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Press release

APPEAL TO THE FOREIGN INVESTORS, ECONOMIC OPERATORS AND OTHER INTERESTED PERSONS WHO WISH TO PURCHASE SHARES OF INSURANCE COMPANIES IN THE REPUBLIC OF MOLDOVA

25 july, 2017
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We consider it necessary to draw attention of the public of the Republic of Moldova, participants in the securities market, as well as foreign investors, to the actions of state authorities aimed at unlawful takeaway of the property, namely the shares of insurance companies and commercial banks.

One of the conditions demanded by investors who wished to purchase equity stakes in the commercial banks of "Moldova-Agroindbank" SA and "Moldindconbank" SA, as well as the insurance companies of SA "MOLDASIG", "ASITO" SA, "Aliance Insurance Group" was provision of state guarantees for the purchase of these shares, which was unacceptable according to the requirements of international financial organizations.

From the recent speeches of the President of the National Bank of Moldova, Mr. Sergiu Cioclea, the shareholders have learned that potential buyers of shares are waiting for the decision of the Constitutional Court of the Republic of Moldova at the request of the group of the People’s Deputies regarding constitutionality of certain provisions of the Law on the National Bank of Moldova.

We believe that the People’s Deputies' appeal has been previously coordinated with the authorities, and its purpose is to merely attach artificial constitutionality to the regulations of the National Bank, which were used as a mechanism in the illegal seizure of shares.

We declare that putting pressure on judges of the Constitutional Court to give legitimacy to the abusive decisions and coordinated actions of the National Bank of Moldova and the National Commission on Financial Market will not reduce, but only increase the risks of buyers of illegally alienated equity stakes, so-called potential investors, who may subsequently be held accountable, and the transactions will be declared invalid.

We consider it necessary to declare that the legal owners of the shares of the insurance company SA "MOLDASIG" will stand upon and defend their ownership right for these shares by all possible legal means, including appeal to international authorities against Moldova.

We remind that companies of WESNA Ltd, APPOLO CAPITAL INVEST Ltd, SIA PECLO MENEGEMENT, and KIRKLISTON MANAGEMENT Ltd are shareholders of the Moldovan insurance company SA "MOLDASIG" and own a stake of 19.6 per cent in its share capital.

The Decisions of the National Commission on Financial Market of the Republic of Moldova dated 06.12.2016 and 14.12.2016 blocked the rights of the group of shareholders corresponding to 65.03 per cent of insurance company SA "MOLDASIG" portfolio of shares, including an equity stake in WESNA Ltd, APPOLO CAPITAL INVEST Ltd, SIA PECLO MENEGEMENT, and KIRKLISTON MANAGEMENT Ltd.

Currently, based on the decisions of the National Commission on Financial Market of the Republic of Moldova, the equity stake belonging to the shareholders of the insurance company SA "MOLDASIG" is under forced sale.

Shareholders’ Representative

WESNA Ltd,

APPOLO CAPITAL INVEST Ltd,

SIA PECLO MENEGEMENT, and

KIRKLISTON MANAGEMENT Ltd

Nikolai Sokolov, the Lawyer

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