Fondul Proprietatea : NAV as of 31 May 2024

_____________________________________________________________________________________

	Fund Administrator:	Franklin Templeton International Services S.à r.l.
	Administrator Code:	PJM07.1AFIASMDLUX0037
	Fund:	Fondul Proprietatea SA
	Fund Code:	PJR09FIAIR/400018
	Reporting date:	31.05.2024
	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		1,790,976,916.84
6.1. Financial assets at amortised cost	0.00
6.2. Financial assets at fair value through profit or loss, out of which:	1,790,976,916.84
	6.2.1. Shares traded or listed on regulated markets in Romania*	131,913,776.73
	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)	458,506,452.65
8.	Bank deposits		551,833,270.64
9.	Other assets		146,746,164.52
9.1. Dividends and other receivable rights	144,443,097.50
9.2. Other assets		2,303,067.02
10. Prepaid expenses		0.00
11. Total Assets		2,948,062,804.65

[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

_____________________________________________________________________________________

12.	Total liabilities	682,208,294.63
12.1. Financial liabilities at amortised cost	681,947,785.30
12.2. Deferred tax liability	0.00
12.3. Other debts	260,509.33
13.	Provisions for risks and charges	0.00
14.	Deferred income	0.00
15.	Shareholders' equity, out of which:	2,265,854,510.02
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	589,555,837.31
15.7. Treasury shares	-1,889,247,510.45
15.8. Retained earnings	465,585,068.82
15.9. Period result	152,181,927.76
16.	Net Asset Value	2,265,854,510.02
17.	Number of issued shares**	3,524,403,683
18.	Net asset value per share	0.6429
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	79.04%	1,791,012,607.91
b) Commitment method	100.00%	2,265,854,510.02

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 - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (31 May 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

1. Gerovital Cosmetics SA
2. Romplumb SA
3. Salubriserv SA
4. Simtex SA
5. World Trade Center Bucuresti SA

Valuation method

Valued at zero (bankruptcy) Valued at zero (bankruptcy) Valued at zero (bankruptcy)

Valued at zero (judicial reorganisation) Valued at zero (insolvency)

Bank deposits
Name	Symbol Valuation method

Bank deposit amount cumulated with the

Bank depositsaccrued 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 31 May 2024

There was no change of the valuation methods used for the computation of the NAV as at 31 May 2024 for Fondul Proprietatea S.A, as compared to 30 April 2024, respectively from the last reporting of the net asset value of Fondul Proprietatea.

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