BRIEF HISTORY

• November 24th, 2005

The government decides to set up the Proprietatea Fund.

• December 7th 2005

The face value of the shares of the Proprietatea Fund (1 leu) is set in the articles of incorporation of the Proprietatea Fund, adopted by way of a Government Decree.

• January 10th, 2006

Nicolae Ivan is appointed Chairman of the Council for the Oversight of the Proprietatea Fund, after resigning on the same day from his position as secretary of state in the Ministry of Public Finance (MFP).

• October 2nd, 2006

The heirs of the notorious industrialists of the period between WW1 and WW2, Nicolae Malaxa and Max Auschnitt, receive compensation of 1.1 billion RON from the Romanian state, approximately 311 million Euros. Around 3,000 more persons are awarded compensation, but the amount does not exceed 2 billion RON.

• December 8th, 2006

The Proprietatea Fund terminates the consulting contract signed in April 2006 with British company "Cordea Savills" and announces it would host a new international call for tenders to appoint a new consultant.

• December 13th, 2006

The Proprietatea Fund becomes a shareholder of E.ON Moldova

• January 12th, 2007

Former owners whose properties are valued at a maximum of 200,000 Euros, may choose to be compensated in cash, instead of in shares of the Proprietatea Fund, according to a statement by Varujan Vosganian, the Minister of the Economy and Trade at the time.

• February 1st, 2007

Alexandru Păunescu, head of the Proprietatea Fund: If the status of the Proprietatea Fund isn"t resolved, Romania will lose at the ECHR.

• February, 2nd 2007

The Proprietatea fund will become functional in the first half of 2007, Finance Minister Sebastian Vlădescu says. He explains that his ministry, the Romanian National Securities Commission, the Ministry of the Economy and Trade and others ministries that control companies which were part of the Fund"s portfolio, are reviewing the legislation pertaining to the Fund, which had some imperfections at first, with the legislative framework to be completed in February-March.

• February 21st, 2007

The governor of the NBR recommends: Former owners should be compensated with government bonds.

• June, 27th 2007

The CNVM validates the draft bill amending the law concerning the Proprietatea Fund.

• August 24th, 2007

The shareholders of the Proprietatea Fund set to discuss on September 25th, 2007 the listing on the BSE and the payout of a gross dividend of 0.00253 lei/share.

• September 20th, 2007

The Proprietatea Fund announces it would pay dividends for the year 2006 around November 1st.

• October 1st, 2007

Alexandru Păunescu, the chairman of the Supervisory Board of the Fund, says: "The Proprietatea fund would appraise the assets at the market price, according to international evaluation standards. We have almost completed the tender book and we expect that within two weeks at least we will begin the process for selecting at least two evaluators".

• October 23rd, 2007

The Proprietatea Fund subscribes shares worth 11.71 million Euros as part of the initial public offering made by Transgaz, in order to keep the size of its stake in the company, officials of the Fund.

• November 15th, 2007

The Proprietatea Fund is valued at least 4 billion Euros.

• December 6th, 2007

Mircea Ursache, the Supervisory Board: Within two weeks, the government will approve the articles of incorporation of the Proprietatea Fund, which will allow the Central Depository to record sales of shares of the Fund prior to its listing on the Stock Exchange.

• January 8th, 2008

The Proprietatea Fund begins the search for a financial consultant which would select the manager of the Fund.

• January 14th, 2008

The shares of the Proprietatea Fund can be traded on the informal market.

• April 1st, 2008

The administrator of the Proprietatea Fund will be selected by a commission led by Sebastian Vlădescu, former secretary of state in the Ministry of Finance, which includes four more members, including the secretary of state in the Ministry of the Economy and Finance, Cătălin Doică and the head of the Oversight Commission of the NBR, Nicolae Cinteză, according to a decision of PM Călin Popescu Tăriceanu. The other members of the Commission, are Bogdan Alexandru Drăgoi, former secretary of state in the Ministry of Finance and managing director of the Economic Department of the Mayoralty of Bucharest, and the lawyer Ioana Crenguţa Leaua.

• July, 20, 2008

The Proprietatea Fund holds an open call for tenders for selecting a bank that would serve as custodian for a year for the Fund"s assets of 4 billion Euros.

• August 1st, 2008

The Proprietatea Fund holds an open call for tenders for the selection of an insurance company with which to conclude a liability insurance policy for its managers. The contract would be valid for one year.

• August 6th, 2008

By the deadline of August 1st, twenty-eight companies have expressed their interest in managing the Proprietatea Fund by submitting letters of intent.

• August 8th, 2008

The Proprietatea Fund announces its plan to get listed in June 2010, depending on the state of the stock market.

• September 3rd, 2008

In Q1 2008, the Proprietatea Fund makes a net profit of 315.47 million lei, compared to a profit of 313.107 million lei in 2007.

• September 12th, 2008

Financial Consulting Company KPMG is selected to draw up the individual and consolidated financial statements in compliance with the IFRS.

• September 24th, 2008

The Proprietatea Fund will participate with a cash contribution of 10 million Euros to the share capital increase of Electrica, in three of its branches.

• September 25th, 2008

The Proprietatea Fund wants to sue the Romanian state, namely the Ministry of the Economy and Finance, to get back its full 20% stake in "Nuclearelectrica", which it had prior to the two share capital increases performed by the company.

• October 16th, 2008

The Government issues a decree approving the tender book, the schedule and the rule for holding the international call for tenders for selecting the company that would manage the Proprietatea Fund.

• November 26th, 2008

The Ministry of the Economy and Finance, has transferred to the Proprietatea Fund, between March 5th and October 27th, 2008, 26.94 million lei as contribution to the share capital, by which it paid for 26,945,630 unpaid shares.

• January 22nd, 2009

The members of the Commission which was going to perform the selection of the manager of the Fund were replaced by way of a decision of PM Emil Boc. Enache Jiru is appointed as the new chairman of the Commission, and Galina Narcisa Oprea, Dinu Marin, Nicolae Cinteză and Bogdan Alexandru Drăgoi are appointed as its members.

• January 27th, 2009

The Commission for the selection of the manager of the Proprietatea Fund reviews the offers of the eight competitors and compares them with the requirements of the tender book, and within 15 working days at most 15 companies would be left for the second stage of the selection.

• February 16th, 2009

The Proprietatea Fund suspends the selection of the management company until March 4th, as the Commission will evaluate the implementation of new structures for monitoring the activity of the management company.

• March 19th, 2009

The commission for the selection of the manager of the Proprietatea Fund and the Romanian National Securities Commission forms a technical team that would identify the domestic and international legal framework for the future corporate governance of the Fund after the appointment of a management company.

• March 24th, 2009

The Proprietatea Fund will be a party in a lawsuit against the AVAS (Authority for State Assets Recovery) and the Ministry of Finance in the lawsuit brought against the latter one year before, in an attempt to recover the 160 million Euros obtained from the sale of the BCR (Romanian Commercial Bank), after the court postponed the hearing.

• March 27th, 2009

The Proprietatea Fund makes a net profit of 467.7 million lei (127 million Euros) in 2008, up 50% over 2007, for a turnover of 524.1 million lei.

• April 27, 2009

The shareholders of the Proprietatea Fund decide that the payout of the dividends for the year 2008 would be done within 30 days from the date when the Ministry of Finance would either pay the equivalent value of its subscribed and unpaid shares, or cancel them.

• April 28th, 2009

The Proprietatea fund sues Transgaz Mediaş (TGN), in order to recover dividends for the year 2005, amounting to 9.63 million lei, as well as the afferent interest, of 2.32 million lei. But, according to Transgaz, the Proprietatea Fund can not claim the payment of those dividends for the year 2005, because at the time, the only shareholder of the carrier was the Ministry of the Economy and Commerce, to which the amounts in question have already been paid.

• May 4th, 2009

Mircea Ursache is unanimously appointed as the chairman of the Supervisory Board of the Proprietatea Fund.

• June 11th, 2009

The commission for the selection of the fund manager decides that "Franklin Templeton Investment Management" Ltd submitted the best offer. "Morgan Stanley Investment Management" Ltd was the only competitor of "Franklin Templeton" in the final stage of the selection.

• August 26th, 2009

In H1 2009, The Proprietatea Fund (FP) posts a net profit of 167.87 million lei (40 million Euros).

• September 4th, 2009

The Proprietatea Fund is at risk of losing its stakes in the state-owned energy companies, as these stakes would be included in the future national energy companies, according to a draft emergency ordinance.

• September 7th, 2009

The Proprietatea Fund will be managed by American giant Franklin Templeton for an annual fee of 13 million Euros, after the majority of the Fund"s shareholders, which had cumulated holdings of 99%, approved the management contract.

• September 28th, 2009

The CEZ energy group announced that is has completed the negotiations with the Proprietatea Fund (FP) for the acquisition of the 30% stake in CEZ Distributie and CEZ Vânzare (spun-off from Electrica Oltenia) at a price of 229.6 million Euros.

• October 14th, 2009

The Supervisory Council of the Fund approved the transfer of the stock of the Proprietatea Fund to the Romanian Over-the-Counter (ROTC) system, an unregulated market.

• October 21st, 2009

The CEZ Group of the Czech Republic acquired from the Proprietatea Fund the 12% stake in CEZ Servicii for a price of 1.6 million Euros.

• January 21st, 2010

At the end of December, "Wood&Company" of the Czech Republic launches a derivative product (warrant) with the stock of the Proprietatea Fund as an underlying asset, which was tradable on the OTC of the Vienna stock exchange.

• April 29th, 2010

The management of the Proprietatea Fund announced three winners of the selection for the evaluation services of its assets: KPMG România SRL, Darian DRS SA and JPA Audit & Consultantă SRL.

• May 19th, 2010

The Proprietatea Fund announces the fact that is has carried out its legal obligations concerning the submitting of documents in order to be registered as a special collective investment institution (AOPC), set up in order to award compensation for the properties which can not be returned to their former owners in kind, distinct from the other types of collective investment companies specified in the regulations of the CNVM.

• June, 3rd, 2010

The Proprietatea Fund does not agree with the decision of the Central Depository to raise the fees for trades involving shares of the Fund.

• June 11th, 2010

The Legislative Commission of the Chamber of Deputies validates the amendments to the Ordinance 81/2007 concerning the operation of the Proprietatea Fund. One provides the cancellation of 500 million shares subscribed by the Romanian state which were not paid, which would allow the Fund to distribute dividends for the last two years. Another amendment of the Ordinance removes the obligation of listing the Fund via an IPO, allowing the option of providing a direct listing.

• June 21st, 2010

Franklin Templeton Investments intends to look for opportunities to list the Fund on a foreign stock exchange, after its listing on the Bucharest Stock Exchange, said Mark Mobius, the executive chairman of FTI.

• June 24th, 2010

The Proprietatea Fund (FP) will be allowed to invest a maximum of 10% of its assets in financial instruments issued by entities belonging to the same group, with a similar cap on placements in shares of open-end and closed-end investment funds. The provisions are included in a draft plan to amend the articles of incorporation of the Fund.

• July 1st, 2010

The government announces that it will only offer shares in the Proprietatea Fund as compensation to former owners, over the following two years, according to a draft emergency bill. The initial law provided that former home owners would receive compensation in cash of up to 500,000 lei, and shares in the Proprietatea Fund for any amounts above that limit.

• July 27th, 2010

At the end of the first semester of 2010, the Proprietatea Fund posts a net profit of 210,491,221 lei, up 25% YOY from 167,866,422 lei.

• 5 august 2010

The Directorate of the Proprietatea Fund announces it will summon the General Shareholder Meeting on September 6th, to decide on the distribution of a dividend of 0.0822 lei/share, out of the profit for 2008 and 2009. If the distribution of the dividend gets approved, the Fund will begin its payout starting with October 11th.

• August 6th, 2010

The Proprietatea Fund wants to buy back a maximum of 1.37 billion of its own shares, at prices ranging from 0.2 lei and 1.5 lei/share, according to the Notice to Attend the General Shareholder Meeting.

• August 18th, 2010

The Proprietatea Fund was registered with the Romanian National Securities Commission as a special type of collective placement organisms (AOPC), created in the form of a closed end investment company, set up in order to pay compensations to former owners for properties which may not be returned in kind, according to the license no. 34 of the Commission.

• August 25th, 2010

The Commission for selecting the intermediaries for the listing of the Proprietatea Fund picks the offer submitted by consortium made up of Raiffeisen Capital & Investment S.A, ING Bank NV Amsterdam the Bucharest Branch and BRD - Groupe Societe Generale S.A.

• September 6th, 2010

The shareholders of the Proprietatea Fund approve the payout of a dividend of 0.0816 lei/share, out of the profits for 2008 and 2009.

• October 6th, 2010

A shareholder of the Proprietatea Fund, Ioana Sfîrăială, sues over the decision of the General Extraordinary Assembly of the Fund which appointed Franklin Templeton as manager, claiming that the draft amendment of the articles of incorporation of the Fund was not published 30 days prior to the General Shareholder Meeting, as required by the law.

• October 13, 2010

The Romanian state has 18 months to complete the legislation for compensating the owners whose properties were nationalized by the Communist regime, according to a pilot decision published on the website of the ECHR (CEDO). The ruling of the Court was issued in a case in which three former owners, born before 1940, complained that the Romanian authorities delayed for years paying the compensation they owed them for the buildings and properties seized by the state, before 1989.

• October 21st, 2010

The amounts recovered from the receivables that Romania had accrued prior to 1989 as a result of its cooperation and foreign trade activities, will be paid directly to the state budget, instead of being included in the share capital of the Proprietatea Fund.

• October 21st, 2010

The secretary of state in the Ministry of Public Finance, Bogdan Drăgoi (foto), coordinator of the Treasury Department, is appointed chairman of the Committee of Representatives of the Proprietatea Fund. Other members of the Committee are: Corin Trandafir, Cristian Busu, Monica Maurer Gheorghe and Sorin Mândruţescu.

• November 4th, 2010

Several future shareholders of the Proprietatea Fund go to court in order to get a ruling which would cancel the decision to buy back about 10% of the share capital of the Fund, approved in the General Shareholder Meeting held at the end of September. The future shareholders are concerned that the buyback of the 1.37 billion shares would cause the price of the stock of the Proprietatea Fund to rise, a situation which, paradoxically enough, would affect their interests.

• November 6th, 2010

The "Civic Force" Party requests PM Emil Boc to investigate the procedure by which Franklin Templeton was appointed as manager of the Proprietatea Fund.

• November 9th, 2010

Derivatives with the stock of the Proprietatea Fund as their underlying asset have already been trading for a month on the Frankfurt Exchange. They have been created by the structured products division of the "Unicredit" Group.

• November 30, 2010

The Proprietatea Fund applies the international standards for evaluating its net assets. The resulting NAV per share is 1.1541 lei.

• December 2nd, 2010

The management of Franklin Templeton announced that it would go to court in order to achieve the voiding of the donation made by "Romgaz" to the state budget, decided by its shareholders, made after the decision of the General Shareholder Meeting of the company, in which the Ministry of the Economy had the deciding vote, due to it having the controlling interest of 85% in the gas maker.

• December 10th, 2010

A recent decision by the Romanian National Securities Commission determines that the shares of the Proprietatea Fund will be traded through the nominee accounts system, without prevalidation, similar to the way shares of the Austrian bank Erste are traded in Bucharest. Brokers complain that it will be very difficult for them to update their back-office systems to allow trading via nominee accounts, with the very brief delay left until the listing.

• December 15th, 2010

The management of the Proprietatea Fund announces that it would auction off 4.95% of the share capital of financial leasing company "Marlin".

• December 17th, 2010

The Romanian National Securities Commission (CNVM) approves the prospectus for the listing of the Proprietatea Fund on the BSE.

• December 17th, 2010

The Central Depository has informed investors that it will only record transfers of shares of the Proprietatea Fund until December 21st.

• December 22nd, 2010

The Proprietatea Fund intends to drop the lawsuit for the part of the proceeds from the privatization of BCR it did not receive.

• December 23rd, 2010

"Franklin Templeton" has filed the prospectus and the request for being listed on the BSE.

• January 7th, 2011

The stake of the state in the Proprietatea Fund dropped in December to 38.88%, from 41.49%, in November, due to the joining of new shareholders.

• January 10th, 2011

The first meeting between "Franklin Templeton" and the analysts of domestic and foreign brokerage firms. The representatives of "Franklin Templeton" made a brief presentation of the Proprietatea Fund. At the end, some analysts claimed that FT did not provide satisfactory answers to the questions from the audience, whereas others thought that "Franklin Templeton" provided polite and elegant answers.

• January 12th, 2011

Raiffeisen Zentralbank Österreich (RZB) announces a 12-month target price of 0.96 RON (compared to 1.05 RON in the report of August 2010, due to the drop in the company"s cash reserves following the dividend payout). Recommends "buy" for the shares of the Proprietatea Fund.

• January 17th, 2011

Romania"s government agent with the ECHR: "I see no problem if the shares of the Proprietatea Fund were to trade below 1 leu on the Stock Exchange".

• January 18th, 2011

The Central Depository has begun releasing the portfolio statements and the lists of confidential codes for the Proprietatea Fund.

• January 19th, 2011

The chairman of the Committee of the Representatives of the Proprietatea Fund, Bogdan Drăgoi, has resigned from his position as member on the Board of Hidroelectrica, which means that the risk of a potential conflict of interest no longer exists.

• January 19th, 2011

The Proprietatea Fund has decided to drop the appeal filed in March 2010 in its lawsuit against the AVAS (Authority for State Assets Recovery) and the Ministry of the Economy, by which it requested to receive the remaining BCR shares, following the bank"s privatization in 2005.

• January 20th, 2011

Mark Mobius, the head of Franklin Templeton, which manages the Proprietatea Fund (FP), could set up a hedge fund, Reuters announces.

• January 21st, 2011

The Council of the BSE approves the trading of the stock of the Proprietatea Fund through market makers and made Wood & Company Financial Services a market maker for the shares of the Proprietatea Fund.