(18:35) Auditor Report - art. 82 Law 24/2017 - H1 2017

Current Report according to:

Article 82 of Law 24/2017, CNVM Regulation 1/2006

Report date: July 28, 2017

Regulated market on which the issued securities are traded:

Bucharest Stock Exchange, Premium Category

To: BUCHAREST STOCK EXCHANGE FINANCIAL SUPERVISORY AUTHORITY Financial Instruments and Investments Sector

In accordance with the provisions of article 113, letter G, paragraph 6 of CNVM Regulation no. 1/2006, we present attached the Report of the Financial Auditor Deloitte on the observance of the legal framework regarding the contracts concluded by the company, during January 1, 2017 - June 30, 2017 period, with the subsidiary Asset Invest SA and with the directors and executives of the company.

Claudiu Doros CEO

Michaela Puscas Internal Control

To the Board of Directors

Societatea de Investiții Financiare Moldova SA Bacău, Romania

LIMITED INDEPENDENT ASSURANCE REPORT ON THE INFORMATION INCLUDED IN THE CURRENT REPORTS PREPARED BY THE COMPANY IN ACCORDANCE WITH THE PROVISIONS OF LAW NO. 24/2017 AND REGULATION NO. 1/2006

Object of the independent aud itor's report

In accordance with the provisions of art. 113, section G, paragraph 6 of Regulation no. 1/2006 issued by the National Securities Commission (currently, the Financial Supervisory Authority ("the FSA")), and further to your request, we have been commissioned to report on the information included in the reports sent by Societatea de Investiții Financiare Moldova SA ("the Company") to the Bucharest Stock Exchange ("the BSE") and the FSA, listed in Appendix A hereto. Our report expresses a limited independent assurance conclusion, according to which, based on the procedures conducted, nothing has come to our attention that causes us to believe that the reported transactions included in Appendix A regarding the contracts concluded by the Company with directors, employees, subsidiaries, controlling shareholders, and related persons, are not in compliance, in all material respects, with art. 113, section G, paragraph 6 of Regulation no. 1/2006. The reports included in Appendix A have been drawn up by the Company's management in order to report to the FSA pursuant to the requirements of art. 82 of Law no. 24/2017 and Regulation no.

1/2006, on the period for which the reporting was issued, i.e., 1 January 2017 - 30 June 2017. Responsibility of the Company's management

Management is responsible for the preparation and fair presentation of Appendix A, that is free from material misstatement, in accordance with art. 82 of Law no. 24/2017 and Regulation no. 1/2006, and for the information presented therein. Such responsibility implies the design, implementation and maintenance of such internal control relevant to the preparation and presentation of the information disclosed in Appendix A, that is free from material misstatement, whether due to fraud or error. Also, such responsibility implies the compliance with art. 82 of Law no. 24/2017 and Regulation no. 1/2006 and keeping of proper supporting documents in relation to Appendix A. The Company's management is responsible for preventing and identifying fraud and ensuring that the Company complies with the legislation and regulations in force. The Company's management is responsible to make sure that the personnel in charge of drawing up the information included in Appendix A is properly trained.

Auditor's responsibility

Our responsibility is to review the reported transactions presented by the Company in Appendix A and to report in the form of a limited independent assurance conclusion, based on the evidence obtained. Our engagement was undertaken in accordance with the International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, adopted by the Chamber of Financial Auditors of Romania. Such standard requires that we comply with ethical requirements, including independence requirements, and plan and perform our procedures so as to obtain adequate assurance that the transactions reported included in Appendix A, comply, in all material respects, with art. 113, letter G, paragraph 6 of Regulation no. 1/2006, as a basis for our independent limited assurance conclusion.

The procedures selected depend on our understating of the information contained in Appendix A and other circumstances of the engagement, as well as on our judgment of the areas that may show significant misstatements. In developing our understanding of the information included in Appendix A, we have considered the Company's internal control relevant for drawing up and presenting such information in accordance with art. 82 of Law no. 24/2017 and Regulation no. 1/2006 in order to determine the relevant procedures in the given circumstances, and not for the purpose of expressing a conclusion of the efficiency of the Company's internal control in the drawing up and presentation of Appendix A and in carrying out the reported transactions.

A limited assurance engagement is less in scope than an absolute or reasonable assurance engagement. The evidence collection procedures for a limited assurance engagement is fewer than in the case of a reasonable assurance engagement. Therefore, the assurance obtained is more restrictive than in the case of a reasonable assurance engagement.

As part of this engagement, we have not conducted audit, review or verification procedures on the information included in Appendix A and the reported transactions in accordance with International Financial Reporting Standards or International Standards on Assurance Engagements adopted by the Chamber of Financial Auditors of Romania, or on the sources from which the information included in Appendix A and the reported transactions included therein have been extracted. Our procedures have only been conducted in relation to Appendix A. We have not conducted additional procedures to verify whether Appendix A contains all the contracts concluded with directors, employees, controlling shareholders and related entities, which must be reported according to art. 82 of Law no. 24/2017, as subsequently amended.

The transactions reported, for which we conducted procedures, consist of addenda to the administration contracts concluded with each of the 5 directors of the Company, the management contracts concluded with the CEO and deputy CEO, and addenda concluded between 1 January 2017 and 30 June 2017 to the services provision contracts with an affiliate controlled by the Company, i.e., Asset Invest SA (herein after referred to as "services contract or services contracts") during the period for which the Company reported to the FSA, as described in Appendix.

Procedures conducted

1. obtain Appendix A, signed by the management, containing the transactions reported in the period 1 January 2017 - 30 June 2017 and match the details with the contracts concluded;

2. obtain and review the relevant contracts and resolutions of the Board of Directors and Extraordinary and Ordinary General Meeting of Shareholders of 4 April 2017, to check whether they have been authorized accordingly;

3. obtain and review the contracts to check whether they have been approved accordingly;

4. verify the contracts mentioned above to determine whether they contain provisions related to: contracting parties, date of conclusion and nature of the document, description of the object thereof, total value, mutual receivables, guarantees establishes, payment terms and modalities;

5. obtain a proper understanding, by discussing with the management, as to how the contractual relationship and the remunerations of the directors and the CEO and deputy CEO were established for the reported contracts;

6. obtain a proper understanding, by discussing with the management, as to how the contractual relationship and the price were established for the reported services contracts with Asset Invest SA.

Our procedures have been conducted only on the transactions included in Appendix A and only on the factual findings related to the services contracts, the implementation of the Resolutions of the Extraordinary and Ordinary General Meetings of Shareholders of April 4, 2017, as regards the financial remuneration of the members of the Board of Directors and the CEO and deputy CEO.

This report does not constitute a legal opinion, as it is beyond our competencies.

We have not conducted any procedure to check whether Appendix A includes all the transactions that the Company must report according to art. 82 of Law no. 24/2017.

Results of the procedures

1. We have obtained Appendix A signed by the management and have matched the details of the reported transactions with the addendum to the administration contracts and the management contract concluded with the CEO and the deputy CEO.

2. We have checked the resolution of the Board of Directors and resolutions of the General Meeting of Shareholders of April 4, 2017 approving the administration contracts, as well as the related addenda and the management contract of the CEO and the deputy CEO.

3. We have checked whether the administration contracts and the related addenda and the management contract of the CEO and the deputy CEO are consistent with the Resolution of the Board of Directors and the Resolutions of the General Meeting of Shareholders of 4 April 2017, and whether the addenda to the services contracts with Asset Invest contain provisions on the contracting parties, date of conclusion and nature of the document, description of the object thereof, value of the document, mutual receivables, guarantees established, payment terms and modalities.

4. As regards item 5 hereinabove, the management informed us that the remuneration was proposed to the Company's Board of Directors based on the responsibilities assumed by the parties and on other terms and conditions provided in the administration contracts and the management contract of the CEO and the deputy CEO:

   The remuneration base approved by the Company's shareholders on 4 April 2017 and included in the addenda of the administration contracts (art. 8.2) - refers to:

5. a monthly remuneration for all the members of the board of directors, equal to 6 average salaries calculated based on the monthly staff establishment plan, according to art. 7, paragraph 11 of the Constitutive Act (0.015% of the total average asset value of the previous year);