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

17 February 2026 No. 8/4

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

On 28.01.2026, the fiduciary administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA submitted applications no. 11, no. 7 and no. 6 (registered with the National Financial Commission (CNPF) under nos. 505, 506 and 507), concerning the valuation acts of client assets held in fiduciary administration (approved at the liquidation commission meeting on 28.01.2026).

Thus, on the basis of Art. 1 para. (3) and para. (4) and Art. 1461 of Law no. 171/2012 on the capital market (Law no. 171/2012), Art. 8 lit. b), Art. 18 para. (3), Art. 20 para. (1) and para. (6) and Art. 22 para. (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 terminating the activity of investment fiduciary administration (CNPF Decision no. 40/4/2018), point 16 and point 19 of the Regulation on the organization and functioning of the National Financial Commission (CNPF Decision no. 57/11/2022),

The National Financial Commission DECIDES:

1. The valuation acts for securities held by fiduciary administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA are approved, according to Annexes no. 1 and no. 2.

2. The Moldova Stock Exchange is permitted not to reflect in open positions the list of securities exposed for sale as single packages, according to Annexes no. 1 and no. 2.

3. In the event of exercising the rights provided by Art. 1461 para. (3) of Law no. 171/2012, the president of the liquidation commissions of the fiduciary administrators "BV Fiduciar Invest" SA, "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA shall inform the CNPF within a period of up to 3 working days from the date of submission of the buyback or sale application.

4. This Decision may be contested by submitting a preliminary application to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), 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 the legislation and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT

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Annex no. 1

to CNPF Decision no. 8/4 of 17.02.2026

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

No.	Name of the JSC	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 CNPF
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. S.A. "Infomac" | mun. Chisinau, str. Sarmizegetusa 37/2 | 1003600166591 | MD14FOMA1008 | 15 | 13.39 | 12.72 | 5 | 463 | 4.58 | 207 | 72.97 | 2013 | - | -
2. S.A. "Avicola-Talmaz" | rn. Stefan Vodă, s. Talmaza 251471 | MD14AVTA1007 | 10 | 9.76 | 9.27 | 5 | 19 827 | 3.13 | 210 | 42.5 | trim. II, 1998 | - | -
3. S.A. "Gezegen" | mun. Ceadâr-Lunga, str. Lenin 119/a | 1003611006659 | MD14GEZE1000 | 9 | 3.91 | 3.71 | 5 | 484 | 9.56 | 13 | 21.29 | 2013 | - | -
4. S.A. "Alet" | mun. Chişinău, str. Bucuriei 12/A | 1002600035845 | MD14ALET1005 | 1 | 1.34 | 1.27 | 5 | 470 | 485 | 30.87 | - | 6.48 | trim. IV, 2004 | - | -
5. S.A. "Profilcons" | mun. Soroca, str. Cosăuţi 10 | 1003607012631 | MD14PCSO1008 | 5 | 17.04 | 16.19 | 5 | 20 405 | 24.34 | 44 | 74.3 | 2009 | - | -
6. S.A. "Hidroinpex" | mun. Soroca, str. V. Stroescu 118/A | 1003607005170 | MD14INPE1009 | 20 | 8.26 | 7.85 | 5 | 23 122 | 3.66 | 680 | 40.05 | 2017 | 31.94 | 2023
7. S.A. "Galaxia-Cărții" | mun. Chișinău, str. Sarmizegetusa 12 | 1005604002736 | MD14LAXI1005 | 5 | 1.89 | 1.80 | 5 | 6 791 | 10.22 | 205 | 9.17 | 2010 | - | -
8. S.A. "Lucoarea-Venus" | or. Dondușeni, str. Independenței 4 | 1009604002974 | MD14VENU1005 | 5 | 1.22 | 1.16 | 5 | 6242 | 10.77 | 333 | 5.94 | trim. III, 2002 | - | -
9. S.A. "Izotermocon" | mun. Chisinau, str. Bucuriei 12/A | 1002600040508 | MD14IZOT1009 | 10 | 3.13 | 2.97 | 5 | 12 191 | 24.47 | 1 342 | 15.12 | trim. I, 2005 | - | -
10. S.A. "BTA-23 Taraclia" | or. Taraclia, str. Vokzalinaia 51 | 1003610001989 | MD14BZST1002 | 10 | 3.64 | 3.64 | 0 | 249 | 0.45 | 5 | 20.56 | 2017 | 35.86 | 2023
11. S.A. "BTA-28 Călăraşi" | or. Călăraşi, str. Al. cel Bun 238 | 1004609000372 | MD14BARA1003 | 10 | 44.78 | 44.78 | 0 | 180 | 0.22 | 4 | 257.6 | 2017 | 358.89 | 2024
12. S.A. "Concom RTCA" | mun. Chișinău, str. Petricani 202 | 1003600070450 | MD14RTCA1001 | 10 | 7.46 | 7.46 | 0 | 372 | 0.23 | 3 | 42.23 | 2017 | 37.04 | 2024
13. S.A. "Promstroi-Grup" | mun. Chișinău, str. Uzinelor 90 | 1002600004166 | MD14SOGU1007 | 10 | 14.87 | 14.87 | 0 | 8 244 | 0.59 | 235 | 84.23 | 2017 | 126.03 | 2024
14. S.A. "Magnolia-Servcom" | mun. Chișinău, str. Petricani 23 | 1002600037481 | MD14MAGN1008 | 10 | 8.81 | 8.81 | 0 | 314 | 0.11 | 5 | 49.88 | 2017 | 51.42 | 2024
15. S.A. "Mașrut" | mun. Strășeni, str. M. Costin 2 | 1003600079257 | MD14MASR1000 | 10 | 6.25 | 6.25 | 0 | 415 | 0.11 | 5 | 35.44 | 2017 | 116.00 | 2024
16. S.A. "Service auto prim" | mun. Bălți, str. Heciului 2 | 1002602005363 | MD14SEAU1005 | 23 | 11.39 | 11.39 | 0 | 85 | 0.07 | 5 | 64.47 | 2017 | 80.03 | 2024
17. S.A. "Unita" | mun. Hânceşti, str. Industrială 12 | 1002605000314 | MD14UNIT1005 | 25 | 11.91 | 11.91 | 0 | 21 | 0.06 | 2 | 67.42 | 2017 | 52.28 | 2024
18. S.A. "Aparat" | mun. Bălţi, str. Senina piața 2 | 1003602033967 | MD14APAR1007 | 1 | 0.37 | 0.37 | 0 | 304 | 0.06 | 7 | 2.32 | 2017 | 2.22 | 2024
19. S.A. "Aqua-Prut" | rn. Cahul, s. Roşu | 1003603008520 | MD14AQUA1001 | 9 | 9.86 | 9.86 | 0 | 465 | 0.22 | 3 | 62.88 | 2017 | 42.11 | 2024
20. S.A. "Servmec" | or. Cimișlia, str. Cetatea Albă 2 | 1003605007882 | MD14SEME1001 | 10 | 4.35 | 4.35 | 0 | 300 | 0.12 | 5 | 27.66 | 2017 | 21.45 | 2024
21. S.A. "Cosînzeana" | mun. Ungheni, str. Naţională 15 | 1002609000688 | MD14COSZ1006 | 1 | 1.12 | 1.12 | 0 | 2 455 | 0.4 | 108 | 7.13 | 2017 | 6.29 | 2024
22. S.A. "DCRR-Orhei" | mun. Orhei, str. S. Lazo 33 | 1003606005966 | MD14DCRR1000 | 10 | 7.95 | 7.95 | 0 | 162 | 0.68 | 3 | 50.62 | 2017 | 450.25 | 2024
23. S.A. "Drenaj" | mun. Chişinău, str. Uzinelor 188 | 1003600079969 | MD14RENA1005 | 10 | 18.79 | 18.79 | 0 | 340 | 0.69 | 4 | 119.7 | 2017 | 56.95 | 2024
24. S.A. "Fertilitatea-Strășeni" | mun. Strășeni, str. M. Costin 8 | 1005600006471 | MD14TERF1004 | 10 | 7.04 | 7.04 | 0 | 150 | 0.08 | 2 | 44.78 | 2017 | 36.82 | 2024
25. S.A. "Garant-Auto" | mun. Comrat, str. Gavriliuc 10 | 1003611010441 | MD14GARN1003 | 7 | 11.01 | 11.01 | 0 | 128 | 0.16 | 4 | 70.15 | 2017 | 37.19 | 2024
26. S.A. "Investcom" | mun. Chişinău, str. Gh. Tudor 3 | 1002600044573 | MD14IVSM1006 | 10 | 6.74 | 6.74 | 0 | 306 | 0.27 | 11 | 42.91 | 2017 | 25.36 | 2023
27. S.A. "Rechin" | or. Briceni, str. Pescarilor 38 | 1004604001950 | MD14RECH1001 | 10 | 16.40 | 16.40 | 0 | 79 | 0.19 | 6 | 104.5 | 2017 | 69.78 | 2023
28. S.A. "Refplast" | or. Anenii Noi, str. Chişinăului 42 | 1003600125903 | MD14REFP1008 | 10 | 3.89 | 3.89 | 0 | 540 | 0.32 | 3 | 24.84 | 2017 | 20.52 | 2023
29. S.A. "RIF-Acvaaparat" | mun. Bălți, str. Decebal 9 | 1002602000519 | MD14RIFA1001 | 5 | 10.14 | 10.14 | 0 | 120 | 0.03 | 5 | 64.53 | 2017 | 33.39 | 2023
30. S.A. "Spectrul" | mun. Chişinău, str. Feredeului 4 | 1003600022585 | MD14PECT1009 | 14 | 7.04 | 7.04 | 0 | 373 | 0.42 | 3 | 45.84 | 2017 | 38.71 | 2023
31. S.A. "Vuldis" | or. Vulcăneşti, str. Frunzelor 115 | 1003611005733 | MD14VULD1008 | 50 | 19.09 | 19.09 | 0 | 169 | 0.73 | 3 | 121.6 | 2017 | 91.10 | 2023
32. S.A. "Baza comercială angro textile" | mun. Chișinău, str. Petricani 23/2 | 1003600019963 | MD14TEXT1000 | 10 | 4.71 | 4.71 | 0 | 4 805 | 1.11 | 41 | 28.23 | 2017 | 21.06 | 2023
33. S.A. "SLI" | mun. Chişinău, or. Vatra, str. Constructorilor 8 | 1003600060275 | MD14SLIR1003 | 8 | 0.81 | 0.77 | 5 | 57 | 0.02 | 5 | 5 | 2017 | 71.98 | 2023
34. S.A. "Combinatul de colectare și prelucrare a cerealelor din Făleşti" | or. Fălești, str. Bogdan Vodă 31 | 1003602021869 | MD14COMF1006 | 1 | 0.26 | 0.25 | 5 | 5967 | 0.23 | 27 | 2.48 | 2017 | 1.93 | 2023
35. S.A. "Fabrica de prelucrare a semințelor din porumb din Răuțel" | rn. Fălești, s. Răuțel | 1002602001435 | MD14UTEL1001 | 5 | 5.81 | 5.81 | 0 | 990 | 0.07 | 13 | 32.96 | 2017 | 39.12 | 2023
36. S.A. "Fertilitatea-Hîncești" | mun. Hâncești, str. Mihail Kogălniceanu 3 | 1005605004508 | MD14FERH1008 | 10 | 4.60 | 4.60 | 0 | 536 | 0.26 | 5 | 38.76 | trim. IV, 2002 | - | -
37. S.A. "Grand M. R." | mun. Chişinău, or. Cricova, str. Chişinăului 112/A | 1003600028196 | MD14GRMD1001 | 5 | 2.00 | 1.90 | 5 | 81 | 1.49 | 4 | 16.88 | trim. IV, 2007 | - | -

b) joint-stock companies whose net asset value is positive and exceeds the nominal value

38. S.A. "Caracuda-Hîncești" | mun. Hânceşti, str. Industrială 22 | 1002605000473 | MD14CARA1002 | 4 | 0.59 | 0.59 | 0 | 159 | 0.07 | 2 | 5.219 | 2017 | 8.03 | 2023
39. S.A. "Asicon" | or. Călăraşi, str. Constructorilor 6 | 1002609001250 | MD14ASIC1003 | 10 | 1.55 | 1.55 | 0 | 179 | 0.19 | 2 | 14.01 | 2017 | 16.85 | 2023
40. S.A. "BTA-26" | or. Cantemir, str. B. Glavan 16 | 1005603005774 | MD14ANSP1001 | 40 | 8.81 | 8.81 | 0 | 100 | 1.1 | 2 | 79.89 | 2017 | 43.39 | 2023
41. S.A. "Hidroconstructor" | rn. Orhei, s. Pelivan | 1003606009791 | MD14HIDO1009 | 10 | 2.99 | 2.99 | 0 | 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. S.A. "Chimistul-M" | mun. Chișinău, str. Munceşti 803 | 1003600039943 | MD14MIST1000 | 10 | 1.17 | 1.17 | 0 | 275 973 | 76.88 | 6 750 | 7.17 | 2015 | - | -
43. S.A. "Piele" | mun. Chișinău, str. Ismail 99 | 1002600027619 | MD14PIEE1000 | 8 | 6.09 | 6.09 | 0 | 3 160 | 0.23 | 165 | 34.39 | 2017 | 7.24 | 2023

d) joint-stock companies in insolvency proceedings

II. CF "Econ-Renastere" SA

a) joint-stock companies whose net asset value exceeds the nominal value by 100%

44. S.A. "Tehoptimed" | mun. Chişinău, str. M. Drăgan 19/A | 1003600087162 | MD14TEHO1005 | 12 | 16.20 | 16.20 | 0 | 21 486 | 34.17 | 1 389 | 70.8 | 2017 | 97.71 | 2023
45. S.A. "Alet" | mun. Chişinău, str. Bucuriei 2/A | 1002600035845 | MD14ALET1005 | 1 | 1.28 | 1.22 | 5 | 900 | 0.06 | 57 | 6.48 | trim. IV, 2004 | - | -

b) joint-stock companies whose net asset value is positive and exceeds the nominal value

46. S.A. "Nord-Zahăr" | or. Briceni, str. Uzinelor 30 | 1003604005353 | MD14ZABR1004 | 10 | 2.94 | 2.79 | 5 | 31 617 | 0.46 | 384 | 16.62 | 2017 | 13.94 | 2023
47. S.A. "Izotermocon" | mun. Chişinău, str. Bucuriei 2/A | 1002600040508 | MD14IZOT1009 | 10 | 3.29 | 3.13 | 5 | 3 602 | 7.23 | 140 | 15.12 | trim. IV, 2005 | - | -

III. "Compania Fiduciara a Feroviarilor" SA

a) joint-stock companies whose net asset value exceeds the nominal value by 100%

48. S.A. "Alet" | mun. Chişinău, str. Bucuriei 12/A | 1002600035845 | MD14ALET1005 | 1 | 1.35 | 1.28 | 5 | 287 510 | 18.87 | 1 632 | 6.48 | trim. IV, 2004 | - | -

b) joint-stock companies whose net asset value is positive and exceeds the nominal value

49. S.A. "Nord-Zahăr" | or. Briceni, str. Uzinelor 30 | 1003604005353 | MD14ZABR1004 | 10 | 2.94 | 2.79 | 5 | 16 576 | 0.24 | 162 | 16.62 | 2017 | 13.94 | 2023
50. S.A. "Izotermocon" | mun. Chişinău, str. Bucuriei 12/A | 1002600040508 | MD14IZOT1009 | 10 | 2.81 | 2.67 | 5 | 1 310 | 2.63 | 162 | 15.12 | trim. IV, 2005 | - | -

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Annex no. 2

to CNPF Decision no. 8/4 of 17.02.2026

Securities held by fiduciary administrators CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA, which are exposed for sale in the course of auction sales organized on a regulated market and/or within an MTF, without the announcement of the initial price (at the highest price proposed by the buyer)

No.	Name of the JSC	Address	IDNO	ISIN Code	Nominal Value, lei	Last sale price per share, lei	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 CNPF
Value, lei	Period	Value, lei	Period

I. CF "Econ-Renastere" SA

1. S.A. "Chimistul-M" | mun. Chișinău, șos. Muncești 803 | 1003600039943 | MD14MIST1000 | 10 | 0.94 | 7 553 | 2.1 | 477 | 7.17 | 2015 | - | -

II. "Compania Fiduciara a Feroviarilor" SA

2. S.A. "Chimistul-M" | mun. Chișinău, șos. Muncești 803 | 1003600039943 | MD14MIST1000 | 10 | 0.94 | 5 263 | 1.47 | 88 | 7.17 | 2015 | - | -

Share packages whose last sale price was approved by CNPF Decision no. 58/10 dated 02.12.2025.