Decision No. 20/6 on the Approval of Securities Valuation Acts Held by Fiduciary Administrators CF BV Fiduciar Invest SA, CF Econ-Renastere SA and Compania Fiduciara a Feroviarilor SA

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL COMMISSION
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md

DECISION
April 28, 2026 No. 20/6

On the approval of securities valuation acts held by fiduciary administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA

On April 14, 2026, the fiduciary administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA submitted applications No. 27, No. 18 and No. 15 (registered with the National Financial Commission (NFC) under numbers 2746, 2747 and 2748), pertaining to the valuation acts of client assets held in fiduciary administration (approved at the liquidation committee meeting on April 14, 2026).

Thus, on the basis of Article 1 paragraphs (3) and (4) and Article 1461 of Law No. 171/2012 on the capital market (Law No. 171/2012), Article 8 letter b), Article 18 paragraph (3), Article 20 paragraph (1) and paragraph (6) and Article 22 paragraph (3) of Law No. 192/1998 on the National Financial Commission, point 8 subpoint 2), point 25 and point 27 of the Regulation on the procedure for termination of fiduciary administration of investments (NFC Decision No. 40/4/2018), points 16 and 19 of the Regulation on the organization and functioning of the National Financial Commission (NFC Decision No. 57/11/2022),

The National Financial Commission DECIDES:

1. The valuation acts of securities held by fiduciary administrators
   CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA are approved, according to the annex.

2. The Moldova Stock Exchange is permitted not to reflect in open positions the list of
   securities, exposed for sale as single packages in auctions, according to the annex.

3. In the event of exercising the rights provided by Article 1461
   paragraph (3) of Law No. 171/2012, the president of the liquidation committees of the fiduciary administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA will notify the NFC within a period of up to 3 working days from the date of submission of the application for redemption or sale.

4. This Decision may be contested by submitting a preliminary application to the
   NFC (MD-2012, Chisinau, Stefan cel Mare si Sfant Blvd., No. 77), within 30 days from the date of notification.

5. This Decision enters into force on the date of adoption, is communicated to recipients
   in accordance with legislation and is published on the official website of the NFC (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT

1

Annex
to NFC Decision
No. 20/6 of 28.04.2026

List of joint-stock companies whose share packages are exposed for sale in the course of auctions organized within the MTF

No.
Company Name
Address
IDNO
ISIN Code
Nominal Value, lei
Previous Sale Price per share, lei
Revalued Price per share, lei
% Price Reduction
Number of Shares in Fiduciary Administration
% Held
Number of Clients
Net Assets per share at the time of setting the initial sale price Net Assets per share, according to the last financial statement submitted to NFC value, lei period value, lei year

I. CF "BV Fiduciar Invest" SA
a) joint-stock companies whose net asset value exceeds the nominal value by 100%

1. JSC "Infomac" Chisinau, Sarmizegetusa St. 37/2 1003600166591 MD14FOMA1008 15 12.72 12.08 5 463 4.58 207 72.97 2013 - -
2. JSC "Avicola-Talmaz" Stefan Vodă District, Talmaza Village 251471 MD14AVTA1007 10 9.27 8.81 5 19 827 3.13 210 42.5 Q2, 1998 - -
3. JSC "Gezegen" Ceadâr-Lunga City, Lenin St. 119/a 1003611006659 MD14GEZE1000 9 3.71 3.53 5 484 9.56 13 21.29 2013 - -
4. JSC "Alet" Chisinau, Bucuriei St. 12/A 1002600035845 MD14ALET1005 1 1.27 1.21 5 470 485 30.87 - 6.48 Q4, 2004 - -
5. JSC "Profilcons" Soroca City, Cosăuţi St. 10 1003607012631 MD14PCSO1008 5 16.19 15.38 5 20 405 24.34 44 74.3 2009 - -
6. JSC "Hidroinpex" Soroca City, V. Stroescu St. 118/A 1003607005170 MD14INPE1009 20 7.85 7.46 5 23 122 3.66 680 40.05 2017 31.94 2023
7. JSC "Galaxia-Cărții" Chisinau, Sarmizegetusa St. 12 1005604002736 MD14LAXI1005 5 1.80 1.71 5 6 791 10.22 205 9.17 2010 - -
8. JSC "Lucoarea-Venus" Dondușeni City, Independenței St. 4 1009604002974 MD14VENU1005 5 1.16 1.10 5 6242 10.77 333 5.94 Q3, 2002 - -
9. JSC "Izotermocon" Chisinau, Bucuriei St. 12/A 1002600040508 MD14IZOT1009 10 2.97 2.82 5 12 191 24.47 1 342 15.12 Q1, 2005 - -
10. JSC "BTA-23 Taraclia" Taraclia City, Vokzalinaia St. 51 1003610001989 MD14BZST1002 10 3.64 3.46 5 249 0.45 5 20.56 2017 35.86 2023
11. JSC "BTA-28 Călăraşi" Călăraşi City, Al. cel Bun St. 238 1004609000372 MD14BARA1003 10 44.78 42.54 5 180 0.22 4 257.6 2017 358.89 2024
12. JSC "Concom RTCA" Chisinau, Petricani St. 202 1003600070450 MD14RTCA1001 10 7.46 7.09 5 372 0.23 3 42.23 2017 37.04 2024
13. JSC "Promstroi-Grup" Chisinau, Uzinelor St. 90 1002600004166 MD14SOGU1007 10 14.87 14.13 5 8 244 0.59 235 84.23 2017 126.03 2024
14. JSC "Magnolia-Servcom" Chisinau, Petricani St. 23 1002600037481 MD14MAGN1008 10 8.81 8.37 5 314 0.11 5 49.88 2017 51.42 2024
15. JSC "Mașrut" Strășeni City, M. Costin St. 2 1003600079257 MD14MASR1000 10 6.25 5.94 5 415 0.11 5 35.44 2017 116.00 2024
16. JSC "Service auto prim" Bălți City, Heciului St. 2 1002602005363 MD14SEAU1005 23 11.39 10.82 5 85 0.075 5 64.47 2017 80.03 2024
17. JSC "Unita" Hânceşti District, Industrială St. 12 1002605000314 MD14UNIT1005 25 11.91 11.31 5 21 0.06 2 67.42 2017 52.28 2024
18. JSC "Aparat" Bălți City, Sennaia piața St. 2 1003602033967 MD14APAR1007 1 0.37 0.3 5 304 0.06 7 2.32 2017 2.22 2024
19. JSC "Aqua-Prut" Cahul District, Roşu Village 1003603008520 MD14AQUA1001 9 9.86 9.37 5 465 0.22 3 62.88 2017 42.11 2024
20. JSC "Servmec" Cimișlia City, Cetatea Albă St. 2 1003605007882 MD14SEME1001 10 4.35 4.13 5 300 0.12 5 27.66 2017 21.45 2024
21. JSC "Cosînzeana" Ungheni City, Naţională St. 15 1002609000688 MD14COSZ1006 1 1.12 1.06 5 2 455 0.4 108 7.13 2017 6.29 2024
22. JSC "DCRR-Orhei" Orhei City, S. Lazo St. 33 1003606005966 MD14DCRR1000 10 7.95 7.55 5 162 0.68 3 50.62 2017 450.25 2024
23. JSC "Drenaj" Chisinau, Uzinelor St. 188 1003600079969 MD14RENA1005 10 18.79 17.85 5 340 0.69 4 119.7 2017 56.95 2024
24. JSC "Fertilitatea-Strășeni" Strășeni City, M. Costin St. 8 1005600006471 MD14TERF1004 10 7.04 6.69 5 150 0.08 2 44.78 2017 36.82 2024
25. JSC "Garant-Auto" Comrat City, Gavriliuc St. 10 1003611010441 MD14GARN1003 7 11.01 10.46 5 128 0.16 4 70.15 2017 37.19 2024
26. JSC "Investcom" Chisinau, Gh. Tudor St. 3 1002600044573 MD14IVSM1006 10 6.74 6.40 5 306 0.27 11 42.91 2017 25.36 2023
27. JSC "Rechin" Briceni City, Pescarilor St. 38 1004604001950 MD14RECH1001 10 16.40 15.58 5 79 0.19 6 104.5 2017 69.78 2023
28. JSC "Refplast" Anenii Noi City, Chisinăului St. 42 1003600125903 MD14REFP1008 10 3.89 3.70 5 540 0.32 3 24.84 2017 20.52 2023
29. JSC "RIF-Acvaaparat" Bălți City, Decebal St. 9 1002602000519 MD14RIFA1001 5 10.14 9.63 5 120 0.03 5 64.53 2017 33.39 2023
30. JSC "Spectrul" Chisinau, Feredeului St. 4 1003600022585 MD14PECT1009 14 7.04 6.69 5 373 0.42 3 45.84 2017 38.71 2023
31. JSC "Vuldis" Vulcăneşti City, Frunzelor St. 115 1003611005733 MD14VULD1008 50 19.09 18.14 5 169 0.73 3 121.6 2017 91.10 2023
32. JSC "Baza comercială angro textile" Chisinau, Petricani St. 23/2 1003600019963 MD14TEXT1000 10 4.71 4.47 5 4 805 1.11 41 28.23 2017 21.06 2023
33. JSC "SLI" Chisinau, Vatra City, Constructorilor St. 8 1003600060275 MD14SLIR1003 8 0.77 0.73 5 57 0.02 5 5 2017 71.98 2023
34. JSC "Combinatul de colectare și prelucrare a cerealelor din Făleşti" Fălești City, Bogdan Vodă St. 31 1003602021869 MD14COMF1006 1 0.25 0.24 5 5967 0.23 27 2.48 2017 1.93 2023
35. JSC "Fabrica de prelucrare a semințelor din porumb din Răuțel" Fălești District, Răuțel Village 1002602001435 MD14UTEL1001 5 5.81 5.52 5 990 0.07 13 32.96 2017 39.12 2023
36. JSC "Fertilitatea-Hîncești" Hâncești City, M. Kogălniceanu St. 3 1005605004508 MD14FERH1008 10 4.60 4.37 5 536 0.26 5 38.76 Q4, 2002 - -
37. JSC "Grand M. R." Chisinau, Cricova City, Chisinăului St. 112/A 1003600028196 MD14GRMD1001 5 1.90 1.81 5 81 1.49 4 16.88 Q4, 2007 - -
    b) joint-stock companies whose net asset value is positive and exceeds the nominal value
38. JSC "Caracuda-Hîncești" Hânceşti District, Industrială St. 22 1002605000473 MD14CARA1002 4 0.59 0.56 5 159 0.07 2 5.219 2017 8.03 2023
39. JSC "Asicon" Călăraşi City, Constructorilor St. 6 1002609001250 MD14ASIC1003 10 1.55 1.47 5 179 0.19 2 14.01 2017 16.85 2023
40. JSC "BTA-26" Cantemir City, B. Glavan St. 16 1005603005774 MD14ANSP1001 40 8.81 8.37 5 100 1.1 2 79.89 2017 43.39 2023
41. JSC "Hidroconstructor" Orhei District, Pelivan Village 1003606009791 MD14HIDO1009 10 2.99 2.84 5 102 0.09 1 24.1 2017 11.21 2023
    c) joint-stock companies whose net asset value is positive but does not exceed the nominal value
42. JSC "Chimistul-M" Chisinau, Munceşti St. 803 1003600039943 MD14MIST1000 10 1.17 1.11 5 275 973 76.88 6 750 7.17 2015 - -
43. JSC "Piele" Chisinau, Ismail St. 99 1002600027619 MD14PIEE1000 8 6.09 5.79 5 3 160 0.23 165 34.39 2017 7.24 2023

II. CF "Econ-Renastere" SA
a) joint-stock companies whose net asset value exceeds the nominal value by 100%
44. JSC "Tehoptimed" Chisinau, M. Drăgan St. 19/A 1003600087162 MD14TEHO1005 12 16.20 16.20 0 21 486 34.17 1 389 70.8 2017 97.71 2023
45. JSC "Alet" Chisinau, Bucuriei St. 2/A 1002600035845 MD14ALET1005 1 1.22 1.16 5 900 0.06 57 6.48 Q4, 2004 - -
b) joint-stock companies whose net asset value is positive and exceeds the nominal value
46. JSC "Nord-Zahăr" Briceni City, Uzinelor St. 30 1003604005353 MD14ZABR1004 10 2.79 2.65 5 31 617 0.46 384 16.62 2017 13.94 2023
47. JSC "Izotermocon" Chisinau, Bucuriei St. 2/A 1002600040508 MD14IZOT1009 10 3.13 2.97 5 3 602 7.23 140 15.12 Q4, 2005 - -

III. "Compania Fiduciara a Feroviarilor" SA
a) joint-stock companies whose net asset value exceeds the nominal value by 100%
48. JSC "Alet" Chisinau, Bucuriei St. 12/A 1002600035845 MD14ALET1005 1 1.28 1.22 5 287 510 18.87 1 632 6.48 Q4, 2004 - -
b) joint-stock companies whose net asset value is positive and exceeds the nominal value
49. JSC "Nord-Zahăr" Briceni City, Uzinelor St. 30 1003604005353 MD14ZABR1004 10 2.79 2.65 5 16 576 0.24 162 16.62 2017 13.94 2023
50. JSC "Izotermocon" Chisinau, Bucuriei St. 12/A 1002600040508 MD14IZOT1009 10 2.67 2.54 5 1 310 2.63 162 15.12 Q4, 2005 - -