Fondul Proprietatea

Net Asset Value • Dec 14, 2018

Fund Code: PJR09SIIR/400006 Reporting date: 29.11.2018

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	6,844,643,726.32
1.1. Intangible assets	409,972.71
1.2. Tangible assets	0.00
1.3. Financial assets	6,844,233,753.61
1.3.1 Listed shares**	13,605,399.50
1.3.2 Unlisted shares	6,830,628,354.11
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	3,166,149,465.72
2.1 Inventory	0.00
2.2 Receivables out of which:	721,958.01
- commercial papers	0.00
2.3 Cash	20,579,863.06
2.4 Short term financial investments	2,828,045,450.79
2.4.1 Listed shares**	2,828,045,450.79
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	180,768,245.66
2.7 Bank deposits	136,033,948.20
2.8 Certificates of deposits	0.00
2.9 Other current assets	0.00
3. Derivatives	0.00
4. Prepaid expenses	230,434.69
5. Total assets	10,011,023,626.73
6. Total liabilities	30,494,799.31
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	7,760,846.17
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	22,733,953.14

1

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[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 4,771,610,196.08 • Paid-up Share Capital: RON 4,582,427,774.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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:	9,979,672,580.20
9.1 Share capital	4,771,610,196.08
9.2 Share capital premiums	0.00
9.3 Revaluation differences	-8,107.41
9.4 Reserves	-1,191,652,744.13
9.5 Retained earnings	5,323,909,728.76
9.6 Period result	1,075,813,506.90
9.7 Profit appropriation	0.00
10. Total liabilities and Shareholders' equity	10,011,023,626.73
11. Net Asset Value	9,979,672,580.20
12. No of shares issued*	7,261,484,316
13. Net asset value per share	1.3743
14. Number of portfolio companies out of which:	35
14.1 Companies admitted to trading on a regulated market	4
14.1 Companies admitted to trading on an alternative regulated market***	4
14.3 Companies not admitted to trading	27

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

Dan Gheorghe Marius Nechifor Permanent representative Compliance Officer

BRD Groupe Societe Generale

Victor Strâmbei Claudia Ionescu Manager Depositary Department Director

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 4,771,610,196.08 • Paid-up Share Capital: RON 4,582,427,774.08 • 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 November 2018

The valuation methods used for the computation of the NAV as at 29 November 2018, 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: Fair value (reference composite price, including the cumulated interest);
• 11. 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

Dan Gheorghe 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 4,771,610,196.08 • Paid-up Share Capital: RON 4,582,427,774.08 • 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 29 November 2018

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For the computation of the NAV as at 29 November 2018 for Fondul Proprietatea SA, the valuation method used for the investment in the company presented below changed:

Mecon SA

For this holding, the valuation method has been changed from Reference price - Average price (respectively RON 9.20 /share) to Fair value (Last available trading price) (respectively RON 9.20 /share) because the shares of this company were not traded during the last 30 trading days and the valuation based on the last available trading price is considered to reflect better the fair value of this holding than its shareholders' equity per share (respectively RON 31.0293 / share). This change of valuation method did not have any impact on the Fund's NAV.

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

Dan Gheorghe 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 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 4,854,034,784.56, Paid-up Share Capital: RON 4,664,852,362.56 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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