Newsletter - November, 2016

• 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 43.4 0.4 5,768,696

Corporate 37.5 18.7 270

TOTAL 80.9 19.1 5,768,966

91

230

100

132

2013 2014 2015 Nov 2016

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

161 190

2013 2014 2015 Nov 2016

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 consisting of 7 members. Executive management: Costel Ceocea, President & CEO Claudiu Doros, Vice President & Deputy CEO Catalin Iancu, Member of Management Committee

139% of 2016 target

77% of 2016 target

Values / Structure Number of shares 1,038,179,176

RON EUR Nominal value 0.1 0.02 Share Capital 103,817,917 23,070,648 Market cap 796,283,428 176,317,131 Total Assets 1,647,792,738 364,862,658 Net Assets Value 1,561,935,454 345,851,701

Assets under management

RON/share Sep 2016 Oct 2016 Nov 2016 NAV/share* 1.5525 1.5091 1.5224 Price SIF2 0.7580 0.7670 0.7670 Discount % 51 49 50

ASSETS STRUCTURE % of total

assets

Shares, of which 86.01

Listed 74.46

unlisted 11.55

Non – UCITS Securities (fond units) 5.49

Monetary instruments (deposits., cash) 6.96

Bonds (municipal, corporate) 0.59

Other assets (include receivables from dividends TLV) 0.95

SECTOR EXPOSURE (share portfolio)

% of total assets

Financial 44.41 Energy 19.54 Manufacturing 9.38 Real estate 7.17 Wholesale and retail trade 2.26 Pharmaceutical industry 2.35 Agriculture 0.21 Other 0.69

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40%

42%

44%

46%

48%

50%

52%

54%

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Nov'15 Dec Jan Feb Mar Apr May June July Aug Sept Oct'16 Nov'15

NAV per share RON Market price RON Discount %

Performance / Risk Indicators

Exposure to the market risk quantified by SIRR: 13.08% 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, 2015).

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

Returns on Nov, 2016 (%)

SIF2 share

BET-FI SIF2

NAV/share 1 M 0.00 0.22 0.88 3 M -0.78 -2.21 -4.51

6 M 6.68 10.65 9.11

12 M -4.60 -5.35 6.53

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

Indicator SIF2 share BET-FI

Annualized volatility (%) 20.81 13.44 Beta 1.15 1

* The number of shares used in the calculation of the NAV/share (1,025,948,189) 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 37.28

OMV PETROM 6.84

SNTGN TRANSGAZ 4.85

AEROSTAR 4.39

REAL ESTATE ASSET 4.10

SNGN ROMGAZ 3.89

SIF OLTENIA 2.74

TESATORIILE REUNITE 2.51

BIOFARM 2.20

TRANSELECTRICA 1.80

SIF MUNTENIA 1.51

SIF TRANSILVANIA 1.46

RULMENTI 1.14

MECANICA CEAHLAU 1.10

TOTAL 75.82