Fondul Proprietatea

Fund Information / Factsheet • Apr 14, 2025

MONTHLY REPORT 31 March 2025

FUND DESCRIPTION

Fondul Proprietatea (the Fund) is a joint stock company operating as an Alternative Investment Fund (AIF), incorporated in Romania. The Fund was listed on the Bucharest Stock Exchange on 25 January 2011, and on the Specialist Fund Market of the London Stock Exchange ("LSE") by means of Global Depositary Receipts ("GDRs") on 29 April 2015.

INVESTMENT OBJECTIVE

The Fund's investment objective is the maximisation of returns to shareholders and the increase of the net asset value per share via investments mainly in Romanian equities and equity-linked securities.

ALTERNATIVE INVESTMENT FUND MANAGER

FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À. R.L. as of 1 April 2016

PORTFOLIO MANAGER

Johan Meyer – Portfolio Manager Călin Meteș - Deputy Portfolio Manager

Daniel Naftali - Deputy Portfolio Manager

share capital:

FUND DETAILS AS OF 31/03/2025

Base Currency of Fund:	Romanian Lei (RON)
Date of Fund Launch:	28 December 2005
Performance Inception Date:	31 December 2010 for NAV 25 January 2011 for Ordinary Share Price 29 April 2015 for Global Depositary Receipts
Number of shares in issue and paid-up:	3,556,427,239
Number of issued and paid shares less Treasury shares (at trade date):	3,153,264,961
Total Number of Voting Rights:	3,556,427,239
Total Number of Exercisable Voting Rights12 (at settlement date):	3,155,355,266
Subscribed and paid-up	1,849,342,164.28 RON

CASH DISTRIBUTIONS PER SHARE13

0.06 RON June 2024
1.7225 RON September 2023
0.05 RON June 2023
0.125 RON June 2022
0.06 RON February 2022
0.07 RON August 2021
0.072 RON June 2021
0.0642 RON July 2020
0.0903 RON July 2019
0.0678 RON June 2018
0.05 RON June 2017
0.05 RON March 2017
0.05 RON June 2016
0.05 RON June 2015
0.05 RON July 2014
0.04089 RON June 2013
0.03854 RON June 2012
0.03141 RON June 2011
0.0816 RON October 2010

FUND IDENTIFIER

Bucharest Stock Exchange Symbol: London Stock Exchange Symbol:
Reuters:	FP.BX (for BVB) and FPq.L (for GDRs)
ISIN:	ROFPTAACNOR5
ASF Public Register No:	PJR09FIAIR/400018/28.01.2022
CIIF Registration No:	AC-4522-11/06.09.2024
LEI Code:	549300PVO1VWBFH3DO07

SHARE PRICE (RON) AND (DISCOUNT)/ PREMIUM (%) SINCE LISTING ON BVB

NAV/Share: RON 0.6813 / USD 0.1481 / EUR 0.1369 Ordinary Share Price: RON 0.3786 / USD 0.0823 / EUR 0.0761 GDR price (1 GDR = 50 shares): RON 18.49 / USD 4.02 / EUR 3.72 Current Share Price (Discount)/Premium1: (44.43%) Current GDR (Discount)/Premium1: (45.71%) Fund NAV: RON 2.15 billion / USD 0.47 billion / EUR 0.43 billion Market Capitalisation (Excluding treasury shares): RON 1.19 billion / USD 0.26 billion / EUR 0.24 billion Average Daily Turnover on the BVB2: RON 1.47 million / USD 0.32 million / EUR 0.30 million Average Daily Turnover on the LSE2: RON 0.07 million / USD 0.02 million / EUR 0.01 million

Cumulative Performance %	1-Mo	3-Mo	6-Mo	9-Mo	1-Yr	2-Yr3	3-Yr3	5-Yr3	Since perf. incept.4
NAV RON 5	(0.18)	(3.07)	2.88	2.88	14.10	4.97	8.33	18.94	371.09
6 Ordinary Share Price RON	3.22	20.19	2.44	(4.15)	(17.95)	7.06	6.73	22.13	788.76
7 GDR USD	6.91	24.84	(0.50)	(10.67)	(16.59)	0.04	1.31	18.49	259.72

Performance data is shown rounded to the nearest hundredth.

The Fund uses these indicators as they are directly related to the performance objectives of the Fund included in the Investment Policy Statement.

AVERAGE ANNUAL DISCOUNT %1

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD (55.67) (50.09) (40.74) (30.87) (29.12) (32.08) (28.05) (29.54) (29.38) (21.06) (5.69) (21.60) (22.84) (34.25) (49.28) Ordinary Share Price GDR - - - - (29.51) (29.98) (27.39) (29.53) (30.34) (22.17) (7.63) (22.39) (23.41) (34.68) (49.69)

PORTFOLIO STRUCTURE

Asset	% of NAV
Listed Equities	5.76
Unlisted Equities	82.43
Net Cash & Receivables 8	11.81
Sector	% of NAV
Infrastructure	65.93
Salt mining	13.85
Aluminium	5.14
Power utilities: generation	0.28
Others	2.99
Net Cash and receivables8	11.81

TOP HOLDINGS

Security name	% of NAV
CN Aeroporturi Bucuresti SA	48.12
CN Administratia Porturilor Maritime SA	16.65
Societatea Nationala a Sarii SA	13.85
Alro SA	5.14
Zirom SA	1.19
Total	84.95

SHAREHOLDERS STRUCTURE9

	%
Romanian private individuals	52.15
Romanian institutional investors	14.54
10 Treasury shares	11.28
Ministry of Finance	10.42
Foreign private individuals	5.25
Foreign institutional investors	4.98
The Bank of New York Mellon (depository bank for Global Depository Receipts)11	1.39
Total Number of Shareholders	22,742

DESCRIPTION OF NAV BASIS

THE CURRENT REGULATIONS

Net Asset Value is calculated according to regulations approved by Local Regulator (FSA Regulations No. 9/2014 and No. 7/2020, as subsequently amended).

Where there is trading activity in the last 30 trading days, the shares listed on a regulated market or admitted to trading on AeRO market (alternative trading system) are valued at closing price. Where there is no trading activity in the 30 trading day-period for listed investments, the unlisted valuation approach applies. Investments in unlisted companies are valued using valuation methods in accordance with International Valuation Standards (according to the fair value principle).

Investments in companies in liquidation, dissolution, bankruptcy, insolvency or judicial reorganization are valued at nil. Investments in companies under temporary or final suspension of operation, are valued at zero until the procedure is finalized.

Starting with the NAV report as at 29 January 2016, the accounting records under IFRS are used for the computation of NAV for the items that are not part of the financial instruments' portfolio (non-portfolio items).

WHAT ARE THE KEY RISKS?

The Fund's portfolio consists mainly of unlisted financial instruments and consequently the performance of the Fund can fluctuate considerably over time.

Risk related to industry sectors: the Fund has a significant exposure in companies in infrastructure and salt mining sectors. Therefore, the Fund's performance will depend largely on the overall condition of the industries and markets in which the companies in the Fund's portfolio operate.

Risk related to Romania: The Fund holds significant holdings in companies that are controlled by Romanian State. Past experience indicates that management of these companies is often replaced after government changes, which may affect the financial results of such companies in the Fund's portfolio and the Fund's overall performance.

Risk related to Global Pandemic: The spread of infectious diseases, such as COVID-19, could have a significant adverse impact on the Fund's operations and Fund's returns.

Other materially relevant risks are unlisted investment risk and share discount to NAV risk. For full details of all of the risks applicable to this Fund, please refer to the "Risk Factors" section of the Fund in the current prospectus of Fondul Proprietatea.

Important Information and Disclaimers

The above portfolio information is calculated on the basis of the NAV. The Investment Manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top Holdings list where the protection of such information is in the best interests of the Fund. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. In emerging markets, the risks can be greater than in developed markets. Investment in the Fund may not be suitable for all investors; we suggest investors seek guidance from a financial adviser. Read the issue prospectus before investing in this fund/investment firm. FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À R.L. as alternative investment fund manager and sole director of Fondul Proprietatea SA issues quarterly, semi-annual and annual reports which are published on the Fund's website at www.fondulproprietatea.ro. This is a short summary for the information of existing shareholders only and is not intended to be used as the basis for investment decisions.

Existing and potential investors should refer to the Fund's prospectus and amendment, available at www.fondulproprietatea.ro. All information presented in the report is provided by Franklin Templeton International Services S.À R.L., Bucharest Branch.

This report is issued in Romania by Franklin Templeton International Services S.À R.L., Bucharest Branch, at 76-80 Buzesti Str, Premium Point, 8th Floor, Bucharest 1, 011017, ROMANIA.

References

1. Average (Discount)/ Premium is calculated based on the latest published NAV at the date of the calculation; between 7 September 2023 (ex-date for 29 September 2023 dividend distribution) and 14 September 2023, the values are calculated based on the 31 August 2023 NAV in order to correlate the Price and NAV adjustment with the dividend distribution. For Current Discount/ Premium, the values are calculated based on the 31 March 2025 NAV.

2. For the period: 1 – 31 March 2025.

3. Annualized rate of return.

4. The Performance Inception date for the NAV is 31 December 2010, for the Share Price is

25 January 2011, and for the GDRs is 29 April 2015.

1. The NAV per Share Total Return is calculated in RON by geometrically linking total returns for all intermediate periods when official NAV is published. Each total return for a single period is calculated using the following formula: the NAV per share as at the end of the period plus any cash distribution during the period, dividing the resulting sum by the official NAV per share at the beginning of the period. The resulting single period total returns are geometrically linked to result in the overall total return.

2. The Share Price Total Return is calculated in RON by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.

3. The GDR Price Total Return is calculated in USD by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.

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1. Net cash and receivables includes bank deposits, current bank accounts, dividend receivables, as well as other receivables and assets, net of all liabilities (including liabilities to shareholders related to the returns of capital and dividend distribution).

2. Based on the subscribed and paid-up share capital as at 31 March 2025 as received from Depozitarul Central SA.

3. 401,063,123 treasury shares acquired in 2024 and 2025 within the 15th and 16th buyback programmes (either in the form of shares and/or GDRs). The total number of treasury shares is calculated at settlement date.

4. The underlying shares for global depositary receipts issued by The Bank of New York Mellon are registered in the name of The Bank of New York Mellon and for the account of holders of the global depositary receipts. Out of BNY holding, the GDRs held by Fondul Proprietatea were excluded, namely 177 Global Depository Receipts (8,850 shares equivalent).

5. The own settled shares and shares equivalent of own global depositary receipts held by the Fund are excluded from the calculation of the number of exercisable voting rights. The repurchased own shares and global depositary receipts for which the settlement is ongoing at the date of this report are not excluded from the calculation of the number of exercisable voting rights.

6. Distributions since the start of Franklin Templeton mandates.

tel.: +40 21 200 96 00 fax: +40 31 630 00 48 Fund's headquarters are at 76-80 Buzesti Str, 7th Floor, Bucharest District 1, 011017, Romania. Fund's Fiscal Identification Code (CIF): 18253260 and Trade Registry registration no: J40/21901/2005.

www.fondulproprietatea.ro investor.relations@fondulproprietatea.ro