Fondul Proprietatea : 29 February 2024 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:	29.02.2024
		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		1,775,380,126.98
	6.1. Financial assets at amortised cost	0.00
	6.2. Financial assets at fair value through profit or loss, out of which:	1,775,380,126.98
		6.2.1. Shares traded or listed on regulated markets in Romania*	116,316,986.87
		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	1,659,063,140.11
		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)	510,831,460.59
8.	Bank deposits		560,987,034.89
9.	Other assets		1,442,522.93
	9.1. Dividends and other receivable rights	0.00
	9.2. Other assets		1,442,522.93
	10. Prepaid expenses		0.00
	11. Total Assets			2,848,641,145.39

[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 2,947,779,186.56 • Tel.: + 40 21

200 9600; Fax: [phone]; Email:[e-mail]; Internet:www.fondulproprietatea.ro

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	12.	Total liabilities			514,024,103.87
	12.1. Financial liabilities at amortised cost	513,773,705.28
	12.2. Deferred tax liability	0.00
	12.3. Other debts	250,398.59
	13.	Provisions for risks and charges			0.00
	14.	Deferred income			0.00
15.	Shareholders' equity, out of which:	2,334,617,041.52
	15.1. Share capital	2,947,779,186.56
	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	0.02
	15.6. Reserves	646,805,768.60
	15.7. Treasury shares	-1,873,193,280.09
	15.8. Retained earnings	620,787,616.77
	15.9. Period result	-7,562,250.34
	16.	Net Asset Value			2,334,617,041.52
17.	Number of issued shares**	3,556,427,239
18.	Net asset value per share	0.6564
19.	Number of portfolio companies out of which:	24
	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	19

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	76.05%	1,775,392,613.07
b) Commitment method	100.00%	2,334,617,041.52

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 2,947,779,186.56 • Tel.: + 40 21

200 9600; Fax: [phone]; 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. (29 February 2024)

Listed shares

	Name	Symbol	Valuation method
			Value based on the valuation report as at 31
1	Alcom SA	ALCQ	October 2023 (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)
			Value based on the valuation report as at 30
			June 2023 (applying the asset-based
4	Mecon SA	MECP	approach)
			Value based on the valuation report as at 30
			June 2023 (applying the income approach
5	Romaero SA	RORX	using the discounted cash flow method)

Unlisted shares

			Name	Symbol		Valuation method
			Aeroportul International Mihail			Value based on the valuation report as at 31 October
1					2023 (applying the income approach using the
		Kogalniceanu - Constanta SA
					discounted cash flow method)
			Aeroportul International Timisoara -			Value based on the valuation report as at 31 October
2					2023 (applying the income approach using the
		Traian Vuia SA
					discounted cash flow method)
			CN Administratia Canalelor Navigabile			Value based on the valuation report as at 31 October
3					2023 (applying the market comparison technique
		SA
					using comparable trading multiples for EBITDA)
			CN Administratia Porturilor Dunarii			Value based on the valuation report as at 31 October
4					2023 (applying the market comparison technique
		Fluviale SA
					using comparable trading multiples for EBITDA)
			CN Administratia Porturilor Dunarii			Value based on the valuation report as at 31 October
5					2023 (applying the market comparison technique
		Maritime SA
					using comparable trading multiples for EBITDA)
			CN Administratia Porturilor Maritime			Value based on the valuation report as at 31 October
6					2023 (applying the income approach using the
		SA
					discounted cash flow method)
						Value based on the valuation report as at 31 October
7			CN Aeroporturi Bucuresti SA			2023 (applying the income approach using the
						discounted cash flow method)
						Value based on the valuation report as at 31
8			Complexul Energetic Oltenia SA			December 2023 (applying the income approach
						using the discounted cash flow method)
						Value based on the valuation report as at 31 October
9			Plafar SA			2023 (applying the income approach using the
						discounted cash flow method)

[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 2,947,779,186.56 • Tel.: + 40 21

200 9600; Fax: [phone]; Email:[e-mail]; Internet:www.fondulproprietatea.ro

_____________________________________________________________________________________

			Name	Symbol		Valuation method
						Value based on the valuation report as at 31 October
10			Posta Romana SA			2023 (applying the market comparison technique
				using comparable trading multiples for
						Price/Earnings)
						Value based on the valuation report as at 31 October
11			Societatea Nationala a Sarii SA			2023 (applying the income approach using the
						discounted cash flow method)
						Value based on the valuation report as at 31 October
12			Societatea Electrocentrale Craiova SA			2023 (applying the market comparison technique
				using comparable trading multiples for
						EV/Revenue)
						Priced at zero (lack of annual financial statements
						for the last 10 financial years including the financial
13			World Trade Hotel SA			statements for the year-ended 31 December 2022;
						last available financial statements are those for the
						year-ended 31 December 2012)
						Value based on the valuation report as at 31 October
14			Zirom SA			2023 (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		Gerovital Cosmetics SA		Valued at zero (bankruptcy)
2		Romplumb SA		Valued at zero (bankruptcy)
3		Salubriserv SA		Valued at zero (bankruptcy)
4		Simtex SA		Valued at zero (judicial reorganisation)
5		World Trade Center Bucuresti SA		Valued at zero (insolvency)
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

[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 2,947,779,186.56 • Tel.: + 40 21

200 9600; Fax: [phone]; Email:[e-mail]; Internet:www.fondulproprietatea.ro

_____________________________________________________________________________________

Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as of 29 February 2024

For the computation of the NAV of Fondul Proprietatea SA as at 29 February 2024, the valuation method used for the valuation of holding presented below remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of an independent valuer.

The total impact of the valuation update on the Fund's NAV resulted in a net decrease of RON 7,959,195.66 as detailed in the table below:

	Previous
	value per	Previous value	Current value		Impact of the
	share	of the holding	per share	Current value of	valuation update on	Impact of the valuation
Company	(RON/share)	(RON)	(RON/share)	the holding (RON)	NAV (RON)	change on NAV (%)
Complexul Energetic Oltenia SA	12.1935	64,799,660.99	10.6958	56,840,465.33	(7,959,195.66)	-0.34%

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	Senior Compliance Officer

[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 2,947,779,186.56 • Tel.: + 40 21

200 9600; Fax: [phone]; Email:[e-mail]; Internet:www.fondulproprietatea.ro