Fondul Proprietatea : Q3 2021 Results Presentation

Fondul Proprietatea -

Q3 2021 Results Conference Call

15 November 2021

Fund Information

The Fund - Key Facts

Fund Details1

FP Adjusted Share Price8and Discount/Premium (%)

Fund Details1	RON	USD
NAV	12.37 bn	2.91 bn2
NAV/Share	2.1054	0.49572
Price/Share	1.6700	0.39322
Price/GDR	84.942	20.00
Market Capitalization as at 12 November 2021	10.55 bn	2.44 bn3
(Discount)/Premium per Share as at 12 November 2021	(14.56)%
(Discount)/Premium per GDR as at 12 November 2021	(16.67)%
Number of Paid Shares less Treasury Shares4	5,868,504,260
Dividend Yield
Dividend Yield for the RON 0.0720 Dividend/Share5	4.17%
Dividend Yield for the RON 0.0700 Dividend/Share6	3.91%
Dividend Yield for the RON 0.0600 Dividend/Share7	3.34%
Total Dividend Yield	11.42%
Investment Objective

Maximization of returns to shareholders and increase of the net asset value per share via investments mainly in Romanian equities and equity-linked securities

1.97							8%
1.80							0%
1.64							-8%
1.47							-17%
1.31							-25%
1.14							-34%
0.98							-42%
0.81							-50%
0.65							-59%
0.48							-67%
0.32							-76%
0.15									-84%
1/11	1/12	1/13	1/14	12/14 12/15 12/16 12/17 11/18 11/19 11/20 11/21
				Adjusted Share Price (RON)		Discount / Premium (%)

Source: BVB, FP October 2021 Factsheet.

1. As at 29 October 2021. Based on local regulator methodology.
2. Computed using the NBR USD/RON FX rate as at 29 October 2021.
3. Excluding Treasury shares and the equivalent number of shares corresponding to the GDRs, repurchased as at 12 November 2021. Computed using the NBR USD/RON FX rate as at 12 November 2021.
4. As at 12 November 2021.
5. Yield calculated based on FP share price as at 28 May 2021, the Registration date for the RON 0.0720 dividend per share distribution approved by shareholders during the 28 April 2021 GSM.
6. Yield calculated based on FP share price as at 6 August 2021, the Registration date for the RON 0.0700 dividend per share distribution approved by shareholders during the 16 July 2021 GSM.
7. Dividend proposal submitted for shareholders' approval during the 15 December 2021 GSM. Dividend yield calculated based on FP's 12 November 2021 share price.
8. Source: Bloomberg and BVB until 12 November 2021, Fund Manager calculations.

2

NAV, Share price and GDR Performance

																Since
													Q3	9mo		Performance
			2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2021	YTD2	Inception2
		NAV (RON)	(0.5)%	8.9%	13.3%	1.4%	(0.6)%	7.3%	13.1%	19.9%	31.2%	2.2%	11.9%	32.5%	34.0%	223.9%
Cumulative
Share Price
Performance1	(30.3)%	38.3%	61.3%	14.5%	(4.1)%	4.9%	21.5%	9.9%	49.1%	37.8%	1.7%	35.1%	24.6%	461.8%
(RON)
		GDR (USD)	N/A	N/A	N/A	N/A	N/A	1.2%	35.9%	(1.9)%	41.4%	48.5%	(4.7)%	30.7%	25.7%	187.4%

Average (Discount)/ Premium to

NAV

	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	YTD3	Current4
Share	(55.7)%	(50.1)%	(40.7)%	(30.9)%	(29.1)%	(32.1)%	(28.1)%	(29.5)%	(29.4)%	(21.1)%	(4.9)%	(14.6)%
Price
GDR	N/A	N/A	N/A	N/A	(29.6)%	(30.0)%	(27.0)%	(29.8)%	(30.7)%	(21.7)%	(6.6)%	(16.7)%

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 October 2021.
3. For the period 4 January - 12 November 2021.
4. As at 12 November 2021.

3

Attribution to NAV Performance for Q3 2021

			Company	Status	Weight in total	Change in NAV	Change in NAV per share
			NAV1	performance	(RON)
			Hidroelectrica	Unlisted	59.0%	10.45%	0.2018
	Top
		OMV Petrom	Listed	14.8%	1.11%	0.0214
	Performers
	Alro	Listed	1.7%	0.05%	0.0010
			Romaero	Listed	0.4%	(0.08)%	(0.0015)
	Bottom		Zirom	Unlisted	0.2%	(0.04)%	(0.0008)
	Performers
			TOTAL NAV PER SHARE CHANGE			7.78%

Note: The amounts are adjusted with the dividends declared by the companies, according with FP accounting policy.

1. 30 September 2021 NAV report.

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