Preliminary assessment of the fourth payment request of Romania

   7          Copy of the notification of the results of   The notification is produced by Banca
              the initial public bid for the sale of       Comercială Română (BCR) and addressed to
              89 708 177      shares       issued     by   the Bucharest Stock Exchange.
              Hidroelectrica on 10 July 2023.
   8          Copy of the notification of the end of the   The notification on the end of the
              stabilisation period of Hidroelectrica       stabilisation period was produced by
              shares of 19 June 2023.                      Hidroelectrica and sent to the Romanian
                                                           Financial Supervisory Authority.

3. Analysis

The justification and substantiating evidence provided by the Romanian authorities cover all constitutive elements of the milestone.

Listing of at least 15% shares of Hidroelectrica on the exchange

Following the publication of the listing prospectus, a stake of at least 15% of Hidroelectrica shall be traded on the exchange after an initial public offer. Completion of the Initial Public Offering.

On 31 March 2022, the Extraordinary General Assembly of Shareholders of Hidroelectrica S.A. approved the listing of Hidroelectica’s shares held by the minority shareholder Fondul Proprietatea on the regulated market operated by the Bucharest Stock Exchange (the “BVB”), via a secondary public offering of shares (the “Offering”) (Evidence No. 2). Subsequently, on 22 June 2023, the Supervisory Board of Hidroelectrica authorised the submission of the prospectus relating to the Offering to the Financial Supervisory Authority (“ASF”) for approval (Evidence No. 3).

On the same day, the ASF approved the prospectus relating to the Offering by its Decision No. 641 from 22 June 2023 (Evidence No. 4) published in the ASF digital bulletin, thereby allowing the admission to trading of the Hidroelectrica’s shares on the regulated market managed by the BVB. The prospectus relating to the Offering was published on the BVB’s website (Evidence No. 5).

According to the approved prospectus, the Offering consisted exclusively of a secondary sale of shares by the minority shareholder Fondul Proprietatea, which held 19.94% of the share capital of Hidroelectrica. The shares were offered to retail and institutional investors. No new shares were issued by Hidroelectrica in the context of the Offering.

The completion of the Initial Public Offering took place on 12 July 2023, when the listing of the shares started, as the shares were admitted to trading on the regulated market of the Bucharest Stock Exchange (Evidence No. 6). The Offering qualifies as a secondary public offering (i.e., involving existing shares sold by a shareholder and not newly issued shares).

Banca Comercială Română, acting as underwriter of the public offering, notified the results of the initial secondary public offering of shares to BVB (Evidence No. 7). According to the notification, a total number of 89 708 177 shares were successfully sold in the offering, representing 19.94% of the total issued share capital of Hidroelectrica.

The settlement of the offering resulted in the transfer of ownership of these shares from the selling shareholder to private and institutional investors. Evidence No. 8 is the notification of the end of the stabilisation period after the Offering of Hidroelectrica shares, produced by Hidroelectrica and sent

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