Transilvania Investments Alliance S A : NAV as of 31.12.2021-Recalculated

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 31.12.2021 - RECALCULATED
LEI	% of total assets
1	Intangible Assets	120,023.82	0.01
2	Tangible Assets	12,734,077.34	0.85
3	Real Estate Investments	2,066,451.00	0.14
4	Biological Assets	0.00	0.00
5	Right-Of-Use Assets Under Leases	1,609,463.11	0.11
6	Financial Assets, out of which:	1,425,931,904.44	95.58
6.1	Financial Assets at Amortized Cost, out of which:	7,694,515.39	0.52
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	706,841,055.37	47.38
6.2.1	Shares	667,211,298.96	44.72
6.2.1.1	Listed Shares	613,871,442.76	41.15
6.2.1.1.1	Shares Listed on Romanian Markets	613,871,442.76	41.15
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	53,339,856.20	3.58
6.2.1.3.1	Domestic Unlisted Shares	53,168,302.20	3.56
6.2.1.3.2	Foreign Unlisted Shares	171,554.00	0.01
6.2.2	UCITS and/or AIF Equity Securities	39,629,756.41	2.66
6.2.2.1	Listed Shares	0.00	0.00

6.2.2.2	Listed Fund Units	1,744,593.66	0.12
6.2.2.2.1	Fund Units Listed on Romanian Markets	1,744,593.66	0.12
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	37,885,162.75	2.54
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	711,396,333.68	47.68
6.3.1	Shares	621,182,966.11	41.64
6.3.1.1	Listed Shares	602,577,630.69	40.39
6.3.1.1.1	Shares Listed on Romanian Markets	602,577,630.69	40.39
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	18,605,335.42	1.25
6.3.2	UCITS and/or AIF Equity Securities	90,213,367.57	6.05
6.3.2.1	Listed Shares	90,213,367.57	6.05
6.3.2.2	Unlisted Shares	0.00	0.00
7	Cash and Cash Equivalents	9,850,306.67	0.66
8	Bank Deposits	38,012,180.17	2.55
9	Other Assets	1,265,775.16	0.09
9.1	Dividends or Other Accounts Receivable	0.00	0.00
9.2	Newly issued securities	999,760.00	0.07
9.3	Other Assets	266,015.16	0.02
10	Prepaid Expenses	339,409.98	0.02
11	TOTAL ASSETS	1,491,929,591.69	100.00
12	TOTAL LIABILITIES, out of which:	107,516,939.16	#Error
12.1	Financial Assets at Amortized Cost	42,640,523.92	#Error
12.1.1	Dividends Payable	34,117,386.09	#Error
12.1.2	Amounts Owed to Credit and Leasing Institutions	1,761,619.13	#Error
12.1.3	Trade Payables	2,148,517.43	#Error
12.1.4	Advance Payments from Customers	20.00	#Error
12.1.5	Accounts Payable to Companies within the Group	56,900.94	#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	4,556,080.33	#Error
12.2	Deferred Income Tax Liabilities	49,473,068.69	#Error
12.3	Other Liabilities- total, out of which:	15,403,346.55	#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	15,403,346.55	#Error
13	Provisions for Risks and Taxes	4,250,000.00	#Error
14	Deferred Income	0.00	#Error
15	Shareholders' Equity, out of which:	1,380,162,652.51	#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	258,734,622.03	#Error
15.3.1	Changes in the Fair Value of Non-Monetary Financial Assets Measured at Fair Value through Other Comprehensive Income	254,484,622.03	#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	109,800,327.85	#Error
15.9	Profit (Loss) For the Period	96,611,494.57	#Error
15.10	Profit Appropriation	0.00	#Error
16	NET ASSET VALUE	1,380,162,652.53	#Error
17	NUMBER OF SHARES ISSUED AND OUTSTANDING*	2,152,000,000	#Error
18	NET ASSET VALUE PER SHARE (RON/share)	0.6413	#Error
19	Number of Companies in Portfolio - total, out of which:	94	#Error
19.1	Companies Admitted to Trading on an EU Trading Venue	54	#Error
19.2	Companies Admitted to Trading on a Stock Exchange in a Third Country	0	#Error
19.3	Companies Not Admitted to Trading	40	#Error
20	Number of Investment Funds in which the Company holds Fund Units - total, of which:	7	#Error
20.1	Number of Open-End Investment Funds	2	#Error
20.2	Number of Closed-End Investment Funds	5	#Error
21	Newly issued securities (Number of Companies)	1	#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-CLAUDIUEXECUTIVE VICE-PRESIDENT / DEPUTY CEO,

BUFTEA THEO-DORIANFINANCIAL DEPARTMENT

Head of Department,

VERES DIANAPORTFOLIO MANAGEMENT DEPARTMENT

Head of Department, RADULESCU SORIN ION

COMPLIANCE OFFICER, STOICA MIHAELA CORINACERTIFIED BY THE DEPOSITORY COMPANY BRD-Groupe Societe Generale S.A. Bucuresti SECURITIES DIVISION

Director Claudia IONESCU Verified by ____________

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 31.12.2021
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	2.43
2	23058338	CASA ALBA INDEPENDENTA SIBIU	CAIN	782,468	51.1266	40,004,928.45	1234 / 17.02.2022	YES *	53.35	2.68
3	327763	COCOR SA	COCR	30,911	165.6144	5,119,306.72	1214 / 17.02.2022	YES *	10.25	0.34
4	1153932	CONCAS SA	CONK	336,756	43.5893	14,678,958.31	1217 / 17.02.2022	YES *	47.21	0.98
5	742395	DORNA TURISM SA	DOIS	455,793	9.0452	4,122,738.84	1220 / 17.02.2022	YES *	32.01	0.28
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	0.72
8	752	FEPER SA	FEP	312,123,729	0.1762	54,996,201.05	1222 / 17.02.2022	YES *	85.80	3.69
9	1154474	GASTRONOM SA	GAOY	215,453	37.7362	8,130,377.50	1223 / 17.02.2022	YES *	70.29	0.55
10	2577677	INDEPENDENTA SA	INTA	1,530,636	8.1529	12,479,122.24	10836 / 29.12.2021	YES **	53.30	0.84