Net Asset Value(s) as at 31 July 2015

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

Lei

Note: As at 19 May 2015, the FSA Instruction no 1 / 2015 stating that the adoption of IFRS as statutory accounting basis (official accounting regulations) was postponed until 1 January 2016 entered into force. Consequently, starting with the NAV report for 29 May 2015, the accounting records under Romanian Accounting Regulations (CNVM Regulation no. 4/2011) were used for the computation of NAV for non-portfolio items.

In the previous period, starting with 1 January 2015, the FSA Instruction no. 2/2014 was in force stating that the IFRS should be the statutory accounting basis and consequently for the NAV reports as at 30 January 2015, 27 February 2015, 31 March 2015 and 30 April 2015, the accounting records under IFRS were used for the computation of NAV for non-portfolio items.

Legend:

* = Represents the number of shares related to the paid in 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 the Fund's own shares bought back (Treasury shares), according to provisions of CNVM Regulation no.11/2012.

** = Include also the value of holdings admitted to trading on Rasdaq market and AeRo market (alternative regulated market)

*** = Include also the number of companies admitted to trading on Rasdaq market

**** = Include the number of companies admitted to trading on AeRo market (alternative trading system)

[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 31 July 2015

The valuation methods used for the computation of the NAV as at 31 July 2015, 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 Rasdaq RGBS traded within last 30 trading days: Reference price - Closing Price (according with the letter received from Financial Supervision Authority in December 2013)

3. Listed companies on Rasdaq XMBS and UNLS traded within last 30 trading days: Reference price - Average Price (according with the letter received from Financial Supervision Authority in December 2013)

4. Listed companies on AeRo market (alternative trading system) traded within last 30 trading days: Reference price - Average Price

5. Listed companies with no trades within last 30 trading days: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS), Fair value/share;

6. Unlisted companies: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS), Fair value / share;

7. Companies in insolvency or reorganisation: Valued either at zero or at the value provided by an independent valuator;

8. Companies in liquidation/dissolution/ bankruptcy: Valued at zero;

9. Companies with negative shareholders' equity, unlisted, or listed but not traded within the last 30 trading days: Valued at zero;

10. Companies for which the annual financial statements of the previous year were not available 90 days after the legal term: Valued at zero;

11. Treasury bills: Acquisition price cumulated with the accrued interest receivable calculated for the period elapsed since the date of acquisition;

12. Listed government bonds: Closing price (Gross price);

13. Bank deposits: Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed since its creation date.

Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as sole administrator on behalf of FONDUL PROPRIETATEA S.A

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

Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 31 July 2015

For the computation of the NAV as at 31 July 2015 for Fondul Proprietatea S.A., Franklin Templeton Investment Management changed the valuation methods used for the investments in the companies presented below:

1) IOR SA

For this company, the valuation method was changed from Fair value (Last available trading price) (Lei 0.21/share) to Reference price - Average price (Lei 0.21/share) according to CNVM Regulation 4/2010, as subsequently amended and FSA letter received in December 2013 (regarding valuation of shares listed on Rasdaq market), because the shares of this company were traded during the last 30 trading days. This change of valuation method did not have any impact on the Fund's NAV.

2) Mecon SA

For this company, the valuation method has been changed from Fair value (Last available trading price) (respectively Lei 4.00/share) to Reference price - Closing price (respectively Lei 4.00/share) according to CNVM Regulation 4/2010, as subsequently amended and FSA letter received in December 2013 (regarding valuation of shares listed on Rasdaq market), because the shares of this company were traded during the last 30 trading days. 

Mecon SA was transferred to AeRO market (alternative trading system) starting 29 July 2015, but no trade took place on this marked until 31 July 2015. However, on 14 July 2015, the shares of the company were traded on Rasdaq, RGBS section, where the company was listed before transfer to AeRO. In consequence, the holding of Fondul Proprietatea in the company was valued at Reference price - Closing Price.

This change of valuation method did not have any impact on the Fund's NAV.

3) Alcom SA

For this company, the valuation method has been changed from Shareholders' equity adjusted with dividends declared per share (respectively 116.6335 Lei/share) to Reference price - Average price (respectively Lei 44.00 /share) according to CNVM Regulation 4/2010, as subsequently amended (please refer to the provisions of the article 19 regarding the valuation of shares admitted to trading on the alternative trading system), because the shares of this company were traded during the last 30 trading days.

The total impact of this change of valuation method on the Fund's NAV was a decrease of Lei 6,482,467.24.

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