S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Investor Presentation (September 2026)
47 slides from S.C. Fondul Proprietatea SA's investor presentation, September 2026
Slide 1: Fondul Proprietatea
Fondul Proprietatea September 2026
Slide 2: Franklin Templeton – Firm Overview
Franklin Templeton – Firm Overview
Slide 3: Franklin Templeton – Firm Overview
Franklin Templeton – Firm Overview Diverse Investment Capabilities Firm Highlights Public Markets Private Markets Founded in 1947 • Active equity platform built on • Specialists in alternative credit, fundamental research, team stability, secondary private equity, real and aiming toward long-term va
Slide 4: Worldwide locations
Worldwide locations US EMEA APAC Americas Baltimore Pasadena Abu Dhabi London Ahmedabad Mumbai Buenos Aires Boca Raton Philadelphia Amsterdam Luxembourg Bangalore New Delhi Calgary Boston Raleigh Brussels Madrid Beijing Pune Mexico City Chicago Rancho Cordova Bucharest Milan Brisbane Seoul Montreal
Slide 5: Investment specialisation across public and private markets
Investment specialisation across public and private markets Our investment capabilities Equity Fixed Income Alternatives Multi-Asset $757bn $522bn 1 $294bn $219bn Bank loans | Corporate credit | Balanced | Income | Emerging/Frontier | Alternative credit | Private credit | Emerging markets | Currenci
Slide 6: Perspectives on the ground in countries
Perspectives on the ground in 19 countries Equity Equity Strategy and Capability Coverage $757bn Emerging/Frontier Global Convertibles Sector total assets under management1 Single Country Thematic US Equity Shariah 500+ $201bn ClearBridge Investments $192bn1 Franklin Equity $196bn Putnam Investments
Slide 7: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 8: History of the Fund
History of the Fund The Fund was created by the Romanian Government in 2005 as a vehicle for providing compensation to those individuals whose real estate assets had been abusively confiscated by the Communist regime and could not be given back in-kind – Romania is still the only country in the worl
Slide 9: Key terms of the Management Agreement in force
Key terms of the Management Agreement in force Management Agreement 1 year starting from 1 April 2026 until 1 April 2027, but not exceeding the date on which a new AIFM is appointed as a result of the finalisation of the selection process for the appointment of a new AIFM Distribution Fees for Base
Slide 10: Investment strategy and performance objectives
Investment strategy and performance objectives Investment Objective FP’s investment objective is the maximization of returns to shareholders and the increase of the net asset value per share via investments mainly in Romanian equities and equity-linked securities. Investment Strategy Performance Obj
Slide 11: Performance objectives
Performance objectives NAV Objective Adjusted NAV/share as at the end of the Reporting Period > NAV/share as at the end of the previous reporting period Discount Objective The discount between closing price and last reported NAV/share <= 15%, in at least 2/3 of the trading days in the Reporting Peri
Slide 12: NAV objective
NAV objective Objective 2026 – interim monitoring • The Adjusted NAV per share at 31 December 2026 to be higher than • Adjusted NAV per share as at 30 June 2026 was RON 0.9058 NAV per share as at 31 December 2025 (RON 0.7944 per share). per share, 14.0% higher than the 31 December 2025 NAV per share
Slide 13: Discount objective
Discount objective Objective 2026 – interim monitoring • The discount between the closing price for each trading day on • During 1 April – 30 June 2026, the discount to NAV was the BVB, of the shares issued by the Fund and the latest reported above 15% in all trading days. NAV per share at the date
Slide 14: The Alternative Investment Fund Manager
The Alternative Investment Fund Manager Local functions Portfolio Legal and Investor Fund Corporate Public Client Dealer Management Company Relations Accounting Accounting Relations Services & Investment Secretary Research Central functions Trading and Regulatory Risk Portfolio cash Compliance Manag
Slide 15: Board of Nominees – Members
Board of Nominees – Members Position in BoN Current Position Mandate Until Ștefan Nanu Chairperson General Director - State Treasury, Ministry of 2 March 2029 stefan.nanu@fondulproprietatea.ro Member of the NRC Finance Member Andrei-Octav Moise Chairperson of the NRC Entrepreneur 21 November 2028 an
Slide 16: Key Facts
Key Facts Fund Details Adjusted NAV (RON) 30 June 2026 NAV RON USD 4.00 3.50 Total NAV 2.67 bn 0.58 bn Adjusted NAV 3.00 NAV/Share 0.9058 0.1969 2.50 Key trading figures as at 30 June 2026 2.00 Price/Share 0.6090 0.1324 1.50 Market Capitalization1 1.80 bn 0.39 bn 1.00 0.50 (Discount)/Premium per Sha
Slide 17: Shareholder structure
Shareholder structure Evolution (% Held)1 10% 2% 2% 10% 10% 3% 8% 3% 18% 6% 12% 3% 9% 10% 8% 8% 8% 37% 6% 6% 4% 3% 3% 3% 4% 3% 5% 7% 6% 14% 10% 6% 3% 3% 5% 20% 6% 10% 9% 15% 11% 13% 6% 22% 17% 12% 2% 16% 43% 25% 13% 18% 3% 16% 54% 3% 14% 21% 22% 55% 53% 37% 30% 28% 22% 34% 35% 2% 31% 9% 33% 37% 51%
Slide 18: FP Market valuation / performance
FP Market valuation / performance FP Adjusted Share Price (RON) vs. Discount / NAV vs. Market Capitalization (USD bn) Premium (%) 0.80 0.58 6% 0.70 -4% Unlisted 0.60 0.51 -14% 0.50 -24% 0.39 0.40 Net Cash and Receivables -34% 0.05 0.30 Listed 0.03 NAV Market Capitalization1 -44% 30 June 2026 30 June
Slide 19: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance1 Since Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD2 Inception2 NAV/ share (0.5)% 8.9% 13.3% 1.4% (0.6)% 7.3% 13.1% 19.9% 31.2% 2.2% 47.8% 19.1% (2.4)% 17.0% 22.4% 14.0% 578.3% (RON) Share Price
Slide 20: Portfolio
Portfolio — 7 = ie %
Slide 21: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 30 June 2026)1 (% of NAV as at 30 June 2026)1 2.7% 8.4% 8.4% 4.4% 3.9% 8.9% 76.2% 87.2% Unlisted Listed Net Cash & receivables Infrastructure Others Salt Mining Net Cash & Receivables Aluminium • As at 30 June 2026, the portfolio inclu
Slide 22: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 30 June 2026 as at Portfolio Company Status Shareholder Stake1 (USD mn) 30 June 2026 Bucharest Airports Unlisted Romanian State 20.0% 347.2 59.8% Constanta Port Unlisted Romanian State 20.0% 88.2 15.2% Salrom Unlisted Romanian State 49.0% 51.5
Slide 23: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 24: Distributions to Shareholders
Distributions to Shareholders Annual Distributions to Shareholders (RON mn) 1,124.3 552.7 507.7 1,499.0 1,778.5 923.6 1,190.8 1,743.7 1,870.6 1,081.3 1,483.0 1,519.9 1,931.5 11,266.8 428.8 281.0 5,500 220.00% 5,000 159.8% 170.00% 4,500 4,000 1,547.0 120.00% 3,500 3,000 269.7 70.00% 2,500 25.4% 15.5%
Slide 25: Cash distributions to shareholders
Cash distributions to shareholders Gross Cash distribution Net Cash distribution Distribution Financial year Paid in (RON/share) (RON/share) Dividend 2008-2009 (aggregate) 2010 0.08160 0.06854 Dividend 2010 2011 0.03141 0.02638 Dividend 2011 2012 0.03854 0.03237 Dividend 2012 2013 0.04089 0.03435 Re
Slide 26: Buy-back programs
Buy – back programs No. of shares (to be) repurchased / % of Average share the Fund’s issued price Cancellation Program Period Status share capital (RON / share) Broker of shares Auerbach Ongoing - Approved by shareholders 16th FY 2025 Finalized 0.25 bn / 7.88% 0.46761 Grayson, during the 23 July 20
Slide 27: Past Buy-back programs
Past Buy – back programs No. of shares repurchased % of the Fund’s Average share price Program1 (mn shares) issued share capital2 (RON/share) Broker First 240.30 1.74% 0.4994 Wood & Co. Second 1,100.95 7.99% 0.8743 Wood & Co., BCR Third 252.86 1.84% 0.8123 Raiffeisen Fourth 990.86 7.19% 1.0557 Raiff
Slide 28: Past Tender offers
Past Tender offers FP pre-announcement Tender Announcement Tender price share price (RON / Premium to pre- Discount of offer Offer date (RON / share) share) announcement share price price to NAV1 Take-up rate 1st 10 Oct 2013 1.0000 0.7770 28.70% 15.12% 78.42% 2nd 20 Oct 2014 1.1100 0.8965 23.81% 10.
Slide 29: Annual dividend income – Largest Holdings by NAV
Annual dividend income – Largest Holdings by NAV Net dividends received by FP from the net profit Dividend Payout (%) of its portfolio companies for the referenced FY (RON mn) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Top Holdings1 Bucharest Airports 0 51.8 88.7 84.6 73.62 0.0 31.5 80.4 103.
Slide 30: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend 2017 2018 2019 2020 2021 2022 2023 2024 20254 Total Dividends from Listed Companies (RON 162.5 232.1 223.0 200.2 117.0 127.7 0.9 0.5 0.2 mn) Total Dividends from Unlisted Companies (RON 575.3 533.9 710.0 1,007.9 532.0 800.5 954.9 145.3 1
Slide 31: 2026 Financial calendar
2026 Financial calendar • General Shareholders Meeting 14 / 17 August 29 / 30 September 13 November 13 / 16 November • Publication of the • Publication of the Q3 2026 Results H1 2026 Results • Q3 2026 Results • H1 2026 Results Conference Call Conference Call More information about the Investor Relat
Slide 32: Fondul Proprietatea – Summary
Fondul Proprietatea – Summary Investor Relations The Fund Manager will continue to proactively engage with current and prospective investors in the Fund. The Fund has a current Net Asset Value of The Fund’s investment objective is the Given the discount to NAV, the Fund Manager USD 580.5 million as
Slide 33: Top Holdings
Top 3 Holdings FONDUL @ FRANKLIN PROPRIETATEA » TEMPLETON
Slide 34: Bucharest Airports – Introduction
Bucharest Airports – Introduction Quick Facts Shareholding Structure Sector Type 80% Infrastructure Unlisted 20% Weight in NAV1 FP Stake1 Ministry of Fondul Transport and 59.8% RON 1.6 bn Proprietatea Infrastructure (USD 347 mn) • Aeroporturi Bucuresti operates the 2 airports in Bucharest, which ser
Slide 35: Bucharest Airports – Update
Bucharest Airports – Update Financial % H1 H1 % Budget Budget % performance 2019 2020 2021 2022 2023 2024 2025 y.o.y. 2025 2026 y.o.y. 2025 2026 y.o.y. Operating revenues 1,066.6 405.6 578.0 999.1 1,206.8 1,434.2 1,682.9 17.3% 764.8 815.0 6.6% 1,558.4 1,857.6 19.2% (RON mn) Operating result (RON 399
Slide 36: Constanta Port – Introduction
Constanta Port – Introduction Quick Facts Shareholding Structure 80% Sector Type Law • The Ports law was enacted in December 2017. Infrastructure Unlisted • The law mandates the establishment under the 20% Competition Council of a Supervisory Board with quite broad powers such as oversight of key de
Slide 37: Constanta Port – Update
Constanta Port – Update Financial % H1 H1 % Budget Budget % performance 2019 2020 2021 2022 2023 2024 2025 y.o.y. 2025 2026 y.o.y. 2025 2026 y.o.y. Operating revenues 369.0 398.8 418.9 510.4 571.2 522.0 504.6 (3.3)% 238.8 261.6 9.5% 491.6 530.5 7.9% (RON mn) Operating profit (RON 117.0 145.9 140.6 1
Slide 38: Salrom – Introduction
Salrom – Introduction Quick Facts Shareholding Structure • Largest salt producer in Romania having the Sector Type concession licenses for about 10% of geological reserves, economically proven. Salt mining Unlisted • 20 years concession agreements for 14 exploitation 51% 49% licenses granted in 1998
Slide 39: Salrom – Update
Salrom – Update Financial H1 H1 Budget Budget 2019 2020 2021 2022 2023 2024 2025 % y.o.y. % y.o.y. % y.o.y. performance 2025 2026 2025 2026 Operating revenues 469.2 300.2 374.5 495.3 517.1 486.7 500.0 2.7% 236.2 257.8 9.1% 508.3 454.4 (10.6)% (RON mn) Operating profit 84.6 15.8 70.1 134.4 140.8 119.
Slide 40: Largest Holdings by NAV – Net result evolution
Largest Holdings by NAV – Net result evolution Net Profit (RON mn) 2021 2022 2023 2024 2025 Top Holdings1 Bucharest Airports 34.0 304.0 453.3 608.8 789.72 Constanta Port 130.5 114.5 195.4 256.3 118.23 Salrom 60.2 120.7 130.6 111.3 66.92 Alro SA 26.3 409.5 (561.7) 10.3 (47.0)2 Zirom SA (8.2) 1.5 0.6
Slide 41: Active Management
__ — - ii — Active Management FONDUL | @ funni,
Slide 42: Active management – Board members
Active management – Board members FT investment team attended 96 GSMs and 34 Board meetings in H1 2026 No. of Board No. Board Members 1 1 No. Holdings % Stake % in Total NAV Members2 Recommended by FP2 1 Bucharest Airports 20.0% 59.8% 7 1 2 Constanta Port 20.0% 15.2% 7 1 3 Salrom 49.0% 8.9% 5 2 4 Al
Slide 43: Research coverage
Research coverage — FONDUL | @v Fawn _ |
Slide 44: Research coverage
Research coverage Broker Analyst Banca Comerciala Romana Caius Roa Rapanu Concorde Securities Ltd. Gellert Gaal Intercapital Invest Ronnie Khreis IPOPEMA Securities Florin-Adrian Ciocoi Swiss Capital Daniela Mandru PKO BP Securities Andrzej Rembelski Note: To our knowledge the above analysts followe
Slide 45: Disclaimer (I)
Disclaimer (I) This presentation is for general information only and reflects the personal views of the presenter. Nothing herein is intended to constitute advice on investment, legal or tax matters, any form of personal recommendation nor it should be construed as, constituting or forming part of,
Slide 46: Disclaimer (II)
Disclaimer (II) No information hereof is to be considered, under any circumstances, as an information provided in accordance with Article 23 of the AIFMD as such was transposed by Article 22 of Law no. 74/2015 on managers of alternative investment funds. In addition, the list of investor rights can
Slide 47: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You 46
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