Fondul Proprietatea

Net Asset Value • Aug 14, 2019

Administrator Code:	PJM07.1AFIASMDLUX0037
Fund:	Fondul Proprietatea SA
Fund Code:	PJR09SIIR/400006
Reporting date:	31.07.2019

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

1. Non-current Assets	7,522,725,991.21
1.1. Intangible assets	234,723.60
1.2. Tangible assets	0.00
1.3. Financial assets	7,522,491,267.61
1.3.1 Listed shares**	11,493,896.77
1.3.2 Unlisted shares	7,510,997,370.84
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	3,505,533,594.08
2.1 Inventory	0.00
2.2 Receivables out of which:	67,728,611.69
- commercial papers	0.00
2.3 Cash	47,319,605.19
2.4 Short term financial investments	2,818,926,627.09
2.4.1 Listed shares**	2,818,926,627.09
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	49,501,424.63
2.7 Bank deposits	467,560,025.48
2.8 Certificates of deposits	0.00
2.9 Other current assets	54,497,300.00
3. Derivatives	0.00
4. Prepaid expenses	321,984.90
5. Total assets	11,028,581,570.19
6. Total liabilities	96,237,496.44
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	22,232,348.27
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

[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 4,733,020,898.32 • Paid-up Share Capital: RON 4,543,838,476.32 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

6.8 Other debts	74,005,148.17
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:	10,931,487,826.53
9.1 Share capital	4,733,020,898.32
9.2 Share capital premiums	0.00
9.3 Revaluation differences	-4,747.35
9.4 Reserves	-528,630,264.78
9.5 Retained earnings	4,848,273,225.01
9.6 Period result	1,878,828,715.33
9.7 Profit appropriation	0.00
10. Total liabilities and Shareholders' equity	11,028,581,570.19
11. Net Asset Value	10,931,487,826.53
12. No of shares issued*	7,103,277,709
13. Net asset value per share	1.5389
14. Number of portfolio companies out of which:	34
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	27

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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 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

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 4,733,020,898.32 • Paid-up Share Capital: RON 4,543,838,476.32 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. as at 31 July 2019

The valuation methods used for the computation of the NAV as at 31 July 2019, 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. Treasury bills: Acquisition price cumulated with the accrued interest receivable calculated for the period elapsed since the date of acquisition;
• 8. Listed government bonds: Fair value (reference composite price, including the cumulated interest);
• 9. 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] ___________________________________________________________________________________________________________________________

Annex – Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 31 July 2019

__________________________________________________________________________________

For the computation of the NAV as at 31 July 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 Fair value (Last available trading price) (respectively RON 6.00/share) to Reference price - Average price (respectively RON 19.00/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 an increase of RON 780,702.00.

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 4,733,020,898.32 • Paid-up Share Capital: RON 4,543,838,476.32 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro