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Financial Results as of June 30, 2023

Lion Capital’s activity during the first half of 2023 has aligned with the directions outlined in the business plan approved by the shareholders. The primary investment objectives focused on maintaining a diversified portfolio of assets under management, actively engaging in the management of majority holdings, and adjusting the portfolio composition to include financial instruments that can harness the benefits of an inflationary environment.

The achieved results are noteworthy and are reflected in the following indicators:

Total assets under management reached a value of RON 3.616m, marking a growth of 7.65% compared to the same period in the previous year.

Net Asset Value (NAV) amounted RON 3.456m (RON 6.8227 per share), representing an increase of 6.7% when compared to the year-end value of 2022, and a notable surge of 9.41% over the value recorded as of June 30, 2022.

During the first half of the current year the Fund recorded dividend income amounting to RON 57m, a 55% decrease vs. June 30, 2022, the decline being primarily attributed to the dividend policy adopted by the main local and listed banks in Lion Capital’s portfolio. These banks, in accordance with the recommendations of the National Bank of Romania, deferred dividend payments to shareholders due to the challenging post-coronavirus economic conditions and the historical inflation.

Gain/Loss on investments is favourable as of June 30, 2023, with Lion Capital mainly recording a gain on financial assets at fair value through profit and loss account (FVTPL), amounting to RON 70m at the end of 1H 2023, vs. a loss of RON 99m for the corresponding reporting period of the previous year.

The expenses as of June 30, 2023, are slightly up (approximately 10%) vs. the first six months of 2022, the increase being attributable to both commission-related costs and operational expenditures.

Net profit as of June 30, 2023, amounting to RON 118m is the result of dividend income and the result from fair value evaluation of equity investments measured at fair value through profit and loss.

Total comprehensive income as of June 30, 2023, is positive, amounting to RON 206m, and it is the result of recognizing within other comprehensive income of the increase in fair value of the portfolio of financial assets classified under the category FVTOCI (financial assets at fair value through other comprehensive income).

The 1H 2023 Report in full is available on Lion Capital’s website, in Investor Relations › Financial Results section.