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YOUR INVESTMENT, YOUR VOTE Defining the Mandate for Maximum Value Return Secure the Future Payouts: Respond to the Shareholder Mandate Questionnaire Today. The Board of Nominees of Fondul Proprietatea
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The Critical Window for Change Our reorganization has a single, uncompromising goal: putting shareholders first. And the clock is already ticking — we have just 150 days to select a new AIFM and define the strategy that will shape the Fund’s future. Urgent Deadline Power Stays With the Shareholders Fiscal Discipline The selection process and the strategy definition must run in parallel. Your response in this questionnaire is essential — it locks in the strategic direction before the new manager is appointed. The Board of Nominees (BoN), traditionally responsible for this process, will now rely directly on your views and your choices. We are operating under a strict budget cap of 1.5 million RON. This financial framework forces discipline — cutting out waste, avoiding unnecessary consultants or costly correspondence, and channeling every RON strictly toward legal compliance and real value creation.
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The Questionnaire – Your Direct Path to Influence Deadline:This short questionnaire is your direct vote on how Fondul Proprietatea (FP) will manage your capital over the next four years. • Digital-Only by Design: Because of the strict budget, the survey will be distributed exclusively via email and published on the official website. Please ensure your contact information is up to date. • Targeted Strategic Input: Direct meetings and calls will be held with the Top 10 institutional shareholders to secure critical alignment and gather qualitative strategic insights — complementing the broad survey. You have only TWO WEEKS (until mid- December 2025) to cast your vote. Your prompt response is critical — the entire process operates on a tight 150- day timeline.
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The Five Pillars: Where Your Vote Matters Most We need your decision on these five areas — they will shape the very foundation of the new manager’s contract. Fund Vision: The long-term direction on our portfolio. Investment Focus: Where Should We Focus Our Investments? Risk Tolerance: The fund‘s appetite for growth vs. stability. Payout Policy: The strategy for returning value to shareholders. AIFM Criteria: The qualities of our next manager.
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Setting Our Strategic Foundation Your decisions on vision, objectives, and risk tolerance will define the operating blueprint for the new AIFM. A hybrid model maximizes short-term liquidity while preserving long-term growth potential. Pilon Întrebarea cheie Avantajul acționarului de retail Fund Vision Do we liquidate everything, grow everything, or adopt a Hybrid Approach? New investments mean no capital returns. Liquidation means higher capital returns, but the Fund will eventually close.The hybrid model delivers steady returns from the profitability of strategic assets, while high-potential assets are optimized for future gains. Selecting the New Manager What kind of expertise should the future manager bring to the table? Your choice is between low fees, strong results, and high performance — or striking the optimal balance between them. Risk Tolerance Conservative, Balanced, or Aggressive? The risk tolerance expressed by shareholders defines the Fund’s overall appetite for risk — the balance between stability and accelerated growth.
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A Critical Priority: Reducing the NAV Discount Your most important vote defines the Fund’s future strategy. Historically, the gap between our share price and the Net Asset Value (NAV) has eroded shareholder value. The new mandate must place one goal above all else: closing this discount. How should we prioritize returning value to you? • Reinvest Profits • Pay Regular Dividends • Execute Aggressive Share Buybacks
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Aggressive buybacks are the proven tool for unlocking Net Asset Value Large-scale share buybacks are the most direct — and historically the most effective — mechanism for reducing the NAV discount. By purchasing shares on the open market, the Fund shrinks the share count, increases the value of the remaining shares, and creates buying pressure that pulls the market price closer to the true value of the underlying assets. Historically, the most effective way to shrink the gap between the share price and the Net Asset Value (NAV) has been accelerated value return — large-scale share buyback programs. Mandate for Aggressive Buybacks Fund buys its own shares Share price increases, closing the gap to NAV Your investment Value Maximized
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Your returns dictate how the manager gets paid Your vote in the Value-Return Policy section is a game changer. If you choose Accelerated Value Return (buybacks), the new AIFM’s contract will include two essential pillars: 1. Discount Reduction KPI The manager will have a contractually mandated Key Performance Indicator (KPI) to actively and demonstrably reduce the NAV disount. 2. Performance Fees Tied to Your Goals The manager‘s success fees will be linked not just to growing NAV, but specifically to their success in hitting the discount reduction and buyback targets you set. The consequence is clear: the manager earns their full bonus only if they deliver on your mandate — maximizing the value of your shares.
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Choosing a Trustworthy Manager The limited budget and tight timeline mean we cannot rely on lengthy, expensive external due-diligence processes — we must depend on strong internal verification and trustworthy partners instead. In this context, your preferences for Transparency, Communication, and Local Presence become essential. Your vote guides us to select a manager who is not just higher-performing, but also highly accountable. TRANSPARENCY • Transparency & Communication: A manager committed to high transparency and frequent reporting is easier for us (and you) to oversee, mitigating the risks of limited internal scrutiny. • Local Presence: A strong local presence in Romania ensures superior market knowledge, operational efficency, and easier oversight.
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The Path to Your New Fund Manager The success of this 150-day project depends on your participation. QUESTIONNAIRE LIVE! Your chance to mandate Aggressive Buybacks. Survey Closes Your input is immediately used to draft the binding mandate. EGM I: Strategy Approval Formal shareholder confirmation of the strategy you voted for (e.g., Gradual Liquidation Strategy, Hybrid Strategy, Growth Strategy). Early December 2025 16 December 2025 Q1 2026
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YOUR MANDATE REQUIRES YOUR VOTE. ACT NOW. We encourage you to act without delay. This questionnaire is not just a consultation — it is the strategic direction you are giving to the Board of Nominees and to the future manager of Fondul Proprietatea. 1 2 3 Find the official Questionnaire HERE >> LINK Visit the Website: The link will also be prominently displayed on the official FP website.. Vote by Mid-December: Ensure your mandate is counted. The future value of your investment is being decided in the next two weeks. We urge you to participate immediately.