Fondul Proprietatea : NAV as of 31 January 2022

_________________________________________________________________________________

	Fund Administrator:	Franklin Templeton International Services S.à r.l.
	Administrator Code:	PJM07.1AFIASMDLUX0037
	Fund:	Fondul Proprietatea SA
	Fund Code:	PJR09FIAIR/400018
	Reporting date:	31.01.2022
	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		12,778,871,910.59
6.1. Financial assets at amortised cost	0.00
6.2. Financial assets at fair value through profit or loss, out of which:	12,778,871,910.59
	6.2.1. Shares traded or listed on regulated markets in Romania*	998,747,116.59
	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	11,551,928,197.99
	6.2.5. Bonds admitted to trading issued or guaranteed by central government
	authorities		153,771,373.97
	6.2.6. Municipal bonds		0.00
	6.2.7. Corporative bonds		0.00
	6.2.8. Treasury bills		74,425,222.04
	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)	66,228,952.31
8.	Bank deposits		1,170,088,562.93
9.	Other assets		116,957.69
9.1. Dividends and other receivable rights	0.00
9.2. Other assets		116,957.69
10. Prepaid expenses		434,974.52
11. Total Assets		14,015,741,358.04

[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 3,334,342,422.84
• Tel.: + 40 21 200 9600; Fax: [phone]; Email:[e-mail]; Internet: www.fondulproprietatea.ro

_________________________________________________________________________________

12.	Total liabilities	458,771,263.52
12.1. Financial liabilities at amortised cost	457,711,303.28
12.2. Deferred tax liability	0.00
12.3. Other debts	1,059,960.24
13.	Provisions for risks and charges	0.00
14.	Deferred income	0.00
15.	Shareholders' equity, out of which:	13,556,970,094.52
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	-8,422.04
15.6. Reserves	666,991,766.17
15.7. Treasury shares	-333,207,639.10
15.8. Retained earnings	10,087,863,722.96
15.9. Period result	-199,011,756.31
16.	Net Asset Value	13,556,970,094.52
17.	Number of issued shares**	5,853,258,651
18.	Net asset value per share	2.3161
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. On 1 February 2022, the Romanian State, represented by the Ministry of Public Finance, transferred RON 189,182,422 to Fondul Proprietatea, as payment for all unpaid shares owned by the Romanian State in Fondul Proprietatea (i.e. 363,812,350 shares). This payment will be recorded in February 2022 NAV reporting and will generate the increase of the Total Assets by RON 189,182,422 and of the number of paid-up shares by 363,812,350 shares, while the total impact on the current Net Asset Value per Share will be a decrease by 4.54%.

Leverage of the fund

Method type	Leverage level	Exposure amount
a) Gross method	93.14%	12,627,127,561.36
b) Commitment method	100.00%	13,556,970,094.52

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 3,334,342,422.84
• Tel.: + 40 21 200 9600; Fax: [phone]; Email:[e-mail]; Internet: www.fondulproprietatea.ro

_________________________________________________________________________________________

Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 31 January 2022

For the computation of the NAV of Fondul Proprietatea SA as at 31 January 2022, the valuation method used for the valuation of holding presented below remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of an independent valuer.

The total impact of the valuation update on the Fund's NAV resulted in a net increase of RON 512,899,616.89 as detailed in the table below:

Impact of the

Previous

Impact of the

valuation

value per

Previous value of

Current value

Current value of

valuation update

change on

share

per share

on NAV

NAV

the holding

the holding

Company

(RON/share)

(RON)

(RON/share)

(RON)

(RON)

%

Hidroelectrica SA

95.3510

8,527,994,728.52

101.0857

9,040,894,345.40

+512,899,616.89

+3.87%

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

[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

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

Listed shares

				Name	Symbol	Valuation method
						Value based on the valuation report as at 31
1			Alcom SA	ALCQ	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
				Aeroportul International Mihail Kogalniceanu -			Value based on the valuation report as at 31
1					October 2021 (applying the income approach
		Constanta SA
						using the discounted cash flow method)
							Value based on the valuation report as at 31
2			Aeroportul International Timisoara - Traian Vuia SA			October 2021 (applying the income approach
							using the discounted cash flow method)
							Value based on the valuation report as at 31
3			CN Administratia Canalelor Navigabile SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
4			CN Administratia Porturilor Dunarii Fluviale SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
5			CN Administratia Porturilor Dunarii Maritime SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
6			CN Administratia Porturilor Maritime SA			October 2021 (applying the income approach
							using the discounted cash flow method)
							Value based on the valuation report as at 31
7			CN Aeroporturi Bucuresti SA			October 2021 (applying the income approach
							using the discounted cash flow method)
							Value based on the valuation report as at 31
8			Complexul Energetic Oltenia SA			October 2021 (valued at zero due to negative
							EBIT and high net debt)
							Value based on the valuation report as at 31
9			E-Distributie Banat SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
	10	E-Distributie Dobrogea SA			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
							Value based on the valuation report as at 31
	11	E-Distributie Muntenia SA			October 2021 (applying the market comparison
			technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
	12	Enel Energie Muntenia SA			October 2021 (applying the market comparison
			technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
13			Enel Energie SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
14			Engie Romania SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for EBITDA)
							Value based on the valuation report as at 31
15			Hidroelectrica SA			December 2021 (applying the market
				comparison technique using comparable
							trading multiples for EBITDA)
							Value based on the valuation report as at 31
16			Plafar SA			October 2021 (applying the income approach
							using the discounted cash flow method)
							Value based on the valuation report as at 31
17			Posta Romana SA			October 2021 (applying the market comparison
				technique using comparable trading multiples
							for Price/Earnings)
							Value based on the valuation report as at 31
18			Societatea Nationala a Sarii SA			October 2021 (applying the income approach
							using the discounted cash flow method)
							Priced at zero (lack of annual financial
							statements for the last 8 financial years
	19	World Trade Hotel SA			including the financial statements for the year-
			ended 31 December 2020; last available
							financial statements are those for the year-
							ended 31 December 2012)
							Value based on the valuation report as at 31
20			Zirom SA			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]

______________________________________________________________________________________________________________________________

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