Transilvania Investments Alliance S A : NAV as of 31.03.2022

No. 2885/15.04.2022

To:Bucharest Stock Exchange Financial Supervisory Authority

Financial Instruments and Investments SectorPlease find attached the Statement of Assets and Liabilities of Transilvania Investments Alliance as at 31.03.2022 (Annex 10), in accordance with the FSA Regulation no. 7/2020, and a short presentation of the main results recorded and the changes in the value and structure of the assets under management.

At 31.03.2022, Transilvania Investments Alliance recorded the following results:

• ➢ Result of the period: RON 35,491,093

• ➢ Total Assets Under Management: RON 1,562,222,675

• ➢ Net Asset Value: RON 1,401,962,957

• ➢ Net Asset Value per Share: RON 0.6515

• ➢ TRANSI share price as at the reference date: RON 0.3180

The main changes recorded by the asset categories as at 31.03.2022, compared to the values in Statement of assets and liabilities as at 31.12.2021 - recalculated are the following:

• ➢ Listed shares: + RON 67.04 million

• ➢ Unlisted shares: - RON 0.19 million

• ➢ Equity interests: + RON 0.49 million

• ➢ Listed UCITS and/or AIF equity securities: + RON 2.11 million

• ➢ Unlisted UCITS and/or AIF equity securities: - RON 7.23 million

The share of the main asset categories in the total value of assets under management is the following: listed shares 82.16 %, unlisted shares 4.59 %, listed UCITS and AIF equity securities 6.02%, unlisted UCITS and AIF equity securities 1.96%, equity interests 0.03%.

The Statement of Assets and Liabilities of Transilvania Investments Alliance as at 31.03.2022 and the Valuation rules and methods used for Transilvania Investments Alliance's portfolio following the authorization of the Company as a Retail Investor Alternative Investment Fund (R.I.A.I.F.) are available on the Company's websitewww.transilvaniainvestments.ro,section Investor Relations/Reports.

Theo-Dorian Buftea

Executive Vice-President/ Deputy CEO

Mihaela- Corina Stoica

Compliance officer

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Transilvania Investments	Str. Nicolae lorga 2,	Tel.: [phone]	[e-mail]
Alliance S.A.	Brașov 500057, România	Tel.: [phone]	www.transilvaniainvestments.ro
CUI/CIF: RO 3047687	Autorizată A.F.I.A.:	Autorizată F.l.A.I.R.:	Cod LEI (Legal Entity Identifier):
R.C. J08/3306/1992	Autorizație ASF nr. 40/15.02.2018	Autorizație ASF nr. 150/09.07.2021	254900E2IL36VM93H128
Capital social:	Nr. Registru ASF:	Nr. Registru ASF:	IBAN B.C.R. Brașov:
216 244 379,70 lei	PJR071AFIAA/080005	PJR09FIAIR/080006	RO08 RNCB 0053 0085 8144 0001

Societate administrată în sistem dualist

According to the F.S.A. Regulation no. 7/2020

Certified by BRD - Groupe Société Générale S.A. Bucharest

STATEMENT
OF ASSETS AND LIABILITIES OF TRANSILVANIA INVESTMENTS ALLIANCE
as of 31.03.2022
LEI	% of total assets
1	Intangible Assets	159,661.66	0.01
2	Tangible Assets	12,612,080.40	0.81
3	Real Estate Investments	2,066,451.00	0.13
4	Biological Assets	0.00	0.00
5	Right-Of-Use Assets Under Leases	1,530,524.47	0.10
6	Financial Assets, out of which:	1,480,720,156.95	94.78
6.1	Financial Assets at Amortized Cost, out of which:	258,259.50	0.02
6.1.1	Accounts Receivable from Share Sales to be settled during the next month	0.00	0.00
6.2	Financial Assets at Fair Value through Profit or Loss	715,711,268.34	45.81
6.2.1	Shares	683,355,095.57	43.74
6.2.1.1	Listed Shares	630,015,288.97	40.33
6.2.1.1.1	Shares Listed on Romanian Markets	630,015,288.97	40.33
6.2.1.1.2	Shares Listed on Markets in EU Member States	0.00	0.00
6.2.1.1.3	Shares Listed on Markets in Third Countries	0.00	0.00
6.2.1.3	Unlisted Shares	53,339,806.60	3.41
6.2.1.3.1	Domestic Unlisted Shares	53,168,302.20	3.40
6.2.1.3.2	Foreign Unlisted Shares	171,504.40	0.01
6.2.2	UCITS and/or AIF Equity Securities	32,356,172.77	2.07
6.2.2.1	Listed Shares	0.00	0.00
6.2.2.2	Listed Fund Units	1,700,025.76	0.11
6.2.2.2.1	Fund Units Listed on Romanian Markets	1,700,025.76	0.11
6.2.2.2.2	Fund Units Listed on Markets in EU Member States	0.00	0.00
6.2.2.2.3	Fund Units Listed on Markets in Third Countries	0.00	0.00
6.2.2.3	Unlisted Fund Units	30,656,147.01	1.96
6.2.3	Bonds	0.00	0.00
6.2.3.1	Municipal Bonds	0.00	0.00
6.2.3.2	Corporate Bonds	0.00	0.00
6.2.3.2.1	Listed Corporate Bonds	0.00	0.00

6.3	Financial Assets at Fair Value Through Other Comprehensive Income	764,750,629.11	48.95
6.3.1	Shares	671,889,097.52	43.01
6.3.1.1	Listed Shares	653,473,983.47	41.83
6.3.1.1.1	Shares Listed on Romanian Markets	653,473,983.47	41.83
6.3.1.1.2	Shares Listed on Markets in EU Member States	0.00	0.00
6.3.1.1.3	Shares Listed on Markets in Third Countries	0.00	0.00
6.3.1.3	Unlisted Shares	18,415,114.05	1.18
6.3.2	UCITS and/or AIF Equity Securities	92,367,031.59	5.91
6.3.2.1	Listed Shares	92,367,031.59	5.91
6.3.2.2	Unlisted Shares	0.00	0.00
6.3.3	Equity interests	494,500.00	0.03
7	Cash and Cash Equivalents	-49,680,837.72	-3.18
7.1	Cash and cash equivalents - current accounts	1,950,163.07	0.13
7.2	Credit line used	-51,631,000.79	-3.31
8	Bank Deposits	1,302,150.43	0.08
9	Other Assets	112,925,784.60	7.23
9.1	Dividends or Other Accounts Receivable	39,306,672.28	2.52
9.2	Newly issued securities	0.00	0.00
9.3	Other Assets	73,619,112.32	4.71
10	Prepaid Expenses	586,702.79	0.04
11	TOTAL ASSETS	1,562,222,674.58	100.00
12	TOTAL LIABILITIES, out of which:	156,009,717.12	#Error
12.1	Financial Assets at Amortized Cost	93,649,792.92	#Error
12.1.1	Dividends Payable	33,849,324.68	#Error
12.1.2	Amounts Owed to Credit and Leasing Institutions	58,070,192.85	#Error
12.1.3	Trade Payables	1,591,426.70	#Error
12.1.4	Advance Payments from Customers	20.00	#Error
12.1.5	Accounts Payable to Companies within the Group	1,106.28	#Error
12.1.6	Accounts Payable Related to Participation Interests	0.00	#Error
12.1.7	Accounts Payable for Share Acquisitions to be settled during next month	137,722.41	#Error
12.2	Deferred Income Tax Liabilities	45,671,025.16	#Error
12.3	Other Liabilities- total, out of which:	16,688,899.04	#Error
12.3.1	Amounts Subscribed and Not Paid-In to Share Capital Increases and Bond Issues	0.00	#Error
12.3.2	Other Liabilities	16,688,899.04	#Error
13	Provisions for Risks and Taxes	4,250,000.00	#Error
14	Deferred Income	0.00	#Error

15	Shareholders' Equity, out of which:	1,401,962,957.48	#Error
15.1	Subscribed and Paid-in Share Capital	216,244,379.70	#Error
15.2	Equity- related Items	0.00	#Error
15.3	Other Shareholders' Equity Items	238,891,351.00	#Error
15.3.1	Changes in the Fair Value of Non-Monetary Financial Assets Measured at Fair Value through Other Comprehensive Income	234,641,351.00	#Error
15.4	Capital-Related Premium	0.00	#Error
15.5	Revaluation Reserves	11,979,484.28	#Error
15.6	Reserves	691,314,508.18	#Error
15.7	Own Shares	-4,522,164.10	#Error
15.8	Retained Earnings	212,564,305.25	#Error
15.9	Profit (Loss) For the Period	35,491,093.17	#Error
15.10	Profit Appropriation	0.00	#Error
16	NET ASSET VALUE	1,401,962,957.46	#Error
17	NUMBER OF SHARES ISSUED AND OUTSTANDING*	2,152,000,000	#Error
18	NET ASSET VALUE PER SHARE (RON/share)	0.6515	#Error
19	Number of Companies in Portfolio - total, out of which:	92	#Error
19.1	Companies Admitted to Trading on an EU Trading Venue	53	#Error
19.2	Companies Admitted to Trading on a Stock Exchange in a Third Country	0	#Error
19.3	Companies Not Admitted to Trading	39	#Error
20	Number of Investment Funds in which the Company holds Fund Units - total, of which:	8	#Error
20.1	Number of Open-End Investment Funds	3	#Error
20.2	Number of Closed-End Investment Funds	5	#Error
21	Newly issued securities (Number of Companies)	0	#Error

* In accordance with art. 47 para. (4) of the F.S.A. Regulation no.7/2020 regarding the NAVPS calculation, this position represents: "the number of shares issued and outstanding as at that date, excluding the own shares redeemed by the Company"

Note: The methodology for the calculation of the net asset value is available on the Company's website:www.transilvaniainvestments.ro -

"Rules and methods regarding the valuation of Transilvania Investments Alliance's financial assets".

EXECUTIVE PRESIDENT / CEO,

ROSCA RADU-CLAUDIU

CERTIFIED BY THE DEPOSITORY COMPANY BRD-Groupe Societe Generale S.A. Bucuresti SECURITIES DIVISION

EXECUTIVE VICE-PRESIDENT / DEPUTY CEO,

Director Claudia IONESCU Verified by ____________

BUFTEA THEO-DORIAN

FINANCIAL DEPARTMENT

Head of Department,

VERES DIANA

PORTFOLIO MANAGEMENT DEPARTMENT

Head of Department, RADULESCU SORIN ION

COMPLIANCE OFFICER, STOICA MIHAELA CORINA

Annex drafted in accordance with art. 38 para. (4) of Law no. 243/2019

TRANSILVANIA INVESTMENTS ALLIANCE's portfolio assets valuated based on valuation methods in accordance with the International Valuation Standards, as at 31.03.2022
Pos.	Tax Code	Company name	Symbol	No. of shares	Value	Valuation Report	Valuation	Remarks	Weight in	Weight in
held	RON / share	Total value	Number and Date	Report	issuer's share capital (%)	SIF's total assets (%)
Listed on AeRO (SMT/SOT)
1	1102041	ARO-PALACE SA	ARO	345,704,600	0.1047	36,195,271.62	1213 / 17.02.2022	YES *	85.74	2.32
2	23058338	CASA ALBA INDEPENDENTA SIBIU	CAIN	782,468	51.1266	40,004,928.45	1234 / 17.02.2022	YES *	53.35	2.56
3	327763	COCOR SA	COCR	30,911	165.6144	5,119,306.72	1214 / 17.02.2022	YES *	10.25	0.33
4	1153932	CONCAS SA	CONK	336,756	43.5893	14,678,958.31	1217 / 17.02.2022	YES *	47.21	0.94
5	742395	DORNA TURISM SA	DOIS	455,793	9.0452	4,122,738.84	1220 / 17.02.2022	YES *	32.01	0.26
6	1118838	DUPLEX SA	DUPX	32,772	17.4884	573,129.84	3638 / 05.05.2021	YES **	26.87	0.04
7	803115	EMAILUL SA	EMAI	729,551	14.6314	10,674,352.50	1221 / 17.02.2022	YES *	28.93	0.68
8	752	FEPER SA	FEP	312,123,729	0.1762	54,996,201.05	1222 / 17.02.2022	YES *	85.80	3.52
9	2577677	INDEPENDENTA SA	INTA	1,530,636	8.1529	12,479,122.24	10836 / 29.12.2021	YES **	53.30	0.80
10	1122928	MECANICA CODLEA SA	MEOY	60,156,150	0.0803	4,830,538.85	1224 / 17.02.2022	YES *	81.07	0.31
11	1113237	MECON SA	MECP	58,966	17.8369	1,051,770.65	10839 / 29.12.2021	YES **	12.28	0.07
12	2423562	NEPTUN-OLIMP SA	NEOL	30,194,757	0.4381	13,228,323.04	1225 / 17.02.2022	YES *	41.18	0.85
13	1108834	ROMRADIATOARE SA BRASOV	RRD	11,477,141	1.1756	13,492,526.96	1226 / 17.02.2022	YES *	76.51	0.86
14	1879871	SANTIERUL NAVAL CONSTANTA SA	SNC	456,755	1.7993	821,839.27	10840 / 29.12.2021	YES **	0.70	0.05

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