Fondul Proprietatea

Net Asset Value • Jul 15, 2020

Administrator Code:	PJM07.1AFIASMDLUX0037
Fund:	Fondul Proprietatea SA
Fund Code:	PJR09SIIR/400006
Reporting date:	30.06.2020

Fund Administrator: Franklin Templeton International Services S.à r.l. Administrator Code: PJM07.1AFIASMDLUX0037 Fund: Fondul Proprietatea SA

Fondul Proprietatea SA 's Assets and Liabilities based on NAV calculation according with the CNVM Regulation No. 4 / 2010, as subsequently amended

	Lei
1. Non-current Assets	7,108,788,793.72
1.1. Intangible assets	73,351.12
1.2. Tangible assets	0.00
1.3. Financial assets	7,108,715,442.60
1.3.1 Listed shares**	8,868,065.91
1.3.2 Unlisted shares	7,099,792,078.97
1.3.3 Government securities	0.00
1.3.4 Certificates of deposits
1.3.5 Bank deposits	0.00
1.3.6 Municipal bonds	0.00
1.3.7 Corporate bonds	0.00
1.3.8 Newly issued securities	0.00
1.3.9 Participation titles of UCITS and/or of OCIU	0.00
1.3.10 Other financial assets	55,297.72
2. Current assets	3,499,528,457.97
2.1 Inventory	0.00
2.2 Receivables out of which:	436,436,214.61
- commercial papers	0.00
2.3 Cash	431,271,340.43
2.4 Short term financial investments	2,340,327,986.37
2.4.1 Listed shares**	2,340,327,986.37
2.4.2 Unlisted shares	0.00
2.4.3 Municipal bonds	0.00
2.4.4 Corporate bonds	0.00
2.4.5 Participation titles of UCITS and/or of OCIU	0.00
2.5 Newly issued securities	0.00
2.6 Government securities	152,042,631.15
2.7 Bank deposits	139,450,285.41
2.8 Certificates of deposits	0.00
2.9 Other current assets	0.00
3. Derivatives	0.00
4. Prepaid expenses	383,840.02
5. Total assets	10,608,701,091.71
6. Total liabilities	466,473,199.03
6.1 Borrowings from bond issues	0.00
6.2 Amounts due to credit institutions	0.00
6.3 Advance payments to customer accounts	0.00

[English translation of the original report in Romanian - for information purposes only] _________________________________________________________________________________________________________________________________________ 1

FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 78-80 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 share capital RON 3,959,264,762.44 RON, Paid-up share capital RON 3,770,082,340.44 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

6.4. Payables	20,285,292.90
6.5 Commercial papers due	0.00
6.6 Amounts due to group companies	0.00
6.7 Amounts due to related parties	0.00
6.8 Other debts	446,187,906.13
7. Provisions	856,247.22
8. Deferred income out of which:	0.00
8.1 Subsidies for investments	0.00
8.2 Deferred income	0.00
9. Shareholders' equity out of which:	10,141,371,645.46
9.1 Share capital	3,959,264,762.44
9.2 Share capital premiums	0.00
9.3 Revaluation differences	-4,061.26
9.4 Reserves	-136,933,905.64
9.5 Retained earnings	7,167,659,087.61
9.6 Period result	-848,614,237.69
9.7 Profit appropriation	0.00
10. Total liabilities and Shareholders' equity	10,608,701,091.71
11. Net Asset Value	10,141,371,645.46
12. No of shares issued*	6,491,646,029
13. Net asset value per share	1.5622
14. Number of portfolio companies out of which:	33
14.1 Companies admitted to trading on a regulated market	3
14.1 Companies admitted to trading on an alternative regulated market***	4
14.3 Companies not admitted to trading	26

_________________________________________________________________________________

Legend:

* = Represents the number of shares related to the paid-up subscribed share capital (according to provisions of Law 247/2005, Title VII, Art. 9² , alin. 5 "Subscribed unpaid shares are not taken into account for the computation of net asset value per share for Fondul Proprietatea") excluding (a) the Fund's own shares bought back (Treasury shares), according to provisions of CNVM Regulation no. 4/2010, as subsequently amended, and (b) the equivalent number of shares corresponding to the GDRs bought back

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

Franklin Templeton International Services S.à r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Călin Meteș Marius Nechifor Permanent representative Compliance Officer

BRD Groupe Societe Generale

Victor Strâmbei Claudia Ionescu Manager Depositary Department Director

[English translation of the original report in Romanian - for information purposes only] _________________________________________________________________________________________________________________________________________ 2

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. as at 30 June 2020

The valuation methods used for the computation of the NAV as at 30 June 2020, for the securities and the monetary market instruments held by Fondul Proprietatea S.A. are the following:

• 1. Listed companies on BVB traded within last 30 trading days: Closing Price
• 2. Listed companies on AeRo market (alternative trading system) traded within last 30 trading days: Reference price – Average Price
• 3. Listed companies with no trades within last 30 trading days: Fair value / share;
• 4. Unlisted companies: Fair value / share;
• 5. Companies in insolvency, judicial reorganization, liquidation, dissolution or bankruptcy: Valued at zero;
• 6. Unlisted companies for which the annual financial statements for the previous year are not available within 90 days after the legal submission deadline: Valued at zero;
• 7. Listed government bonds: Fair value (reference composite price, including the cumulated interest);
• 8. Bank deposits: Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed since its creation date.

Franklin Templeton International Services S.à r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Călin Meteș Permanent Representative Marius Nechifor Compliance Officer

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

FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 78-80 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 share capital RON 3,959,264,762.44 RON, Paid-up share capital RON 3,770,082,340.44 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

Annex – Changes of the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 30 June 2020

For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2020, the valuation method used for the investments in the companies presented below have been changed or updated:

Hidroelectrica SA, CN Aeroporturi Bucuresti SA, Engie Romania SA, E-Distributie Banat SA, CN Administratia Porturilor Maritime SA, Societatea Nationala a Sarii SA, E-Distributie Muntenia SA, E-Distributie Dobrogea SA

For these companies, the valuation method remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of the independent valuer.

The total impact of the valuation update on the Fund's NAV resulted in a net increase of RON 87,204,837.32 as detailed in the table below:

Company	Previous value per share (RON/share)	Previous value of the holding (RON)	Current value per share (RON/share)	Current value of the holding (RON)	Impact of the valuation method update on NAV (RON)	Impact of the valuation change on NAV %
Hidroelectrica SA	48.9113	4,372,494,383.88	52.6587	4,707,498,471.97	+335,004,088.10	+3.27%
CN Aeroporturi Bucuresti SA	286.7384	824,499,925.11	255.8910	735,799,984.71	-88,699,940.40	-0.87%
Engie Romania SA	186.6818	446,299,805.90	178.3161	426,299,943.64	-19,999,862.26	-0.20%
E-Distributie Banat SA	33.6961	310,699,742.29	27.3950	252,599,542.38	-58,100,199.91	-0.57%
CN Administratia Porturilor Maritime SA	87.8437	233,499,798.59	87.8061	233,399,852.98	-99,945.61	-0.00%
Societatea Nationala a Sarii SA	116.5570	233,799,821.39	110.7242	222,099,901.19	-11,699,920.20	-0.11%
E-Distributie Muntenia SA	76.6491	249,599,822.64	65.3176	212,699,971.37	-36,899,851.27	-0.36%
E-Distributie Dobrogea SA	29.1716	196,999,519.59	24.3887	164,699,988.46	-32,299,531.13	-0.32%
Total		6,867,892,819.39		6,955,097,656.71	+87,204,837.32	+0.85%

Franklin Templeton International Services S.à r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Călin Meteș 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: 78-80 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 share capital RON 3,959,264,762.44 RON, Paid-up share capital RON 3,770,082,340.44 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro