Fondul Proprietatea

Net Asset Value • Jul 15, 2021

Administrator Code:	PJM07.1AFIASMDLUX0037
Fund:	Fondul Proprietatea SA
Fund Code:	PJR09SIIR/400006
Reporting date:	30.06.2021

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

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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	8,507,915,587.82
1.1. Intangible assets	0.00
1.2. Tangible assets	0.00
1.3. Financial assets	8,507,915,587.82
1.3.1 Listed shares**	8,863,425.29
1.3.2 Unlisted shares	8,499,052,162.53
1.3.3 Government securities	0.00
1.3.4 Certificates of deposits	0.00
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	0.00
2. Current assets	3,026,204,984.68
2.1 Inventory	0.00
2.2 Receivables out of which:	528,902,474.06
- commercial papers	0.00
2.3 Cash	65,561,536.66
2.4 Short term financial investments	1,938,827,543.64
2.4.1 Listed shares**	1,938,827,543.64
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	77,636,286.99
2.7 Bank deposits	415,277,143.33
2.8 Certificates of deposits	0.00
2.9 Other current assets	0.00
3. Derivatives	0.00
4. Prepaid expenses	534,243.52
5. Total assets	11,534,654,816.02
6. Total liabilities	105,999,683.03
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 3,749,282,292.08 RON, Paid-up share capital RON 3,560,099,870.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

6.4. Payables	24,029,167.90
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	81,970,515.13
7. Provisions	0.00
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:	11,428,655,132.99
9.1 Share capital	3,749,282,292.08
9.2 Share capital premiums	0.00
9.3 Revaluation differences	-11,990.40
9.4 Reserves	-94,676,308.13
9.5 Retained earnings	5,973,006,703.44
9.6 Period result	1,801,054,436.00
9.7 Profit appropriation	0.00
10. Total liabilities and Shareholders' equity	11,534,654,816.02
11. Net Asset Value	11,428,655,132.99
12. No of shares issued*	5,918,548,522
13. Net asset value per share	1.9309
14. Number of portfolio companies out of which:	32
14.1 Companies admitted to trading on a regulated market	2
14.1 Companies admitted to trading on an alternative regulated market***	4
14.3 Companies not admitted to trading	26

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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., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

Călin Meteș 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] _________________________________________________________________________________________________________________________________________ 2

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. as at 30 June 2021

The valuation methods used for the computation of the NAV as at 30 June 2021, 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;
• 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., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

Calin Metes 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 3,749,282,292.08 RON, Paid-up share capital RON 3,560,099,870.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

Annex – Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 30 June 2021

For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2021, the valuation methods used for the valuation of investments presented below have been changed and/or have been 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 an independent valuer. The total impact of the valuation update on the Fund's NAV resulted in a net increase of RON 504,491,630.09 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	62.0229	5,547,198,920.28	67.5216	6,038,991,188.99	+491,792,268.71	+4.52%
CN Aeroporturi Bucuresti SA	217.0448	624,099,950.85	205.8465	591,899,877.50	-32,200,073.35	-0.30%
Engie Romania SA	225.3735	538,799,975.70	252.6040	603,899,877.59	+65,099,901.89	+0.60%
E-Distributie Banat SA	29.5749	272,699,624.24	27.2540	251,299,431.58	-21,400,192.66	-0.20%
CN Administratia Porturilor Maritime SA	88.7090	235,799,876.75	99.3556	264,099,902.32	+28,300,025.56	+0.26%
Societatea Nationala a Sarii SA	100.3049	201,199,994.03	91.1318	182,799,819.51	-18,400,174.52	-0.17%
E-Distributie Muntenia SA	69.9546	227,799,879.62	63.8128	207,799,746.67	-20,000,132.95	-0.18%
E-Distributie Dobrogea SA	26.2396	177,199,351.23	27.9129	188,499,358.64	+11,300,007.41	+0.10%
Total		7,824,797,572.70		8,329,289,202.79	+504,491,630.09	+4.63%

Mecon SA

For this holding, the valuation method has been changed from Fair value (Last available trading price) (respectively RON 19.00 /share) to Reference price - Average price (respectively RON 13.30 /share) according to CNVM Regulation 4/2010, as subsequently amended, because the shares of this company were traded during the last 30 trading days. The total impact of this change on the Fund's NAV was a decrease of RON 342,307.80.

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

Calin Metes 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 3,749,282,292.08 RON, Paid-up share capital RON 3,560,099,870.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro