Altus Towarzystwo Fundszy Inwstycyjnych : Financial statements for the period from 1 January 2017 to 30 June 2017

ALTUS TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH SPÓŁKA AKCYJNA FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2017 TO 30 JUNE 2017 Warszawa, 08.08.2017 Table of contents

1. Introduction to the financial statements 3
2. Selected financial information 6
3. Financial data 8

4. Balance sheet 8

5. Profit and loss account - comparative variant 13

6. Profit and loss account- calculative variant 15

7. Statement of changes in equity 16

8. Cash flow statement 18

9. Additional information and explanations 20
10. Supplementary information not included in the additional information and required by 39
11. the Regulation of the Minister of Finance of 19 February 2009 1. INTRODUCTION TO THE FINANCIAL STATEMENTS

    Whenever "ALTUS TFI" or the "Company" is mentioned in this report it should be understood as

    ALTUS Towarzystwo Funduszy Inwestycyjnych S.A. with its registered seat in Warsaw 1.1 Name (Company) and registered seat, the appropriate Registry Court and registry number as well as basic subject of the activity of the Company according to the Polish Classification of Business Activity, called "PKD"

    1. Name and registered seat: ALTUS Towarzystwo Funduszy Inwestycyjnych S.A.

    00-696 Warszawa, ul. Pankiewicza 3

    National Court of Register District Court for the Capital City of Warsaw in Warsaw, 12th

    Commercial Division of the National Court Register

    Registry date: 18 October 2007

    Register no.: 0000290831

    REGON 141158275

    NIP 1080003690

    PKD 6630Z

    Core business: The core business of the Company according to Polish Classification of Business Activity is:

    a) creating investment funds or foreign funds and managing them, including intermediation in sale and repurchase of investment units, representing them to third parties and management of portfolios of securities

    Indication of period of existence

    The company was incorporated for unspecified period

    Financial year

    According to the statutes of the Company the financial year is fiscal year.

    The financial statement is prepared for the first half of the year 2017: from 1 January to 30 June 2017.

    The financial statement and comparable financial data do not include joint data.

    The Issuer does not possess entities preparing single financial statements. The Issuer is a parent company and a significant investor in relation to ALTUS Agent Transferowy Sp. z o.o. Due to the fact that the financial data of the subsidiary company are irrelevant for the reliable and clear depiction of the financial situation of the parent company the financial statement of the Company does not include consolidated data.

    The financial statement was prepared based on the assumption that the issuer will continue to conduct economic activity in the foreseeable future and that it it neither intends to nor is obliged to cease to conduct activity or to significantly reduce its scope

    To the best knowledge of the Issuer, there are no circumstances indicative of threats to continued operation

    During the period of the financial statement there was no merger of the Company with another entity. Management Board as of the day of publication of the semi-annual report

    Piotr Osiecki - President of the Management Board Andrzej Zydorowicz - Member of the Management Board Jakub Ryba - Member of the Management Board Krzysztof Mazurek - Member of the Management Board Ryszard Czerwonka - Member of the Management Board

    Andrzej Ladko - Member of the Management Board

    Supervisory Board as of the day of publication of the semi-annual report

    Rafał Mania - President of the Supervisory Board

    Michał Kowalczewski - Member of the Supervisory Board Piotr Maciej Kamiński - Member of the Supervisory Board Håkan Källåker - Member of the Supervisory Board Tomasz Bieske - Member of the Supervisory Board Grzegorz Buczkowski - Member of the Supervisory Board

    Rules adopted during preparation of the semi-annual report of the Company

    The semi-annual report of the Company was prepared on the basis of § 87 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information provided by issuers of securities and on the conditions of recognition of information required by the provisions of a non-Member State as equivalent and according to the Polish Act on Accounting of 29 September 1994 (Dz. U. No 121, Section. 591 as amended)

    The integral part of the report is the abbreviated semi-annual financial statement together with supplementary information prepared according to § 87 Section 1 and 4 and supplementary information taking into account § 87 Section 7 of the above mentioned Resolution.

    1. The adopted accounting principles (policy) used during preparation of semi-annual financial report

    The presented financial data for the first half year of 2016 was prepared according to the Accounting Act of 29 September 1994, (Dz.U. of 2013 r. Item. 330, as amended)

    During the financial year the Company did not change its accounting rules (policy) in comparison to accounting rules (policy) from the previous financial year.

    The accounting principles adopted during the preparation of the financial statements for the balance sheet date are consistent with the amended Accounting Act of 29 September 1994, hereinafter referred to as the "Act", which specifies among others the accounting principles for entities seated in or managed from the territory of the Republic of Poland.