SIF Muntenia : Half-Yearly Report 2023 of the manager SAI Muntenia Invest SA regarding the activity of SIF Muntenia SA during the First Half-Year of 2023

HALF-YEARLY REPORT OF THE MANAGER SAI MUNTENIA INVEST SA REGARDING THE ACTIVITY OF SIF MUNTENIA SA DURING THE FIRST HALF-YEAR OF 2023

Prepared in accordance with Law no. 243/2019 on the regulation of alternative investment funds and amending and supplementing various legislative acts, Law no. 24/2017 on issuers of financial instruments and market operations, Law no. 74/2015 on alternative investment fund managers, FSA Regulation no. 7/2020 on the authorisation and operation of alternative investment funds, FSA Regulation no. 5/2018 on issuers of financial instruments and market operations and Norm no. 39/2015 for the approval of Accounting Regulations in line with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority (FSA) in the Financial Instrument and Investment Sector.

Report date: 30.06.2023

This report is a translation from its Romanian version. In case of any difference between the Romanian and the

English versions, the Romanian version shall prevail.

GENERAL

NAME

REGISTRATIONS

SHARE CAPITAL

SHARE FEATURES

THE TRADING MARKET

NACE CLASSIFICATION

THE SHAREHOLDING STRUCTURE

FREE - FLOAT

DEPOSIT AND CUSTODY SERVICES

THE REGISTER OF SHARES AND SHAREHOLDERS

THE FINANCIAL AUDITOR

THE REGISTERED OFFICE

Societatea de Investiții Financiare Muntenia SA

• Unique registration code: 3168735
• Registered with the Trade Register under no. J40/27499/1992
• RON code: 2549007DHG4WLBMAAO98
• Registered with the FSA register under no. PJR09FIAIR/400005/09.07.2021 obtained based on the FSA Authorisation no. 151/09.07.2021 under which SIF MUNTENIA SA has been authorised as an Alternative Investment Fund intended for Retail Investors (AIFRI). SIF Muntenia SA was established according to the provisions of Law no. 133/1996 on the transformation of Private Property Funds into financial investment companies, called SIFs, being classified as another collective investment undertaking (non-UCITS) under Law no. 297/2004 on the capital market and reclassified as AIFRI according to the provisions of Law no. 243/2019. The fund has kept its object represented by the collective investment in transferable securities of the capital collected from the public.

RON 78,464,520.10 - subscribed and paid-in share capital 784,645,201 - issued shares in circulation

RON 0.1 - the face value

Common, registered, indivisible, dematerialised

The Company is listed on the regulated market of the Bucharest Stock Exchange (BVB), the main segment, the premium category, SIF4 symbol

According to the Classification of activities in the national economy (NACE), the Company activity has been classified as: Financial service activities, except insurance and pension funding (NACE code 64), and the main object is: Trusts, funds and similar financial entities (NACE code 6430).

100% private

100%

BRD Groupe Societe Generale SA

Depozitarul Central SA

Deloitte Audit SRL

Romania, Bucharest, 46-48 Serghei Vasilievici Rahmaninov St., the ground floor, room 2, district 2, code 020199

Tel: [phone]

Fax: [phone]

www.sifmuntenia.ro

Email:[e-mail]

TABLE OF CONTENTS
ABBREVIATIONS	2
THE APPLICABLE LEGISLATION	3
1 GENERAL	4
2 THE ECONOMIC CONTEXT	5
3 MAJOR EVENTS REGARDING THE COMPANY ACTIVITY DURING THE FIRST HALF-YEAR OF
2023 ………………………………………………………………………………………………………………….. 9
4 THE ANALYSIS OF THE COMPANY ACTIVITY	11
4.1 THE SHARE SUB-PORTFOLIO	14
4.2 OTHER SUB-PORTFOLIOS	25
5 RISK MANAGEMENT	27
6 SHARES ISSUED BY THE COMPANY	33
7 THE ACCOUNTS	35
8 EVENTS SUBSEQUENT TO THE REPORTING DATE	38
ANNEXES	39

Half-yearly Report drawn up as of 30 June 2023

ABBREVIATIONS

Alternative Investment Fund Manager	AIFM
SIF Muntenia SA Shareholders' General Meeting	SGM
SIF Muntenia SA Shareholders' Extraordinary General Meeting	SEGM
SIF Muntenia SA Shareholders' Ordinary General Meeting	SOGM
Financial Supervisory Authority	FSA
The European Central Bank	ECB
The National Bank of Romania	NBR
BRD-Groupe Société Générale SA	The Depositary
The Bucharest Stock Exchange (regulated market)	BVB
The Board of Directors of SAI Muntenia Invest SA	BoD
Auxiliary market of the regular negotiation market in which deals are concluded, for which	The DEAL
BVB establishes a minimum value of the transaction	market
Alternative Investment Fund	AIF
Alternative Investment Fund intended for Retail Investors	AIFRI
Gross domestic product	GDP
The main (regular) market of the Bucharest Stock Exchange	The REGS
market
Return on Assets	ROA
Return on Equity	ROE
Romanian Interbank Bid Rate 1 month	ROBID 1M
SAI Muntenia Invest SA	The Manager
SIF Muntenia SA	The Company
Multilateral Trading Facility	MTF
International Financial Reporting Standards	IFRS
The European Union	EU
Certified net asset value	NAV
Certified net asset value per unit	NAVU
Value at Risk	VaR

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Half-yearly Report drawn up as of 30 June 2023

THE APPLICABLE LEGISLATION

The Half-yearly Report of SIF Muntenia SA has been prepared in accordance with:

• Law no. 243/2019 on the regulation of alternative investment funds and amending and supplementing certain legislative acts (Law no. 243/2019);
• Law no. 24/2017 on issuers of financial instruments and market operations (Law no. 24/2017);
• Law no. 74/2015 on alternative investment fund managers (Law no. 74/2015);
• Law no. 126/2018 on markets in financial instruments (Law no. 126/2018);
• Law no. 31/1990 on companies (Law no. 31/1990);
• EU Regulation 231/2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Regulation 231/2013);
• Regulation (EU) 2088/2019 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector (Regulation 2088/2019);
• Regulation (EU) no. 2365/2015 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) no. 648/2012 (Regulation 2365/2015);
• Commission Regulation (EC) no. 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to transactions and definitions of terms for the purposes of that Directive;
• Directive no. 2011/61/EU on alternative investment fund managers;
• Directive 2013/34/EU on annual financial statements, consolidated financial statements and related reports of certain types of undertakings;
• Directive 2004/39/EC on markets in financial instruments;
• FSA Regulation no. 9/2014 on the authorisation and operation of investment management companies, undertakings for collective investment in transferable securities and depositaries of undertakings for collective investment in transferable securities (Regulation no. 9/2014);
• FSA Regulation no. 7/2020 on the authorisation and operation of alternative investment funds (Regulation no. 7/2020);
• FSA Regulation no. 5/2018 on issuers of financial instruments and market operations (Regulation no. 5/2018);
• FSA Regulation no. 10/2015 on the management of alternative investment funds (Regulation no. 10/2015);
• FSA Regulation no. 2/2016 on the application of corporate governance principles by entities authorised, regulated and supervised by the Financial Supervisory Authority (Regulation no. 2/2016);
• FSA Rule no. 39/2015 for the approval of Accounting Regulations in line with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by FSA in the Financial Instrument and Investment Sector (Rule no. 39/2015).

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