Fondul Proprietatea : 31 March 2022 NAV report

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Fund Administrator:	Franklin Templeton International Services S.à r.l.
Administrator Code:	PJM07.1AFIASMDLUX0037
Fund:	Fondul Proprietatea SA
Fund Code:	PJR09FIAIR/400018
Reporting date:	31.03.2022

Statement of Assets and Liabilities of Fondul Proprietatea SA and the Net Asset Value calculation according with the FSA Regulations No. 9/2014 and No. 7/2020, as subsequently amended

RON

1. Intangible assets	0.00
2. Tangible assets	0.00
3. Real estate investments	0.00
4. Biological assets	0.00
5. Assets representing rights to use the underlying assets in a leasing contract	0.00
6. Financial assets	13,720,565,924.82
6.1. Financial assets at amortised cost	0.00
6.2. Financial assets at fair value through profit or loss, out of which:	13,720,565,924.82
6.2.1. Shares traded or listed on regulated markets in Romania*	963,402,994.26
6.2.2. Shares admitted or traded on a regulated market from a member state	0.00
6.2.3. Shares traded or listed on regulated markets from a non-EU Member State	0.00
6.2.4. Shares issued by Romanian companies not admitted to trading	12,435,476,426.36
6.2.5. Bonds admitted to trading issued or guaranteed by central government authorities	228,280,197.06
6.2.6. Municipal bonds	0.00
6.2.7. Corporative bonds	0.00
6.2.8. Treasury bills	93,406,307.14
6.2.9. Newly issued securities	0.00
6.2.10. Participation titles of UCITS and/or of OCIU/AIF	0.00
6.2.11. Equity titles	0.00
6.2.12. Derivates	0.00
6.2.13. Other financial assets	0.00
6.3. Financial assets at fair value through other comprehensive income	0.00
7. Cash (cash and cash equivalents)	87,719,124.07
8. Bank deposits	636,167,655.26
9. Other assets	206,812,137.51
9.1. Dividends and other receivable rights	0.00
9.2. Other assets	206,812,137.51
10. Prepaid expenses	317,264.19
11. Total Assets	14,651,582,105.85

[English translation of the original report in Romanian - for information purposes only]

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12. Total liabilities	115,642,016.04
12.1. Financial liabilities at amortised cost	114,178,468.07
12.2. Deferred tax liability	0.00
12.3. Other debts	1,463,547.97
13. Provisions for risks and charges	0.00
14. Deferred income	0.00
15. Shareholders' equity, out of which:	14,535,940,089.81
15.1. Share capital	3,334,342,422.84
15.2. Elements similar to share capital	0.00
15.3. Other elements of shareholders' equity	0.00
15.4. Share capital premiums	0.00
15.5. Revaluation differences	-4,193.68
15.6. Reserves	666,991,766.17
15.7. Treasury shares	-379,378,298.08
15.8. Retained earnings	10,087,863,722.96
15.9. Period result	826,124,669.60
16. Net Asset Value	14,535,940,089.81
17. Number of issued shares**	6,194,326,989
18. Net asset value per share	2.3466
19. Number of portfolio companies out of which:	32
19.1 Companies admitted to trading on an EU market	6
19.2 Companies admitted to trading on a non-EU market	0
19.3 Companies not admitted to trading	26

Legend:

* = Include also the value of holdings admitted to trading on AeRo market (alternative regulated market)

** = Represents the number of paid issued shares excluding treasury shares and repurchased own shares related to the global depositary receipts or certificates of interest of own shares, according with FSA Regulation no. 7/2020, as subsequently amended.

Leverage of the fund

Method type	Leverage level	Exposure amount
a) Gross method	93.75%	13,627,166,724.60
b) Commitment method	100.00%	14,535,940,089.81

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

Calin Metes, Deputy Portfolio Manager On behalf of Permanent representativeMarius Nechifor Compliance OfficerBRD Groupe Societe Generale Victor Strâmbei

Manager Depositary Department

[English translation of the original report in Romanian - for information purposes only]

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Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (31 March 2022)

Listed shares

Name	Symbol	Valuation method
1	Alcom SA	ALCQ	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
2	Alro Slatina SA	ALR	Closing Price
3	IOR SA	IORB	Reference price
4	Mecon SA	MECP	Fair value (Last trading price)
5	OMV Petrom SA	SNP	Closing Price
6	Romaero SA	RORX	Reference price

Unlisted shares

Name	Symbol	Valuation method
1	Aeroportul International Mihail Kogalniceanu - Constanta SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
2	Aeroportul International Timisoara - Traian Vuia SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
3	CN Administratia Canalelor Navigabile SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
4	CN Administratia Porturilor Dunarii Fluviale SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
5	CN Administratia Porturilor Dunarii Maritime SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
6	CN Administratia Porturilor Maritime SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
7	CN Aeroporturi Bucuresti SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
8	Complexul Energetic Oltenia SA	Value based on the valuation report as at 31 October 2021 (valued at zero due to negative EBIT and high net debt)
9	E-Distributie Banat SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
10	E-Distributie Dobrogea SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)

1

[English translation of the original report in Romanian - for information purposes only]

______________________________________________________________________________________________________________________________ FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania • Fiscal Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Subscribed and paid-up share capital RON 3,334,342,422.84 • Tel.: + 40 21 200 9600; Fax: [phone]; Email:[e-mail];Internet:www.fondulproprietatea.ro

Name	Symbol	Valuation method
11	E-Distributie Muntenia SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
12	Enel Energie Muntenia SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
13	Enel Energie SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
14	Engie Romania SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA)
15	Hidroelectrica SA	Value based on the valuation report as at 31 December 2021 (applying the market comparison technique using comparable trading multiples for EBITDA) updated with the most recent DLOM estimated based on the shareholders' approval for the listing of the company on the stock exchange
16	Plafar SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
17	Posta Romana SA	Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for Price/Earnings)
18	Societatea Nationala a Sarii SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)
19	World Trade Hotel SA	Priced at zero (lack of annual financial statements for the last 8 financial years including the financial statements for the year-ended 31 December 2020; last available financial statements are those for the year-ended 31 December 2012)
20	Zirom SA	Value based on the valuation report as at 31 October 2021 (applying the income approach using the discounted cash flow method)

Shares of companies in insolvency/ judicial reorganization/liquidation/dissolution/ bankruptcy

Name	Symbol	Valuation method
1	Comsig SA	Valued at zero (administrative liquidation)
2	Gerovital Cosmetics SA	Valued at zero (bankruptcy)
3	Romplumb SA	Valued at zero (bankruptcy)
4	Salubriserv SA	Valued at zero (bankruptcy)
5	Simtex SA	Valued at zero (judicial reorganisation)
6	World Trade Center Bucuresti SA	Valued at zero (insolvency)

2

[English translation of the original report in Romanian - for information purposes only]

Government bonds

Name	Symbol	Valuation method
Listed government bonds	Fair value (reference composite price, including the cumulated interest)

Treasury bills

Name	Symbol	Valuation method
Treasury bills with discount	Acquisition price cumulated with the accrued interest receivable calculated for the period elapsed from the date of acquisition

Bank deposits

Name	Symbol	Valuation method
Bank deposits	Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed from its starting date

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

Calin Metes, Deputy Portfolio Manager On behalf of Permanent representativeMarius Nechifor Compliance OfficerBRD Groupe Societe Generale

Victor Strâmbei

Manager Depositary Department

3

[English translation of the original report in Romanian - for information purposes only]