Newsletter - April, 2017

• Achieving higher value and higher quality for the assets under management by increasing the asset management’s efficiency

• Increasing the speed and efficacy of the rebalancing and optimization processes of the portfolio.

• Investments in new companies of private-equity type in order to improve the portfolio performance.

TYPE OF THE INVESTMENT COMPANY

SIF Moldova is a joint stock company (non-UCITS/AIF) focused mainly on the Romanian market, operating as a closed financial investment company with main investments in equities, having a medium level of risk.

MANAGEMENT

SHAREHOLDERS Residents

weight in share capital % Non-residents

weight in share capital % Total

shareholders

Individuals 42.3 0.4 5,766,563

Corporate 39.0 18.3 262

TOTAL 81.3 18.7 5,766,825

91

237

100

123

9

2013 2014 2015 2016 April 2017

Net profit mn RON

Bucharest Stock Exchange: SIF2; ISIN: ROSIFBACNOR0 Bloomberg: BBGID BBGOOOBMN5F5; Reuters: SIF2.BX

phone: 004 0234 576740 ; fax: 004 0234 570062 e-mail: sifm@sifm.ro; web site: www.sifm.ro

STRATEGIC OBJECTIVES

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IDENTIFICATION DATA

CONTACT

141

276

161

191

40

2013 2014 2015 2016 April 2017

Investments mn RON

Note: To analyze the performance within the sector see AAF announcements (www.aaf.ro)

The company is self-managed in unitary system, by a Board. Executive management: Costel Ceocea, President & CEO Claudiu Doros, Vice President & Deputy CEO Catalin Iancu, Member of Management Committee The GMS and the Board, on April 4, 2017, has elected the new management bodies which now are in the process of approval by the FSA (current report of April 4, 2017)

Values / Structure

Number of shares 1,038,179,176 RON EUR

Nominal value 0.1 0.02 Share Capital 103,817,917 23,018,494 Market cap 872,070,508 193,793,446 Total Assets 1,877,097,179 417,132,706 Net Assets Value 1,707,419,764 379,423,614

Assets under management

RON/share Feb 2017 Mar 2017 Apr 2017 NAV/share* 1.6975 1.6805 1.6704 Price SIF2 0.8280 0.8620 0.8400 Discount % 51 49 50

ASSETS STRUCTURE % of total

assets

Shares, of which 88.21

listed 76.96

unlisted 11.25

Non – UCITS Securities (fond units) 6.19

Monetary instruments (deposits, cash) 4.19

Bonds (municipal, corporate) 0.52

Other assets 0.89

SECTOR EXPOSURE (share portfolio)

% of total assets

Financial 44.87 Energy 22.50 Manufacturing 8.20 Real estate 6.57 Pharmaceutical industry 2.09 Wholesale and retail trade 1.56 Tourism 1.06 Agriculture 0.78 Other 0.45

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0%

10%

20%

30%

40%

50%

60%

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Apr'16 May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr'17

NAV per share RON Market price RON Discount %

Performance / Risk Indicators

Exposure to the market risk quantified by SIRR: 12.85%

The Synthetic Indicator of Risk and Return calculated based on annualized volatility of the monthly NAV from the last 3 years of activity, places SIF Moldova in the medium risk profile (currently is classified in the 5th class; 5th in December 31, 2016).

Returns: SIF2 NAV/share, SIF2 share, BET FI

Returns on Apr, 2017 (%)

SIF2 share

BET-FI SIF2

NAV/share 1 M -2.55 -1.01 -0.60 3 M 2.44 0.83 4.05

6 M 9.52 10.15 10.69

12 M 24.26 18.41 23.42

Risk Analysis (1Y, daily series): SIF2 share / BET-FI

Indicator SIF2 share BET-FI

Annualized volatility (%) 16.38 10.22 Beta 0.95 1

* The number of shares used in the calculation of the NAV/share (1,022,179,176) has resulted by decreasing, from the total number of shares, the shares acquired under the ongoing buyback program (according to the applicable regulations).

The price series and the historical NAV/share series taken into account at the calculation of the yield/risk indicators are adjusted with the corporate events of the issuers.

TOP PORTFOLIO COMPANIES weight >1% of total assets

BANCA TRANSILVANIA 38.44

OMV PETROM 8.41

SNTGN TRANSGAZ 5.51

SNGN ROMGAZ 4.55

AEROSTAR 4.16

REAL ESTATE ASSET 3.57

SIF OLTENIA 2.54

TESATORIILE REUNITE 2.46

BIOFARM 2.05

TRANSELECTRICA 1.98

SIF MUNTENIA 1.53

SIF TRANSILVANIA 1.29

HOTEL SPORT CLUJ 1.02

TOTAL 77.52