Bursa de Valori Bucuresti : Romanian retail investors placed RON 1.65bn in the 10th issue of Fidelis government bonds carried out by the Ministry of Finance at BVB

Bucharest, December 23, 2022

PRESS RELEASE

Romanian retail investors placed RON 1.65bn in the 10th issue of Fidelis government bonds carried out by the Ministry of Finance at BVB

• The Ministry of Finance raised RON 853.9mn and EUR 162.7mn through an IPO of government securities dedicated to retail investors (Fidelis), with three different maturities.
• Through the ten offers carried out in the last three years, the Ministry of Finance attracted RON 15.2bn (almost EUR 3.1bn) from retail investors.
• The government bonds can be traded on Bucharest Stock Exchange starting Friday, December 23rd, transparently, through authorized intermediaries.

The Ministry of Finance (MF) attracted RON 853.9mn and EUR 162.7mn, respectively (values amounting to just over RON 1.65bn - EUR 336.3mn) through the 10th primary offer for the sale of government bonds dedicated to retail investors (Fidelis) held in the last three years using Bucharest Stock Exchange (BVB) systems.

Thus, the value of the nine financing rounds carried out in the last three years on BVB by the Ministry of Finance reached RON 15.2bn (EUR 3.1bn).

'The Romanian state's partnership with the capital market institutions offers a stable platform for the savings and investments of individuals who participate in the issues launched under the FIDELIS Program. Continuity through quarterly issues, advantageous conditions, as well as the well-developed mechanisms of the intermediary syndicate and the Stock Exchange, attract new investors with each new issue and offer reinvestment opportunities to clients who have accessed such instruments since their relaunch in 2020. Out of the four Fidelis editions carried out this year, the December offer, in which investors placed approximately 1.7 billion lei equivalent, represents the second success of the year after the April offer. The significant sums invested this year, of approximately 6 billion lei equivalent, reflect both the confidence of investors in the ability of the Romanian state to offer safe and advantageous instruments, but also the confidence that their money is in

A: 34-36 Carol I Blvd., 13-14 Floor, Sector 2	Register of Commerce: J40/12328/2005
020922, Bucharest, Romania	C.U.I.:17777754
T: [phone] / F: [phone]	Social Capital: 80.492.460 lei
E: [e-mail] / W: www.bvb.ro	C.N.V.M. Decision No /31.01.2006

good hands, our partners being professionally involved in the development of this project', stated Adrian Caciu, Ministry of Finance.

'The resumption of Fidelis government bond issues, in August 2020, was auspicious both for the Romanian State and for investors and the capital market, and also demonstrates the fruitful cooperation between the State and the Stock Exchange, being a beneficial partnership for all those involved. The more than 3 billion euros attracted by the Ministry of Finance through Fidelis issues represents 60% of the cumulative value of all financing rounds carried out at BVB in the last three years of 5.1 billion euros. This partnership is not only limited to Fidelis government securities, but we must mention a couple of results as well achieved this year alone, namely the change of the capital market profit taxation system, but also the Capital Market Development Strategy', said Radu Hanga, Bucharest Stock Exchange President.

'Fidelis government bonds are a good opportunity for many Romanians to take the first step into the world of investments, and for experienced investors, they are a useful tool for portfolio diversification, especially in this period when it is very difficult to obtain returns above the level inflation. The Romanians' interest in these government securities was seen both in the record value recorded this year, over 1.2 billion euros, and by the fact that, on the secondary market, the retail investors executed more than 42,000 trades with Fidelis bonds, for 360 million euros, with more than 10.4 million securities, value representing 13% of the amount of the first nine offers. As well, the very high interest can be seen by the almost 11,000 subscription orders placed in the tenth IPO', mentioned

Adrian Tanase, Bucharest Stock Exchange CEO.

The intermediary syndicate of the offer includes BT Capital Partners (Lead Manager and Intermediary) & Banca Transilvania (Distribution Group), Alpha Bank Romania,Banca Comerciala Romana and BRD - Groupe Societe Generale.

'The significant funds attracted by Fidelis issues continue to underline two important trends for retail investors: the availability of funds for investment or savings and the aversion to instruments with a higher risk profile. We also notice that, in addition to being a first point of contact with the capital market for more and more new clients, a significant number of recurring investors continue their investments in products they trust and which provide them with diversification and an optimal yield in periods of high uncertainty. As the initial issues begin to mature and generate volumes in the secondary market, we can talk about a multiple impact of the tools in the retail segment, both familiarization with investments as a concept, as well as reallocation of funds in the portfolio and monitoring of yields on different tranches', said Daniela Secara, BT Capital Partners CEO.

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'Once again, the Initiative of the Ministry of Finance to offer government bonds to the population through the capital market proved its positive impact both on the development of the Romanian financial market as well as on the financial education of the population. While at the debut of Fidelis program, more intense efforts were needed from the involved parties to increase awareness among the public with respect to the advantages of investing in this instrument, currently we observe a pro-activeattitude of investors, an increased interest on their part for this opportunity to place their savings and diversify their portfolios', said Nicoleta Ruxandescu, Alpha Bank Romania Investment and Capital Markets Unit Director.

'Fidelis T-bondshave already become an indispensable tool for retail portfolio management, the more appropriate as financial markets volatility increased significantly in the last year, under the pressure of the high level of inflation that strongly affected fixed income instruments' performance, as well as those of shares. On the other hand, it should be noted that, in addition to being a tool for optimizing the financial assets portfolio for more experienced investors, Fidelis securities represent for some of investors a first contact with capital market. And newly individual investors will very likely continue to purchase shares and corporate bonds at the BVB in the coming years to build diversified portfolios of financial assets, thus consolidating, in a very sustainable way, the retail segment for the Bucharest Stock Exchange', said Irina Neacsu, BRD - Groupe Societe Generale Corporate Finance Executive Director.

'The consistency showed by the Ministry of Finance in issuing government bonds exclusively for the population is a strategic approach aimed to increase awareness and use of financial investment instruments. We are pleased to be partners for the 10th Fidelis program issue and we continue to be a reliable partner for the Romanian state in maintaining the financial stability of Romanians. BCR supports investments in government bonds, the development of a diversified portfolio of saving and investment products and contributes to increasing financial health of Romanians through smart financial choices', said Valentin Popovici, BCR Financial Markets Executive Director.

As part of this offer, which was carried out between December 5th and 19th, Romanians placed over 10,700 subscription orders for both RON-denominated and EUR- denominated government bonds.

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The details of the bonds are available in the table below:

	RON issue with	RON issue with	EUR issue with	EUR issue with
Criteria	maturity in	maturity in	maturity in	maturity in
	December 2023	December 2025	December 2023	December 2024
ISIN	ROL2A38SL248	RORE7V23P540	RODUZSQCHEH9	RONSFB9KLS92
Ticker	R2312B	R2512A	R2312AE	R2412AE
Maturity	December 22,	December 22,	December 22,	December 22,
2023	2025	2023	2024
Yearly	7.65% p.a.	8.00% p.a.	2.70% p.a.	3.70% p.a.
interest rate
Value of	643,250,500	210,663,900	65,401,500	97,303,400
issue
Nominal	RON 100	RON 100	EUR 100	EUR 100
value
Minimum
subscription	RON 5,000	RON 5,000	EUR 1,000	EUR 1,000
value

The income obtained through the investment in FIDELIS government bonds, both from interest and from capital gains, is non-taxable. he minimum subscription threshold was RON 5,000, respectively EUR 1,000.

Resident and non-resident individuals over the age of 18 up to the closing of the offer were able to invest in the issuance of FIDELIS government bonds.

Useful information about FIDELIS government bonds - questions and answers

Where can I find the bonds I bought in the offer?

If they were subscribed through a bank or brokerage company, without signing a financial investment services contract, the government bonds are registered in the records of the Central Securities Depository on behalf of the holder. If the government bonds have been purchased based on a financial investment services contract, through a bank or brokerage company authorized to trade on the Bucharest Stock Exchange, the government bonds are in the holder's trading account.

What do I do with government bonds?

They can be kept until maturity, or the holders can sell them or buy others in any trading session at BVB, through one of the intermediaries authorized (bank or brokerage company) to trade at BVB.

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If the holders want to keep government bonds, they have two options:

• They will receive the interest annually, and at maturity the principal will be returned to a bank account sent to the Central Securities Depository, if the subscription was made through a bank or brokerage company, without signing a financial investment services contract.
• They can open a trading account at a bank or brokerage company, by signing a financial investment services contract and can transfer the government bonds from the Central Securities Depository to this trading account. In this case, the holders will have the government bonds in the investment account in which they will receive the annual coupon, and when the bonds will mature, the principal will be returned to them.

How can I sell or buy government bonds after the offer is closed?

The trades on the Bucharest Stock Exchange take place between buyers and sellers through the trading platform. In order to be able to buy or sell, investors must have a trading account with a bank or brokerage firm. Any holder of FIDELIS government bonds can trade government bonds starting with March 25th, 2020. The list of intermediaries authorized to trade on BVB is available HERE.

Where can I see the current price of the bonds?

The price can be checked at any time on the Bucharest Stock Exchange website, www.bvb.ro, by entering the symbols below in the [Search] box on the main page: R2312B- for 1-yr maturity government bonds denominated in RON

R2512A- for 3-yrs maturity government bonds denominated in RON R2312AE- for 1-yr maturity government bonds denominated in EUR R2412AE- for 2-yrs maturity government bonds denominated in EUR.

For additional information, please contact:

Stefan Pompi Musgociu, e-mail:[e-mail], phone: [phone]

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