Fondul Proprietatea

Net Asset Value • May 13, 2016

PJM07.1AFIASMDLUX0037
Fondul Proprietatea SA
PJR09SIIR/400006
29.04.2016

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	7,231,540,735.30
1.1. Intangible assets	713,596.89
1.2. Tangible assets	0.00
1.3. Financial assets	7,230,827,138.41
1.3.1 Listed shares**	10,133,492.11
1.3.2 Unlisted shares	7,220,693,419.51
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	226.79
2. Current assets	4,045,070,566.63
2.1 Inventory	0.00
2.2 Receivables out of which:	74,165,564.71
- commercial papers	0.00
2.3 Cash	470,511.15
2.4 Short term financial investments	3,223,279,004.83
2.4.1 Listed shares**	3,223,279,004.83
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	264,444,609.50
2.7 Bank deposits	482,710,876.44
2.8 Certificates of deposits	0.00
2.9 Other current assets	0.00
3. Derivatives	0.00
4. Prepaid expenses	248,743.62
5. Total assets	11,276,860,045.55

[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: 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 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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6. Total liabilities	49,380,005.75
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
6.4. Payables	22,828,752.84
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	26,551,252.91
7. Provisions	11,618,605.65
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:	11,215,861,434.15
9.1 Share capital	9,869,265,720.90
9.2 Share capital premiums	0.00
9.3 Revaluation differences	36,693,576.32
9.4 Reserves	4,136,332,371.14
9.5 Retained earnings	-2,473,157,471.66
9.6 Period result	-353,272,762.55
9.7 Profit appropriation	0.00
10. Total liabilities and Shareholders' equity	11,276,860,045.55
11. Net Asset Value	11,215,861,434.15
12. No of shares issued*	10,368,696,047
13. Net asset value per share	1.0817
14. Number of portfolio companies out of which:	47
14.1 Companies admitted to trading on a regulated market	7
14.1 Companies admitted to trading on an alternative regulated market***	6
14.3 Companies not admitted to trading	34

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 and held

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

[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 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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

Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager on behalf of FONDUL PROPRIETATEA S.A

Oana Truța Marius Nechifor Legal 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]

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 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; 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. as at 29 Apr 2016

The valuation methods used for the computation of the NAV as at 29 Apr 2016, 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: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS), Fair value/share;
• 4. Unlisted companies: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS), Fair value / share;
• 5. Companies in insolvency or reorganisation: Valued either at zero or at the value provided by an independent valuator;
• 6. Companies in liquidation/dissolution/ bankruptcy: Valued at zero;
• 7. Companies with negative shareholders' equity, unlisted, or listed but not traded within the last 30 trading days: Valued at zero;
• 8. Companies for which the annual financial statements of the previous year were not available 90 days after the legal term: Valued at zero;
• 9. Treasury bills: Acquisition price cumulated with the accrued interest receivable calculated for the period elapsed since the date of acquisition;
• 10. Listed government bonds: Closing price (Gross price);
• 11. Bank deposits: Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed since its creation date.

Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager of FONDUL PROPRIETATEA S.A

Oana Truta Legal Representative Marius Nechifor Compliance Officer

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

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Annex – Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 29 April 2016

For the computation of the NAV as at 29 April 2016 for Fondul Proprietatea SA, changed the valuation methods used for the investments in the companies presented below:

1) Alcom SA

Following the decision of General Shareholders Meeting of this company on 25 April 2016, to approve the financial statements for the financial year ended 31 December 2015 and not to distribute dividends, the valuation method for this holding has been changed from Shareholders' equity as of 31 December 2014 adjusted with dividends declared per share (respectively 116.6335 Lei/share) to Shareholders' equity as of 31 December 2015 per share (respectively 113.5418 Lei/share). The total impact of this change of valuation method on the Fund's NAV was a decrease of Lei 275,931.13.

2) Mecon SA

For this holdings, the valuation method has been changed from Fair value (Last available trading price) (respectively Lei 4.00/share) to Reference price - Average price (respectively Lei 1.7150 /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 of valuation method on the Fund's NAV was a decrease of Lei 137,223.39.

Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager of FONDUL PROPRIETATEA S.A.

Oana Truța Marius Nechifor

Legal 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 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro