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Report of the Board of Directors

Quarter III 2021

This Report of the Board of Directors was prepared in accordance with the provisions of Law 24/2017 and Regulation A.S.F. no. 5/2018 of the Financial Supervisory Authority, regarding the issuers of financial instruments and market operations, Appendices 12 and 13

The purpose of this report is to inform the investors about the changes in the Company's status and performance during the reporting period, as well as the foreseeable evolutions on the defence and aviation industry market and the development opportunities of the company under the impact of the Covid-19 pandemic

30.09.2021

AEROSTAR S.A.

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Table of Contents

  1. Identification Data and Field of Activity
  2. Message from the President & General Director
  3. The Company AEROSTAR S.A.
    1. Significant Events in Quarter III
    2. Relevant External Events
    3. Events after the Reporting Period
    4. Measures taken in the Context of the Pandemic
    5. Key Figures for 30 September 2021
    6. Economic and Financial Indicators for 30 September 2021
    7. Tangible Assets
    8. The AEROSTAR Shares "ARS"
    9. Trend of the Main Risks and Uncertainties
  5. The AEROSTAR Business and Business Environment
    1. Business Lines
    2. Sales and Sales Markets
  7. Our Employees
    1. Personnel and Social Aspects, Data about the Employees
    2. Work Relations and Social Dialogue
    3. Vocational Training
  9. Labour Health and Safety, Labour Conditions
  10. Organization Structure
    1. Shareholding Structure
    2. Board of Directors' Structure
    3. Business Management and Organizational Structure
  12. Financial Statement - Overview
  13. Individual Financial Statements for 30 September 2021

AEROSTAR S.A.

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1. Identification Data and Field of Activity

AEROSTAR S.A. is the successor of the aircraft repair plant (Uzina de Reparaţii Avioane (UM 03767), established by the Romanian state, by the Decision no. 1165 of the Council of Ministers issued on 17 April 1953 in Bucharest. During this entire period, the Company has operated in a continuous manner.

The activities are carried out at its registered office, located in Bacău, 9 Condorilor Street, Postal Code 600302. Since January 2018, AEROSTAR also has a secondary registered place of business (workplace) within the premises of the International Airport of Iaşi.

The European Unique Identifier of the Company (EUID) is ROONRC.J04/1137/1991, and its LEI identification code as a legal entity is 315700G9KRN3B7XDBB73.

The main field of activity of AEROSTAR is production. The main object of activity of the Company is "Manufacture of aircraft and spaceships" - code CAEN 3030.

Subscribed and paid-up share capital: 48.728.784 RON

Applicable accounting standards: the international financial reporting standards adopted at the level of the European Union.

The individual financial statements prepared for 30 September 2021 are not accompanied by the statutory financial auditor's report. They were audited by the company's internal auditor.

Telephone/fax number: 004-0234 575070/ 004-0234 572023

Web/e-mail: www.aerostar.ro,aerostar@aerostar.ro

Reporting period: Quarter III, 30 September 2021.

AEROSTAR S.A.

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2. Message from the President & General Director

In the third quarter of this year, we have noticed a continued trend of

recovery of the demand on the market where AEROSTAR is active, both for

the manufactured products and for the maintenance activity.

At the same time, new challenges arose, with a significant impact on the costs, such as price increases for the electricity, natural gas, raw materials, increase delivery time caused by the global difficulties in the freight transports, or even the shutdown of some suppliers.

We expect these trends to continue and to witness a period of inactivity in

vendor prices, with effects on our costs.

Despite all these trends, AEROSTAR has managed to maintain the main economic balances at a good level, and we continue to rely on our own abilities to adapt to the new market conditions.

Grigore FILIP

President and General Director

AEROSTAR S.A.

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Disclaimer

Aerostar SA published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 08:56:05 UTC.