Fondul Proprietatea – Q1 2020 Results Conference Call 17 May 2021 This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. Fund Information The Fund – Key Facts FP Adjusted Share Price6 (RON) vs. Fund Details1 Discount/Premium (%) Fund Details1 RON USD 1.77 8% 2 NAV 10.47 bn 2.58 bn 1.59 0% NAV/Share 1.7578 0.43272 1.41 -8% Price/Share 1.6960 0.41752 1.23 -16% Price/GDR 84.492 20.80 Market Capitalization as at 14 May 2021 10.72 bn 2.64 bn3 1.05 -24% Discount/Premium per Share as at 14 May 2021 (0.69)% 0.87 -32% Discount/Premium per GDR as at 14 May 2021 2.56% 0.69 -40% Number of Paid Shares less Treasury Shares4 5,943,575,222 0.51 -48% Investment Objective 0.33 -56% 2020 FY Dividend/Share5 RON 0.0720 Dividend Yield for 2020 FY5 3.99% 0.15 -64% 1/11 2/12 2/13 2/14 3/15 3/16 3/17 4/18 4/19 5/20 5/21 Maximization of returns to shareholders and increase of the net asset value per share via investments mainly in Romanian equities and equity-linked securities Adjusted Share Price (RON) Discount / Premium (%) Source: BVB, FP April 2021 Factsheet. 1. As at 29 April 2021. Based on local regulator methodology. 2. Computed using the NBR USD/RON FX rate as at 29 April 2021. 3. Excluding Treasury shares and the equivalent number of shares corresponding to the GDRs, repurchased as at 14 May 2021. Computed using the NBR USD/RON FX rate as at 14 May 2021. 4. As at 14 May 2021. 5. Yield calculated based on the FP share price as at 14 May 2021. 6. Source: Fund Manager calculation, BVB, Bloomberg, for the period 25 January 2011 – 14 May 2021. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 2 Shareholders structure Evolution (% Held)1 2% 2% 3% 3% 6% 10% 10% 8% 6% 6% 9% 10% 12% 9% 9% 13% 18% 14% 12% 13% 14% 9% 11% 14% 19% 27% 28% 10% 29% 17% 31% 33% 34% 43% 34% 31% 34% 54% 35% 37% 31% 55% 28% 53% 30% 28% 26% 25% 23% 22% 18% 18% 10% 25% 6% 22% 20% 17% 16% 14% 13% 12% 15% 14% 5% 4% 16% 11% 39% 6% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 36% 29% 3% 21% 20% 21% 18% 18% 16% 19% 19% 19% 18% 18% 18% 18% 18% 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 1/20 3/20 6/20 9/20 12/20 3/21 4/21 Ministry of Public Finance Romanian Individuals Foreign Individuals Foreign Institutionals The Bank of New York Mellon (depository bank for GDRs) Romanian Institutionals Treasury Shares Largest Shareholders2 NN Group 10.01% Silver Point Capital Funds 5.07% Allianz-Tiriac Private Pension Funds 5.05% Total Number of Shareholders3 8,289 All treasury shares repurchased by the Fund are being cancelled on a regularly basis. 1. Note: Based on the paid share capital starting December 2011. Source: FP shareholder structure reports. 2. Note: Based on the total voting rights. Source: Ownership disclosures submitted by NN Group on 6 March 2020, Allianz-Tiriac Private Pension Funds on 1 July 2019, and Silver Point Capital Funds on 4 May 2021. 3. Source: FP shareholder structure as at 30 April 2021. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 3 NAV, Share price and GDR Performance Since Q1 Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212 YTD3 Inception3 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% 2.21% 7.02% 7.80% 198.10% Ordinary Cumulative Share Price (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46% 9.90% 49.05% 37.83% 20.34% 16.97% 427.32% Performance1 (RON) GDR (USD) N/A N/A N/A N/A N/A 1.15% 35.88% (1.94)% 41.41% 48.47% 19.30% 21.64% 178.14% Share Price Current Current Average Average Average Average Average Average Average Average Average Average Avg. Share GDR Discount/ 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD3 Price4 Price4 Premium to NAV (55.67)% (50.09)% (40.74)% (30.87)% (29.12)% (32.08)% (28.05)% (29.54)% (29.38)% (21.06)% (5.83)% (0.69)% (2.56)% Source: BVB, LSE, Bloomberg, FP NAV reports. Note: The discount/premium is calculated based on the latest published NAV available for the day of the calculation. The Performance Inception date for the NAV is 31 December 2010, for the Share Price is 25 January 2011, and for the GDRs is 29 April 2015. 1. Dividend adjusted. 2. As at 29 April 2021. 3. For the period 4 January – 14 May 2021. 4. As at 14 May 2021. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 4 Attribution to NAV performance for Q1 2021 Weight in total Change in NAV Change in NAV per share Company Status NAV1 performance (RON) Hidroelectrica Unlisted 51.1% 4.07% 0.0691 OMV Petrom Listed 15.7% 2.57% 0.0436 Top Alro SA Listed 1.9% 0.40% 0.0069 Performers IOR SA Listed 0.0% 0.00% (0.0000) Mecon SA Listed 0.0% 0.00% (0.0000) Bottom Romaero SA Listed 0.5% (0.05)% (0.0008) Performers TOTAL NAV PER SHARE CHANGE 0.1192 Note: The amounts are adjusted with the dividends declared by the companies, according with FP accounting policy. 1. 31 March 2021 NAV report. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 5 Portfolio Current Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 29 April 2021)1 (% of NAV as at 29 April 2021)1 2% 2% 4% 4% 20% 9% 13% 53% 76% 17% Unlisted Listed Net Cash & receivables Power Utilities: Generation Infrastructure Oil & Gas Heavy industry Aluminium Power & Gas Utilities: Distribution & Supply Net Cash & Receivables • As at 29 April 2021, the portfolio included stakes in 32 companies (6 listed and 26 unlisted) • The net cash and receivables as at 29 April 2021 was USD 102.81 million2. The gross dividend per share of RON 0.0720 approved by shareholders on 28 April 2021 was reflected in the 29 April 2021 NAV as a liability. 1. Source: FP April 2021 Factsheet. 2. Source: 29 April 2021 NAV report, based on the NBR RON/USD FX rate as at 29 April 2021. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 7 Portfolio Structure – 31 March 2021 NAV Listed Companies Unlisted Companies By Controlling Ownership 1.9% 0.6% 0.6% 2.2% 8.2% 1.9% 5.0% 5.8% 30.0% 18.2% 7.1% 73.7% 61.8% 51.1% 15.7% OMV Petrom Alro Others Hidroelectrica ENEL companies State Controlled Entities Bucharest Airport Engie Romania Private Companies Constanta Ports Salrom Net Cash and Receivables Others • As at 31 March 2021, the portfolio included stakes in 32 companies (6 listed and 26 unlisted) Source: FP Q1 2021 Results report. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 8 Largest Holdings by NAV NAV as at % in NAV Majority 29 April 2021 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 29 April 2021 Hidroelectrica Unlisted Romanian State 19.9% 1,365.6 53.0% OMV Petrom Listed OMV 7.0% 432.7 16.8% Bucharest Airports Unlisted Romanian State 20.0% 153.6 6.0% Engie Romania Unlisted Engie 12.0% 132.6 5.2% E-Distributie Banat Unlisted Enel Group 24.1% 67.1 2.6% Constanta Port Unlisted Romanian State 20.0% 58.0 2.3% Alro Unlisted Vimetco N.V. 10.2% 57.4 2.2% E-Distributie Muntenia Unlisted Enel Group 12.0% 56.1 2.2% Salrom Unlisted Romanian State 49.0% 49.5 1.9% E-Distributie Dobrogea Listed Enel Group 24.1% 43.6 1.7% Top 10 Portfolio Holdings 2,416.5 93.8% NAV 2,577.5 100.0% NAV Per Share (USD) 0.4327 Source: FP April 2021 Factsheet. Note: Values in USD calculated using the NBR USD/RON FX rate as at 29 April 2021. 1. Based on the FP 31 March 2021 Detailed Statement of Investments. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 9 Top portfolio holdings – Q1 2021 Key financials EBITDA (RON mn) Net Profit (RON mn) Top Holdings Q1 2020 Q1 2021 % change Q1 2020 Q1 2021 % change Hidroelectrica 593.9 1,072.6 80.6% 430.3 759.5 76.5% OMV Petrom 1,696.1 1,526.6 (10.0)% 653.4 573.4 (12.2)% Alro (30.6) 33.5 - (110.0) (61.9) 43.8% Total 2,259.4 2,632.7 16.5% 973.7 1,271.0 30.5% Weighted Total1 234.0 324.2 38.5% 120.3 185.3 54.0% Note: EBITDA = Operational result + Depreciation and Amortization.