Slides
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Fondul Proprietatea – H1 2026 Results Conference Call 17 August 2026
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1 Fund Information
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2 Key Facts Adjusted Share Price (RON) vs. Discount/Premium (%)Fund Details Source: FP July 2026 Factsheet, BVB and Bloomberg, NBR for the RON/USD FX rate, Fund Manager calculations. Notes: The discount/premium is calculated based on the latest published NAV available for the day of the calculation, according to the IPS. The USD values are calculated based on the NBR FX as at the day of the calculation. 1. Excluding Treasury shares repurchased as reported in the 31 December 2025 NAV. 2. Gross dividend distribution submitted for shareholders’ approval in the 29/30 September 2026 GSM. 3. Based on FP share price as at 14 August 2026. 31 July 2026 NAV RON USD Total NAV 2.67 bn 0.59 bn NAV/Share 0.9049 0.1985 Key trading figures as at 14 August 2026 Price/Share 0.6200 0.1366 Market Capitalization1 1.83 bn 0.40 bn (Discount)/Premium per Share (31.55)% Dividend Yield2 Dividend / share (RON) 0.0460 Dividend yield3 7.42% -64% -54% -44% -34% -24% -14% -4% 6% 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 1/11 5/12 8/13 12/14 3/16 7/17 11/18 2/20 6/21 9/22 1/24 4/25 8/26 Adjusted Share Price (RON) Discount / Premium (%)
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3 Shareholder structure 1. Note: Based on the paid share capital starting December 2011. Source: FP shareholder structure reports. The new value of the share capital (including voting rights), effective as of 13 August 2025, was registered with the Central Depository on 20 August 2025. 2. Source: Fund Manager current reports. Evolution (% Held)1 • On 12 March 2026, Lion Capital S.A. sent a disclosure of holdings over 10% of the total voting rights held in the Fund, thus, please note that as at 10 March 2026, the aforementioned shareholder held 10.548% of the total Fondul Proprietatea voting rights2. • On 2 April 2026, the shareholders Axor Holding D.D., Equinox D.D., Intus Invest D.O.O. and Matej Rigelnik, have sent a disclosure of holdings over 5% of the total voting rights held in the Fund, thus, please note that as at 31 March 2026, the aforementioned shareholders, by virtue of acting in concert, held 8.062% of the total Fondul Proprietatea voting rights2. 39% 6% 7% 10% 12% 12% 12% 12% 31% 36% 29% 21% 20% 21% 18% 18% 16% 19% 18% 21% 21% 23% 51% 47% 43% 43% 43% 6% 9% 9% 9% 11% 13% 14% 19% 17% 27% 33% 39% 37% 24% 16% 14% 21% 22% 23% 34% 35% 37% 30% 28% 22% 18% 13% 2% 2% 14% 43% 54% 55% 53% 25% 22% 20% 16% 17% 12% 15% 11% 3% 6% 13% 10% 9% 9% 10% 10% 6% 5% 6% 4% 3% 3% 3% 3% 3% 4% 3% 3% 5% 7% 6% 6% 6% 2% 2% 10% 10% 3% 8% 3% 18% 6% 12% 3% 9% 37% 10% 8% 8% 8% 8% 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22 12/23 12/24 12/25 3/26 6/26 7/26 Ministry of Finance Romanian Individuals Romanian legal entities The Bank of New York Mellon (depository bank for GDRs) Foreign legal entities Foreign Individuals Treasury Shares
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4 NAV, Share price and GDR Performance Source: BVB, Bloomberg, FP Factsheets. Note: The discount/premium is calculated based on the latest published NAV available for the day of the calculation. The Performance Inception date for the NAV is 31 December 2010, for the Share Price is 25 January 2011, and for the GDRs is 2 9 April 2015. 1. Dividend adjusted. 2. As at 31 July 2026. 3. As at 14 August 2026, calculated in accordance with the IPS. 4. The effective cancellation of trading and delisting of the GDRs from the Specialist Fund Segment of the Main Market of the Lo ndon Stock Exchange plc took place on 25 April 2025. Fondul Proprietatea did not hold any GDRs as at the delisting date. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 YTD2 Since Performance Inception2 NAV/ share (RON) (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% 13.9% 577.6% Share Price (RON) (30.3)% 38.3% 61.3% 14.5% (4.1)% 4.9% 21.5% 9.9% 49.1% 37.8% 48.5% 12.2% 45.0% (32.1)% 94.7% 13.6% 12.5% 1,519.9% GDR (USD) N/A N/A N/A N/A N/A 1.2% 35.9% (1.9)% 41.4% 48.5% 42.0% 3.9% 34.9% (36.7)% N/A4 N/A4 N/A4 N/A4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD3 Current3 Share Price (55.7)% (50.1)% (40.7)% (30.9)% (29.1)% (32.1)% (28.1)% (29.5)% (29.4)% (21.1)% (5.7)% (21.6)% (23.9)% (34.3)% (41.4)% (25.2)% (31.6)% GDR N/A N/A N/A N/A (29.6)% (30.0)% (27.0)% (29.8)% (30.7)% (21.7)% (7.6)% (22.4)% (24.5)% (34.7)% (48.7)%4 N/A4 N/A4 Cumulative Performance1 Average Discount to NAV
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5 Portfolio
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6 Portfolio Structure 76.2% 8.9% 3.9% 2.7% 8.3% 1. Source: FP July 2026 Factsheet. 2. Source: 31 July 2026 NAV report, based on the NBR RON/USD FX rate as at 31 July 2026. Listed vs Unlisted (% of NAV as at 31 July 2026)1 By Sector (% of NAV as at 31 July 2026)1 87.3% 4.4% 8.3% OthersInfrastructure Net Cash & ReceivablesSalt Mining • As at 31 July 2026, the portfolio included stakes in 23 companies (5 listed and 18 unlisted). • The net cash and receivables as at 31 July 2026 was USD 48.5 million2. Unlisted Listed Net Cash & receivables Aluminium
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7 Largest Holdings by NAV Source: FP July 2026 Factsheet. Note: Values in USD calculated using the NBR RON/USD FX rate as at 31 July 2026. 1. Based on the FP 30 June 2026 Detailed Statement of Investments. Portfolio Company Status Majority Shareholder % FP Stake1 NAV as at 31 July 2026 (USD mn) % in NAV as at 31 July 2026 Bucharest Airports Unlisted Romanian State 20.0% 350.4 59.9% Constanta Port Unlisted Romanian State 20.0% 89.0 15.2% Salrom Unlisted Romanian State 49.0% 52.0 8.9% Alro SA Listed Vimetco PLC 10.2% 22.7 3.9% Zirom SA Unlisted Fondul Proprietatea 100.0% 6.9 1.2% Top Portfolio Holdings 520.9 89.0% Net Cash and Receivables 48.5 8.3% Total NAV 585.3 NAV Per Share (USD) 0.1985
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8 Overview of NAV evolution during H1 2026 Portfolio Company Value in NAV as at 30 June 2025 (RON mn) Value in NAV as at 31 December 2025 (RON mn) Value in NAV as at 30 June 2026 (RON mn) 30 Jun 2026 vs. 31 Dec 2025 (%) 30 Jun 2026 vs. 30 Jun 2025 (%) Bucharest Airports 1,063.3 1,366.5 1,597.6 16.9% 50.2% Constanta Port 358.2 361.6 405.9 12.3% 13.3% Salrom 260.6 259.9 237.0 (8.8)% (9.1)% Other holdings 204.3 214.1 206.3 (3.6)% 1.0% Total Equity Portfolio 1,886.3 2,202.1 2,446.8 11.1% 29.7% 1. 30 June 2025, 31 December 2025, 30 June 2026 NAV reports.
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9 Bucharest Airports – Update Source: Individual IFRS financial statements / Budgeted figures based on company’s budgets as approved by shareholders. * %y.o.y. vs. actual. Financial performance 2019 2020 2021 2022 2023 2024 2025 % y.o.y. H1 2025 H1 2026 % y.o.y. Budget 2025 Budget 2026 % y.o.y. Operating revenues (RON mn) 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% Operating result (RON mn) 399.0 (175.3) 40.8 345.8 499.7 663.8 812.6 22.4% 392.4 397.9 1.4% 635.2 794.7 25.1% Net Income / Loss (RON mn) 359.6 (146.4) 34.0 304.0 453.3 608.8 789.7 29.7% 356.6 373.6 4.8% 541.8 755.0 39.4% Dividends (RON mn) 183.5 - - 157.4 401.8 515.1 580.8 12.8% N/A N/A N/A 501.2 695.4 38.7% Number of passengers (mn) 14.73 4.47 6.92 12.61 14.70 16.10 17.70 10.6% 8.01 8.46 5.0% N/A 19.68 11.0%* • Financials: Traffic reached 8.5 million passengers in H1 2026, 5% higher y.o.y., while revenue growth continued to outperform it. Profitability improved in line with the traffic trend. • New Terminal Project: Given the capacity constraints of the current infrastructure at Henri Coanda International Airport, the most important mid-term development project would be the construction of a second terminal in this location. The public tender for consultancy services - referring to design services for studies, concept, detailed design, and technical assistance for airport infrastructure - was awarded to a consortium led by Leviatan Group. The contract envisages 2 years for the design phase, 3.5 years for technical assistance during the execution phase, and 5 years of technical assistance for the guarantee period. According to the tender documentation, the new terminal could have a surface of 176.000 sqm, almost twice the surface of the existing terminal, and could double the passenger processing capacity of Henri Coanda airport. • GSM for approving the repurchase of the minority stake held by the Fund in CNAB: On 9 January 2026, shareholders approved the intention by an 80% majority. CNAB launched in mid-July the public tender to select its own advisor for this potential transaction, and offers are to be submitted by late-August. The Fund Manager is treating this potential transaction with appropriate diligence, including by selecting advisors specifically suited to such a process. • Share capital increase: On 8 July 2025, the Ministry of Transport approved within a GSM, the Resolution no. 8/8 July 2025, to restart the valuation process for the share capital increase with the value of the lands at Baneasa Airport. The Fund challenged this GSM decision in court, before Ilfov Tribunal and the next hearing was set by the court for 8 October 2026. • Corporate Governance: Board members were appointed in July 2024 for 4-year mandates. However, Fondul Proprietatea challenged the legality of these appointments in Court due to irregularities in the selection process and outcomes, which in the Sole Director’s view go against the provisions of GEO no. 109/2011. The next court hearing is scheduled for 28 October 2026.
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10 Constanta Port – Update Source: Financial statements in accordance with applicable Romanian accounting regulations / Budgeted figures based on compan y’s budgets as approved by shareholders. The 2026 Budget is subject to shareholders approval on 20 August 2026. Financial performance 2019 2020 2021 2022 2023 2024 2025 % y.o.y. H1 2025 H1 2026 % y.o.y. Budget 2025 Budget 2026 % y.o.y. Operating revenues (RON mn) 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% Operating profit (RON mn) 117.0 145.9 140.6 131.5 195.9 242.7 75.9 (68.7)% 76.2 69.3 (9.1)% 81.4 77.8 (4.4)% Net Income (RON mn) 108.2 130.3 130.5 114.5 195.4 256.3 118.2 (53.9)% 87.5 85.1 (2.7)% 101.5 103.2 1.7% Dividends (RON mn) 27.5 33.5 33.4 28.6 - - 26.3 100.0% N/A N/A N/A 26.3 26.5 0.8% Total traffic (mn tons) 66.6 60.4 67.5 75.6 92.5 77.5 67.6 (13.0)% 31.10 30.79 (1.0)% N/A N/A N/A • Financials: Traffic declined to 30.8 million tons in H1 2026, down by 1% y.o.y, mainly due to weaker volumes of cereals. In H1 2026, the reported operating profitability dropped y.o.y., impacted by declining traffic volumes, while operating revenues increased mainly due to pass-through items from the power supply business. • Profit distribution: The 2025 financial statements were approved on 5 August 2026. Also, shareholders approved a regular dividend distribution of RON 26.3 million from the 2025 profit (of which approximately RON 5.3 million would be attributable to the Fund), and an additional dividend of RON 105.2 million from undistributed earnings generated in 2023 and 2024 (of which approximately RON 21.04 million would be attributable to the Fund), given that the company did not distribute any dividends during that period. The special dividend distribution was included on the GSM agenda as a Fund’s proposal. • Giurgiulești Port: The Ministry of Transport approved the purchase price and share purchase agreement for the acquisition of 100% of ICS Danube Logistics (Giurgiulești Port, Republic of Moldova) during the February 2026 GSM. The transaction was closed in April 2026. • Share capital increase: At the same time, the EGSM of 30 March 2026 approved a share capital increase for a total value of RON 281.6 million. The Fund Manager exercised its pre-emption right in the context of the cash share capital increase approved by Resolution no. 1/30.03.2026 of CNAPM’s EGSM, for the purpose of maintaining the Fund’s existing shareholding percentage in CNAPM’s share capital. The company called another EGSM on 20 August 2026 to finalize the legal procedures for this share capital increase. The Fund has challenged in court the necessity of a share capital increase in cash, given the company’s large net cash position. • Corporate Governance: The selection process for full 4-year Board mandates was completed, and new members were appointed on 30 January 2026. Fondul Proprietatea appointed one member through cumulative voting, Mr. Catalin Diaconu. Mr Mihai Teodorescu was appointed CEO in June for a full 4-year mandate, after he previously held interim mandates in the same position. The selection process for the CFO position was still ongoing at the end of the reporting period.
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11 Salrom – Update Source: IFRS financial statements / Budgeted figures based on company’s budgets as approved by shareholders. Financial performance 2019 2020 2021 2022 2023 2024 2025 % y.o.y. H1 2025 H1 2026 % y.o.y. Budget 2025 Budget 2026 % y.o.y. Operating revenues (RON mn) 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)% Operating profit (RON mn) 84.6 15.8 70.1 134.4 140.8 119.2 71.4 (40.1)% 12.9 70.7 448.1% 84.6 11.1 (86.9)% Net Income (RON mn) 77.0 11.5 60.2 120.7 130.6 111.3 66.9 (39.9)% 15.6 64.5 313.5% 77.4 17.7 (77.1)% Dividends (RON mn) 40.4 11.5 59.9 114.3 130.1 106.1 66.1 (37.7)% N/A N/A N/A 77.4 9.8 (87.3)% • Financials: H1 2026 results reflect a significant improvement y.o.y., with operating revenues up 9.1%, from RON 236.2 million in H1 2025 to RON 257.8 million in H1 2026. Net profit recorded a significant increase of 313.5%, rising from RON 15.6 million to RON 64.5 million. • The company’s budget for 2026 reflects a conservative top-line approach and lower reported profitability, driven by material non-recurring expenditures (approximately RON 48.3 million) mainly comprising hydrological works at Praid and Slanic, graphite and salt perimeter studies, and mine development costs, alongside compensatory payments related to personnel restructuring (approximately RON 7.3 million) covering approx. 116 full-time employees. • Salrom announced the submission of the GRAPH SECURE project under the call for projects launched by the European Commission’s Innovation Fund, aiming to secure a EUR 21.4 mn grant for the development of the first industrial facility in the European Union to apply HPSA technology—a technology that significantly reduces carbon footprint, water consumption, and waste generation across the entire process—for the extraction and primary processing of natural graphite at Baia de Fier, Gorj County. The project builds on Salrom’s portfolio of initiatives previously submitted under the European Commission’s Critical Raw Materials Act project calls, covering graphite extraction, battery-grade processing, and the circular valorisation of mining residues, which together form an integrated value chain. According to management, the European Commission is expected to complete the evaluation by September 2026 and communicate results in October–November 2026. • Corporate Governance: Currently the company has interim Board members starting October 2025. Fondul Proprietatea proposed two members through cumulative vote, respectively Mr. Voicu Cheta and Mrs Luiza Haschka. The selection process for full mandates as per the requirements of GEO no. 109/2011 was approved and initiated during the 27 January 2026 GSM. However, as at the reporting date, the announcement for the initiation of the recruitment process has not yet been published.
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12 Largest Holdings by NAV – Key financials Note: EBITDA = Operational result adjusted for Depreciation and Amortization revenues/expenses from revaluation of tangible a ssets, provisions, impairment of tangible assets, and subsidies. For Constanta Port, EBITDA for FY 2024 was restated. For Salrom, Reported EBITDA for FY 2025 of RON 70.8 mn was adjusted with Praid incident related revenues and expenses (namely: Praid State aid revenues of RON 76.5 mn, calamity expenses of RON 48.1 mn and hydrological expenses of RON 36.5 mn). Source: Companies’ annual individual financial statements, except for Alro where consolidated is displayed, Fund Manager calc ulations. 1. As at 31 July 2026. Source: FP July 2026 Factsheet. 2. Weighted for the Fund’s stake in the companies. Top Holdings1 EBITDA (RON mn) Net Profit (RON mn) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Bucharest Airports 160.9 477.3 602.3 820.7 981.6 34.0 304.0 453.3 608.8 789.7 Constanta Port 183.1 197.7 232.6 228.2 233.0 130.5 114.5 195.4 256.3 118.2 Salrom 87.1 154.7 154.2 134.1 79.0 60.2 120.7 130.6 111.3 66.9 Alro SA 386.2 863.8 (164.3) 344.6 219.1 26.3 409.5 (561.7) 10.3 (47.0) Zirom SA (2.8) 6.5 5.5 6.4 7.0 (8.2) 1.5 0.6 0.9 1.7 Total 814.5 1,700.0 830.3 1,534.0 1,519.7 242.8 950.2 218.2 987.6 929.5 Weighted Total2 148.1 305.4 231.3 317.0 311.0 56.9 186.1 137.0 229.5 211.3
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13 Corporate Actions
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14 Distributions to Shareholders The total distributions through buy-backs and cash would amount to RON 29.3 bn / USD 7.1 bn3 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 11,266.8 428.8 281.0 135.6 Source: Fund Manager calculations, Fund Manager annual results reports, Fund Manager current reports. Note: Values exclude related acquisition fees. USD values based on the NBR average USD/RON FX for each year. For 2026, averag e RON / USD FX up to 31 July. 1. Based on the total annual distributions through buy -backs and cash, the average closing share price on BVB for the respective ye ar, and the average number of paid shares excluding Treasury shares up to year-end. For 2026: average closing share price up to 31 July and average number of paid shares excluding Treasury shares as rep orted in the 31 December 2025 NAV. 2. Estimated amounts based on the proposed dividend distribution of RON 0.04600 per share submitted for shareholders’ approval d uring the 29/30 September 2026 GSM. The yield is based on the average number of paid shares excluding Treasury shares as reported in the 31 December 2025 NAV. 3. As at 31 July 2026, average NBR RON/USD FX up to 31 July 2026. 1,124.3 432.7 507.7 536.4 601.3 534.3 516.9 924.0 500.0 642.3 418.0 1,191.9 774.3 9,450.1 212.5 163.1 135.6 120.0 362.6 344.7 389.3 189.5 236.6 249.1 257.5 252.4 328.1 445.8 269.7 38.3 62.1 0.0 600.0 832.5 484.4 583.1 1,121.5 181.5 812.6 711.5 1,547.0 178.1 55.8 0.0 8.1% 7.5% 17.5% 18.3% 10.5% 15.5% 21.9% 25.4% 14.8% 18.3% 14.7% 17.0% 159.8% 29.6% 22.7% 7.6% -80.00% -30.00% 20.00% 70.00% 120.00% 170.00% 220.00% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026² Gross Distributions Buy-backs Tender offer Distribution Yield (%)¹ Annual Distributions to Shareholders (RON mn)
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15 Buy – back programs Source: Fund Manager current reports, Fund Manager calculations. 1. As at 31 December 2025. Based on 252,097,337 shares repurchased (251,650,337 ordinary shares and 447,000 equivalent shares of the GDRs repurchased). The effective cancellation of trading and delisting of the GDRs from the Specialist Fund Segment of the Main Market of the London Stock Exchange plc took place on 25 April 2025. Fondul Proprietatea did not hold any GDRs as at the delisting date. Program Period Status No. of shares (to be) repurchased / % of the Fund’s issued share capital Average share price (RON / share) Broker Cancellation of shares 16th FY 2025 Finalized 0.25 bn / 7.88% 0.46761 Auerbach Grayson, Swiss Capital Ongoing - Approved by shareholders during the 23 July 2026 GSM During the 26 February 2026 GSM, the Sole Director proposed the approval of Buy-back program no. 17 for a maximum number of 294,868,717 shares, to be implemented during 2026. However, the proposal did not receive the approval of the shareholders.
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16 Annual dividend income – Largest Holdings by NAV Source: Companies’ GSM decisions for approving the annual dividend payments. Note: Annual regular dividends, i.e., excluding special dividends, distributed out of the net profit recorded during the ment ioned financial year. The annual regular dividends are distributed based on the individual financial statements. 1. Source: FP July 2026 Factsheet. *Please note that the Fund is entitled to receive a special dividend of RON 21.04 million from Constanta Port, representing a distribution of retained earnings from prior years , according to the 5 August 2026 GSM resolution. Top Holdings1 Dividend Payout (%) Net dividends received by FP from the net profit of its portfolio companies for the referenced FY (RON mn) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Bucharest Airports 0 51.8 88.7 84.6 73.6 0.0 31.5 80.4 103.0 116.2 Constanta Port 25.2 25.0 0 0 22.2 6.7 5.7 0.0 0.0 5.3* Salrom 99.5 94.7 99.6 95.3 98.8 29.3 56.0 63.7 52.0 32.4 Alro SA 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 Zirom SA 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 Total Top Holdings (RON mn) 36.0 93.2 144.1 155.0 153.9
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17 Total dividend income from portfolio companies FP Net Dividend 2017 2018 2019 2020 2021 2022 2023 2024 2025 20265 Total Dividends from Listed Companies (RON mn) 162.5 232.1 223.0 200.2 117.0 127.7 0.9 0.5 0.2 0.3 Total Dividends from Unlisted Companies (RON mn) 575.3 533.9 710.0 1,007.9 532.0 800.5 954.9 145.3 155.4 148.8 Total Annual Dividend Income (RON mn) 552.4 566.5 673.7 525.0 398.1 656.2 875.4 145.8 155.6 149.1 Total Special Dividend Income (RON mn) 185.4 199.5 259.3 683.1 250.9 272.0 80.4 - - - Total Dividends (RON mn) 737.8 766.0 933.0 1,208.1 649.0 928.2 955.8 145.8 155.6 149.16 Dividend / Distribution per Share (RON) 0.01001 0.0678 0.0903 0.0642 0.20202 0.1250 1.77253 0.0600 0.05324 0.04607 Share Price (RON) 0.87801 0.8990 1.0150 1.1850 1.85202 1.9880 2.00953 0.4766 0.41004 0.62007 Dividend Distribution Yield 11.39%1 7.54% 8.90% 5.42% 11.02%2 6.29% 89.28%3 12.59% 14.33%4 7.42%7 Source: Fund Manager calculations, portfolio companies’ GSM decisions for approving dividend payments. Notes: The Fund Manager’s dividend / return of capital proposals are calculated based on the Fund’s Annual Cash Distribution Policy and are presented based on the year during which they were approved. Dividend yield calculated as total dividend yield for the all distributions approved during the year. Average share price based on FP closing share price at Registration Date (for dividend distributions) and Trade Registry Registration Date (for returns of capital), unless otherwise specified. 1. Includes the two returns of capital approved in 2017 by shareholders. 2. Includes the three special dividends distributions approved in 2021 by shareholders. 3. Based on FP share price as at 12 May 2023, the Registration date for the RON 0.05 dividend per share distribution approved by shareholders during the 21 April 2023 Annual GSM and on the FP share price as at 6 September 2023 for the RON 1.7225 dividend per share distribution approved by shareholders during the 18 August 2023 GSM. 4. Includes the two dividend distributions approved in 2025 by shareholders. 5. As at 31 July 2026. Please note that the Fund collected RON 0.7 million following a court ruling related to Conpet's 2007 dividend distribution. 6. The amount does not include the dividend distributions approved by shareholders of Constanta Port during the 5 August 2026 GSM. 7. Based on FP share price as at 14 August 2026.
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18 2026 Financial calendar • General Shareholders Meeting 29 / 30 September14 / 17 August • Publication of the H1 2026 Results • H1 2026 Results Conference Call 13 November More information about the Investor Relations Calendar can be found on the Fund’s website www.fondulproprietatea.ro 13 / 16 November • Publication of the Q3 2026 Results • Q3 2026 Results Conference Call
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19 29/30 September 2026 GSM – Main Points (I) EGM Only the persons registered as shareholders of Fondul Proprietatea on 14 September 2026 (the Reference Date) in the register of shareholders kept by Depozitarul Central S.A. have the right to participate and vote at the GSM • The approval of the following amendments to the Constitutive Act of Fondul Proprietatea: (a) Article 15 paragraph (1) shall be amended and shall read as follows: ”(1) The ordinary general meeting of the shareholders shall appoint the Board of Nominees formed of 5 members, and shall establish their remuneration. The members of the Board of Nominees may expressly waive the remuneration in writing, in whole or in part. The waiver shall take effect as of the date specified in the waiver statement or notice or, in the absence of such specification, as of the date of its receipt by Fondul Proprietatea, without affecting any amounts that have already become due and payable, unless the member of the Board of Nominees expressly provides otherwise.” (b) At Article 18, following paragraph (2), a new paragraph (2^1) shall be inserted as follows: ”(2^1) The liability regime applicable to the members of the Board of Nominees shall be similar for all its members, regardless of whether they accept or waive, in whole or in part, the remuneration related to the activity carried out within Fondul Proprietatea.” • The approval of the decrease of the legal reserve of Fondul Proprietatea by RON 26,218,123.05 from RON 332,881,589.66 to RON 306,663,466.61, representing 20.00% of the share capital value after the implementation and effectiveness of the share capital decrease approved through the EGSM Resolution no. 7/23 July 2026, subject to the implementation and effectiveness of the Share Capital Decrease. Following the decrease, the corresponding amount will be transferred to Retained earnings, for future use by shareholders. Source: 29/30 September 2026 GSM Documentation.
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20 29/30 September 2026 GSM – Main Points (II) The approval of: 15 October 2026 as the Ex – Date; 16 October 2026 as the Registration Date; 9 November 2026 as the Payment Date. OGM • The approval of: (i) the appointment of a new AIFM that will act also as the sole director of Fondul Proprietatea for a mandate of 4 (four) years starting with 1 April 2027 (provided that all the legal requirements related to the appointment of the new alternative investment fund manager and sole director of Fondul Proprietatea are finalized by 31 March 2027, inclusive) and until 1 April 2031, from the three candidates of the Selection Process, respectively, Franklin Templeton International Services S.à r.l., INVL Asset Management UAB and SAI Muntenia Invest S.A., as well as any other potential candidates, in accordance with Article 19 paragraph (3) of the Constitutive Act (if the case); and (ii) the corresponding management agreement, including the remuneration of the AIFM that will act also as sole director, in the event that the OGM appoints a candidate resulting from the Selection Process, or respectively the approval of the empowerment of the Board of Nominees to negotiate the management agreement with the appointed candidate resulting from qualifying candidate proposals received from any shareholder of Fondul Proprietatea. This item was included on the agenda by the Fund Manager at the request of the Board of Nominees considering the ongoing Selection Process and in accordance with the Fund's Constitutive Act. (secret vote) • Subject to and conditional upon item 1 above not being approved by the OGM, the extension of the mandate of Franklin Templeton International Services S.à r.l., as the sole director of Fondul Proprietatea that acts also as the alternative investment fund manager of Fondul Proprietatea, for a period of one (1) year starting with 1 April 2027 and until 1 April 2028 and (ii) the corresponding extension of the terms of the management agreement executed between Fondul Proprietatea and Franklin Templeton International Services S.à r.l. on 26 March 2026, as approved by the OGM Resolution no. 1 of 26 February 2026 until 1 April 2028. (secret vote) Source: 29/30 September 2026 GSM Documentation.
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21 29/30 September 2026 GSM – Main Points (III) The approval of: 15 October 2026 as the Ex – Date; 16 October 2026 as the Registration Date; 9 November 2026 as the Payment Date. OGM • The approval of the distribution of a gross dividend in the amount of RON 0.046 per share to all shareholders of the Company entitled to receive such dividend in accordance with applicable law. (Item added on the agenda at the request of the shareholder Lion Capital SA, which holds more than 5% of the share capital of Fondul Proprietatea and supported by the Sole Director). • The approval of the additional fees to be paid to Ernst & Young Assurance Services SRL, as the Fund’s financial auditor for the audit of the financial statements of FP for the FY ended 31 December 2025 amounting to EUR 9,000 (before VAT). Source: 29/30 September 2026 GSM Documentation.
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22 Financial results
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23 Statement of Financial Position Source: IFRS financial statements of the Fund. RON mn 30 Jun 2026 Unaudited 31 Dec 2025 Audited 30 Jun 2026 vs. 31 Dec 2025 (%) Cash and current accounts 0.1 0.1 0.0% Distributions bank accounts 46.0 249.4 -81.6% Deposits with banks 29.4 149.1 -80.3% Government bonds 53.4 - +100.0% Dividends receivable 148.6 - +100.0% Equity investments 2,446.8 2,204.1 +11.0% Other assets 0.6 0.2 >100% Total assets 2,724.9 2,602.9 +4.7% Payable to shareholders 45.8 249.0 -81.6% Other liabilities and provisions 8.1 9.4 -13.8% Total liabilities 53.9 258.4 -79.1% Total equity 2,671.0 2,344.5 +13.9% Total liabilities and equity 2,724.9 2,602.9 +4.7%
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24 Statement of Comprehensive Income Source: IFRS financial statements of the Fund 1. This caption mainly includes the net foreign exchange gain/ (loss), Conpet SA litigation income and other operating income/ (expenses). RON mn 6-month ended 30 June 2026 Unaudited 6-month ended 30 June 2025 Unaudited Net gain/ (loss) from equity investments at fair value through profit or loss 186.3 (7.4) Gross dividend income 149.9 155.4 Interest income 8.0 11.2 Other (expenses) net1 (0.1) (0.1) Net operating income 344.1 159.1 Administration fees recognised in profit or loss (12.9) (9.7) Other operating expenses (6.2) (8.3) Operating expenses (19.1) (18.0) Profit before income tax 325.0 141.1 Income tax expense (0.4) (0.5) Profit for the period 324.6 140.6 Other comprehensive income - - Total comprehensive income for the period 324.6 140.6
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25 To ask a question: • use the Ask a question box or, • use one of the displayed phone numbers and press *, followed by no.1 on your telephone keypad.
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26 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, any actual offer to sell or issue, or any solicitation of any offer to purchase or subscribe for, or an invitation to buy or sell shares in Fondul Proprietatea SA (“the Fund”) or in any other issuer of securities mentioned herein or to initiate any kind of transaction whatsoever. Neither the Fund nor its Fund Manager (as defined below) and its delegates accept any liability of any kind for any losses arising from making use of such information. Furthermore, this presentation is not intended, and should not be construed, as marketing of the Fund in the meaning of the Directive 2011/61/EU on alternative investment fund managers (“AIFMD”) in any member states of the European Economic Area. This presentation does not purport to contain all information that may be necessary in respect of the Fund or its shares and in any event each person receiving this report needs to make an independent assessment. Any person considering an investment in the Fund or any other security mentioned herein should refer to the relevant issuer’s documents and consult their own legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities. The Fund's documents contain important information on the potential risks involved in such an investment which are not included in this presentation. Read the Fund’s documents before investing in the Fund. The prospectus, the Fund’s rules, the latest annual report and semi-annual report are available on the Fund’s website - www.fondulproprietatea.ro. The distribution of this presentation in certain jurisdictions may be restricted by law and persons who come into possession of it are required to inform themselves about and to observe such restrictions and limitations. Neither the Fund nor its Fund Manager or any of its delegates accepts any liability to any person in relation to the distribution or possession of the presentation in or from any jurisdiction. The shares issued by the Fund have not been and will not be registered under the US Securities Act of 1933, as amended, or with any securities authority of any state or territory within the jurisdiction of the United States of America. The Fund’s shares may not be offered, sold or delivered in the United States of America or to American citizens or nationals. The information contained in this presentation is as of its date, unless otherwise indicated, and is not a complete analysis of every material fact regarding the market, and any industry sector, security, or portfolio. Statements of fact cited by the Fund Manager have been obtained from sources considered reliable but no representation, warranty or undertaking is made as to the completeness or accuracy of such information and no liability is accepted by the Fund, the Fund Manager or any of its delegates in relation therewith. Furthermore, no responsibility is accepted for updating any facts or assumptions in this document. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the materials. Any forward-looking statements are based upon certain assumptions; actual events are difficult to predict and are beyond the control of the Fund, therefore actual events may differ from those assumed. References to particular securities are only for the limited purpose of illustrating general market or economic conditions, as such exist at the date of this presentation, and are not recommendations to buy or sell a security or an indication of the Fund’s holdings. The Fund Manager’s or its delegates’ opinions are intended solely to provide insight into how the Fund Manager analyses securities and are not a recommendation or individual investment advice for any particular security, strategy or investment product. Opinions expressed are subject to change without notice and do not consider the needs of investors. August 2026
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27 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 be found in the Constitutive Act, available on the Fund’s website, in the Corporate Governance section, here: https://www.fondulproprietatea.ro/about-fund/fund-overview/corporate-governance. The price of shares and income from them can go down as well as up and you may lose some or all of your capital invested. The previous results of the Fund do not account for future performances. Currency fluctuations will affect the value of foreign investments. All investments are subject to certain risks. Generally, investments offering the potential for higher returns are accompanied by a higher degree of risk. Stocks and other equities representing an ownership interest in a corporation have historically outperformed other asset classes over the long term but tend to fluctuate more dramatically over the shorter term. Small or relatively new companies can be particularly sensitive to changing economic conditions due to factors such as relatively small revenues, limited product lines, and small market share. Smaller company stocks have historically exhibited greater price volatility than larger company stocks, particularly over the short term. The significant growth potential offered by Emerging Markets remains accompanied by heightened risks when compared to developed markets, including risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. The Fund’s headquarters are located at 76 – 80 Buzesti street, 7th Floor, Bucharest, 1st District, 011017, Romania. Fund’s Fiscal Identification Code is 18253260 and Trade Registry registration number is J2005021901408. The subscribed and paid-up share capital is RON 1,664,407,948.32, being divided into 3,200,784,516 shares, each having a nominal value of RON 0.52 per share. Starting with 1 April 2016, in view of complying with the AIFMD, implemented in the Romanian legislation through Law no. 74/2015 on managers of alternative investment funds and Regulation no. 10/2015 on alternative investment fund management, Fondul Proprietatea SA, qualifying as an alternative investment fund, is managed by Franklin Templeton Investment Services S.À R.L., a société à responsabilité limitée qualifying as an alternative investment fund manager under article 5 of the Luxembourg law of 12 July 2013 on alternative investment fund managers, authorized by the Commission de Surveillance du Secteur Financier under no. A00000154/21 November 2013, whose registered office is located at 8a, rue Albert Borschette, L-1246 Luxembourg, registered with the Luxembourg register of commerce and companies under number B36.979, registered with the Romanian Financial Supervisory Authority under number PJM07.1AFIASMDLUX0037/10 March 2016 (“FTIS" or the “Fund Manager”). This presentation herein is issued by FTIS, acting through its Romanian branch having its registered office at 76 – 80 Buzesti street, 8th Floor, 1st. District, 011017, Bucharest, Romania. August 2026
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28 Thank You Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro