Fondul Proprietatea : NAV as of 30 September 2023

_____________________________________________________________________________________

		Fund Administrator:	Franklin Templeton International Services S.à r.l.
		Administrator Code:	PJM07.1AFIASMDLUX0037
		Fund:	Fondul Proprietatea SA
		Fund Code:	PJR09FIAIR/400018
		Reporting date:	30.09.2023
		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		3,014,506,600.36
	6.1. Financial assets at amortised cost	0.00
	6.2. Financial assets at fair value through profit or loss, out of which:	3,014,506,600.36
		6.2.1. Shares traded or listed on regulated markets in Romania*	152,693,773.49
		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	2,659,786,915.90
		6.2.5. Bonds admitted to trading issued or guaranteed by central government	0.00
		authorities
		6.2.6. Municipal bonds		0.00
		6.2.7. Corporative bonds		0.00
		6.2.8. Treasury bills		0.00
		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		202,025,910.97
	6.3. Financial assets at fair value through other comprehensive income	0.00
7.	Cash (cash and cash equivalents)	986,001,093.71
8.	Bank deposits		1,345,731,535.68
9.	Other assets		273,225.62
	9.1. Dividends and other receivable rights	0.00
	9.2. Other assets		273,225.62
	10. Prepaid expenses		312,940.96
	11. Total Assets			5,346,825,396.33

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

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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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316

300 048; Email: [e-mail]; Internet: www.fondulproprietatea.ro

_____________________________________________________________________________________

	12.	Total liabilities			1,974,040,269.22
	12.1. Financial liabilities at amortised cost	1,249,362,008.86
	12.2. Deferred tax liability	0.00
	12.3. Other debts	724,678,260.36
	13.	Provisions for risks and charges			0.00
	14.	Deferred income			0.00
15.	Shareholders' equity, out of which:	3,372,785,127.11
	15.1. Share capital	3,233,269,110.76
	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	-1,623.11
	15.6. Reserves	1,555,650,832.29
	15.7. Treasury shares	-1,972,115,677.51
	15.8. Retained earnings	1,524,868,026.84
	15.9. Period result	-968,885,542.16
	16.	Net Asset Value			3,372,785,127.11
17.	Number of issued shares**	5,243,849,514
18.	Net asset value per share	0.6431
19.	Number of portfolio companies out of which:	30
	19.1 Companies admitted to trading on an EU market	5
	19.2 Companies admitted to trading on a non-EU market	0
	19.3 Companies not admitted to trading	25

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	83.41%	2,813,301,121.67
b) Commitment method	100.00%	3,372,785,127.11

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

Johan Meyer	Marius Nechifor
Permanent representative	Compliance Officer
BRD Groupe Societe Generale
Victor Strâmbei
Manager Depositary Department

[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316

300 048; Email: [e-mail]; Internet: www.fondulproprietatea.ro

_____________________________________________________________________________________

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (30 September 2023)

Listed shares

	Name	Symbol	Valuation method
			Value based on the valuation report as at 31
1	Alcom SA	ALCQ	October 2022 (applying the income approach
			using the discounted cash flow method)
2	Alro Slatina SA	ALR	Closing Price
3	IOR SA	IORB	Reference price (Closing Price)
4	Mecon SA	MECP	Fair value (Last trading price)
5	Romaero SA	RORX	Reference price (Closing Price)

Unlisted shares

		Name	Symbol		Valuation method
		Aeroportul International Mihail			Value based on the valuation report as at 31 October
1				2022 (applying the income approach using the
	Kogalniceanu - Constanta SA
				discounted cash flow method)
		Aeroportul International Timisoara -			Value based on the valuation report as at 31 October
2				2022 (applying the income approach using the
	Traian Vuia SA
				discounted cash flow method)
		CN Administratia Canalelor Navigabile			Value based on the valuation report as at 31 October
3				2022 (applying the market comparison technique
	SA
				using comparable trading multiples for EBITDA)
		CN Administratia Porturilor Dunarii			Value based on the valuation report as at 31 October
4				2022 (applying the market comparison technique
	Fluviale SA
				using comparable trading multiples for EBITDA)
		CN Administratia Porturilor Dunarii			Value based on the valuation report as at 31 October
5				2022 (applying the market comparison technique
	Maritime SA
				using comparable trading multiples for EBITDA)
		CN Administratia Porturilor Maritime			Value based on the valuation report as at 31 May
6				2023 (applying the income approach using the
	SA
				discounted cash flow method)
					Value based on the valuation report as at 31 May
7		CN Aeroporturi Bucuresti SA			2023 (applying the income approach using the
					discounted cash flow method)
					Value based on the valuation report as at 31 October
8		Complexul Energetic Oltenia SA			2022 (valued at zero mainly due to high net debt
					position)
9		E-Distributie Banat SA			Fair value / share (as per Aggregated Value agreed
			in the Sale and Purchase agreement)
10		E-Distributie Dobrogea SA			Fair value / share (as per Aggregated Value agreed
			in the Sale and Purchase agreement)
11		E-Distributie Muntenia SA			Fair value / share (as per Aggregated Value agreed
			in the Sale and Purchase agreement)
		[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316

300 048; Email: [e-mail]; Internet: www.fondulproprietatea.ro

_____________________________________________________________________________________

Name

Symbol

Valuation method

12

Enel Energie Muntenia SA

Fair value / share (as per Aggregated Value agreed

in the Sale and Purchase agreement)

Fair value / share (as per Aggregated Value agreed

13

Enel Energie SA

in the Sale and Purchase agreement)

Value based on the valuation report as at 31 May

14

Engie Romania SA

2023 (applying the market comparison technique

using comparable trading multiples for EBITDA)

Value based on the valuation report as at 31 October

15

Plafar SA

2022 (applying the income approach using the

discounted cash flow method)

Value based on the valuation report as at 31 October

16

Posta Romana SA

2022 (applying the market comparison technique

using comparable trading multiples for

Price/Earnings)

Value based on the valuation report as at 31 May

17

Societatea Nationala a Sarii SA

2023 (applying the income approach using the

discounted cash flow method)

18

Societatea Electrocentrale Craiova SA

Priced at zero (lack of financial statements required

for yearend valuation)

Priced at zero (lack of annual financial statements

for the last 9 financial years including the financial

19

World Trade Hotel SA

statements for the year-ended 31 December 2021;

last available financial statements are those for the

year-ended 31 December 2012)

Value based on the valuation report as at 31 October

20

Zirom SA

2022 (applying the income approach using the

discounted cash flow method)

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

Symbo

Name

l

Valuation method

1

Gerovital Cosmetics SA

Valued at zero (bankruptcy)

2

Romplumb SA

Valued at zero (bankruptcy)

3

Salubriserv SA

Valued at zero (bankruptcy)

4

Simtex SA

Valued at zero (judicial reorganisation)

5

World Trade Center Bucuresti SA

Valued at zero (insolvency)

Government bonds

Name

Symbol

Valuation method

Government bonds

Fair value (reference composite price,

including the cumulated interest)

[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316

300 048; Email: [e-mail]; Internet: www.fondulproprietatea.ro

_____________________________________________________________________________________

Bank deposits Name

Bank deposits

Symbol Valuation method

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

Johan Meyer	Marius Nechifor
Permanent Representative	Compliance Officer

BRD Groupe Societe Generale

Victor Strâmbei

Manager Depositary Department

Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as of 30 September 2023

There was no change of the valuation methods used for the computation of the NAV as at 30 September 2023 for Fondul Proprietatea S.A, as compared to 31 August 2023, respectively from the last reporting of the net asset value of Fondul Proprietatea.

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

Johan Meyer	Marius Nechifor
Permanent representative	Senior Compliance Officer

[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316

300 048; Email: [e-mail]; Internet: www.fondulproprietatea.ro