Fondul Proprietatea : 31 December 2022 NAV report

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	Fund Administrator:	Franklin Templeton International Services S.à r.l.
	Administrator Code:	PJM07.1AFIASMDLUX0037
	Fund:	Fondul Proprietatea SA
	Fund Code:	PJR09FIAIR/400018
	Reporting date:	31.12.2022
	Statement of Assets and Liabilities of Fondul Proprietatea SA and the Net Asset Value calculation
	according with the FSA Regulations No. 9/2014 and No. 7/2020, as subsequently amended
			RON
1.	Intangible assets		0.00
2.	Tangible assets		0.00
3.	Real estate investments		0.00
4.	Biological assets		0.00
5.	Assets representing rights to use the underlying assets in a leasing contract	0.00
6.	Financial assets		13,696,591,938.85
6.1. Financial assets at amortised cost	0.00
6.2. Financial assets at fair value through profit or loss, out of which:	13,696,591,938.85
	6.2.1. Shares traded or listed on regulated markets in Romania*	167,608,857.01
	6.2.2. Shares admitted or traded on a regulated market from a member state	0.00
	6.2.3. Shares traded or listed on regulated markets from a non-EU Member State	0.00
	6.2.4. Shares issued by Romanian companies not admitted to trading	13,528,983,081.84
	6.2.5. Bonds admitted to trading issued or guaranteed by central government	0.00
	authorities
	6.2.6. Municipal bonds		0.00
	6.2.7. Corporative bonds		0.00
	6.2.8. Treasury bills		0.00
	6.2.9. Newly issued securities		0.00
	6.2.10. Participation titles of UCITS and/or of OCIU/AIF	0.00
	6.2.11. Equity titles		0.00
	6.2.12. Derivates		0.00
	6.2.13. Other financial assets		0.00
6.3. Financial assets at fair value through other comprehensive income	0.00
7.	Cash (cash and cash equivalents)	73,833,144.34
8.	Bank deposits		912,616,396.35
9.	Other assets		712,870.15
9.1. Dividends and other receivable rights	0.00
9.2. Other assets		712,870.15
10. Prepaid expenses		156,343.88
11. Total Assets		14,683,910,693.57

[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: 76-80 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 and paid-up share capital RON 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40

316 300 048; Email:[e-mail];Internet:www.fondulproprietatea.ro

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12.	Total liabilities	114,372,608.92
12.1. Financial liabilities at amortised cost	110,960,287.44
12.2. Deferred tax liability	0.00
12.3. Other debts	3,412,321.48
13.	Provisions for risks and charges	0.00
14.	Deferred income	0.00
15.	Shareholders' equity, out of which:	14,569,538,084.65
15.1. Share capital	3,233,269,110.76
15.2. Elements similar to share capital	0.00
15.3. Other elements of shareholders' equity	0.00
15.4. Share capital premiums	0.00
15.5. Revaluation differences	-5,457.16
15.6. Reserves	667,020,430.17
15.7. Treasury shares	-1,194,334,987.89
15.8. Retained earnings	9,094,140,117.70
15.9. Period result	2,769,448,871.07
16.	Net Asset Value	14,569,538,084.65
17.	Number of issued shares**	5,668,806,128
18.	Net asset value per share	2.5701
19.	Number of portfolio companies out of which:	32
19.1 Companies admitted to trading on an EU market	5
19.2 Companies admitted to trading on a non-EU market	0
19.3 Companies not admitted to trading	27

Legend:

• = Include also the value of holdings admitted to trading on AeRo market (alternative regulated market)
• = Represents the number of paid issued shares excluding treasury shares and repurchased own shares related to the global depositary receipts or certificates of interest of own shares, according with FSA Regulation no. 7/2020, as subsequently amended.

Leverage of the fund

Method type	Leverage level	Exposure amount
a) Gross method	94.01%	13,696,596,341.44
b) Commitment method	100.00%	14,569,538,084.65

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

Johan Meyer	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]

_____________________________________________________________________________________________________________________________________________________________________________________

FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 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 and paid-up share capital RON 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40

316 300 048; Email:[e-mail];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. (31 December 2022)

Listed shares

				Name	Symbol	Valuation method
						Value based on the valuation report as at 31
1			Alcom SA	ALCQ	October 2022 (applying the income approach
						using the discounted cash flow method)
2			Alro Slatina SA	ALR	Closing Price
3			IOR SA	IORB	Reference price (Closing Price)
4			Mecon SA	MECP	Reference price (Closing Price)
5			Romaero SA	RORX	Reference price (Closing Price)
		Unlisted shares
				Name	Symbol		Valuation method
				Aeroportul International Mihail Kogalniceanu -			Value based on the valuation report as at 31
1					October 2022 (applying the income approach using
		Constanta SA
						the discounted cash flow method)
							Value based on the valuation report as at 31
2			Aeroportul International Timisoara - Traian Vuia SA			October 2022 (applying the income approach using
							the discounted cash flow method)
							Value based on the valuation report as at 31
3			CN Administratia Canalelor Navigabile SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
4			CN Administratia Porturilor Dunarii Fluviale SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
5			CN Administratia Porturilor Dunarii Maritime SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
6			CN Administratia Porturilor Maritime SA			October 2022 (applying the income approach using
							the discounted cash flow method)
							Value based on the valuation report as at 31
7			CN Aeroporturi Bucuresti SA			October 2022 (applying the income approach using
							the discounted cash flow method)
							Value based on the valuation report as at 31
8			Complexul Energetic Oltenia SA			October 2022 (valued at zero mainly due to high
							net debt position)
							Value based on the valuation report as at 31
9			E-Distributie Banat SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
	10	E-Distributie Dobrogea SA			October 2022 (applying the market comparison
			technique using comparable trading multiples for
							EBITDA)
11			E-Distributie Muntenia SA			Value based on the valuation report as at 31
					1
				[English translation of the original report in Romanian - for information purposes only]

______________________________________________________________________________________________________________________________

FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 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 and paid-up share capital RON

3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: [phone]; Email: [e-mail];Internet: www.fondulproprietatea.ro

________________________________________________________________________________

				Name	Symbol		Valuation method
							October 2022 (applying the market comparison
							technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
	12	Enel Energie Muntenia SA			October 2022 (applying the market comparison
			technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
13			Enel Energie SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
14			Engie Romania SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
15			Hidroelectrica SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							EBITDA)
							Value based on the valuation report as at 31
16			Plafar SA			October 2022 (applying the income approach using
							the discounted cash flow method)
							Value based on the valuation report as at 31
17			Posta Romana SA			October 2022 (applying the market comparison
				technique using comparable trading multiples for
							Price/Earnings)
							Value based on the valuation report as at 31
18			Societatea Nationala a Sarii SA			October 2022 (applying the income approach using
							the discounted cash flow method)
	19	Societatea Electrocentrale Craiova SA			Priced at zero (lack of financial statements required
			for yearend valuation)
							Priced at zero (lack of annual financial statements
							for the last 9 financial years including the financial
20			World Trade Hotel SA			statements for the year-ended 31 December 2021;
						last available financial statements are those for the
						year-ended 31 December 2012)
							Value based on the valuation report as at 31
21			Zirom SA			October 2022 (applying the income approach using
							the discounted cash flow method)

Shares of companies in insolvency/ judicial reorganization/liquidation/dissolution/ bankruptcy

	Name	Symbol	Valuation method
1	Comsig SA		Valued at zero (administrative liquidation)
2	Gerovital Cosmetics SA		Valued at zero (bankruptcy)
3	Romplumb SA		Valued at zero (bankruptcy)
4	Salubriserv SA		Valued at zero (bankruptcy)
5	Simtex SA		Valued at zero (judicial reorganisation)
6	World Trade Center Bucuresti SA		Valued at zero (insolvency)

2

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

______________________________________________________________________________________________________________________________

FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 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 and paid-up share capital RON

3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: [phone]; Email: [e-mail];Internet: www.fondulproprietatea.ro

________________________________________________________________________________

Bank deposits

Name	Symbol	Valuation method
		Bank deposit amount cumulated with the
Bank deposits		accrued interest receivable calculated for the
		period elapsed from its starting date

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

Johan Meyer	Marius Nechifor
Permanent representative	Compliance Officer
BRD Groupe Societe Generale
Victor Strâmbei
Manager Depositary Department

3

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

______________________________________________________________________________________________________________________________

FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 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 and paid-up share capital RON

3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: [phone]; Email: [e-mail];Internet: www.fondulproprietatea.ro