Nr. 1058 /17.02.2014

PRESS RELEASE ON PRELIMINARY FINANCIAL RESULTS

S.I.F. OLTENIA S.A., according to preliminary financial results on 31.12.2013, ended a good year, the main indicators characterizing the activity, respectively the net profit and the value of unit net asset being higher to those in 2012. Thus, the preliminary net profit on 31.12.2013 is of 129.999.938 lei , increasing by 47,09% compared to 31.12.2012 (88.382.694 lei), registering an overcoming of budgetary provisions for the year 2013 of 43,93%. The unit net asset is of 2,7648 lei and shows an increase of 11,95% over the previous year. During 2013 it was maintained as a strategic objective the restructuring of the portfolio in order to obtain a liquid portfolio, based on a core of attractive companies, representative for the national economy. The market value of the sales portfolio is of 1.683.968.797 lei , increasing by 13,07% compared to 31.12.2012 (1.489.251.432 lei). The most important 10 holdings of the portfolio managed represent, on 31.12.2013, 83,17% of the total market value of the portfolio of shares. The value of assets is determined in accordance with the Disposition of measures no. 23/20.12.2012 of R.N.S.C. (current F.S.A.). These holdings are:

- BANCA COMERCIAL Ă ROMÂN Ă S.A. - OMV S.A. Bucharest - BRD GROUPE SOCIETE GENERALE S.A. Bucharest - C.N.T.E.E. Bucharest - S.A. Cluj-Napoca - S.C ARGUS S.A. Constan ţa - SNTGN Media ş - S.C. ANTIBIOTICE S.A. Ia şi - EXIMBANK BANCA DE EXPORT-IMPORT A ROMÂNIEI S.A. Bucharest - S.C. ELECTROMAGNETICA S.A. Bucharest

1 Although the macroeconomic framework in 2013 was quite difficult, S.I.F. OLTENIA S.A. continued to develop an active investment policy, the total amount of investments being of 280 mil . lei .

The main securities where investments were made are : - OMV – PETROM S.A. Bucharest - FONDUL PROPRIETATEA S.A. Bucharest - SNTGN TRANSGAZ S.A. Media ş - B.R.D. GROUPE SOCIETE GENERALE S.A. Bucharest - S.C. ARGUS S.A. Constan ţa - C.N.T.E.E. TRANSELECTRICA S.A. Bucharest - S.C. BIOFARM S.A. Bucharest - S.C. NORD S.A. Bucharest - S.C. ANTIBIOTICE S.A. Ia şi - S.C. ELECTROMAGNETICA S.A. Bucharest - S.C. COMCEREAL TULCEA S.A.

Some of the amounts invested came from the disinvestment activity, the main sale transactions regarding the following issuers:

- S.C. BIOFARM S.A. Bucharest - BRD GROUPE SOCIETE GENERALE Bucharest - FONDUL PROPRIETATEA S.A. Bucharest - S.C. COMCEREAL TULCEA S.A. - S.C. ISLAZ S.A. Alexandria - OMV – PETROM S.A. Bucharest - C.N.T.E.E. TRANSELECTRICA S.A. Bucharest - BANCA TRANSILVANIA S.A. Cluj-Napoca

In accordance with the strategy approved by the General Assembly of Shareholders, we continued the quantitative and qualitative restructuring policy of the portfolio. In 2013 were fully capitalized investments from 5 closed companies and 11 companies traded on B.V.B. and R.A.S.D.A.Q., so that, at the end of the year 2013 we owned investments in 71 commercial companies, compared to 86 commercial companies on 31.12.2012.

2 The amounts obtained from disinvestment were of 346 mil . lei . Of these, 81% were reinvested. The Ordinary General Assembly of S.I.F. OLTENIA S.A. Shareholders from 20.04.2013 decided to distribute a gross dividend of 0,1300 lei / share , respectively 9,27% of the closing price on 28.12.2012 – the last trading day of 2012.

The total gross dividends to be distributed for the financial year 2012 were in total amount of 75.421.543 lei , representing a distribution rate of 85,34% of the net profit, which is a high financial effort for the company. However, an increase of total net asset of 11,95% was registered, respectively from 1.432.706.214 lei (31.12.2012) on 1.604.024.106 lei (31.12.2013). Until 31.12.2013, it was paid to shareholders the amount of 57.869.318 lei, representing 76,73% of the total amount to be distributed. The cash value on 31.12.2013 (cash in cash register and bank deposits, including interests to be cashed) is of 39.159.894 lei , compared to 38.842.338 lei which was on 31.12.2012, respectively increased by 0,8% compared to the previous year. The good results obtained in 2013 led to the appreciation of stock prices of S.I.F. OLTENIA S.A. from the value of 1,4030 lei on 28.12.2012, to the value of 1,9840 lei , on 30.12.2013, respectively an increase of 41,41%, so that the discount between the market price and the value of unit net asset on 31.12.2013 is of 28%, compared to 43% on 31.12.2012. If to this efficiency is added the gross dividend for the year 2012, an overall efficiency of 50,68% is obtained at the closing price from 2012. Keeping S.I.F. OLTENIA S.A. on an important position in the hierarchy of investments funds imposes the continuation of the policy for improving the quality of the portfolio by including holdings in performing companies, by the capitalization of the companies with growth perspectives, and, not least, by increasing its liquidity. Such a result cannot be achieved without new investments, which require a significant resource of cash, enabling any opportunities offered by the capital market of .

3 The strategic intention of the effective management of S.I.F. OLTENIA S.A. for the future evolution of the company business is, without any hesitation, the intensification of the investment effort, based on an optimal (necessary and sufficient) report between the guidance policy of financial resources to investments programs and the dividend policy for satisfying the shareholders, for it to provide warranty to future superior yields of the company, thus increasing the attractiveness and liquidity of the share.

Regarding the dividend policy, we inform investors that the information released on various occasions – symposiums, internal or external conferences, etc – by unauthorized persons by the company`s management, as Societatea de Investi ţii Financiare Oltenia S.A., in the future, will test the sustainability of an annual dividend of up to 15% of the market price of the shares, are not founded.

Given the positive evolution of the price (price per share growth being one of the main objectives of the strategy), such a policy would lead to massive sales of assets, the capitalization of substance holdings in the investment core, respectively the entering of the company in a scheduled liquidation phase.

This kind of policy was not discussed within a statutory body of Societatea de Investi ţii Financiare Oltenia S.A., and the effective management considers the respective information harmful which could manipulate investors and the trading price, this is why it dissociates from these.

The financial statements presented are preliminary financial statements and are not audited.

Associate Prof. PhD. ec. Tudor CIUREZU Anina RADU

Chairman / General Manager Vice President / Deputy General Manager

ec. Nicolae STOIAN

Internal control

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