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FONDUL PROPRIETATEA - FP

NAV as of date 30 April 2020

Release Date: 5/15/2020 8:00:04 AM

IRIS Code: 6F2B5

Fund Administrator:

Franklin Templeton International Services S.a r.l.

Administrator Code:

PJM07.1AFIASMDLUX0037

Fund:

Fondul Proprietatea SA

Fund Code:

PJR09SIIR/400006

Reporting date:

30.04.2020

Fondul Proprietatea SA 's Assets and Liabilities based on NAV calculation according with the CNVM Regulation No. 4 / 2010, as subsequently amended

Lei

1. Non-current Assets

7,099,911,815.25

1.1. Intangible assets

102,691.57

1.2. Tangible assets

0.00

1.3. Financial assets

7,099,809,123.68

1.3.1 Listed shares**

8,868,065.91

1.3.2 Unlisted shares

7,090,885,568.63

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

55,489.14

2. Current assets

2,881,341,188.16

2.1 Inventory

0.00

2.2 Receivables out of which:

24,604,732.59

- commercial papers

0.00

2.3 Cash

25,794,928.26

2.4 Short term financial investments

2,287,403,176.85

2.4.1 Listed shares**

2,287,403,176.85

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

100,853,420.77

2.7 Bank deposits

442,684,929.69

2.8 Certificates of deposits

0.00

2.9 Other current assets

0.00

3. Derivatives

0.00

4. Prepaid expenses

485,707.12

5. Total assets

9,981,738,710.53

6. Total liabilities

460,920,548.35

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

10,271,285.70

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

6.8 Other debts

450,649,262.65

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:

9,519,961,914.96

9.1 Share capital

3,959,264,762.44

9.2 Share capital premiums

0.00

9.3 Revaluation differences

-10,571.58

9.4 Reserves

-79,733,174.86

9.5 Retained earnings

7,165,892,563.03

9.6 Period result

-1,525,451,664.07

9.7 Profit appropriation

0.00

10. Total liabilities and Shareholders’ equity

9,981,738,710.53

11. Net Asset Value

9,519,961,914.96

12. No of shares issued*

6,537,880,180

13. Net asset value per share

1.4561

14. Number of portfolio companies out of which:

33

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

26

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.a r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Calin Metes

Marius Nechifor

Permanent representative

Compliance Officer

BRD Groupe Societe Generale

Victor Strambei

Claudia Ionescu

Manager Depositary Department

Director

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

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. as at 30 April 2020

The valuation methods used for the computation of the NAV as at 30 April 2020, 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. Listed government bonds: Fair value (reference composite price, including the cumulated interest);
  8. 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.a r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Calin Metes

Permanent Representative

Marius Nechifor

Compliance Officer

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


Annex – Changes of the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 30 April 2020

For the computation of the NAV of Fondul Proprietatea SA as at 30 April 2020, the valuation method used for the investments in the companies presented below have been changed or updated:

Hidroelectrica SA, CN Aeroporturi Bucuresti SA, E-Distributie Banat SA, Engie Romania SA, E-Distributie Muntenia SA, E-Distributie Dobrogea SA, CN Administratia Porturilor Maritime SA, ENEL Energie SA, ENEL Energie Muntenia SA, Posta Romana SA, Aeroportul International Timisoara - Traian Vuia SA, Societatea Nationala a Sarii SA

Considering that in April the global markets slightly started to recover (after the COVID-19 pandemic adversely affected the business environment in March), the values for the unlisted holdings mentioned below (representing over 99% of the total Fund’s unlisted portfolio) were updated using (i) the multiples values as at 30 April 2020 of publicly traded peers companies, and (ii) the same methodology and computation algorithm as in the latest available valuation report prepared with the assistance of an independent valuer. All other variables were kept at the same level as in the latest valuation report.

Moreover, for these companies, the valuation method remained the same, respectively Fair value / share (Value based on valuation report as at 30 September 2019 updated using the multiples values derived from the analysis of publicly traded peers companies), but the multiples values were updated as at 30 April 2020. The total impact of the valuation update on the Fund’s NAV resulted in an increase of RON 208,595,722.42 as detailed in the table below:

Company

Previous value per share

(RON/share)

Previous value of the holding (RON)

Current value per share

(RON/share)

Current value of the holding (RON)

Impact of the valuation method update on NAV

(RON)

Impact of the valuation change on NAV

%

Hidroelectrica SA

50.7492

4,536,796,036.63

51.5568

4,608,992,573.30

72,196,536.68

0.75%

CN Aeroporturi Bucuresti SA

247.5096

711,699,746.75

259.7165

746,799,991.91

35,100,245.16

0.37%

E-Distributie Banat SA

28.9242

266,699,751.18

31.4837

290,299,989.50

23,600,238.32

0.25%

Engie Romania SA

184.5067

441,099,798.68

191.0320

456,699,820.34

15,600,021.66

0.16%

E-Distributie Muntenia SA

67.0680

218,399,966.93

72.1963

235,099,742.53

16,699,775.61

0.17%

E-Distributie Dobrogea SA

23.9296

161,599,627.86

26.7431

180,599,550.67

18,999,922.81

0.20%

CN Administratia Porturilor Maritime SA

82.1254

218,299,825.25

90.5524

240,699,869.91

22,400,044.66

0.23%

ENEL Energie SA

15.1190

25,399,920.00

15.2976

25,699,968.00

300,048.00

0.00%

ENEL Energie Muntenia SA

91.8807

40,799,992.36

92.5563

41,099,995.24

300,002.88

0.00%

Posta Romana SA

0.7060

10,499,594.58

0.7261

10,798,520.72

298,926.13

0.00%

Aeroportul International Timisoara - Traian Vuia SA

274.8625

8,799,997.80

306.0969

9,799,998.35

1,000,000.55

0.01%

Societatea Nationala a Sarii SA

93.0263

186,599,966.75

94.0732

188,699,926.71

2,099,959.96

0.02%

Total

6,826,694,224.77

7,035,289,947.18

208,595,722.42

2.18%

Alcom SA

For this holding, the valuation method has been changed from Fair value / share (Shareholders’ equity as of 31 December 2018 adjusted with dividends declared) to Fair value / share (Value based on valuation report as at 31 December 2019), as it was considered that this method reflects better the fair value of this Fund’s investment. The total impact of this change on the Fund’s NAV was a decrease of RON 3,286,424.86 as detailed in the table below:

Company

Previous value per share

(RON/share)

Previous value of the holding (RON)

Current value per share

(RON/share)

Current value of the holding (RON)

Impact of the valuation method update on NAV

(RON)

Impact of the valuation change on NAV

%

Alcom SA

128.7846

11,493,896.77

91.9615

8,207,471.91

-3,286,424.86

-0.03%

Mecon SA

For this holding, the valuation method has been changed from Reference price - Average price (respectively RON 11.00 /share) to Fair value (Last available trading price) (respectively RON 11.00 /share) because the shares of this company were not traded during the last 30 trading days and the valuation based on the last available trading price is considered to reflect better the fair value of this holding than its shareholders’ equity per share (respectively Lei 46.5190 /share). This change of valuation method did not have any impact on the Fund’s NAV.

Franklin Templeton International Services S.a r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Calin Metes

Marius Nechifor

Permanent representative

Compliance Officer

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



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