Welcome to the Fondul Q1 2022 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question, simply press the star followed by number one on your keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Mr. Marius Dan, Deputy CEO, Corporate Strategy. Thank you. Good afternoon, morning, and welcome everyone to our conference call to discuss the first quarter results and the April 2022 net asset value development. Johan Meyer, CEO of Franklin Templeton International Services, Bucharest Branch, as Fund Manager, Fondul Proprietatea. Roberta Voda, the Lead Financial Reporting Analyst, and I am pleased to host today's call. The first quarter 2022 results report can be found on the fund's website in the financial results section, and the presentation we will be discussing was also sent out earlier today. The slides are available on our website at www.fondulproprietatea.ro, in the investor relations call section. After the presentation, we will have a 30-minute Q&A session, and as a reminder, the call is being recorded. The recording will be made available on the fund's website after the call. That being the agenda, I turn to Johan to start off with the presentation. Thanks, Marius, and hello to everyone. I'll start with slide two of the presentation, where we show the key facts about the fund. At the end of April, the fund's NAV was RON 15.96 billion, or $3.4 billion, and the NAV per share reached RON 2.5772 per share, or $0.551 per share. It's worth mentioning that this is a record high in terms of NAV per share, and the highest in terms of total NAV since March 2012, taking into consideration that we've distributed over RON 13 billion to shareholders between 2013 and 2021. During the fund's Annual Shareholder Meeting on April 20 this year, shareholders approved the distribution of RON 0.125 per share, which implies dividend yield based on the 13th of May closing share price of 6.04%. On the right-hand side, you can see the evolution of the fund's adjusted share price and the discount premium since the fund listing in January 2011. For Friday's close, the fund was trading at a discount of 11.8% for the shares, and 17.3% for the GDRs. Moving on to slide three, we present the fund shareholder structure at 30th of April, 2022. In April, two of the fund's shareholders submitted a new ownership disclosures. According to these disclosures, sent by the Ministry of Finance on the 1st of April and NN Group on 11th of April, the Ministry of Finance holds 5.97% of the total voting rights, and NN Group, 11.24%. Now, moving on to slide four. We show a summary of the net asset value, share price, and GDR performance since 2011, and the evolution of the fund's average annual discount on the Bucharest and London stock exchanges. The NAV total return in the first quarter of 2022 was 3.7%. The total return for the local shares was 9.2%, while the total return for the GDRs was 6.5%. Year- to- date, the NAV total return was 19.4%, the total return from local shares was 6.6%, and the total return for GDRs was 0.1%. Now, on slide five, we show the contributors to the fund's NAV performance in the first quarter of the year. No surprises there. The top performer was Hidroelectrica, following the update of the company's valuation report with the adjustment to the lack of marketability estimated by KPMG Romania, which is based on the company's shareholder approval in the 31st of March shareholder meeting approving the listing on a stock exchange. The detractors, the main bottom performers during the first few months were listed companies Petrom, Alro, and Romaero. Overall performance for the NAV was + 3.7%. Of course, the fund will continue to closely monitor the evolution of financial markets, and of course, the specific industries that the underlying holdings are operating in for each NAV reporting date. If necessary, an update of the multiple analysis will be prepared, and the valuation of the underlying holdings will be updated accordingly. In the next section, we'll give an update on the fund's portfolio. Moving on to slide seven, we show the portfolio structure as of the end of April. 87% in unlisted companies, 6% in listed equities, and 7% in net cash and receivables. The net cash and receivables position as of 30th April 2022 was $236 million. Please note that the gross dividend per share of RON 0.125 per share, approved by shareholders on 20 April 2022, is reflected in the April 2022 NAV as a liability. On slide eight, we present the top 10 portfolio companies as at 30 April 2022, representing almost 92% of the fund's NAV, with Hidroelectrica representing just over 71% of the fund's net asset value. On slide nine, we're providing some updates specifically on Hidroelectrica. According to the management, in the first three quarters of the year, the company registered compared to the same period of 2021, an increase of 65.7% in turnover to RON 2.35 million, an increase of 52% in EBITDA to RON 1.6 billion, and 70% increase in net profit of very close to RON 1.3 billion. During the period, total electricity sold was 3.35 TWh, which was a decline of 29% year-on-year, out of which the electricity sold out of its own production was 3.2 TWh, down 30% year-on-year, and this is due to worsening hydrology, i.e. d rought in the first quarter of the year. The average, as we realized, selling price for electricity was RON 655 per MWh, an increase of 134% year-on-year. At the end of March 2022, the company's cash and equivalents stood at around RON 4.85 billion. As mentioned earlier, on the 31st March shareholder meeting, the company shareholder approved the initiation of listing on the Bucharest Stock Exchange following a public offering of the shares held by Fondul Proprietatea. The approval allows the fund to explore, together with advisors to be appointed as part of the process, a wide array of options with regards to potential realization of all part of its holding in Hidroelectrica. Moving on to slide 10, we present the main updates from OMV Petrom, the fund's second largest holding. First quarter of the year, total revenues increased by 45% to compared to the first quarter of 2021, and this is brought about by higher price and volumes of petroleum products, and operating result was 243% higher compared to the first quarter of 2021. Other highlights on this slide is of course the draft law that was published and is currently in parliament under a fast track procedure with the aim of having it passed in the second quarter of this year, and hopefully has seen Petrom's final investment decision sometime early next year. If favorable, if the final investment decision is favorable, OMV Petrom is also the operator of the Neptun Deep project. Then of course, also worth noting that Romgaz signed on the 3rd of May, the contract for the acquisition of the ExxonMobil Romania shares, in other words, 50% of its stake in Neptun Deep project. Now moving on to slide 11, we present some updates on Enel and ENGIE. The key message here is following several ANRE, the energy regulator orders, approved in March 2022. There was an adjustment in the gas distribution tariffs for ENGIE, increase of 7.3% to the tariffs approved in 2021. Also, for the Enel distribution companies, regulated distribution tariffs were adjusted, an average increase of 7.9% starting with January 2022 versus January 2021, and increase of 21.7% starting with April 2022 versus January 2022. On slide 12, we also show key financials for the fund's top 10 portfolio holdings, including the 2021 figures approved or pending shareholders' approval. Now, moving on to the corporate action section, I'd like to pass on to Marius for his comments. Thanks. Thank you, Johan. On slide 14, we outlined the fund's distributions since we started managing the fund for 2022. The total estimated distribution as of the 13th of May is around RON 821 million. The amount includes the buybacks executed during the 13th buyback program, for which the daily repurchases have been put on hold starting with the 11th of March, following the submission for approval with the FSA of the tender offer documentation. The daily buybacks are restricted until the tender offer is closed. The 2022 amount also includes the estimation for the RON 12.5 per share gross dividend, which has been approved by shareholders and which will start on 27th of June for the fund's shareholders that are registered with the trade registry as of the 3rd of June. The total distributions made since 2010 will reach over RON 16 billion, so around $4.2 billion. On slide 15, we outline the latest updates for the fund's buyback program. During the Annual Shareholder Meeting, which was held on the 20th of April, the fund shareholders approved the cancellation of the shares bought back last year, and the process is currently ongoing. We'll notify the market when this has been completed. Moving on to slide 16, we present the main details of the 10th tender offer, which was approved by the local regulator, the Romanian FSA, last week. 325 million shares in the form of shares and GDRs out of the total of 800 million shares, which have been approved by shareholders to be repurchased during the current buyback program. The purchase price is RON 2.19 per share, and the dollar equivalent of RON 109.5 per share for each GDR repurchase. One important note on the pricing of the tender versus the current share price and the NAV. The 30th of April, NAV of RON 2.5772 is ex-dividend, whereas the share price is not and will not be ex-dividend until the 2nd of June this year, which means that the current headline discount to NAV is smaller than the actual discount, and the timing of the tender offer is even more important. If we were to adjust share price for the value of the dividend, then the current discount to NAV is around 24.5%. The subscription from 18th of May to the 24th of June 2022 for the tender offer period. Allocation method, of course, as always, pro rata, and then you have the intermediaries and the dealers, managers and the tender agent. On slide 17, we include the details of the fund's annual net dividend and dividend payout ratio for the top 10 portfolio companies as of the end of April, based on the numbers already approved or submitted for shareholders' approval by the portfolio companies. The total amount for the top 10 holdings is RON 658 million, and Hidroelectrica accounts for 85% of the total regular dividend. On slide 18, we show the summary of the total dividend income received from the portfolio companies in the last 10 years, the total dividends, regular and special, to be received this year so far it's around RON 857.2 million. That includes the special dividend of over RON 199 million from Hidroelectrica, and that brings Hidroelectrica's contribution to the total dividend income for the fund to 89%. Moving to slides 19 to 23, as mentioned on our previous call, we were considering to organize our Annual Investor Day in Bucharest, and the feedback that we have received from our shareholders and prospective investors has been very positive. Therefore, I'd like to take this opportunity today to invite you to join us in Bucharest on 14th and through the 16th of September. Please mark your calendars and make sure that you sign up as soon as possible after the registration opens in order for us to be able to make all the necessary arrangements. The agenda of the event is included in the slides. We will have a site visit to Hidroelectrica Iron Gate Power Plant on the 14th of September, an impressive asset. Keynote speeches and panel discussions during the first half of the day on September 15th, and then one-on-one and group meetings afterwards and end on the 16th of September. That being said, I'd like to turn it to Roberta Voda, Lead Financial Reporting Analyst, to comment on the fund's financial results. Roberta? Thank you, Marius. The statement of financial position presented on slide 25 shows a significant increase in the balance of cash and cash equivalents, including bank accounts and deposits, treasury bills, and government bonds compared to their balances as at the end of last year due to the cash inflows from the partial disposal of the fund's holding in OMV Petrom, which generated a cash inflow of around RON 978 million, and to the cash received on 1st February 2022 from the Ministry of Finance as payment of the unpaid shares held by the Romanian state in Fondul Proprietatea of around RON 189 million. The cash outflow related to the special dividend distribution paid to the shareholders in February 2022 determined decrease in cash and cash equivalents of around RON 320 million. The net increase in equity investment balance of around RON 821 million compared with 31 December 2021 was mainly due to the increase in the value of Hidroelectrica holding as a result of the update of the discount for lack of marketability using the valuation report for this holding. Based on the estimations prepared by KPMG Romania, considering the shareholders' approval for the listing of the company on the stock exchange. The value of listed portfolio decreased during the first quarter of 2022. The most significant decrease being recorded by OMV Petrom share price, which decreased by 5.8%, with a total impact on fund's portfolio of around RON 49 million. Other liabilities balance decreased by 78.2% compared to 31 December 2021, due to the payment in February 2022 of the special dividend distribution approved by the shareholders on 31 December 2021. On the next slide 26, we are presenting the statement of comprehensive income, where it can be noted that Fondul Proprietatea recorded a net profit for the first quarter of 2022 of around RON 826 million, which it was mainly generated by the unrealized gain from the change in the fair value of the holding Hidroelectrica in amount of around RON 883.5 million. By the realized gain recorded in relation with the receivable regarding the unpaid share capital from the Romanian state of around RON 189 million. By the loss of around RON 157 million recorded in relation with the partial disposal of the investment in OMV Petrom. I'll turn to you, Marius. Thank you. Thank you, Roberta. At this point, we would like to open it up for any questions. At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad, and we'll pause for just a moment to compile the Q&A roster. Again, if you would like to ask a question, press star, then the number one on your telephone keypad. Your first question comes from the line of Iuliana Ciopraga from WOOD & Company. Your line is now open. Hi. Two questions from my side regarding the analytical results for the first quarter. When I look at the windfall tax that was paid, it seems rather low given the average price realized in the first quarter. Can you comment a bit on this? I mean, they paid RON 300-something million. It's less than what would be here if we apply the formula, 80% of average price minus RON 450 multiplied with the volume. Secondly, what has been driving the latest increase in valuation for us today? Like, can you give us any sort of color on that? Thank you. Iuliana, a couple of quick points here. The reason why the windfall tax is relatively low is in the determination of the average price, the purchase price of the electricity is deducted. Also, in the supply business, on the sale to end consumers, the internal transfer price is considered not the full end price. There is internal adjustment that takes place in the calculation of the windfall tax. And we are. Can you? Sorry. We disclose all the numbers in the financial statements and then the quarterly report that we publish. I'm sorry. I missed what was deducted from the calculation. The purchase price that is of the electricity. The production costs. Did that apply retroactively as well? I mean, this is only from the Ordinance 27, which came into force in March. Did these changes apply retroactively? I mean, were they allowed to deduct this cost already in the first quarter? That's our interpretation and that's how the numbers were calculated, yes. Maybe we can confirm that, and maybe get back to you later in the call. Thank you. Yeah. The next question comes from the line of [James Burns]. Your line is now open. Johan, I wonder if you could just give some comment on the significant increase in the Hidroelectrica position, you know, I think twice in the last three months or something, and just how that is calculated in terms of the IPO process and just give us some more color on that. There are a couple of factors that we take into consideration of the adjustment. I think one of the material inputs is obviously an increase in the financial performance of the company, so that feeds directly into the EBITDA number that's used in the calculation of the EBITDA multiple. Secondly is the multiple itself that is compared to its peer group, that has continued to perform exceptionally well, considering what's happening in the global market context. Thirdly is the adjustment, or is an adjustment in the discount for lack of marketability that is applied to unlisted assets. Given the fact that we've received a shareholder approval for the listing of the company, there is an adjustment, a downwards adjustment in the discount that is applied for lack of marketability. Those three factors combined have led to the adjustments in the value for Hidroelectrica. I imagine the actual adjustment for lack of marketability has been the least biggest thing for you. It's probably been the multiple compared to peer group has been the big driver of that the last three months, basically. That is a significant component, yes. I'm confirming your statement. The adjustment for lack of marketability in itself is important, but combined with the other factors, then that helps to pave the way for the overall adjustment. Again, if you would like to ask a question, press star then number one on your telephone keypad. We have another question from the line of Iuliana Ciopraga from WOOD & Company. Your line is now open. Specifically regarding the end of April NAV and latest revaluation of Hidroelectrica, this 15% increase, I would assume there was no adjustment of a discount in that. Have you reflected the Q4 results? Can you give us any color on what was specifically the driver for the increase? Iuliana, that was primarily the performance, the financial performance in the first quarter that's taken into consideration. One more also regarding Hidroelectrica. They're allowed to sell at prices below the market right now to distribute the transmission and distribution operators. Any idea how much they plan to sell for this year? I don't know. I cannot comment on this. Hopefully it's not a lot. I think this is, look, obviously this is a very limited, small part of the business. We are, of course actively discouraging them from selling anything below the market. It's not something that we'd like to see. Thank you. There are no further questions at this time. I would like to turn the call back over to the presenters. All right. If there are no further questions, then, I would like to thank everyone for your time today. If you have any additional questions, please reach out to us. We hopefully look forward to seeing you in Bucharest in September. Bye bye. This concludes today's conference call. You may now disconnect.