Fondul Proprietatea

Fund Information / Factsheet • Dec 14, 2015

Fund Description

0.70 Fondul Proprietatea (FP) is a joint stock company operating as a closed-end investment company without a set lifetime, incorporated in Romania. The Fund was established by the Romanian Government in 2005 and eligible claimants who lost property under former communist governments were awarded shares in the Fund in lieu of compensation. The Fund was listed on the Bucharest Stock Exchange on 25 January 2011, and on the Specialist Fund Market of the London Stock Exchange ("LSE"), by means of Global Depositary Receipts ("GDRs"), on 29 April 2015.

Investment Objective

The Fund's investment objective is the maximization of returns and per-share capital appreciation via investments mainly in Romanian equities and equity-linked securities.

Fund Manager

Franklin Templeton Investment Management Limited UK, Bucharest Branch – since 29 September 2010.

Head Legal Representative & Portfolio Manager Grzegorz Konieczny Fund Details as at 27/11/2015 Base Currency of Fund: Romanian Lei (RON) Date of Fund Launch: 28 December 2005 Performance Inception Date: 31 December 2010 for NAV 25 January 2011 for Ordinary Share Price 29 April 2015 for Global Depositary Receipts Number of Issued Shares: 11,193,423,051 Number of Shares Corresponding to Paid Share capital: 10,829,610,701 Subscribed Share Capital: RON 10,074,080,745.90 Paid Share Capital: RON 9,746,649,630.90 Distributions per Share 2015 Distribution: 0.05000 RON June 2015 2014 Distribution: 0.05000 RON July 2014 2012 Dividend: 0.04089 RON June 2013 2011 Dividend: 0.03854 RON June 2012 2010 Dividend: 0.03141 RON June 2011 2008–2009 Dividend: 0.0816 RON October 2010 Fund Identifier Bucharest Stock Exchange Symbol: FP London Stock Exchange Symbol: FP. Bloomberg: FP RO (for BVB) and FP/ LI (for GDRs)

ISIN: ROFPTAACNOR5 ASF Public Register No: PJR09SIIR/400006/18.08.2010 CIVM Registration No: AC-4199-2/26.08.2015

Description of NAV Basis

Net Asset Value is calculated according to regulations currently applying to Fondul Proprietatea, approved by Local Regulator (CNVM Regulation no. 4/2010 as subsequently amended). Where there is trading activity in the last 30 trading days, shares listed on a regulated market are valued at closing price. The shares admitted to trading on AeRO market (alternative trading system) are valued based on the Reference Price method, respectively the average price. Where there is no trading activity in the 30 trading day period for listed investments, the unlisted valuation approach applies. Investments in unlisted companies are valued using either shareholders' equity value per latest annual financial statements (proportionally with the stake held) or by using valuation methods in accordance with International Valuation Standards (fair value principles). Any holding in companies going through an insolvency or reorganization procedure is valued either at zero or at the value provided by an independent valuer, using valuation methods in accordance with International Valuation Standards (fair value principles). Any holding in companies under judicial liquidation procedure, or any other liquidation procedures, as well as in companies under temporary or final suspension of operation, is valued at zero until the procedure is finalised.

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.

Contact Us:

tel: +40 21 200 9600 Fax: +40 21 200 9631/32 email: investor.relations@fondulproprietatea.ro

web: www.fondulproprietatea.ro Fund's headquarters are at 78-80 Buzesti Str, 7th Floor, Bucharest District 1, 011017, Romania. Fund's Fiscal Identification Code (CIF): 18253260 and Trade Registry registration no: J40/21901/2005.

Monthly Report 27 NOVEMBER 2015

SHARE PRICE (RON) AND DISCOUNT (%) SINCE LISTING ON BVB

Cumulative	Performance %		1-Mo	3-Mo	6-Mo	YTD	1-Yr	2-Yr*	3-Yr*	Since perf. incept.
NAV RON			(2.19)	(3.34)	(6.42)	(4.81)	(2.70)	(1.74)	9.33	18.53
	Ordinary Share Price RON		0.00	5.94	(1.55)	(2.87)	(6.12)	5.07	22.48	72.96
GDR RON			(1.03)	4.09	3.50	N/A	N/A	N/A	N/A	1.25
NAV USD (6.45)			(9.46)	(10.28)	(16.35)	(17.83)	(13.59)	2.42	(10.92)
Ordinary Share Price USD (4.35)			(0.77)	(5.61)	(14.65)	(20.72)	(7.60)	14.74	27.67
GDR USD (5.34)			(2.50)	(0.77)	N/A	N/A	N/A	N/A	(4.67)
	AVERAGE ANNUAL DISCOUNT				Current	*Annualized rate of return. Performance data is shown rounded to the nearest hundredth.
2011	2012	2013	2014	YTD*	Discount**
55.67%	50.20%	41.30%	30.57%	29.06%	25.95%		For the period 5 January – 27 November 2015. * As at 27 November 2015.
	PORTFOLIO STRUCTURE						TOP 10 HOLDINGS
Asset					% of NAV		Security name			% of NAV
Listed Equities					41.24		OMV Petrom SA			28.08
Unlisted Equities					56.35	Hidroelectrica SA				18.76
	Net Cash & Receivables*				2.41	Romgaz SA				5.52
Sector					% of NAV	ENEL Distributie Banat SA	5.52
Oil & Gas					33.98	ENEL Distributie Muntenia SA	4.01
Power & Gas utilities: transport, distribution,					30.36	GDF Suez Energy Romania SA				3.97
supply Power utilities: generation					21.32	E.ON Distributie Romania SA				3.84
Infrastructure					4.42	ENEL Distributie Dobrogea SA				3.42
Banks					4.26	CN Aeroporturi Bucuresti SA				2.86
Heavy Industry					1.57	BRD Groupe Societe Generale SA
Aluminium					0.88	Total				2.49 78.47
Postal services				0.48	*Net cash and receivables includes bank deposits, current bank accounts,
Others				0.32	short-term treasury bills and bonds, dividend receivables, as well as other
Net Cash and receivables*					2.41	assets, net of all liabilities (including liabilities to shareholders related to the returns of capital and dividends from previous years) and provisions.
SHAREHOLDERS STRUCTURE*					%
The Bank of New York Mellon (depository bank for Global Depository Receipts)**					33.77	LARGEST SHAREHOLDER Shareholder As at			voting rights

Foreign institutional investors	25.00
Romanian private individuals	21.35
Romanian institutional investors	12.83
Foreign private individuals	4.18
Ministry of Public Finance***	0.04
Treasury shares****	2.83
Total Number of Shareholders	8,376

* Based on the paid share capital.

** includes the 36,924,700 shares, equivalent of the 738,494 Global Depository Receipts of Fondul Proprietatea

*** 363,812,350 shares unpaid by Ministry of Public Finance

**** 227,572,250 treasury shares acquired in the fifth buyback program and 78,955,258 treasury shares acquired in the sixth buyback program.

Important Information and Disclaimers

The above portfolio information is calculated on the basis of the NAV. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top 10 Holdings list where the protection of such information is in the best interests of the Fund. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. In emerging markets, the risks can be greater than in developed markets. Investment in the Fund may not be suitable for all investors; we suggest investors seek guidance from a financial adviser. Read the issue prospectus before investing in this fund/investment firm. Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, as sole administrator of Fondul Proprietatea SA issues quarterly, semi-annual and annual reports which are published on the Fund's website at www.fondulproprietatea.ro This is a short summary for the information of existing shareholders only and is not intended to be used as the basis for investment decisions.

© 2015 Franklin Templeton Investments. All rights reserved. Existing and potential investors should refer to the Fund's prospectus and amendment, available at www.fondulproprietatea.ro All information presented in the report is provided by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch. This report is issued in Romania by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, at 78-80 Buzesti Str, Premium Point, 7th and 8th Floors, Bucharest 1, 011017, ROMANIA registered with ASF Public Register No. PJR09SIIR/400006/18.08.2010.

NAV/Share: RON 1.1074 / EUR 0.2491 / USD 0.2638 Ordinary Share Price: RON 0.8200 / EUR 0.1844/ USD 0.1954 GDR price (1 GDR = 50 shares)*: RON 43.35 / EUR 9.75 / USD 10.33 Share Price Discount: 25.95% GDR Discount*: 26.09% Fund Size: RON 11.61 billion/ EUR 2.61 billion / USD 2.77 billion Market Capitalisation (Excluding treasury shares): 8.60 billion RON / EUR 1.93 billion / USD 2.05 billion Average Daily Turnover on the BVB**: RON 8.42 million / EUR 1.89 million / USD 2.01 million Average Daily Turnover on the LSE***: RON 4.79 million / EUR 1.08 million / USD 1.14 million * As at 30 November 2015 ,** For the period 1-27 November 2015, *** For the period 1-30 November 2015

									incept.
NAV RON			(2.19)	(3.34)	(6.42)	(4.81)	(2.70)	(1.74)	9.33	18.53
	Ordinary Share Price RON		0.00	5.94	(1.55)	(2.87)	(6.12)	5.07	22.48	72.96
GDR RON			(1.03)	4.09	3.50	N/A	N/A	N/A	N/A	1.25
NAV USD			(6.45)	(9.46)	(10.28)	(16.35)	(17.83)	(13.59)	2.42	(10.92)
	Ordinary Share Price USD		(4.35)	(0.77)	(5.61)	(14.65)	(20.72)	(7.60)	14.74	27.67
GDR USD			(5.34)	(2.50)	(0.77)	N/A	N/A	N/A	N/A	(4.67)
AVERAGE ANNUAL DISCOUNT				Current	*Annualized rate of return.
2011	2012	2013	2014	YTD*	Discount**	Performance data is shown rounded to the nearest hundredth.
55.67%	50.20%	41.30%	30.57%	29.06%	25.95%	For the period 5 January – 27 November 2015. * As at 27 November 2015.
PORTFOLIO STRUCTURE						TOP 10 HOLDINGS
Asset				% of NAV		Security name			% of NAV

OMV Petrom SA	28.08
Hidroelectrica SA	18.76
Romgaz SA	5.52
ENEL Distributie Banat SA	5.52
ENEL Distributie Muntenia SA	4.01
GDF Suez Energy Romania SA	3.97
E.ON Distributie Romania SA	3.84
ENEL Distributie Dobrogea SA	3.42
CN Aeroporturi Bucuresti SA	2.86
BRD Groupe Societe Generale SA	2.49
Total	78.47

*Net cash and receivables includes bank deposits, current bank accounts, short-term treasury bills and bonds, dividend receivables, as well as other assets, net of all liabilities (including liabilities to shareholders related to the returns of capital and dividends from previous years) and provisions.

	% of total
Shareholder	As at	voting rights
Elliott Associates	21 October 2015	21.06
Source: Ownership disclosure submitted by shareholder.