Lion Capital S.a.BVB: LION

Net Asset Statement as of March 31, 2026

· Issued by Lion Capital S.a.

STATEMENT OF

Annex 10

Lion Capital S.A. assets and liabilities

as per Reg. 7/2020

AIFRI established by a constitutive act

31.03.2026

ITEM

VALUE [RON]

1

Intangible assets

837

2

Tangible assets

4,670,837

3

Investment property

10,737,442

4

Biological assets

-

5

Assets representing rights to use the underlying assets in a leasing contract

1,G60,1G0

6

Financial assets

6,017,834,G10

6.1

Financial assets measured at amortized cost

-

6.2

Financial assets measured at fair value through profit and loss

1,G25,5G4,3G7

6.2.1

Shares

1,706,667,381

6.2.1.1

Admitted to trading on a trading venue

1,152,217,324

6.2.1.1.1

in Romania

1,152,217,324

6.2.1.1.1.1

Traded in the last 30 trading days

584,632,649

6.2.1.1.1.2

Not traded in the last 30 trading days

567,584,675

6.2.1.2

Not admitted to trading

554,450,057

6.2.1.2.1

in Romania

554,450,057

6.2.2

Corporate bonds

-

6.2.2.1

Admitted to trading on a trading venue

-

6.2.3

Securities of AIF / UCITS

1G3,306,841

6.2.3.1

Shares

-

6.2.3.2

Fund units

1G3,306,841

6.2.3.2.1

Admitted to trading on a trading venue

-

6.2.3.2.2

Not admitted to trading

1G3,306,841

6.2.3.2.2.1

in Romania

127,257,021

6.2.3.2.2.2

in a Member State

-

6.2.3.2.2.3

in a third country

66,049,820

6.2.8

Membership units in LLC

25,620,175

6.3

Financial assets measured at fair value through other comprehensive income

4,0G2,240,514

6.3.1

Shares

2,G71,74G,212

6.3.1.1

Addmitted to trading on a trading venue

2,771,875,629

6.3.1.1.1

in Romania

2,771,875,629

6.3.1.1.1.1

Traded in the last 30 trading days

2,766,747,275

6.3.1.1.1.2

Not traded in the last 30 trading days

5,128,355

6.3.1.2

Not admitted to trading

199,873,583

6.3.1.2.1

in Romania

199,873,583

6.3.1.2.2

in a Member State

-

6.3.1.2.3

in a third country

-

6.3.2

Corporate bonds

61,755,530

6.3.2.1

Admitted to trading on a trading venue

1,302,882

6.3.2.1.1

in Romania

-

6.3.2.1.1.1

Traded in the last 30 trading days

-

6.3.2.1.1.2

Not traded in the last 30 trading days

-

6.3.2.1.2

in a Member State

1,302,882

6.3.2.1.2.1

Traded in the last 30 trading days

-

6.3.2.1.2.2

Not traded in the last 30 trading days

1,302,882

6.3.2.1.2.3

Newly issued bonds

-

6.3.2.1.3

in a third country

-

6.3.2.2

Not admitted to trading

60,452,648

6.3.2.2.1

in Romania

60,452,648

6.3.3

Securities of AIF / UCITS

664,348,741

6.3.3.1

Shares

664,348,741

6.3.3.1.1

Admitted to trading on a trading venue

664,348,741

6.3.3.1.1.1

in Romania

664,348,741

6.3.3.1.1.1.1

Traded in the last 30 trading days

664,348,741

6.3.6

Government securities

3G4,387,031

6.3.6.1

Admitted to trading on a trading venue

2G2,575,1G0

6.3.6.1.1

in Romania

292,575,190

6.3.6.1.1.1

Traded in the last 30 trading days

-

6.3.6.1.1.2

Not traded in the last 30 trading days

292,575,190

6.3.6.2

Not admitted to trading

101,811,841

6.3.6.2.1

in Romania

101,811,841

7

Cash available (cash and cash equivalent)

332,44G

8

Bank deposits

445,5G1,6GG

G

Other assets:

3,030,862

9.1

Dividends or other receivables

1,685,512

9.2

Other assets

1,345,350

9.2.1

Loans granted to subsidiaries

-

10

Accrued expenses

3G7,688

11

Total assets

6,484,556,G16

12

Total liabilities

3G2,207,254

12.1

Financial liabilities measured at amortized cost

24,591,837

12.2

Deferred income tax liabilities

367,615,417

12.3

Other liabilities

-

13

Provisions for risks and expenses

-

14

Deferred income

16,750

15

Equity, of which:

6,0G1,2G0,355

15.1

Share capital

50,751,006

15.2

Items treated as equity

632,757,735

15.3

Other components of equity

2,196,520,407

15.4

Premium related to capital

-

15.5

Revaluation reserves

2,523,295

15.6

Reserves

4,258,114,201

15.7

Treasury shares*

-43,207,520

15.8

Retained earnings

1,362,759,663

15.9

Retained earnings first-time adoption of IAS 29 (debtor account)

-2,527,669,558

15.10

Result for the period

158,741,126

16

Net Asset Value

6,0G2,332,G12

17

Number of outstanding shares**

497,798,751

18

Net Asset Value per Share

12.2385

1G

Number of companies in the portfolio, of which:

32

19.1

Companies admitted to trading on an EU trading venue

19

19.2

Companies admitted to trading on a stock exchange in a third country

-

19.3

Companies not admitted to trading

12

19.4

Membership units in LLC

1

*Value of treasury shares repurchased in the Tender Offers carried out during 13-28 October 2025 and 4-17 March 2026

** In accordance with the provisions of Art. 123(3) of ASF Regulation No. 9/2014, this line item reflects the number of shares issued by the Company and outstanding at the reporting date, based on which the net asset value per share is calculated. Treasury shares, repurchased and held by the Company as at the reporting date are not included.

As at the date of this report, out of a total of 507,510,056 issued shares, the Company holds 9,711,305 treasury shares, repurchased in the Tender Offer carried

out during 13-28 October 2025 (1,100,000 shares) and 4-17 March 2026 (8,611,305 shares).

This statement is provided as a free translation from Romanian, which is the official and binding version

Lion Capital S.A.

Depositary bank

Banca Comercială Română

ANNEX - according to art.38 par. (4) of Law 243/201G Assets in Lion Capital portfolio evaluated using valuation methods in accordance with International Valuation Standards as of 31.03.2026

No.

Name of the issuer

Tax Indentification Code

Symbol

No. of shares held

No./date of valuation report

RON / share

Total value

Valuation method

Companies not admitted to trading where LC's stake is> 33% of the share capital

1

NAPOMAR

199176

10,256,241

223/23.02.2026

1.9816

20,323,767.17

income approach, discounted cash

flow method

2

SAI MUNTENIA INVEST

9415761

119,976

222/23.02.2026

1102.7677

132,305,657.58

income approach, discounted cash

flow method

3

SIF SPV TWO

40094500

119,988

268/02.03.2026

1060.7613

127,278,626.86

asset approach, corrected Net Asset

method

4

Administrare Imobiliare SA

20919450

16,049,741

267/02.03.2026

3.7204

59,711,456.42

asset approach, corrected Net Asset

method

5

SIF1 IMGB

380430

199,993

219/23.02.2026

1662.5720

332,502,762.00

asset approach, corrected Net Asset

method

6

SIF SPV THREE

49696089

149,850

269/02.03.2026

495.4099

74,237,173.52

asset approach, corrected Net Asset

method

7

SIF SPV FOUR

50270264

149,850

270/02.03.2026

0.7189

107,727.17

asset approach, corrected Net Asset

method

8

TRASAB 55 SRL

52928812

2,069,130

313/06.03.2026

12.3821

25,620,174.57

asset approach, corrected Net Asset

method

Companies admitted to trading with irrelevant liquidity for the application of the mark to market valuation method (according to Art.114 par. (4) of Reg.G / 2014)

9

SIF Imobiliare PLC

HE323682

SIFI

4,499,961

266/02.03.2026

108.6376

488,864,963.00

asset approach, corrected Net Asset

method

10

SIF Hoteluri

56150

CAOR

31,820,906

220/23.02.2026

0.5153

16,397,312.86

asset approach, corrected Net Asset

method

11

IAMU

1766830

IAMU

9,170,588

221/23.02.2026

6.7959

62,322,398.99

income approach, discounted cash

flow method

Leverage and exposure calculated in accordance with the provisions of Regulation (EU) no. 231/2013

Method for calculating AIFRI

exposure

Exposure value

Leverage

(RON)

(%)

Gross method

6,007,100,305

98.601%

Commitment method

6,092,332,912

100%

Certification of Depositary Bank,

Banca Comercialã Românã

Lion Capital S.A. DETAILED STATEMENT OF LION CAPITAL'S INVESTMENTS as of 31.03.2026

ANNEX 11

Table 1

ITEM

Beginning of the reporting period [28.02.2026]

End of the reporting period [31.03.2026]

Differences (RON)

% of net asset

% of total assets

Currency

RON

% of net asset

% of total assets

Currency

RON

I

Total assets

106.20

100.00

106,54G,344

6,503,726,344

106.44

100.00

106,787,3G5

6,377,76G,520

-125,718,772

1

Securities and money market instruments, of which:

65.17

61.36

1,296,825

4,054,011,483

69.23

65.05

1,302,882

4,216,668,143

162,662,718

1.1

Securities and money market instruments admitted or traded in a trading venue in Romania, of

which:

65.15

61.34

-

4,054,011,483

69.21

65.03

-

4,216,668,143

162,656,660

1.1.1

shares

65.15

61.34

4,054,011,483

64.41

60.51

3,924,092,953

-129,918,530

1.1.2

other securities assimilated to these

-

-

-

-

-

-

-

-

0

1.1.3

corporate bonds

-

-

-

-

-

-

-

-

0

1.1.4

other debt securities

-

-

-

-

-

-

-

-

0

1.1.5

other securities

-

-

-

-

-

-

-

-

0

1.1.6

money market instruments

-

-

-

-

-

-

-

-

0

1.1.7

government securities

-

-

-

-

4.80

4.51

-

292,575,190

292,575,190

1.2

Securities and money market instruments admitted or traded in a trading venue in a member

state, of which:

0.02

0.02

1,296,824.52

-

0.02

0.02

1,302,882

-

6,058

1.2.1

shares

-

-

-

-

-

-

-

-

0

1.2.2

other securities assimilated to these

-

-

-

-

-

-

-

-

0

1.2.3

corporate bonds

0.02

0.02

1,296,825

-

0.02

0.02

1,302,882

-

6,058

1.2.4

other debt securities

-

-

-

-

-

-

-

-

0

1.2.5

other securities

-

-

-

-

-

-

-

-

0

1.2.6

money market instruments

-

-

-

-

-

-

-

-

0

1.3

Securities and money market instruments admitted on a stock exchange in a third country,

that operates on a regular basis and is recognized and open to the public, approved by ASF, of which:

-

-

-

-

-

-

-

-

0

2

Newly issued securities

-

-

-

-

-

-

-

-

0

3

Other securities and money market instruments, of which:

13.08

12.32

-

813,994,368

15.04

14.13

-

916,588,128

102,593,760

3.1

shares not admitted to trading

12.12

11.41

754,307,175

12.38

11.63

754,323,640

16,465

3.2

govt. securities not admitted to trading

-

-

-

1.67

1.57

101,811,841

101,811,841

3.3

corporate bonds not admitted to trading

59,687,193

60,452,648

765,454

4

Bank deposits, of which:

10.35

9.74

105,080,144

538,734,571

7.31

6.87

105,417,435

340,174,264

-198,223,016

4.1

bank deposits with credit institutions in Romania;

10.35

9.74

105,080,144

538,734,571

7.31

6.87

105,417,435

340,174,264

-198,223,016

4.2

bank deposits with credit institutions in a Member State;

-

-

-

-

-

-

-

-

0

4.3

bank deposits with credit institutions in a third country.

-

-

-

-

-

-

-

-

0

5

Derivatives traded on a regulated market

-

-

-

-

-

-

0

6

Current accounts and cash

0.03

0.02

172,375

1,405,633

0.01

0.01

67,078

265,371

-1,245,559

7

Money market instruments other than those traded on a regulated market, as referred to in Art. 82(g)

of GEO no. 32/2012 - Repo contracts on securities

-

-

-

-

-

-

-

-

0

8

Equity securities of AIF/UCITS (RO: FIA/OPCVM) of which:

15.73

14.82

-

979,177,979

14.08

13.23

-

857,655,582

-121,522,397

8.1

AIF shares

608,534,001

664,348,741

55,814,740

8.2

UCITS fund units

370,643,978

193,306,841

-177,337,137

9

Dividends or other rights receivable

-

-

-

1,710,509

0.03

0.03

-

1,685,512

-24,997

10

Other assets (amounts in transit, amounts with distributors, with brokers, etc.).

1.43

-0.41

1.35

-0.39

-

-

89,071,626

25,620,175

0.31

-0.42

0.29

-0.40

-

-

19,112,345

25,620,175

-69,959,281

0

10.1

Loans granted to subsidiaries

11

Membership units in LLC

0

II Total liabilities

6.20

5.83

-

385,5G8,235

6.44

6.05

-

3G2,224,003

6,625,76G

1

Expenses for the payment of fees due to AIFM

-

-

-

-

-

-

-

-

0

2

Expenses for the payment of fees due to depositary bank

-

-

-

-

-

-

-

-

0

3

Expenses for the payment of fees due to intermediaries

-

-

-

-

-

-

-

-

0

4

Expenses on turnover fees and other banking services

-

-

-

-

-

-

-

-

0

5

Interest expenses

-

-

-

-

-

-

-

-

0

6

Issuance expenses

-

-

-

-

-

-

-

-

0

7

Expenses with the payment of commissions/fees due to ASF

-

-

-

-

-

-

-

-

0

8

Financial audit costs

-

-

-

-

-

-

-

-

0

9

Other approved expenses / liabilities

6.20

5.83

-

385,598,235

6.44

6.05

-

392,224,003

6,625,769

10

Redemptions payable

-

-

-

-

-

-

-

-

0

11

Other liabilities

-

-

-

-

-

-

-

-

0

III Net Asset Value (I-II)

100.00

G4.17

106,54G,344

6,118,128,10G

100.00

G3.G5

106,787,3G5

5,G85,545,517

-132,344,540

Table 2

Statement of net asset value per share 31.03.2026

RON

ITEM

Current period

Corresponding period of the previous year

Differences

Net Asset Value

6,0G2,332,G12

4,5GG,G32,810

1,4G2,400,102

Number of fund units / shares outstanding, of which held by

497,798,751

506,010,056

-8,211,305

`- individuals

212,278,247

206,335,843

5,942,404

`- legal entities

285,520,504

299,674,213

-14,153,709

Net asset value per share

12.2385

G.0G06

3.1480

Number of investors, of which:

5,731,888

5,734,575

-2,687

`- individuals

5,731,774

5,734,458

-2,684

`- legal entities

114

117

-3

Table 3

DETAILED STATEMENT OF INVESTMENTS AS OF 31.03.2026

I. Securities admited or traded in a trading venue in Romania

  1. Shares traded in the last 30 trading days (business days)

    No.

    Issuer

    Symbol

    Date of last trading session

    No. of shares held

    Nominal value

    Value of share

    Total value

    Stake of issuer's share capital

    Weight in AIFRI total assets

    RON

    RON

    RON

    %

    %

    1

    BANCA TRANSILVANIA

    TLV

    31.03.2026

    57,181,651

    10.00

    35.8000

    2,047,103,106

    5.2445

    31.57

    2

    BIOFARM

    BIO

    31.03.2026

    362,096,587

    0.10

    1.2150

    439,947,353

    36.7471

    6.78

    3

    OMV PETROM

    SNP

    31.03.2026

    355,081,206

    0.10

    1.0010

    355,436,287

    0.5698

    5.48

    4

    BRD - GROUPE SOCIETE GENERALE

    BRD

    31.03.2026

    8,810,497

    1.00

    28.0000

    246,693,916

    1.2642

    3.80

    5

    VRANCART

    VNC

    30.03.2026

    1,534,275,712

    0.10

    0.0934

    143,301,352

    76.3277

    2.21

    6

    GRAND HOTEL BUCHAREST

    RCHI

    31.03.2026

    335,003,053

    0.10

    0.2200

    73,700,672

    40.1902

    1.14

    7

    BURSA DE VALORI BUCURESTI

    BVB

    31.03.2026

    451,700

    10.00

    47.2000

    21,320,240

    5.1016

    0.33

    8

    CONPET PH

    COTE

    31.03.2026

    227,176

    3.30

    79.0000

    17,946,904

    2.6240

    0.28

    9

    IMPACT DEVELOPER C CONTRACTOR

    IMP

    31.03.2026

    1,085,000

    5.00

    4.1900

    4,546,150

    0.9176

    0.07

    10

    SIFI CJ LOGISTIC

    CACU

    31.03.2026

    54,486

    2.50

    25.4000

    1,383,944

    5.5275

    0.02

    TOTAL

    3,351,37G,G24

    51.68

  2. Shares not traded in the last 30 trading days (working) or measured by valuation methods

No.

Issuer

Symbol

Date of last trading session

No. of shares held

Nominal value

Value of share

Total value

Stake of in issuer's share capital

Weight in AIFRI total assets

RON

RON

RON

%

%

1

SIF IMOBILIARE

SIFI

28.07.2025

4,499,961

4.47

108.6376

488,864,963

99.9997

7.54

2

IAMU

IAMU

31.03.2026

9,170,588

2.50

6.7959

62,322,399

96.5310

0.96

3

SIF HOTELURI

CAOR

31.03.2026

31,820,906

0.20

0.5153

16,397,313

98.9997

0.25

4

PRIMACONSTRUCT

PCTM

10.06.2025

90,685

2.50

56.5513

5,128,355

15.6969

0.08

5

ICSH

ICSH

09.10.2015

84,500

2.50

0

1.2891

-

6

TALC DOLOMITA

TALD

27.06.2025

167,108

2.50

0

7.8944

-

TOTAL

572,713,030

8.83

3. Shares not traded in the last 30 trading days (working days) for which the financial statements are not obtained within G0 days from the legal date of submission

Not the case

4. Preference rights / allocation rights

Not the case

  1. Securities admitted to trading issued or guaranteed by authorities of local public administration / corporate bonds

    No..

    Issuer

    Bond symbol

    Date of last trading session

    No. of securities held

    Date of acquisition

    Date of coupon

    Date of coupon maturity

    Initial value

    Daily increase

    Cummulative interest

    Discount / Premium

    Market price

    Total value

    Weight in total issued securities

    Weight in AIFRI total assets

    RON

    RON

    RON

    RON

    RON

    RON

    %

    %

  2. Securities admitted to trading issued or guaranteed by central government authorities

Series

Date of last trading session

No. of securities held

Date of acquisition

Date of coupon

Date of

coupon maturity

Initial value

Daily increase

Cummulative interest

Cummulative

Discount / Premium

Total value

Intermediary Bank

Pweight in total issued securities

Weight in AIFRI total assets

1

ROHRVN7NLNO2

-

10,000

20/03/2026

22.04.2025

22/04/2026

50,000,000

6,643.84

2,285,479.45

23,129.71

52,245,002.45

M.F.P

0.81

2

ROHRVN7NLNO2

-

16,000

20/03/2026

22.04.2025

22/04/2026

80,000,000

10,630.14

3,656,767.12

36,734.74

83,592,481.33

M.F.P

1.29

3

ROHRVN7NLNO2

-

20,000

20/03/2026

22.04.2025

22/04/2026

100,000,000

13,287.67

4,570,958.90

46,259.43

104,490,004.90

M.F.P

1.61

4

ROHRVN7NLNO2

-

10,000

30/03/2026

22.04.2025

22/04/2026

50,000,000

6,643.84

2,285,479.45

3,597.91

52,247,701.42

M.F.P

0.81

TOTAL

2G2,575,1G0.10

2.42

7. Other securities admited to trading on a regulated market

Not the case

8. Amounts being settled for securities admitted or traded in a trading venue in Romania

Issuer

Type of security

Symbol

Valuer per unit

No. of. traded securities

Total value

Stake of issuer's

share capital/total bonds of a issuer

Weight in AIFRI total assets

RON

RON

%

%

TOTAL

II. Securities admitted or traded in a trading venue in a Member State

  1. Shares traded in the last 30 trading days (business days)

    Issuer

    ISIN code

    Date of last trading session

    No. of shares held

    Nominal value*

    Value of share

    NBR currency rate EUR/RON

    Total value

    Stake in issuer's share capital

    Weight in AIFRI total assets

    foreign currency

    foreign currency

    RON

    RON

    %

    %

  2. Bonds admitted to trading issued or guaranteed by authorities of local public administration , corporate bonds

    Issuer

    ISIN code

    Date of last trading session

    No. of bonds held

    No. Of bonds held

    Date of purchase

    Date of coupon

    Initial value

    Daily growth

    Accumulated interest

    EUR

    EUR

    EUR

    SNGN ROMGAZ

    XS2914558593

    -

    250

    30.09.2024

    07.10.2025

    06.10.2026

    249,717.50

    32.53

    5,726.03

    TOTAL

    3. Bonds admitted to trading issued or guaranteed by central government authorities

    Not the case

    4. Other securities admitted to trading on a regulated market of a Member State

    Not the case

    5. Amounts under settlement for securities admitted or traded in a trading venue in a Member State

    Not the case

    III. Securities admitted or traded on a stock exchange in a third country

    1. Shares traded during last 30 trading days (business days)

    2. Bonds admitted to trading issued or guaranteed by authorities of local public administration, corporate bonds, traded during last 30 days

    3. Othes securities admitted to trading on a regulated market in a third country

    4. Amounts under settlement for securities admitted or traded on a stock exchange in a third country

    Not the case

    IV. Money market instruments admitted or traded in a trading venue in Romania

    Amounts under settlement for money market instruments admitted or traded in a trading venue in Romania

    Not the case

    V. Money market instruments admitted or traded in a trading venue in another Member State

    Amounts under settlement for money market instruments admitted or traded in a trading venue in another Member State

    Not the case

    VI. Money market instruments admitted or traded on a stock exchange in a third country

    Amounts under settlement for money market instruments admitted or traded on a stock exchange in a third country

    Not the case

    VII. Newly issued securities

    1. Newly issued shares

    2. Newly issued bonds

    Issuer

    No. of bonds held

    Date of acquisition

    3. Preference rights (after registration to central dpository, before admitted to trading)

    Not the case

    1. Other securities and money market instruments

      1. Other securities

        1. Shares not admitted to trading

          Nr. crt.

          Issuer

          No. of shares held

          Nominal value

          Value of share

          Total value

          Stake in issuer's share capital

          Weight in AIFRI total assets

          RON

          RON

          RON

          %

          %

          1

          SIF 1 IMGB

          199,993

          2.50

          1662.57

          332,502,762

          100.00

          5.13

          2

          SAI MUNTENIA INVEST

          119,976

          10.00

          1102.77

          132,305,658

          99.98

          2.04

          3

          SIF SPV TWO

          119,988

          1.00

          1060.76

          127,278,627

          99.99

          1.96

          4

          SIF SPV THREE

          149,850

          408.00

          495.41

          74,237,174

          99.90

          1.14

          5

          ADMINISTRARE IMOBILIARE

          16,049,741

          2.50

          3.72

          59,711,456

          97.40

          0.92

          6

          NAPOMAR

          10,256,241

          1.50

          1.98

          20,323,767

          99.43

          0.31

          7

          EXIM BANCA ROMANEASCA

          414,740

          6.00

          9.36

          3,882,340

          0.12

          0.06

          8

          DEPOZITARUL CENTRAL

          9,878,329

          0.10

          0.19

          1,851,199

          3.91

          0.03

          9

          CCP.RO BUCHAREST

          234,434

          10.00

          6.95

          1,628,660

          1.61

          0.03

          10

          SPUMOTIM

          12,398

          2.50

          26.86

          333,014

          3.99

          0.01

          11

          APRO HOREA

          8,220

          2.50

          19.62

          161,257

          13.54

          0.00

          12

          SIF SPV FOUR

          149,850

          1.00

          0.72

          107,727

          99.90

          0.00

          TOTAL

          754,323,640

          11.63

        2. Shares traded under systems other than regulated markets

          Not the case

        3. Shares not admitted to trading valued at zero value (no updated financial statements submitted to the Trade Register)

          Issuer

          No. of shares held

          Nominal value

          Valuer per unit

          Total value

          Stake of issuer's share

          capital/total bonds of a issuer

          Weight in AIFRI total assets

          TOTAL

        4. Securities not admitted to trading

          1. Govt. Securities

            Issuer

            No. of securities held

            Date of acquisition

            Date of coupon

            Date of coupon maturity

            Initial value

            Daily growth

            RON

            RON

            M.F.P-ROGSHSTVFMX2

            20,000

            30.03.2026

            30.03.2026

            24.06.2026

            100,000,000

            8,904

            TOTAL

          2. Corporate bonds

            Issuer

            No. of securities held

            Date of acquisition

            Date of coupon

            Date of coupon maturity

            Initial value

            Daily growth

            EUR

            EUR

            SIFI TM Agro

            110

            07.05.2025

            07.02.2026

            06.05.2026

            11,000,000.00

            4,583.33

            TOTAL

        5. Amounts being settled for shares traded on a other systems than regulated market

        Not the case

        VIII.2. Other money market instruments mentioned

        1. Commercial papers

        Not the case

    2. Current accounts and cash
      1. Current accounts and cash, in RON

        No.

        Bank name

        1

        Banca TRANSILVANIA

        173,966

        0.00

        2

        CEC Bank

        5,288

        0.00

        3

        Exim Banca Românească

        3,480

        0.00

        4

        BRD-G.S.G

        1,930

        0.00

        5

        Unicredit Bank

        942

        0.00

        6

        Banca Comercială Română

        77,578

        0.00

        7

        Lion Capital - cash on hand

        2,188

        0.00

        TOTAL 265,371 0.00

      2. Current accounts and cash, demominated in EURO

        No.

        Bank name

        Present value

        NBR exchange rate

        Present value in RON

        Weight in total assets of AIFRI

        foreign currency

        %

        1

        Banca Comerciala Română

        4,731.48

        5.0988

        24,125

        0.00

        2

        Banca Transilvania

        5,482.26

        5.0988

        27,953

        0.00

        3

        Exim Banca Românească - current account

        1,264.82

        5.0988

        6,449

        0.00

        4

        CEC Bank - current account

        1,013.57

        5.0988

        5,168

        0.00

        5

        BRD G.S.G.

        5.86

        5.0988

        30

        0.00

        TOTAL 63,725 0.00

      3. Current accounts and cash, denominated in USD

        No.

        Bank name

        Present value

        NBR exchange rate

        Present value in RON

        Weight in total assets of AIFRI

        foreign currency

        %

        1

        Banca TRANSILVANIA

        303.49

        4.4463

        1,349

        0.00

        2

        Banca Comercială Română

        134.92

        4.4463

        600

        0.00

        TOTAL 1,G4G 0.00

      4. Current accounts and cash, denominated in GBP

      No.

      Bank name

      Present value

      NBR exchange rate

      Present value in RON

      Weight in total assets of AIFRI

      1

      Banca TRANSILVANIA

      239.00

      5.8749

      1,404

      0.00

      TOTAL 1,404 0.00

    3. Bank deposits by separate categories: set up at credit institutions in Romania / in another Member State / in a third country

  1. Bank deposits denominated in RON

    Nr. crt.

    Denumire bancă

    Set up date

    Maturity date

    Initial value

    Daily increase

    Accrued interest

    Total value

    Weight in total assets

    of AIFRI

    RON

    RON

    RON

    RON

    %

    Banca Transilvania

    1

    31/03/2026

    01/04/2026

    8,000,000

    1,111.11

    1,111.11

    8,001,111

    0.12

    2

    26/03/2026

    09/04/2026

    30,000,000

    4,583.33

    27,500.00

    30,027,500

    0.46

    3

    26/03/2026

    09/04/2026

    5,000,000

    763.89

    4,583.33

    5,004,583

    0.08

    4

    26/03/2026

    09/04/2026

    10,000,000

    1,527.78

    9,166.67

    10,009,167

    0.15

    5

    26/03/2026

    09/04/2026

    25,000,000

    3,819.45

    22,916.67

    25,022,917

    0.39

    6

    26/03/2026

    16/04/2026

    10,000,000

    1,555.56

    9,333.33

    10,009,333

    0.15

    7

    26/03/2026

    16/04/2026

    10,000,000

    1,555.56

    9,333.33

    10,009,333

    0.15

    8

    26/03/2026

    16/04/2026

    25,000,000

    3,888.89

    23,333.33

    25,023,333

    0.39

    9

    26/03/2026

    16/04/2026

    20,000,000

    3,111.11

    18,666.67

    20,018,667

    0.31

    10

    26/03/2026

    23/04/2026

    5,000,000

    791.67

    4,750.00

    5,004,750

    0.08

    11

    26/03/2026

    23/04/2026

    10,000,000

    1,583.33

    9,500.00

    10,009,500

    0.15

    12

    26/03/2026

    23/04/2026

    25,000,000

    3,958.33

    23,750.00

    25,023,750

    0.39

    13

    26/03/2026

    23/04/2026

    30,000,000

    4,750.00

    28,500.00

    30,028,500

    0.46

    14

    26/03/2026

    30/04/2026

    25,000,000

    3,993.06

    23,958.33

    25,023,958

    0.39

    15

    26/03/2026

    30/04/2026

    10,000,000

    1,597.22

    9,583.33

    10,009,583

    0.15

    16

    26/03/2026

    30/04/2026

    10,000,000

    1,597.22

    9,583.33

    10,009,583

    0.15

    17

    26/03/2026

    30/04/2026

    20,000,000

    3,194.45

    19,166.67

    20,019,167

    0.31

    18

    30/03/2026

    07/05/2026

    25,000,000

    3,993.06

    7,986.11

    25,007,986

    0.39

    19

    30/03/2026

    07/05/2026

    5,000,000

    798.61

    1,597.22

    5,001,597

    0.08

    20

    30/03/2026

    07/05/2026

    10,000,000

    1,597.22

    3,194.44

    10,003,194

    0.15

    21

    30/03/2026

    07/05/2026

    15,000,000

    2,395.84

    4,791.67

    15,004,792

    0.23

    Banca Comercială Română

    24

    30/03/2026

    01/04/2026

    6,900,000

    979.42

    1,958.83

    6,901,959

    0.11

    TOTAL 340,174,264 5.25

  2. Bank deposits denominated in EUR

    No.

    Bank name

    Set up date

    Maturity date

    Initial value

    Daily increase

    Accrued interest

    NBR exchange rate EUR/RON

    Total value

    Weight in total assets of AIFRI

    currency

    currency

    currency

    RON

    RON

    %

    BANCA TRANSILVANIA

    23/03/2026

    23/04/2026

    560,000

    118.97

    210.00

    5.0988

    2,856,399

    0.04

    BANCA CMERCIALĂ ROMÂNĂ

    17/03/2026

    17/04/2026

    20,100,000

    5,010.42

    14,740.00

    5.0988

    102,561,036

    ##################

    TOTAL 105,417,435 #### ############

    XI. Derivatives traded on a regulated market

    1. Futures contracts

    2. Options

    3. Amounts under settlement for derivatives traded on a regulated market

    Not the case

    XII. Derivatives traded outside regulated markets

    Not the case

    XIII. Money market instruments, other than those traded on a regulated market, as per art. 35 par (1) letter g) of Law

    Not the case

    XIV. Equity securities of UCITS/AIF

    1. Equity securities denominated in RON

    No.

    Fund name

    Date of last trading session

    No. of securities held (shares/fund units)

    Value of equity security(NAV/unit)

    Market price

    Total value

    Weight in UCITS/AIF's total equity securities

    Weight in total assets of AIFRI

    RON

    RON

    RON

    %

    %

    Shares

    1

    LONGSHIELD INVESTMENT GROUP

    31.03.2026

    111,711,577

    1.9150

    213,927,670

    18.8875

    3.30

    2

    Infinity Capital Investments

    31.03.2026

    69,225,000

    3.9200

    271,362,000

    17.7500

    4.18

    3

    FONDUL PROPRIETATEA

    31.03.2026

    339,127,028

    0.5280

    179,059,071

    10.5951

    2.76

    Fund units

    1

    Fondul Inchis de Investitii ACTIVE PLUS

    1,681.1327

    18,973.42

    31,896,837

    56.2074

    0.49

    2

    FIAIP OPTIM INVEST

    1,374.5400

    20,117.60

    27,652,446

    99.9215

    0.43

    3

    ROMANIA STRATEGY FUND Klasse B

    58,000.0000

    1,138.79

    66,049,820

    50.8772

    1.02

    4

    FIA MULTICAPITAL INVEST

    6,243.8000

    4,930.29

    30,783,745

    52.3843

    0.47

    5

    FIA STAR VALUE

    18,228.4900

    2,025.6200

    36,923,994

    39.3738

    0.57

    TOTAL

    857,655,582

    13.23

    2. Equity securities denominated in foreign currency

    Not the case

  3. Amounts under settlement for equity securities denominated in RON

Fund name

Market price

No. of securities traded

Total value

Weight in UCITS/AIF's total

equity securities

Weight in total assets of AIFRI

RON

RON

%

%

4. Amounts under settlement for equity securities denominated in foreign currency

Not the case

XV. Dividend or other receivable rights

1. Dividends receivable

No.

Issuer

Stock symbol

Ex-dividend date

No. of shares held

Gross dividend

Amount receivable

Weight in total assets

of AIFRI

RON

RON

%

TOTAL

2. Shares distributed without consideration in cash

Not the case

3. Shares distributed with consideration in cash

Issuer

Share symbol

Ex-dividend date

No. of shares held

Share value

Total value

Weight in total assets

of AIFRI

Bursa de Valori Bucuresti

ROSJRID43XL9

45993

35,710

47.2000

1,685,512

0.03

TOTAL

1,685,512

0.03

4. Amounts payable for shares distributed with consideration in cash

Not the case

5. Preference rights (prior to admission to trading and after the trading period)

Issuer of shares

Share symbol

Ex-dividend date

No. of preemtive rights

Theoretical value of preference rights

Total value

Weight in total assets of AIFRI

Bursa de Valori Bucuresti

ROSJRID43XL9

02.12.2025

451,700

0.0000

-

0.00

TOTAL

0

0

XVI. Membership units in Limited Liability Companies

Nr. crt.

Issuer

No. of units held

Date of purchase

Value of unit

Total value

Date of lastest evaluation

Stake in

issuer's share capital

Weight in AIFRI total assets

RON

RON

%

%

1

TRASAB 55 SRL

2,069,130

12.02.2026

12.38

25,620,175

31.12.2025

100.00

0.40

TOTAL

25,620,175

100

0.40

Evolution of the net asset value and net asset value per share in the last three reporting periods

31.03.2026

28.02.2026

31.01.2026

Net asset value

6,0G2,332,G12

6,222,G66,G44

5,810,288,GG7

Net asset value per share

12.2385

12.2884

11.4735

Explanatory note:

The valuation methods used for the financial instruments for which valuation methods have been chosen in accordance with the valuation standards in force, according to the law are the following:

For the companies: IAMU, NAPOMAR, SAI MUNTENIA INVEST, the income approach, discounted cash flow method was used;

For the companies: SIF 1 IMGB, ADMINISTRARE IMOBILIARE, SIF IMOBILIARE, SIF HOTELURI, SIF SPV TWO, SIF SPV THREE, SIF SPV FOUR the asset approach, the corrected Net Asset method was

Leverage and exposure value as per Regulation (EU) no. 231/2013

Method for calculating

Exposure value

Leverage

AIFRI exposure

(RON)

(%)

Gross method

6,007,100,305

98.60%

Commitment method

6,092,332,912

100%

Certification of Depositary Bank,

Banca Comercialã Românã

Lion Capital S.A.

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