Fondul Proprietatea

Net Asset Value • Jul 13, 2016

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RNS Number : 1198E

Fondul Proprietatea S.A.

13 July 2016

Fund Administrator:	Franklin Templeton International Services S.à.r.l.
Administrator Code:	PJM07.1AFIASMDLUX0037
Fund:	Fondul Proprietatea SA
Fund Code:	PJR09SIIR/400006
Reporting date:	30.06.2016

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	7,383,687,449.38
1.1. Intangible assets	668,997.09
1.2. Tangible assets	0.00
1.3. Financial assets	7,383,018,452.29
1.3.1 Listed shares**	10,236,484.72
1.3.2 Unlisted shares	7,372,781,740.78
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	226.79
2. Current assets	4,512,213,492.06
2.1 Inventory	0.00
2.2 Receivables out of which:	523,196,470.98
- commercial papers	0.00
2.3 Cash	34,834,298.85
2.4 Short term financial investments	3,137,464,548.73
2.4.1 Listed shares**	3,137,464,548.73
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	80,867,155.80
2.7 Bank deposits	572,669,337.80
2.8 Certificates of deposits	0.00
2.9 Other current assets	163,181,679.90
3. Derivatives	0.00
4. Prepaid expenses	269,374.61
5. Total assets	11,896,170,316.05
6. Total liabilities	80,019,591.69
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	26,707,637.97
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	53,311,953.72
7. Provisions	11,644,852.73
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:	11,804,505,871.63
9.1 Share capital	9,320,973,180.85
9.2 Share capital premiums	0.00
9.3 Revaluation differences	38,474,287.71
9.4 Reserves	4,377,469,360.85
9.5 Retained earnings	-2,473,157,471.66
9.6 Period result	540,746,513.88
9.7 Profit appropriation	0.00
10. Total liabilities and Shareholders' equity	11,896,170,316.05
11. Net Asset Value	11,804,505,871.63
12. No of shares issued*	10,313,668,344
13. Net asset value per share	1.1445
14. Number of portfolio companies out of which:	45
14.1 Companies admitted to trading on a regulated market	7
14.1 Companies admitted to trading on an alternative regulated market***	6
14.3 Companies not admitted to trading	32

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 and held

** = 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 Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager on behalf of FONDUL PROPRIETATEA S.A

Oana Truța	Marius Nechifor
Legal representative	Compliance Officer

BRD Groupe Societe Generale
Victor Strâmbei	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 June 2016

The valuation methods used for the computation of the NAV as at 30 June 2016, 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: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS),  Fair value/share;

4.   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;

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

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

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

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

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

10. Listed government bonds: Fair value (reference composite price, including the cumulated interest);

11. 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 Investment Manager of FONDUL PROPRIETATEA S.A

Oana Truta Legal Representative	Marius Nechifor Compliance Officer

[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 30 June 2016

For the computation of the NAV as at 30 June 2016 for Fondul Proprietatea S.A., Franklin Templeton Investment Management updated the valuation methods used for the investments in the companies presented below:

CN Aeroporturi Bucuresti SA, CN Administratia Porturilor Maritime SA, Hidroelectrica SA

For these companies, the valuation method remained the same, namely fair value (value as per independent valuer's report)/ share, but the independent valuation was updated. The total impact of this change on the Fund's NAV was an increase of Lei 785,689,516.78, detailed in the below table:

Company	Previous value per share (Lei/share)	Previous value of the holding (Lei)	Current value per share (Lei/share)	Current value of the holding (Lei)	Impact of the update of independent valuation on NAV (Lei)
CN Aeroporturi Bucuresti SA	173.1354	497,840,973.98	219.9591	632,479,854.38	134,638,880.40
CN Administratia Porturilor Maritime SA	65.8768	175,108,966.63	79.4920	211,299,910.98	36,190,944.35
Hidroelectrica SA	29.6955	2,654,131,377.44	36.5748	3,268,991,069.48	614,859,692.04
Total		3,327,081,318.05		4,112,770,834.84	785,689,516.79

Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager of FONDUL PROPRIETATEA S.A.
Oana Truța	Marius Nechifor
Legal representative	Compliance Officer

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

This information is provided by RNS

The company news service from the London Stock Exchange

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