The listing of the Proprietatea Fund on the Bucharest Stock Exchange

Ziarul BURSA #English Section / 27 ianuarie 2011

The Proprietatea Fund has now been listed on the Bucharest Stock Exchange. The long wait doesn"t seem to matter anymore, nor for the former asset owners whose property was forcefully seized by the Communist regime, who will now be able to receive their compensation by trading their shares on a regulated market, nor for brokers that hope that the listing of the Proprietatea Fund will stimulate the market.

With a coveted portfolio of companies, which includes holdings in the most important energy companies, valued at approximately 3.6 billion Euros, the new issuer is expected to improve the free-float of the BSE and the capitalization of the exchange by approximately 30%.

The government"s plans to list the Proprietatea Fund on the Bucharest Stock Exchange were set back on several occasions, over time, because the necessary steps were delayed each time. A preliminary condition for the listing of the Fund was the selection of a manager for its assets. In the autumn of 2009, "Franklin Templeton" was appointed to manage the assets of the Proprietatea Fund, in exchange for an annual fee of 13 million Euros.

Many of those who received shares in the Fund as compensation decided not to wait for the listing of the Fund on the Stock Exchange and sold them on the "grey" market instead, sometimes at a 90% discount compared to their face value.

The evolution of the price of the Proprietatea Fund on the "unofficial" market followed the trend of the Bucharest Stock Exchange, over the past three years. Thus, from a maximum level of 0.6 - 0.7 lei, recorded in mid 2007, the price of the shares of the Proprietatea Fund on the "grey" market fell to 0.1 lei at the end of 2008, then started rising again to a high of 0.3 lei in 2009.

In December 2009, the shares of the Proprietatea Fund dropped to 0.23 - 0.24 lei/share, after the signing of the management contract with "Franklin Templeton" was delayed.

Since the beginning of last year, the price of the stock has been on the rise, and currently stands at 0.64 lei.

The Proprietatea Fund began trading on the Bucharest Stock Exchange with the symbol FP. The stock will have market makers, which will provide better liquidity and efficiency. FP is the first issuer whose shares will be traded without the prevalidation mechanism and using the nominee accounts system, the officials of the Bucharest Stock Exchange have announced.

On the day of the listing, the shares of the Proprietatea Fund traded without a fluctuation limit, and will then be allowed to trade with an allowed fluctuation of +/- 15% day.

The Proprietatea Fund was created in December 2005, in order to compensate people whose properties were abusively seized by the communist regime, and which can now no longer be returned in kind to their rightful owners, according to information published on the Fund"s website. Thus, in the cases where restitution of the assets in question is no longer possible, former owners will be compensated by receiving shares in the Proprietatea Fund, depending on the value of their properties. The Fund holds stakes in over 80 companies, of which some, such as "Transgaz", "Transelectrica" or "Petrom" are listed on the Bucharest Stock Exchange. The Fund has a share capital of 13.77 billion lei. The Fund has 5,371 private shareholders, who control 61.12% of the shares. The shares issued by the Fund have a face value of 1 leu.

4,924 deals involving shares of the Proprietatea Fund were recorded between January 2008 - December 2010, 7.29 billion (shares). The largest number of trades (3,439) took place last year. In 2010 4.17 billion shares of the Fund were traded. The largest number of

September 2010 was the month with the largest number of trades for the year (536 deals), as well as the largest number of shares traded (786,798,088 shares)

Grzegorz Konieczny, the manager of the Proprietatea Fund: "In 2011, the stake of the Romanian state in the Proprietatea Fund could fall below the 33% threshold which gives it control of the Fund".

The NAV of the Fund - 15,328.17 million lei

NAV per share - 1.1124 lei

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