articles of Association as authorized by the Financial Supervisory Authority (Authorization No. 93/07.06.2021), the Board of Directors of S.I.F. Oltenia S.A. consists of 5 members elected by the General Shareholders Meeting for a period of 4 years, with the possibility to be re-elected. On 31.12.2022, the composition of the Board of Directors of S.I.F. Oltenia S.A. was as follows:

42 Sorin-Iulian Cioacă President of the Board of Directors Mihai Trifu Vicepresident of the Board of Directors CodrinMatei Member of the Board of Directors Mihai Zoescu Member of the Board of Directors AndreeaCosmănescu Member of the Board of Directors The General Shareholders Meeting is the supreme governing body of the company. General Meetings are ordinary and extraordinary and may be called whenever necessary. The attributions of the General Shareholders Meeting are specified in the Articles of Association and internal regulations, documents that comply with the legal provisions in the field and are published on the company's website, www.sifolt.ro, in the section dedicated to corporate governance. The Board of Directors, in accordance with the decision of the Ordinary General Shareholders Meeting of 29.10.2020, endorsed by FSA, was registered with the Dolj Trade Register Office on 15.12.2020 based on resolution no. 1847/14.12.2020. During 2022, the Financial Supervisory Authority issued the Authorization No. 83/18.05.2022, authorizing the changes in the organization and functioning of S.I.F. Oltenia S.A. following the appointment of Ms AndreeaCosmănescu as a member of the Board of Directors of the company, in accordance with the decisions no. 9 and 10 of the Ordinary General shareholders meeting of 28.04.2022. The members of the Board of Directors were elected on the basis of objective criteria regarding the qualification and professional experience, in accordance with the applicable legislation. The Board of Directors is supported in its activity by a Secretary of the Board, being responsible for ensuring the efficient functioning of the Board and its Committees, its role consisting in supporting the President and the other members of the Board, both at group level and individually, and in ensuring compliance by the Board of Directors with the internal regulations, ensuring compliance with the provisions of the Corporate Governance Code, as well as with the laws and regulations relevant to the Company's activity. The Secretary shall be responsible for ensuring effective communication between the Administrative Board and the Committees set up at the level of the Council, between the Directors and the Administrative Board. In 2022, the position of Secretary of the Board of Directors was held by Mrs. Carmen – Iulia Vasile. Main tasks of the Board of Directors The Board of Directors has unlimited powers in the period between the General Shareholders Meetings regarding the management of the company, except for those which the law or the Articles of Association provide exclusively for the General Shareholders Meeting. In accordance with the provisions of the Articles of Association and the internal regulations, the Board of Directors has the following basic powers: approving the main directions of activity and development of the company, including the investment strategy; establishing accounting policies and financial control system, as well as approving planning; the appointment and revocation of directors in accordance with the Companies Law no. 31/1990 (R) and establishing their remuneration within the limits established by the Ordinary General Meeting of Shareholders; supervising the work of directors; preparing the annual report, organizing the General Shareholders Meeting and implementing its resolutions; submitting the application for the opening of the insolvency procedure of the company, according to the applicable legal provisions; the exact fulfillment of all the attributions established in the task of the Board of Directors by the General Shareholders Meeting; establishing/dissoluting branches and other secondary offices, without legal personality, or the change of their headquarters; establishing and approving the voting procedures within the General Shareholders Meeting; deciding the establishment of other companies or legal entities, including the participation in the share capital of other companies, under the conditions provided by the legal regulations; the deeds of acquisition, disposal, exchange or provision as security of assets belonging to the category of fixed assets of the company, whose value exceeds, individually or cumulatively, during a financial year, 20% of the total fixed assets, less the receivables, are concluded by the directors or managers of the company only after the prior approval by the Extraordinary General Shareholders Meeting, according to art. 91(1) of Law24/2017, or any legal provisions in force at the date of the documents; leases of tangible assets, for a period exceeding one year, the aggregate or individual value of which in relation to the same

43 co-contractor or persons involved or acting in concert exceeds 20% of the value of the total fixed assets, less claims on the date of conclusion of the legal act, as well as associations for a period of more than one year, exceeding the same value, are approved in advance by the Extraordinary General Shareholders Meeting according to Article 90 (2) of Law no. 24/2017, or any legal provisions in force at the time of drawing up the documents. entering contracts with the depositary, the financial auditor and the entity keeping records of shareholders; approving the internal regulations of the company, the organizational chart, the Internal Regulations of the Board of Directors and the working policies/ procedures; negotiating of the Collective Bargaining Agreement; solving any other problems established by the General Shareholders Meeting or by the regulations or legal provisions; approving the conclusion of any deeds of acquisition or disposal of goods, including securities or other financial instruments, whose value exceeds, individually or cumulatively, when related, the amount of 5million Ron. The Board of Directors shall elect from among its members a President and a Vicepresident. The President will perform the function of General Manager of S.I.F. Oltenia S.A., and the Vicepresident will act as the Deputy General Manager. The President and, in his absence, the Vicepresident shall represent the company in relations with third parties. The Vicepresident shall replace the President and assume his/her duties and responsibilities when s/he is absent. The upper management of S.I.F. Oltenia S.A. on 31.12.2022 is provided by: Sorin - Iulian Cioacă – President - General Manager Mihai Trifu – Vicepresident - Deputy General Manager Activity of the Board of Directors in 2022 During 2022, the Board of Directors met in 30 meetings. Its activity was carried out according to the Regulation of the Board of Directors, the statutory and legal provisions. Status of Directors' attendance at the meeting of the Board of Directors during 2022: From 01.01.2022 to 31.12.2022: 1. Sorin-Iulian Cioacă 30 attendances 2. Mihai Trifu 30 attendances 3. CodrinMatei 30 attendances 4. Mihai Zoescu 29 attendances 5. AndreeaCosmănescu 28 attendances The main topics discussed at the meetings of the Board of Directors: approvals required by the legal provisions applicable to the accounting records (results of patrimony inventory, establishment and recording of adjustments and provisions, quarterly, half-yearly and annual individual financial statements, half-yearly and annual consolidated financial statements and related reports, proposal for the distribution of profit 2021, draft revenue and expenditure budget for 2022); approvals required by the legislation applicable to the exercise of duties by the Compliance, Internal Audit and Risk Management departments (activity report for 2021 of the Compliance Office on the investigations carried out, the deviations found and proposals made, the investigation plan of the Compliance Office for 2021, annual report on the internal audit activity for 2021, annual report on the risk management activity for 2021, the risk monitoring plan for 2022, the report on the annual evaluation for 2021 of the effectiveness of the compliance system, the risk management system and the internal audit reports, the Internal Audit Charter and the Internal Auditor's Declaration of Independence – documents issued by the internal auditor, the report on the efficiency of the activity of the Compliance Office, the risk management system and the Internal Audit Department for 2021, the Internal Audit Plan for 2022, etc.); organizational approvals (investment reports, risk opinions,changing the methodology for assessing the market value of the issuers in the portfolio – without market liquidity, revised and updated documents according to the applicable legal provisions: corporate governance rules, working policies and procedures, new working procedures, etc.);

44 approvals required by the specificity of the activity of the functional structures within the company; approvals required by the legal and statutory provisions on the convening and holding of general meetings (analysis and approval of materials included on the agenda, convener, expenses, procedures, suspension of voting rights, special power of attorney, ballot by correspondence, establishment of committees for receiving and keeping records of votes, work rules for established commissions etc.). information on reports prepared by the Audit Committee and analysis of the activity of the Audit Committee and their approval; information on reports prepared by the Nomination and Remuneration Committee and their approval; information and approvals of the quarterly and half-yearly reports of the Strategy Investment Policy Committee. The Audit Committee The Audit Committee shall have an advisory role and shall function to assist the Board of Directors in order to ensure that the company maintains appropriate and suitable systems for the purpose of financial reporting, internal audit, compliance and risk management. Composition of the Audit Committee During 2022, the Audit Committee, consisting of non-executive administrators, had the following composition: Mr. Zoescu Mihai - non-executive administrator - president; Mrs. Andreea Cosmănescu - non-executive administrator; Mr. Matei Codrin - non-executive administrator. The meetings of the Audit Committee. In 2022, the Audit Committee met in 8 meetings. The main objectives of the working sessions were: endorsement and approval of the Internal Audit Policies and Procedures Manual, of the reports drawn up by the internal auditor; approval of the risk management policy, risk reports, monitoring plan during 2022 and stress tests carried out by the risk manager; approval of the compliance function specific procedures, the 2022 investigation plan, the compliance officer’s verification notes; information on the notes of analysis made by the compliance officer; approval of quarterly financial statements; approving the Report of the Audit Committee for 2021; approval of the Internal Audit Reports and Audit Plan for the year 2022. The audit missions were completed by Reports that were presented in the meetings of the Board of Directors. The Nomination and Remuneration Committee The Nomination and Remuneration Committee shall have an advisory role, being set up to assist the Board of Directors in carrying out its roles and duties with regard to the nomination and assessment of the suitability of members of the Board of Directors and of persons holding key functions in the company, as well as to ensure the Board that the remuneration of the executive directors is set at the right level and that the company uses a balanced combination of incentives to attract and retain the staff it needs for its operations. During 2022, the Nomination and Remuneration Committee, consisting of non-executive administrators, had the following composition: Mrs Andreea Cosmănescu - non-executive administrator - president; Mr. Codrin Matei – non-executive administrator; Mr. Mihai Zoescu - non-executive administrator.

45 Meetings of the Nomination and Remuneration Committee During 2022, the Nomination and Remuneration Committee met in 4 meetings. The assessment of the individual and collective suitability of the members of the management structure and of the persons holding key positions was the main topic discussed at the meetings of the Nomination and Remuneration Committee during 2022. The Investment Policies - Strategies Committee The Investment Policies - Strategies Committee shall assist the Board of Directors in carrying out its responsibilities in the field of investment strategy-making and policy-making, in the follow-up to decisions on the enforcement of the investment policy, in the review of the performance of the portfolio of financial instruments and the management of the related risks, and proposes possible investments in accordance with the investment strategy of S.I.F. Oltenia S.A. During 2022, the Investment Policies - Strategies Committee, consisting of non-executive administrators, had the following composition: - Mr. Codrin Matei – non-executive administrator – president; - Mr. Mihai Zoescu – non-executive administrator; - Mrs. Andreea Cosmănescu – non-executive administrator. During 2022, theInvestment Policies - Strategies Committee held 3 meetings. The main topics discussed during the meetings of the Investment Policies - Strategies Committee are: - periodic analysis of the investments made (investments), the structure of the company's portfolio and its classification in the company's risk strategy; - analysing the observance of the competence limits, with reference to the trading operations (purchase and sale of securities) by the Senior Management related to the trading activity (purchase and sale) on the capital market and the acquisition and sale of the participations held by S.I.F. Oltenia S.A. in closed companies, operations established by decisions of the General Shareholders Meeting or the Board of Directors; - analysing the application of the company's investment strategy approved by the General Shareholders Meeting or the Board of Directors. During 2022, the Committee for Investment Policies – Strategies prepared activity reports for the first semester, third and fourth quarters of 2022, which were submitted to the Board of Directors of S.I.F. Oltenia S.A. The Compliance Office The compliance activity is carried out by exercising permanent control over the company's activity. During the 2022 financial year, the organizational structure of S.I.F. Oltenia S.A. included the Compliance Office, an independent structure specialized in supervising the compliance by the company and its personnel with the legislation in force applicable to the capital market, as well as with the applicable internal regulations and procedures. The activity of the Compliance Office was carried out in accordance with the provisions of the Investigation and Control Plan for 2022, approved by the Board of Directors of S.I.F. Oltenia S.A., the provisions of the FSA Regulation no. 10/2015, as subsequently amended and supplemented, the EU Regulation no. 231/2013, the working procedures and the internal regulations. The activity carried out took into account: - periodic control of activities within the company in order to avoid the occurrence of non-compliance situations; - compliance by the company with its obligations under the applicable legal provisions; - reviewing and submitting the approval of the management structure of internal working procedures; - preventing any violation of the laws, regulations in force applicable to the capital market or the internal procedures of the Company, both by the Company and its employees; - informing the company and its employees about the legal regime applicable to the capital market; - approval of the documents sent by the company to the regulatory authority in order to obtain the authorizations provided by the FSA regulations; - approving the reports that the company must submit to the FSA and to the capital market entities and ensuring that they are submitted within the legal term provided by the regulations in force;

46 - endorsement of the information/advertising materials of the company. The Compliance Officer prepared, during the period under review, according to the investigation plan, verification notes regarding aspects of the activity carried out at the level of the company. Following the control and verification actions of the compliance function, it was found that the activities subject to control comply with the capital market legislation, internal regulations and procedures. No non-compliance risks were found. The Compliance Office prepared the Annual Report and Investigation Plan for 2022. The format of the documents, as approved by the Board of Directors, is submitted to the Financial Supervisory Authority. Settlement of petitions If unsatisfied with the activity of the company or the information provided by the company, the shareholders can approach S.I.F. Oltenia S.A. through a petition. The method of solving the petitions submitted by the shareholders is the one established by the FSA Regulation no. 9/2015, as amended and supplemented. In accordance with the provisions of the Regulation, the unique register of petitions was drawn up in secure electronic format, which records the petitions submitted, the problems complained of and the method of settlement. The register of petitions is managed by the Head of the Compliance Office. During the period under review, the Compliance Office has drawn up the Single Register of Petitions in secure electronic format, the Register of Investigations, the Register of personal transactions of the relevant persons within the company, the Register of conflicts of interest. The person within the company who carries out the duties of Head of the Compliance Office shall also perform the duties of ML/TF compliance Officer and shall be notified to the FSA. The Head of the Compliance Office has reviewed during 2022 the policies, mechanisms and procedures to prevent and combat ML/TF. Throughout the reporting period, namely 01.01.2022 – 31.12.2022, the head of the Compliance Office was Mrs. VioricaBălan – FSA Authorization no. 215/02.09.2014, respectively no. 47/15.02.2018. The Company has a financial auditor as well as an internal auditor who carried out their activity in accordance with the applicable legal provisions and the contracts concluded in this regard. Financial Auditor The financial auditor is Deloitte Audit S.R.L. By decision no. 4/20.10.2021 of the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A., Deloitte Audit S.R.L was appointed as the financial auditor of the company for a period of 3 years The internal auditor The internal auditor of the company is Mrs. Cimpoeru Ana, who is an employee of the issuer for an indefinite period. The internal audit function is separate and independent from other functions and activities of S.I.F. Oltenia S.A. The internal audit is organized in accordance with the provisions of Law no. 31/1990 R on companies, Law no. 162/2017 regarding the statutory audit of the annual financial statements and the consolidated annual financial statements and amending some normative acts and GEO no. 75/1999 on the financial audit activity (R) and operates as a distinct office within S.I.F. Oltenia S.A. The internal audit activity was carried out in accordance with the Internal Audit Procedures approved by the Board of Directors of S.I.F. Oltenia S.A. The organization and functioning, the performance of the internal audit missions, the objectives pursued are established by the internal regulations of S.I.F. Oltenia S.A. The internal audit activity in 2022 was carried out on the basis of the Internal Audit Plan, approved by the Board of Directors of S.I.F. Oltenia S.A. by Decision no. 01/28.01.2022. The internal audit had the following objectives: a) verifying the compliance of the entity's activities with its policies, programs and management, in accordance with the legal provisions; b) assessing the adequacy and application of financial and non-financial controls ordered and performed by the company's management in order to increase the efficiency of its activity; c) assessing the adequacy of the financial and non-financial information intended for the management to know the reality in the company; d) protection of balance sheet and off-balance sheet patrimonial elements and identification of methods to prevent frauds and losses of any kind;

47 e) assessing and examining the effectiveness and adequacy of the company's systems, internal control mechanisms, risk management and governance processes and procedures. The internal audit missions in 2022 were carried out within the functional structures of S.I.F. Oltenia S.A. and focused mainly, according to the Internal Audit Plan, on the following activities: Records of fixed assets and inventory items, amortization/depreciation recorded on costs; Asset inventorying and capitalizing on the results; Effectiveness and adequacy of the Compliance Office's work; Effectiveness and adequacy of the activity of the Risk Management Department; Organization of records of financial assets such as shares and equity investments; Compliance with FSA regulations on the calculation and reporting of net assets; Human resources management; Dividends received from companies in the portfolio of S.I.F. Oltenia S.A.; Dividends paid to the shareholders of S.I.F. Oltenia S.A. natural and legal persons existing at the date of registration; Employees' and employer's contributions to the state budget and social security budget. The internal audit missions, undertaken according to the Internal Audit Plan approved by the Board of Directors of S.I.F. Oltenia S.A. for 2022 and which included the most important activities, ended with the following conclusions: The activities and operations subject to audit in 2022 are in accordance with the company's policies and management, without significant deviations that could affect the smooth running of the company's activity; The activities and operations subject to internal audit were carried out in accordance with the legal provisions in force at the date of registration of operations and in accordance with the internal regulations of the company; There are sufficient control levers to be respected, for the safety of each transaction and risk reduction; No deviations were found in connection with the protection of the patrimonial elements, no frauds or losses were recorded. Respecting the shareholders' rights The shares of S.I.F. Oltenia S.A. are common, ordinary, nominative, dematerialised, indivisible, conferring equal rights to its shareholders, according to the relevant legal provisions. The General Shareholders Meetings are called by the Board of Directors at least 30 days before the date set for the deployment. S.I.F. Oltenia S.A. makes every effort to ensure fair treatment of all its shareholders by providing them with relevant and up- to-date information to enable them to exercise their rights in a fair manner. In addition, S.I.F. Oltenia S.A. pays increased attention to strengthening the corporate governance mechanisms at the level of the company. Right to vote The Company ensures the participation of the shareholders in the works of the General Shareholders Meetings. The shareholders have the possibility to participate in the G.A.G. directly, through a representative based on a special/general power of attorney or by correspondence (by mail or electronic mail). Only the shareholders registered on the reference date in the Consolidated Register of Shareholders of the Company kept by Depozitarul Central of Bucharest are entitled to participate and vote in the works of the General Meeting. The Board of Directors, in accordance with the legal provisions and regulations of the FSA, approves procedures regarding the organization and performance of the GSM. At the headquarters of the company and on the website (www.sifolt.ro), information and materials regarding the General Meeting are made available to the shareholders: The convenor, the informative materials and the documents subject to the debate and approval of the General Shareholders Meeting, the participation and voting procedures, the special power of attorney forms, the ballots by correspondence, the draft resolutions, the drafts and the decisions of the General Shareholders Meeting, the result of the vote for each item on the agenda. According to the incidental legal provisions, one or more shareholders, individually or jointly representing with other shareholders at least 5% of the share capital of the company, may request by a request addressed to the company the introduction of additional items on the agenda of the GSM and submit draft resolutions for the items proposed to be included on the agenda of the GSM. During 2022, the Board of Directors called two General Shareholders Meetings, as follows: the EGSM of 31 March 2022; the OGSM of 28 April 2022.

48 The right to dividend The dividend is a share of the company's profit that is paid to the shareholders in proportion to the number of shares held in relation to the share capital. The amount of the dividend is proposed by the Board of Directors and approved by the General Shareholders Meeting. The proposal of the Board of Directors regarding the distribution of dividends takes into account the market yields, the economic context and the sustainability of the measure. The dividend policy practiced by the company aims to maintain a balance between the remuneration of shareholders and the need to finance investments, investments that lead to the long-term development of the company and to the increase of investors' interest in the shares issued by the company. For the financial year 2021, the company distributed to the shareholders a gross dividend of 0.03 lei /share, as proposed by the Board of Directors. The right to information S.I.F. Oltenia S.A. respects the right to information of its shareholders by providing them with relevant and up-to-date information enabling them to exercise their rights in a fair manner. The information regarding the activity of the company considered to be able to influence the share price was disseminated through the current reports or communications sent within 24 hours to the market, being made available to investors both on the BVB website and on its own (the posting on its own website was made after this information was posted by the BVB market operator). The company established at the beginning of the year a financial communication calendar which it sent to BVB, FSA and published on the company's website and in a national newspaper. In order to provide shareholders with relevant information in real time, S.I.F. Oltenia S.A. has created the Investor Information section, easily accessible and permanently updated on the www.sifolt.ro website. The website is structured so as to contain specific information necessary for the holders of securities (in Romanian and English), among which we mention: Corporate Governance (Corporate Governance Structures, Forecast Policy, Dividend Policy, Remuneration Policy, CSR Policy, ESG Policy, Involvement Policy, Internal Regulations, Organizational Chart), Investor Information (Reports, Financial Calendar, General Assemblies, Statement of Holdings, Petitions), Notified Transactions, Prevention of Money Laundering. S.I.F. Oltenia S.A. has internal structures specialized for the relationship with its investors and shareholders, namely Shareholders and Shareholder Relations Division (mihaela.talea@sifolt.ro), Public Relations Office (public@sifolt.ro) and Investor Relations (mihaela.colceriu@sifolt.ro). Within the Internal Regulations, rules and procedures are in place to provide regular and continuous information to ensure that transparent activities are in place, to ensure that investors have equal access to information. 10. Corporate Social Responsibility (CSR) Corporate Social Responsibility (CSR) is a code of ethics in an environment where profit is a primary objective. Corporate Social Responsibility (CSR) is the totality of the actions, principles and practices by which a company engages in a society, in order to ensure a positive impact of its activity and to contribute to the development of that society. In the implementation of CSR, the European Union has developed a series of principles, targeting two dimensions of the relationship between the company and the community: the internal and external dimension. The CSR principles are: Economic responsibilities; Legal responsibilities; Ethical responsibilities; Philanthropic responsibilities. For S.I.F. Oltenia S.A., corporate social responsibility is one of the most important factors in establishing the image and public reputation of the company, in consolidating performance and ensuring long-term sustainable development. Among the examples of corporate social responsibility adopted by S.I.F. Oltenia S.A. we can list: Continuous communication with shareholders as well as with the people of the community; Improving the employees' work policies; Sponsorships on supporting social events in support of fundamental human freedoms;

49 Supporting volunteer activities; Corporate policies that protect the environment; Socially and ecologically conscious investments. The fundamental ethical values assumed by the company are integrity, professionalism, responsibility and transparency, whose compliance is mandatory for all persons in the company's structures. S.I.F. Oltenia S.A. has ensured the implementation of regulations regarding corporate governance, regulations that require the observance of a set of principles and recommendations based on the best practices of transparency and trust towards all shareholders and potential investors. In its direct relationship with the employees, S.I.F. Oltenia S.A. undertakes continuous measures leading to the improvement of the quality of life of employees at work and their ability to integrate into the ethical and professional culture of the society. In the relationship with investors and stakeholders, CSR activity focused on protecting the environment globally, the company understanding to give importance to the needs of the community in which it operates, tried to integrate social and environmental issues in business objectives. During 2022, S.I.F. Oltenia S.A. granted total sponsorships of 144,103 lei. Moreover, S.I.F. Oltenia S.A. is interested in strengthening the involvement in the local community, especially by conducting professional practice and training programmes for students and master students of the University of Craiova, by participating in local and national specialized conferences, etc. The management's commitment to contributing to sustainable development is part of the company's strategy towards long- term business success. S.I.F. Oltenia S.A. considers that acting responsibly can thereby increase its operational efficiency. This implies the adoption of eco technologies that are efficient in terms of reducing the amount of waste or saving raw materials (electronic communication is part of management's vision to reduce the amount of consumables, with implications for the protection of the green ecosystem at national level). Through this approach to corporate responsibility, the company considers that it also benefits from reputational gains, both at the level of employees and at the level of the relationship with the investors interested in the management's ability to manage the risks and opportunities associated with corporate governance, consumers and business partners. S.I.F. Oltenia S.A. promotes social responsibility, professionalism, excellence, innovation, team spirit, diversity, commitment. 11. ANNEXES Detailed statement of investments as of 31.12.2022 – Annex 11 (prepared in accordance with FSA Regulation no. 7/2020); Statement of assets and liabilities as at 31.12.2022 - Annex 10 (prepared in accordance with FSA Regulation no. 7/2020). Lista societăților controlate de S.I.F. Oltenia S.A. la 31.12.2022; Activity report of the Nomination and remuneration committee for 2022. Sorin - Iulian Cioacă Mihai Trifu President - General Manager Vice-President - Deputy General Manager

50 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2022 Net assets 2,197,633,426 lei 2,105,595,927 lei Total assets 2,422,592,329 lei 2,230,367,907 lei Name of the item Beginning of the reporting period 01/01/2021 - restated according to the F.S.A. no. 7/2020 End of the reporting period Differences (lei) % of the net assets % of total assets Currency RON % of the net assets % of total assets Currency RON I. Total assets 2,165,474 2,420,426,855 740,323 2,229,627,584 (192,224,422) 1 Securities and money market instruments of which: 100.7654 91.4084 0 2,214,453,327 99.9111 94.3219 0 2,103,724,387 (110,728,940) 1.1 Securities and money market instruments admitted or traded on a regulated market in Romania, of which: shares, other similar securities (mentioning each category), bonds (by issuer category), other debt securities (mentioning by type and issuer category), other securities, money market instruments (by category); 100.7654 91.4084 0 2,214,453,327 99.9111 94.3219 0 2,103,724,387 (110,728,940) - Shares 100.7654 91.4084 0 2,214,453,327 99.9111 94.3219 0 2,103,724,387 (110,728,940) 1.2 Securities and money market instruments admitted to or dealt in on a regulated market of a Member State, of which: shares, other securities treated as such (by class), bonds (by class of issuer), other debt securities (by type and class of issuer), other securities, money market instruments (by class); 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0

51 1.3 Securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another regulated market in a third country, which operates regularly and is recognised and open to the public, approved by the A.S.F., of which: shares, other securities treated as such (with a list of each class), bonds (by class of issuer), other debt securities (with a list by type and by class of issuer), other securities, money market instruments (by class). 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 2 Newly issued securities 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 3 Other securities and money market instruments referred to in Article 83(1)(a) of O.U.G. No 32/2012 of which: securities (by categories and by type of issuer) and money market instruments (by categories). 7.7291 7.0114 0 169,857,435 4.4127 4.1658 0 92,913,120 (76,944,315) - Shares not admitted to trading 7.4173 6.7286 0 163,005,725 4.2736 4.0346 0 89,985,376 (73,020,349) Bonds not admitted to trading 0.3118 0.2828 0 6,851,710 0.1390 0.1313 0 2,927,744 (3,923,966) 4 Bank deposits of which: 0.6658 0.6040 468,445.66 14,163,082.98 0.6118 0.5775 0.00 12,881,010.70 (1,750,518) 4.1 Bank deposits with credit institutions in Romania; 0.6658 0.6040 468,445.66 14,163,082.98 0.6118 0.5775 0.00 12,881,010.70 (1,750,518) 4.2 Bank deposits made with credit institutions in a Member State; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 4.3 Bank deposits made with credit institutions in a third country. 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5 Derivatives traded on a regulated market: 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.1 Derivatives traded on a regulated market in Romania, by category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.2 Derivatives traded on a regulated market in a Member State, by category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.3 Derivatives traded on a regulated market in a third country, by category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 5.4 Derivatives traded outside regulated markets, by instrument category; 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 6 Current accounts and cash 0.1783 0.1617 1,697,027.86 2,221,202.24 0.1065 0.1005 740,322.59 1,501,288.21 (1,676,619)

52 7 Money market instruments other than those traded on a regulated market, as referred to in Article 82(g) of O.U.G. No 32/2012 - Repo contracts on securities 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 8 Equity interests of FIA/OPCVM 0.2117 0.1920 0 4,652,463 0.2125 0.2006 0 4,475,075 (177,388) 9 Dividends or other rights receivable 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 10 Other assets (amounts in transit, amounts with distributors, amounts with S.S.I.F., etc.). 0.6862 0.6224 0 15,079,345 0.6712 0.6336 0 14,132,703 (946,642) II. Total liabilities 0 224,958,903 0 124,771,980 (100,186,923) 1 Expenses for the payment of fees due to A.F.I.A. 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 2 Expenses for payment of fees due to the depositary 0.0019 0.0017 0 41,772 0.0019 0.0018 0 40,878 (894) 3 Expenses for the payment of fees due to intermediaries 0.0003 0.0002 0 6,002 0.0000 0.0000 0 0 (6,002) 4 Expenses on turnover fees and other banking services 0.0002 0.0002 0 4,575 0.0002 0.0002 0 4,973 398 5 Interest expenses 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 6 Issuance expenses 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 7 Expenses with the payment of commissions/fees due to F.S.A. 0.0075 0.0068 0 164,095 0.0085 0.0081 0 180,000 15,905 8 Financial audit costs 0.0048 0.0043 0 104,720 0.0435 0.0411 0 916,190 811,470 9 Other approved expenditure 10.2218 9.2726 0 224,637,739 5.8715 5.5430 0 123,629,939 (101,007,800) 10 Redemptions payable 0.0000 0.0000 0 0 0.0000 0.0000 0 0 0 III. Value of net assets(I-II) 2,165,474 2,195,467,952 740,323 2,104,855,604 (92,037,499) GENERAL MANAGER Sorin-Iulian Cioacă Depository Certification Raiffeisen Bank DEPUTY GENERAL MANAGER Mihai Trifu

54 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2022 Total assets 2,230,367,907 lei I. Securities admitted or traded on a regulated market in Romania 1. Shares traded in the last 30 trading days (business days) Running no. Issuer Share symbol Date of last trading session No. of shares held Nominal value Share value Total value Percentage of the issuer's share capital Share in total assets of F.I.A.I.R. lei lei lei % % 1 ALIMENTARA SLATINA ALRV 30/09/2022 350,342 2.4300 39.1626 13,720,321 85.2258 0.6152 2 ALTUR SLATINA ALT 30/12/2022 14,266,350 0.1000 0.0510 727,584 4.6615 0.0326 3 ANTIBIOTICE IASI ATB 30/12/2022 181,515,771 0.1000 0.5660 102,737,926 27.0379 4.6063 4 ARGUS CONSTANTA UARG 30/12/2022 30,920,056 1.5000 3.5000 108,220,196 86.4160 4.8521 5 B.R.D.-GROUPE SOCIETE GENERALE BUCURESTI BRD 30/12/2022 27,533,076 1.0000 13.0000 357,929,988 3.9508 16.0480 6 BANCA TRANSILVANIA CLUJ TLV 30/12/2022 24,615,076 10.0000 19.9200 490,332,314 3.4784 21.9844 7 BURSA DE VALORI BUCURESTI BVB 30/12/2022 691,899 10.0000 35.3000 24,424,035 8.5958 1.0951 8 C.N.T.E.E. TRANSELECTRICA BUCURESTI TEL 30/12/2022 2,616,681 10.0000 21.7000 56,781,978 3.5697 2.5459 9 CONSTRUCTII FEROVIARE CRAIOVA CFED 12/10/2022 2,725,325 0.8500 0.8238 2,245,177 77.5001 0.1007 10 COS TARGOVISTE COS 04/10/2022 6,142,826 0.1000 0.0000 0 8.9220 0.0000 11 ELECTROMAGNETICA BUCURESTI ELMA 30/12/2022 190,381,673 0.1000 0.1460 27,795,724 28.1614 1.2462 12 FLAROS BUCURESTI FLAO 28/12/2022 1,233,390 2.5000 71.7408 88,484,374 81.0712 3.9673 13 IAMU BLAJ IAMU 29/12/2022 1,884,289 2.5000 6.3157 11,900,586 19.8343 0.5336 14 LACTATE NATURA TARGOVISTE INBO 30/12/2022 10,567,092 1.2500 1.2294 12,990,774 93.7015 0.5824

55 15 MERCUR CRAIOVA MRDO 28/12/2022 7,104,836 2.5000 7.4134 52,670,784 97.8593 2.3615 16 OMV PETROM BUCURESTI SNP 30/12/2022 589,645,817 0.1000 0.4200 247,651,243 0.9463 11.1036 17 S.N.G.N. ROMGAZ S.A. SNG 30/12/2022 1,848,286 1.0000 37.7500 69,772,797 0.4795 3.1283 18 SANTIERUL NAVAL ORSOVA SNO 30/12/2022 3,200,337 2.5000 5.0000 16,001,685 28.0168 0.7174 19 SIF BANAT CRISANA SIF1 30/12/2022 68,586,975 0.1000 2.4300 166,666,349 13.5144 7.4726 20 SIF MUNTENIA SIF4 30/12/2022 76,959,507 0.1000 1.2000 92,351,408 9.8082 4.1406 21 SINTEROM CLUJ SIRM 18/11/2022 1,555,509 2.5000 13.4867 20,978,744 32.1267 0.9406 22 SNTGN TRANSGAZ MEDIAS TGN 30/12/2022 243,311 10.0000 275.5000 67,032,181 2.0665 3.0054 23 TURISM FELIX BAILE FELIX TUFE 28/12/2022 143,752,429 0.1000 0.2848 40,942,936 29.2663 1.8357 24 UNIVERS RM.VALCEA UNVR 09/11/2022 587,519 2.5000 48.0755 28,245,297 73.7494 1.2664 2,100,604,401 94.1820 2. Shares not traded in the last 30 trading days (business days) Running no. Issuer Share symbol Date of last trading session No. of shares held Nominal value Share value Total value Percentage of the issuer's share capital Share in total assets of F.I.A.I.R. lei lei lei % % 1 RELEE MEDIAS RELE 19/08/2022 62,080 2.5000 12.1937 756,984 11.4644 0.0339 2 TUSNAD BAILE TUSNAD TSND 14/11/2022 25,861,924 0.1000 0.0914 2,363,002 8.5691 0.1059 3,119,986 0.1399 GENERAL MANAGER DEPUTY GENERAL MANAGER Depository certification Sorin-Iulian Cioacă Mihai Trifu Raiffeisen Bank

56 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2022 Total assets 2,230,367,907 lei VIII.1. Other securities 1. Shares not admitted to trading Running no. Issuer No. of shares held Nominal value Share value Total value Percentage of the issuer's share capital Share in total assets of F.I.A.I.R. lei lei lei % % 1 BIROUL DE INVESTITII REGIONAL OLTENIA IFN 272,411 16.0000 9.9711 2,716,241 19.4540 0.1218 2 COMPLEX HOTELIER DAMBOVITA 1,754,221 2.5000 5.4725 9,599,989 99.9999 0.4304 3 COREALIS CRAIOVA 655,757 2.5000 2.5425 1,667,245 11.4189 0.0748 4 DEPOZITARUL CENTRAL BUCURESTI 9,878,329 0.1000 0.1272 1,256,529 3.9057 0.0563 5 ELBA TIMISOARA 39,628 2.5000 104.6340 4,146,437 2.3694 0.1859 6 ELECTRO TOTAL BOTOSANI 57,909 2.5000 0.0000 0 29.8562 0.0000 7 GEMINA TOUR RM.VILCEA 757,888 2.5000 4.5303 3,433,464 88.2866 0.1539 8 GRAVITY CAPITAL INVESTMENTS SA 8,999 10.0000 9.6676 86,999 99.9889 0.0039 9 PROVITAS BUCURESTI 35,139 10.0000 121.6000 4,272,902 70.2780 0.1916 10 SAGRICOM ULMI 57,941 2.5000 0.0000 0 4.2057 0.0000 11 SANEVIT ARAD 792,662 0.1000 0.0000 0 13.2841 0.0000 12 TURISM LOTUS FELIX 347,859,802 0.1000 0.0360 12,513,071 27.4554 0.5610 13 TURISM PUCIOASA 1,010,599 2.5000 4.4521 4,499,242 69.2191 0.2017 14 VOLTALIM CRAIOVA 5,997,519 2.5000 7.6354 45,793,257 99.5506 2.0532 89,985,376 4.0346 GENERAL MANAGER Depository certification Sorin-Iulian Cioacă Raiffeisen Bank DEPUTY GENERAL MANAGER Mihai Trifu

58 SIF Oltenia S.A. ANNEX 11 Detailed statement of the investments on 31/12/2022 Total assets 2,230,367,907 lei X. Bank deposits with credit institutions in Romania 1. Bank deposits denominated in lei Running no. Name of the bank Establishment date Maturity date Initial value Daily increase Accrued interest Total value Percentage in the total assets of F.I.A.I.R. lei lei lei lei % 1 BANCA TRANSILVANIA 29/12/2022 05/01/2023 3,000,000.00 550.0000 1,650.00 3,001,650.00 0.1346 2 BANCA TRANSILVANIA 29/12/2022 05/01/2023 2,000,000.00 366.6667 1,100.00 2,001,100.00 0.0897 3 BANCA TRANSILVANIA 29/12/2022 05/01/2023 700,000.00 128.3333 385.00 700,385.00 0.0314 4 BANCA TRANSILVANIA 30/12/2022 06/01/2023 3,000,000.00 554.1667 1,108.33 3,001,108.33 0.1346 5 BANCA TRANSILVANIA 30/12/2022 06/01/2023 2,000,000.00 369.4444 738.89 2,000,738.89 0.0897 6 BANCA TRANSILVANIA 30/12/2022 06/01/2023 1,000,000.00 184.7222 369.44 1,000,369.44 0.0449 7 BANCA TRANSILVANIA 30/12/2022 06/01/2023 500,000.00 92.3611 184.72 500,184.72 0.0224 8 BANCA TRANSILVANIA 30/12/2022 06/01/2023 500,000.00 92.3611 184.72 500,184.72 0.0224 9 BANCA TRANSILVANIA 31/12/2022 02/01/2023 175,279.86 9.7378 9.74 175,289.60 0.0079 12,881,010.70 0.5775 GENERAL MANAGER Depository Certification Sorin-Iulian Cioacă Raiffeisen Bank DEPUTY GENERAL MANAGER Mihai Trifu

62 SIF Oltenia S.A. ANNEX 11 Evolution of net assets and VUAN in the last 3 reporting periods Running ro. Item name 31/12/2022 30/09/2022 30/06/2022 1 Net asset 2,105,595,927 2,005,946,799 2,128,606,828 2 Unit value of net asset 4.4328 4.2230 4.4813 Explanatory note: 1) The company Gravity Capital Investments was evaluated based on the financial statements on 31.10.2022 using the cost approach evaluation method. 2) The COS Târgoviște company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 3) The company CONSTRUCTII Feroviare Craiova was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 4) The FLAROS Bucharest company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 5) The SINTEROM Cluj company was evaluated according to international evaluation standards based on the financial statements on 30.06.2022 using the income approach evaluation method. 6) The ALIMENTARA Slatina company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 7) The company TURISM Felix BĂILE Felix was evaluated according to international evaluation standards based on the financial statements on 30.09.2022 using the income approach evaluation method. 8) The Lactate Natura Târgoviște company was evaluated according to international evaluation standards based on the financial statements on 30.09.2022 using the cost approach evaluation method. 9) COMPLEX HOTELIER Dâmbovița company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 10) The TURISM Pucioasa company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 11) The GEMINA Tour Râmnicu Vâlcea company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 12) The company PROVITAS Bucharest was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 13) The IAMU Blaj company was evaluated based on the financial statements on 30.06.2022 by the income approach evaluation method. 14) The company UNIVERS Râmnicu Vâlcea was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 15) The company TURISM Lotus Felix was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 16) The VOLTALIM Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 17) The MERCUR Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 18) The ELBA Timișoara company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. DEPUTY MANAGER Sorin-Iulian Cioacă Depository Certification Raiffeisen Bank DEPUTY GENERAL MANAGER Mihai Trifu

63 S.I.F. Oltenia S.A. ANNEX 10 Statement of assets and liabilities as of date 31/12/2022 (to be filled in on a monthly basis) FINAL DATA The manner in which the net asset value is calculated (according to F.S.A. Regulation no. 7/2020) Amount (lei) 1. Intangible assets 45,798 2. Tangible assets 12,400,450 3. Real estate investments 1,100,816 4. Biological assets 0 5. Assets representing rights to use support assets under a leasing contract 0 6. Financial assets 2,201,112,582 6.1. Financial assets evaluated at amortised cost 2,927,744 6.1.1. Corporate bonds 2,927,744 6.1.1.1. Listed corporate bonds 0 6.1.1.2. Unlisted corporate bonds 2,927,744 6.2. Financial assets evaluated at fair value through profit or loss 4,475,075 6.2.1. Equity interests in F.I.A. / O.P.C.V.M. – listed 0 6.2.2. Equity interests in F.I.A. / O.P.C.V.M. – unlisted 4,475,075 6.3. Financial assets at fair value through other items of comprehensive income 2,193,709,763 6.3.1. Listed shares traded in the last 30 days 2,100,604,401 6.3.2. Listed shares not traded in the last 30 days 3,119,986 6.3.3. Unlisted shares 89,985,376 6.4 Shares due according to subscriptions to the share capital increase 0 7. Cash and cash equivalents 2,241,611 8. Bank deposits 12,881,011 9. Other assets 502,822 9.1. Dividends or other rights receivable 0 9.2. Other assets 502,822 10. Accrued expenses 82,817 11. Total assets 2,230,367,907 12. Total liabilities 115,347,293 12.1. Financial liabilities measured at amortised cost 51,679,650 12.1.1. Trade debts 1,610,682 12.1.2. Payment dividends 49,300,619 12.1.3. Other debts at amortized cost 768,349 12.2. Deferred income tax liabilities 63,154,039 12.3. Other liabilities 513,604 13. Provisions for risks and expenses 9,417,681 14. Deferred income 7,006 15. Equity, of which: 2,105,595,927

64 15.1. Share capital 50,000,000 15.2. Items treated as equity 0 15.3. Other equity items 570,102,018 15.4. Share premiums 0 15.5. Revaluation reserves 7,408,018 15.6. Reserves 656,369,945 15.7. Own shares 2,500,000 15.8. Retained earnings 720,272,423 15.9. Result of the financial year 164,808,485 15.10. Losses on the issue, redemption, sale, transfer free of charge or cancellation of equity instruments 60,864,962 16. Net assets (11 - 12 - 13 - 14) 2,105,595,927 17. Number of shares issued and in circulation excluding own shares repurchased 475,000,000 18. Unit value of net assets 4.4328 19. Number of companies in the portfolio , of which: 40 19.1. Companies admitted to trading on an EU trading venue 26 19.2. Companies admitted to trading on an exchange in a third country 0 19.3. Companies not admitted to trading. 14 According to Article 38 para. 4 of Law no. 243 / 2019 S.I.F. Oltenia S.A. publishes the leverage level and exposure value according to the provisions of EU Regulation 231 / 2013 calculated by the gross approach and the commitment approach. Gross approach: Leverage level 1,0521 SIF5 exposure 2,215,245,285 Commitment approach Leverage level 1.0593 SIF5 exposure 2,230,367,907 Statement certified by Depozitar Raiffeisen Bank S.A. Statement prepared on the basis of the trial balance determined on the basis of the A.S.F. Rule 39 / 2015 for the approval of the Accounting Regulations in compliance with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund. In accordance with IFRS 9, effective from 01.01.2018, the results of transactions with financial assets measured at fair value through other comprehensive income are reflected in retained earnings. GENERAL MANAGER Sorin – Iulian Cioacă DEPUTY GENERAL MANAGER Mihai Trifu Depository Certification Raiffeisen Bank

65 Annex according to art. 38 para. (4) of Law no. 243/2019 Assets in the portfolio of S.I.F. Oltenia S.A. that have been evaluated using valuation methods in accordance with International Valuation Standards* Running no. Name of the issuer Tax Identification Code No. of shares held No./date of the evaluation report Amount lei/share total 1 GRAVITY CAPITAL INVESTMENTS SA 46979099 8,999 11825/08.11.2022 9.6676 86,999 2 COS TARGOVISTE 913720 6,142,826 10770/13.10.2022 0.0000 0.0000 3 CONSTRUCTII FEROVIARE CRAIOVA 2292068 2,725,325 12982/12.12.2022 0.8238 2,245,177 4 FLAROS BUCURESTI 350944 1,233,390 249/04.01.2023 71.7408 88,484,374 5 SINTEROM CLUJ 202123 1,555,509 13427/22.12.2022 13.4867 20,978,744 6 ALIMENTARA SLATINA 1513357 350,342 13159/16.12.2022 39.1626 13,720,321 7 TURISM FELIX BAILE FELIX 108526 143,752,429 725/09.01.2023 0.2848 40,942,936 8 LACTATE NATURA TARGOVISTE 912465 10,567,092 888/11.01.2023 1.2294 12,990,774 9 COMPLEX HOTELIER DAMBOVITA 10108620 1,754,221 910/11.01.2023 5.4725 9,599,989 10 TURISM PUCIOASA 939827 1,010,599 932/12.01.2023 4.4521 4,499,242 11 GEMINA TOUR RM.VALCEA 1477750 757,888 960/12.01.2023 4.5303 3,433,464 12 PROVITAS BUCURESTI 7965688 35,139 962/12.01.2023 121.6000 4,272,902 13 IAMU BLAJ 1766830 1,884,289 2618/22.02.2023 6.3157 11,900,586 14 UNIVERS RM.VALCEA 1469006 587,519 1864/03.02.2023 48.0755 28,245,297 15 TURISM LOTUS FELIX 26261034 347,859,802 2701/23.02.2023 0.0360 12,513,071 16 VOLTALIM CRAIOVA 12351498 5,997,519 1941/07.02.203 7.6354 45,793,257 17 MERCUR CRAIOVA 2297960 7,104,836 2719/24.02.2023 7.4134 52,670,784 18 ELBA TIMISOARA 1816318 39,628 2274/15.02.2023 104.6340 4,146,437 "1) The company Gravity Capital Investments was evaluated based on the financial statements on 31.10.2022 using the cost approach evaluation method. 2) The company COS Targoviste company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 3) The company CONSTRUCTII Feroviare Craiova was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 4) The company FLAROS Bucharest company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 5) The company SINTEROM Cluj company was evaluated according to international evaluation standards based on the financial statements on 30.06.2022 using the income approach evaluation method. 6) The company ALIMENTARA Slatina company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 7) The company TURISM Felix BAILE Felix was evaluated according to international evaluation standards based on the financial statements on 30.09.2022 using the income approach evaluation method. 8) The company Lactate Natura Targoviste company was evaluated according to international evaluation standards based on the financial statements on 30.09.2022 using the cost approach evaluation method.

66 9) The company COMPLEX HOTELIER Dambovita company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 10) The company TURISM Pucioasa company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 11) The company GEMINA Tour Ramnicu Valcea company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 12) The company PROVITAS Bucharest was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 13) The company IAMU Blaj company was evaluated based on the financial statements on 30.06.2022 by the income approach evaluation method. 14) The company UNIVERS Ramnicu Valcea was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 15) The company TURISM Lotus Felix was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 16) The company VOLTALIM Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 17) The company MERCUR Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 18) The company ELBA Timisoara company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. GENERAL MANAGER Sorin – Iulian Cioacă DEPUTY GENERAL MANAGER Mihai Trifu Depository Certification Raiffeisen Bank

LIST of Companies controlled by S.I.F. Oltenia S.A. as of 31.12.2022 Item no. Company name Total share capital - lei - Total number of shares S.I.F. Oltenia S.A. holding No. of shares Percent - % - 1. COMPLEX HOTELIER S.A. Dâmbovița 4,385,558 1,754,223 1,754,221 99.99 2. GRAVITY CAPITAL INVESTMENTS S.A. Bucharest 90,000 9,000 8,999 99.99 3. VOLTALIM S.A. Craiova 15,061,490 6,024,596 5,997,519 99.55 4. MERCUR S.A. Craiova 18,150,650 7,260,260 7,104,836 97.86 5. LACTATE NATURA S.A. Târgoviște 14,096,751 11,277,401 10,567,092 93.70 6. GEMINA TOUR S.A. Râmnicu Vâlcea 2,146,103 858,441 757,888 88.29 7. ARGUS S.A. Constanța 53,670,699 35,780,466 30,920,056 86.42 8. ALIMENTARA S.A. Slatina 998,912 411,075 350,342 85.23 9. FLAROS S.A. Bucharest 3,803,415 1,521,366 1,233,390 81.07 10. CONSTRUCȚII FEROVIARE S.A. Craiova 2,989,064 3,516,546 2,725,325 77.50 11. UNIVERS S.A. Râmnicu Vâlcea 1,991,605 796,642 587,519 73.75 12. PROVITAS S.A. Bucharest 500,000 50,000 35,139 70.28 13. TURISM S.A. Pucioasa 3,650,000 1,460,000 1,010,599 69.22 Board of Directors Sorin – Iulian Cioacă Mihai Trifu President - General Manager Vice – President – Deputy General Manager

S.I.F. Oltenia S.A. • Preamble This report is prepared in accordance with the Financial Supervisory Authority Regulation No 9/2019 amending and supplementing Regulation No. 2/2016 on the application of corporate governance principles by entities authorized, regulated and supervised by the Financial Supervisory Authority and forms an integral part of the annual report for the financial year 2022. • The Nomination and Remuneration Committee The Nomination and Remuneration Committee shall have an advisory role, being set up to assist the Board of Directors in carrying out its roles and duties with regard to the nomination and assessment of the suitability of members of the Board of Directors and of persons holding key functions in the company, as well as to ensure the Board that the remuneration of the executive directors is set at the right level and that the company uses a balanced combination of incentives to attract and retain the staff it needs for its operations. The Nomination and Remuneration Committee shall carry out its duties under the supervision of the Board of Directors. The Board of Directors shall approve and revoke the members of the Nomination and Remuneration Committee. • The roles and responsibilities of the Nomination and Remuneration Committee • Tasks and responsibilities in the field of nomination: a) assisting the Board of Directors with the identification of successors in the selection process for the appointment of new directors; b) establishing the criteria for membership of the Board of Directors in accordance with the requirements of applicable legal and capital market regulations in relation to the work carried out by S.I.F. Oltenia S.A.; c) evaluating and proposing to the Board of Directors the candidates for appointment, re-appointment or dismissal of the members of the Board of Directors on the basis of documentation drawn up in accordance with the policies and procedures for assessing the prior and continuing suitability of the members of the management structure and of the persons holding key functions, which are approved by the Board of Directors of S.I.F. Oltenia S.A. based on F.S.A. Regulation no. 1/2019. The Nomination and Remuneration Committee shall have the power to present the list of nominations to the Board of Directors on its meeting, specifying those who meet the requirements for the position of administrator of S.I.F. Oltenia S.A., both in the case of addition to the membership of the Board of Directors for the vacant seats by adding provisional administrators, and if the list of applications for the selection of final administrators is presented to the shareholders for approval. d) ensuring that persons applying as a Member of the Board of Directors have the necessary training and experience to carry out their duties. New members of the Board of Directors shall be given the information required to familiarize themselves with the business and operations of the company. The Committee shall, if necessary, take steps to ensure that they receive further training; e) preparing and recommending criteria for the selection of members of the Board of Directors, including for the evaluation of their independence; f) preparing the evaluation of the performance of the members of the Board of Directors

S.I.F. Oltenia S.A. using a self-assessment process, on an annual basis; g) assessing, at least once a year, the independence of the members of the Board of Directors; h) verifying, at least once a year, the number of mandates held by members of the Board of Directors in other companies; i) carrying out other tasks in connection with the appointment or dismissal of members of the Board of Directors on his/her instructions. • Tasks and responsibilities in the field of remuneration: a) making proposals to the attention of the Board regarding the compensation of each director and member of the senior management, including bonuses, incentives and share purchase options; b) analysing and submitting proposals to the Board regarding the total annual variable remuneration package to be granted in the company; c) analysing and submitting proposals to the Board (through the Board, to the General Shareholder Meeting, as appropriate) on programmes for the granting of options for the purchase of shares by the company’s directors and employees; d) proposing performance targets for the award of cash compensation to be awarded in accordance with such targets or proposes targets for the award of shares or share purchase options; e) proposing the periodic review of the compensation of executive directors and other compensation elements, including severance payments and pension plans; f) making proposals to the attention of the Board on any compensation policy applicable in the company; g) reviewing the annual report on remuneration. • The membership of the Nomination and Remuneration Committee Between 01.01.2022 and 28.04.2022, the Nomination and Remuneration Committee was composed of: - Ms. Andreea Cosmanescu – provisional administrator – president; - Mr. Codrin Matei - non-executive administrator; - Mr. Mihai Zoescu - non-executive administrator. Following Decisions no. 9 and 10 of the Ordinary General Meeting of Shareholders dated 28.04.2022, by which Mrs. Andreea Cosmănescu was appointed as a member of the Board of Directors of the company, the Financial Supervisory 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. Oltenia S.A. were authorized. The Board of Directors of S.I.F. Oltenia S.A., convened in the meeting of 20.05.2022, by Decision no. 11/20.05.2022, approved the composition of each advisory committee of the Board of Directors of S.I.F. Oltenia S.A. Thus, in the period 20.05.2022-31.12.2022, the Nomination and Remuneration Committee had the following composition: - Ms. Andreea Cosmanescu – non-executive administrator – president; - Mr. Codrin Matei - non-executive administrator; - Mr. Mihai Zoescu - non-executive administrator. • The meetings of the Nomination and Remuneration Committee

S.I.F. Oltenia S.A. In the course of 2022, members of the Nomination and Remuneration Committee met in 4 meetings on the following topics: Meeting of the C.N.R. of: Topic Participating C.N.R. members 28.01.2022 Assessment of the individual and collective suitability of the members of the Board of Directors, assessment of the suitability of senior management, key functions and executive directors. • Andreea Cosmănescu • Codrin Matei • Mihai Zoescu 13.04.2022 Evaluation of candidacy files for the election of a Board of Directors member by O.G.S. from 28.04.2022 • Codrin Matei • Mihai Zoescu 18.07.2022 The distribution of incentives related to the year 2021 according to the decision of the O.G.S.M. from 28.04.2022 • Andreea Cosmănescu • Codrin Matei • Mihai Zoescu 19.10.2022 - The procedure regarding the Succession Plan within the S.I.F. Oltenia S.A. - Evaluation of the individual suitability of Mrs. Popescu Ionela Laura for the position of risk manager • Andreea Cosmanescu • Codrin Matei • Mihai Zoescu • The assessment of the suitability of the persons in the management structure and of the key positions, as provided for in the F.S.A. Regulation No. 1/2019 In accordance with Article 26 (3) in conjunction with Article 23 of F.S.A. Regulation No. 1/2019 regulated entities shall be required to carry out the assessment of compliance with the requirements relating to competence, professional experience, reputation, integrity and governance referred to in Article 5 (1) (a), (b) and (c) from the regulation by members of the management structure, persons holding key positions and compliance officers. S.I.F. Oltenia S.A. complied with the provisions of Regulation No. 1/2019, thus, during 2022 the Nomination and Remuneration Committee carried out the suitability assessment of the members of the management structure and of the persons in key positions, on the basis of the information provided by persons assessed in the statements drawn up in accordance with the model set out in Annex 1 to F.S.A. Regulation No. 1/2019, taking into account that no changes have occurred to the suitability of such persons since the previous assessments. The assessments on the individual and collective suitability of both members of the management structure and key positions have been carried out on the basis of the documents required and made available to the Nomination and Remuneration Committee. The conclusions resulting from the evaluation were thus based on information on the necessary experience and knowledge from documents such as CVs, diplomas and certificates, etc. As regards the conclusions of the evaluations, the Nomination and Remuneration Committee noted that the members of the management structure, the key holders, the persons appointed to the management of the departments of S.I.F. Oltenia S.A. shall have the necessary knowledge, skills and experience and shall also comply with the requirements of reputation, honesty, integrity and governance as laid down in FSA Regulation No 1/2019 as subsequently amended and supplemented.

S.I.F. Oltenia S.A. • The Remuneration Policy of S.I.F. Oltenia S.A. Law no. 158/2020 amending, supplementing and repealing normative acts, as well as establishing measures for the enforcement of Regulation (EU) 2017/2.402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1.060/2009 and (EU) No 648/2012, introduces new elements, such as the remuneration report and policy, while the shareholders’ rights are reinforced for a more transparent corporate governance. The Remuneration Policy of S.I.F. Oltenia S.A. approved by the General Meeting of Shareholders on 28.04.2021, was developed with the aim of ensuring the proper functioning of the corporate governance mechanisms at the company level, for the benefit of the shareholders and the increase of the company's value in the long term. During 2022, the Remuneration Policy did not undergo any changes. The basic components of the remuneration granted in S.I.F. Oltenia S.A. are as follows: a) fixed remuneration: payments or allowances without taking into account performance criteria; b) variable remuneration: additional payments or allowances on the basis of performance or, in certain cases, other contractual criteria. The fixed and variable components of the directors’ remuneration are laid down in Article 8(6) of the Articles of Association of S.I.F. Oltenia S.A. In order to achieve the net profit indicator, the members of the Board of Directors, the Senior Management and employees of the company are entitled to receive, as a whole, subject to the approval of the Ordinary General Shareholder Meeting and to the provisions of the applicable collective employment contract, an additional incentive, subject to approval in the ordinary general meeting for the approval of the annual financial statements. The additional incentive fund is determined and records as a provision, so that the realization of the net profit established through the Income and Expenditure Budget is not jeopardized. The additional incentive fund will be paid out after approval of the annual financial statements. The variable remuneration granted within the company is not paid by vehicles and no methods are used to artificially avoid the applicable legal provisions. Both components of the remuneration (fixed and variable) may, subject to legal provisions and the Articles of Association, include monetary allowances (such as cash, shares, options, cancellation of loans to staff members on dismissal, pension contributions) or allowances which are not directly monetary (such as reductions, supporting allowances, etc.). S.I.F. Oltenia S.A. uses both quantitative (financial) and qualitative (non-financial) criteria for assessing individual performance which are taken into account in the award of the remuneration. The quantitative assessments used shall adequately reflect the risk posed by the

S.I.F. Oltenia S.A. actions of the staff member receiving the right. The gross and net profits obtained by the company during the period for which the entitlement is calculated, the dynamics of the total assets and the net assets, are taken into account. The collective employment contract regulates the fixed and variable remuneration for company employees , i.e. persons with key functions, executive directors and other employees. • Information on the remuneration paid by the company during the financial year 2022 Details on the remuneration paid by the company during the financial year ending on 31.12.2022 are set out in the table below: Indicators Gross amounts related to the activity carried out in 2022 (RON) Gross amounts actually paid during 2022 (RON) Gross amounts payable during 2023** (RON) Number of beneficiaries 1. Remuneration to all the staff of the AIS/AIFM (including outsourced functions) Fixed remuneration 7,678,529 6,976,805 701,724 47 Variable* remuneration excluding performance fees, of which: 4,719,191 4,719,191 - 49 - cash 4,719,191 4,719,191 - 49 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - 2. Remuneration to the identified staff of the AIS/AIFM (including outsourced functions) A. Members of the BoD/SB, of which     Sorin Iulian Cioacă         Fixed remuneration 205,126 188,033 17,093 1 Variable remuneration excluding performance fees, of which: 300,000 300,000 - 1 - cash 300,000 300,000 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - Mihai Trifu         Fixed remuneration 205,126 188,033 17,093 1 Variable remuneration excluding performance fees, of which: 300,000 300,000 - 1 - cash 300,000 300,000 - 1

S.I.F. Oltenia S.A. - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - Mihai Zoescu         Fixed remuneration 235,908 216,249 19,659 1 Variable remuneration excluding performance fees, of which: 162,500 162,500 - 1 - cash 162,500 162,500 - 1 - other forms (with separate indication of each category) Variable remuneration representing performance commissions Codrin Matei         Fixed remuneration 235,908 216,249 19,659 1 Variable remuneration excluding performance fees, of which: 300,000 300,000 - 1 - cash 300,000 300,000 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - Andreea Cosmănescu       Fixed remuneration 223,114 203,455 19,659 1 Variable remuneration excluding performance fees, of which: 35,000 35,000 - 1 - cash 35,000 35,000 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - Andrici Adrian         Fixed remuneration - -  - - Variable remuneration excluding performance fees, of which: 211,667 211,667 - 1 - cash 211,667 211,667 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing - - - -

S.I.F. Oltenia S.A. performance commissions B. Directors/members of the management, of which:   Sorin Iulian Cioacă         Fixed remuneration 1,211,973 1,107,901 104,072 1 Variable remuneration excluding performance fees, of which: 796,319 796,319 - 1 - cash 796,319 796,319 - 1 - other forms (with separate indication of each category) Variable remuneration representing performance commissions Mihai Trifu         Fixed remuneration 1,077,757 982,859 94,898 1 Variable remuneration excluding performance fees, of which: 729,961 729,961 - 1 - cash 729,961 729,961 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - C. Control functions (with an express indication of all functions included in this category) Risk manager (Daniela Budin)         Fixed remuneration 130,152 122,260 7,892 1 Variable remuneration excluding performance fees, of which: 18,787 18,787 - 1 - cash 18,787 18,787 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - Compliance officer (Bălan Viorica)         Fixed remuneration 156,341 147,089 9,243 1 Variable remuneration excluding performance fees, of which: 88,623 88,623 - 1 - cash 88,623 88,623 - 1 - other forms (with separate indication of each category) - - - -

S.I.F. Oltenia S.A. Variable remuneration representing performance commissions - - - - Internal auditor (Ana Cimpoeru)         Fixed remuneration 147,271 138,409 8,862 1 Variable remuneration excluding performance fees, of which: 42,398 42,398 - 1 - cash 42,398 42,398 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - D. Alte funcții decât cele indicate la lit. A-C de mai sus, incluse in categoria personalului identificat (cu indicarea expresă a tuturor funcțiilor incluse în această categorie) Economic director (Vlăduțoaia Valentina)         Fixed remuneration 225,429 209,986 15,443 1 Variable remuneration excluding performance fees, of which: 188,032 188,032 - 1 - cash 188,032 188.032 - 1 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - Portfolio director (Ciprian Copariu) -  -  -  -  Fixed remuneration 475,417 444,659 30,758 1 Variable remuneration excluding performance fees, of which: 205,132 205,132 - 1 - cash 205,132 205,132 - 1 - other forms (with separate indication of each category) Variable remuneration representing performance commissions Investments manager (Delia Ștefan)         Fixed remuneration 376,551 353,477 23,074 1 Variable remuneration excluding performance fees, of which: 145,301 145,301 - 1 - cash 145,301 145,301 - 1 - other forms (with separate indication of each category) - - - -

S.I.F. Oltenia S.A. Variable remuneration representing performance commissions - - - - Remain employees         Fixed remuneration 2,772,456 2,458,137 314,319 34 Variable remuneration excluding performance fees, of which: 1,195,471 1,195,47 - 37 - cash 1,195,471 1,195,471 - 37 - other forms (with separate indication of each category) - - - - Variable remuneration representing performance commissions - - - - * The variable remuneration granted during 2022 represents the profit-sharing incentive for 2021. ** Represents December 2022 clearance and fees. In 2022 a provision was set up for incentives in the amount of 8,500,000 RON, that will be granted to employees, directors working under the mandate contract and the company managers. These bonuses will be distributed after the approval by the General Shareholders Meeting of the individual yearly financial statements, drawn up for the year in which the profit from which the incentives are granted was obtained. In 2022, the A.I.F.M. paid variable remuneration to its staff representing prizes (incentives) for the year 2021 in the amount of 4,719,191 RON which were recorded to costs by establishing a provision at the end of 2021, without affecting the result of the current period. The Nomination and Remuneration Committee as of 31.12.2022 Andreea Cosmănescu – non-executive administrator – president Codrin Matei - non-executive administrator Mihai Zoescu - non-executive administrator

S.I.F. Oltenia S.A. 1. Introduction While transposing into national law the Directive (EU) 2017/828 on the encouragement of long-term shareholder engagement, by means of Law no. 158/2020 amending Law no. 24/2017 on issuers of financial instruments and market operations, companies whose shares are admitted to trading on a regulated market are required to apply new provisions concerning, inter alia, remuneration to directors, defined as “any member of the Board of Directors and any director, in the case of the unitary management system, any member of the supervisory board, as well as of the Directorate, in the case of the dual administration system, pursuant to the Law no. 31/1990, as republished, amended and supplemented, including in all cases where s/he was appointed, the General Manager and, if there is such a position, the Deputy General Manager”. Issuers are required to prepare a remuneration policy applicable to directors and to submit it to the shareholders’ vote. The issuers may only pay the remuneration of the managers in accordance with the remuneration policy that was approved in the Ordinary General Shareholders Meeting. In certain exceptional circumstances (justified only by the need to ensure the long-term sustainability of the company), companies may derogate from the remuneration policy, in so far as the remuneration policy includes applicable procedural clauses and sets out the elements from which it may be waived. In this context, the Ordinary General Shareholders Meeting of the financial investment company S.I.F. Oltenia S.A., which was held according to the statutes on 28.04.2021, approved by decision no. 9, the Remuneration Policy of S.I.F. Oltenia S.A. in accordance with the provisions of Article 92 of Law no. 24/2017 on issuers of financial instruments and market operations; According to legal provisions, the Remuneration Policy must be subject to the shareholders’ vote at least every 4 years or for any significant change. The remuneration policy, together with the date and results of the vote, was also published on the company's website, www.sifolt.ro. This report is drawn up in accordance with the provisions of Articles 106 and 107 of the Law No 24/2017, republished, and in accordance with the remuneration policy of S.I.F. Oltenia S.A., which was developed in line with the legal provisions laid down and the provisions of the articles of association of the company and of ESMA’s Guide No 232/2013 on sound remuneration policies under the A.I.F.M. By decision no. 8 of 28.04.2022 of the General Shareholders Meeting of S.I.F. Oltenia S.A., the Report on the remuneration of the management of S.I.F. Oltenia S.A. during 2021 was approved. Thus, during 2022, remuneration was made considering the decision of the General Shareholders Meeting of 28.04.2022. Identified staff The following persons are included in the category of identified staff to which the remuneration policy applies (except where the activity of such persons does not have a material impact on the company’s risk profile): ➢ the members of the Board of Directors; ➢ senior management, i.e. the Director of the Economic Directorate and the Director of the Portfolio Directorate, as well as any other director with the powers of management of the daily business of S.I.F. Oltenia S.A., in accordance with the applicable rules; ➢ control staff: the representative of the Compliance Office, the person responsible for risk management, the internal auditor; ➢ other risk takers: staff members whose professional activities, whether separately or together as members of a company structure, can have a significant influence on the company’s risk profile, including persons who can enter contracts/positions and make decisions that significantly affect the risk to which the company is subject; ➢ other persons whose total remuneration falls within the same remuneration category as senior management and risk takers.

S.I.F. Oltenia S.A. 2. The structure of the remuneration The basic components of the remuneration granted in S.I.F. Oltenia S.A. are as follows: a) fixed remuneration: payments or allowances without taking into account performance criteria; b) variable remuneration: additional payments or allowances on the basis of performance or, in certain cases, other contractual criteria. The fixed and variable components of the directors’ remuneration are laid down in Article 8 (6) of the Articles of Association of S.I.F. Oltenia S.A. In order to achieve the net profit indicator, the members of the Board of Directors, the senior management and employees of the company are entitled to receive, as a whole, subject to the approval of the Ordinary General Shareholder Meeting and to the provisions of the applicable collective employment contract, an additional incentive, subject to approval in the ordinary general meeting for the approval of the annual financial statements. The additional incentive fund will be determined and recorded as a provision, so that the realization of the net profit established through the Income and Expenditure Budget is not jeopardized. The additional incentive fund will be paid out after approval of the annual financial statements. The variable remuneration granted within the company is not paid by vehicles and no methods are used to artificially avoid the applicable legal provisions. Both components of the remuneration (fixed and variable) may, subject to legal provisions and the Articles of Association, include monetary allowances (such as cash, shares, options, cancellation of loans to staff members on dismissal, pension contributions) or allowances which are not directly monetary (such as reductions, supporting allowances, etc.). 3. The remuneration of the members of the Board of Directors Fixed remuneration The monthly remuneration of each Board Member approved by the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. of 29.10.2020, is 10,000 lei net. The directors, members of the advisory committees, shall receive an additional remuneration for their work amounting to 5 % of the monthly gross remuneration, respectively 500 lei net for each advisory committee. The fixed monthly remuneration of company directors (the General Manager and the Deputy General Manager), as set out in the management contracts enclosed to Remuneration Policy that was approved by the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. of 28.04.2021 is: - at the level of 12 gross average wages per company for the general manager; - at the level of 11 gross average wages per company for the deputy general manager. The remuneration of senior management shall be calculated from January for the whole financial year on the basis of the average salary per company calculated. The average salary per company is the sum of the monthly basic salaries (salary at hiring time) to which are added the permanent increments of the employees of the company, reported to the number of full-time employees with an indefinite term employment agreement, existing in the company on the 31 st of December of the ending year. In order to strengthen corporate governance arrangements at the level of S.I.F. Oltenia S.A. and ensuring that the interests of the members of the senior management are adequately matched with the long-term interests of the company, the mandate agreements stipulate that, in the event of the unjust termination of the trustee, s/he is entitled to receive damages equal to the amount of two BOXES fixed remunerations.

S.I.F. Oltenia S.A. Variable remuneration According to the Remuneration Policy approved by the General Shareholders Meeting of April 2021, the members of the Board of Directors will receive an additional remuneration for the achievement of the net profit indicator in the form of annual profit participation, subject to approval of this form of reward at the general meeting approving the annual financial statements. Without prejudice to the rights of shareholders provided for in 153 18 of Law No. 31/1990, the general limits of all additional remuneration of the members of the board of directors and the directors of the company shall be fixed in the remuneration policy at 0.42 % of the value of the average net asset of the previous year. The actual level of the additional remuneration of senior management will be determined by the Board of Directors. These amounts are components of the additional incentive fund, which shall be determined and recorded as a provision on order not to jeopardize the net profit set out in the revenue and expenditure budget. The additional payment will be made after the approval of the annual financial statements by the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. 4. The components of the total remuneration of the members of the Board of Directors Table 5.1. Components of the total remuneration Component Elements Payment method Beneficiaries Fixed Monthly remuneration 10,000 RON net Cash Members of the Board of Directors 12 gross average wages/company Cash General Manager 11 gross average wages/company Cash Deputy General Manager Other remuneration Pension Fund The payment of contributions is withheld by the company Members of the Board of Directors Additional remuneration 5% of the monthly gross remuneration/committee Cash For the directors, members of the advisory committees Variable – conditional on achieving the budget net profit indicator and G.S.M. approval Additional remuneration Maximum limit: 0.42% of the average net asset value of the previous year Cash The members of the Board of Directors and the company’s managers

S.I.F. Oltenia S.A. 5. The total remuneration of Board members broken down by fixed/variable components The remuneration policy aims to create the conditions for the implementation of a remuneration system leading to an efficient management activity, with a view to increasing the value of the company in the long term under conditions of risk-taking in line with the risk profile of S.I.F. Oltenia S.A. and the relevant legal regulations. The total remuneration is designed in such a way that the level of remuneration within S.I.F. Oltenia SA is well sized, to attract, retain and motivate competent and experienced persons within the Board of Directors, the senior management as well as among the employees of the company. At the same time, the remuneration policy does not introduce incentives that would favour self-interest to the detriment of the company’s interests. The remuneration policy is compatible with the business strategy, the objectives, values and interests of the company as well as the interests of the investors and includes measures to avoid conflicts of interest. Table 6.1. The remuneration of managers and former managers in 2022 (gross amounts, from which the relevant taxes have been paid) Name and surname Position held The period during which the mandate was carried out Fixed remuneration - RON - Variable remuneration - RON - Total remuneration - RON - % Fixed remuneration % Variable remuneration Remuneration received from any entity belonging to the Group of S.I.F. Oltenia S.A. Sorin - Iulian Cioacă BoD President - General Manager 01.01.2022- 31.12.2022 1,417,099 1,096,319 2,513,418 56.38% 43.62% - Mihai Trifu* BoD Vicepresident - Deputy General Manager 01.01.2022- 31.12.2022 1,282,883 1,029,961 2,312,844 55.47% 44.53% - Mihai Zoescu Member of the Board of Directors 01.01.2022- 31.12.2022 235,908 162,500 398,408 59.21% 40.79% - Codrin Matei* Member of the Board of Directors 01.01.2022- 31.12.2022 235,908 300,000 535,908 44.02% 55.98% 116,822

S.I.F. Oltenia S.A. 6. Comparative information on changes in the remuneration and performance of the company Table. 7.1 Comparative information on changes in the remuneration and performance of the issuer in the last 5 years (remunerations are gross amounts from which the relevant taxes have been paid) Annual percentage change 2022* 2021 2020 2019 2018 Remuneration of the managers and members of the BoD Sorin - Iulian Cioacă - President of the Board of Directors - General Manager 1,417,099 2,257,035 74,079 - - Variation compared to the previous year (%) N/A Mihai Trifu - Vice-President of the BoD - Deputy General Manager 1,282,883 2,059,209 60,594 - - Variation compared to the previous year (% N/A Mihai Zoescu – BoD member 235,908 298,403 - - - Variation compared to the previous year (%) N/A Codrin Matei - BoD member 235,908 525,643 21,892 - - Variation compared to the previous year (%) N/A Andreea Cosmanescu - BoD member 223,114 61,211 - - - Variation compared to the previous year (%) N/A Adrian Andrici- BoD member 368,504 21,892 - - Variation compared to the previous year (%) N/A Ciurezu Tudor – President of the BoD - General Manager - - 2,160,352 2,600,231 2,495,296 Variation compared to the previous year (%) N/A N/A N/A 4.21% - Cristian Busu - Vicepresident of the BoD - Deputy General Manager - 1,825,507 1,966,152 1,893,224 Variation compared to the previous year (%) N/A N/A N/A 3.85% - Radu Hanga - BoD member - - 82,820 267,657 231,381 Variation compared to the previous year (%) N/A N/A N/A 15.86% - Radu Hanga - BoD member - - 193,272 260,199 216,597 Variation compared to the previous year (%) N/A N/A N/A 20.13% -

S.I.F. Oltenia S.A. Ana-Barbara Bobircă - BoD member - - 100,707 267,657 231,381 Variation compared to the previous year (%) N/A N/A N/A 15.68% - Stoian Nicolae - BoD member - - 196,515 264,267 223,989 Variation compared to the previous year (%) N/A N/A N/A 17.98% - Popa Carmen - BoD member - - 192,800 256,131 216,597 Variation compared to the previous year (%) N/A N/A N/A 18.25% - Total remuneration of the managers 3,394,912 5,570,005 4,930,430 5,882,294 5,508,465 Variation compared to the previous year (%) N/A 12.97% -16.18% 6.79% - Average remuneration on the basis of the full-time equivalent of employees Company employees – average remuneration 150,423 116,733 123,479 133,321 140,141 Variation compared to the previous year (%) 28.86% -5.46% -7.38% -4.87% 29.11% Company performance Net profit 164,808,485 37,550,738 52,231,020 124,132,274 96,259,800 Variation compared to the previous year (%) 338.89% -28.11% -57.92% 28.96% 29.55% UNAV/share (certified by the depositary as of 31 December) 4.4328 4.3953 3.8274 4.0311 3.1686 Variation compared to the previous year (%) 0.85% 14.84% -5.05% 27.22% 3.83% Gross dividends distributed in year x for x-1 15,000,000 25,000,000 52,214,914.30 84,081,469.35 40,611,600 Variation compared to the previous year (%) -40.00% -52.12% -37.90% 107.04% -22.22% * During 2022, the company paid the variable remuneration for the activity developed in 2021. The presented amounts only represent the fixed component for 2022 (the variable remuneration for 2021 is included in the total amounts for 2021). N/A= the comparison is not relevant given that in the two reference years the periods during which the mandate was exercised are different. Note: To the date, board members and employees of the company have not received remuneration in the form of shares.

S.I.F. Oltenia S.A. 7. Principles for the recovery of variable remuneration The variable remuneration shall be granted only provided that the profit indicator set out in the revenue and expenditure budget is achieved and is subject to approval by the General Shareholders Meeting. The company may request the recovery of variable remuneration if it is found that it was granted on the basis of erroneous or false data, material errors in the documents on the basis of which the remuneration was determined. The recovery of variable remuneration begins at the time of the finding and its reimbursement may be requested by S.I.F. Oltenia S.A. within 3 years of the date of the finding. 8. Deviations from the provisions of the Remuneration Policy During 2022, the remunerations granted by the company to the identified staff were made in compliance with the principles in the Remuneration Policy approved by the G.S.M. of 28 April 2021 and no failures were found. S.I.F. Oltenia S.A. did not depart from the provisions of the remuneration policy and does not fall within the derogations of referred to 106 (6) of the Law no. 24/2017, republished. The Nomination and Remuneration Committee as of 31.12.2022 Andreea Cosmănescu – non-executive director – president Codrin Matei – non-executive director Mihai Zoescu – non-executive director