Fondul Proprietatea

Transaction in Own Shares • Sep 21, 2015

To: FINANCIAL SUPERVISORY AUTHORITY BUCHAREST STOCK EXCHANGE LONDON STOCK EXCHANGE Re: Notification regarding the transactions performed within the buy-back programme From: FONDUL PROPRIETATEA S.A.

The undersigned, FONDUL PROPRIETATEA S.A. ("FP / The Fund"), duly represented by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, acting in its capacity as Sole Director and Fund Manager, hereby inform you in its capacity of issuer on the following information regarding the transactions concluded during 14 – 18 September 2015, according to Article 150 of the NSC's Regulation no. 1/2006 regarding issuers and operations with securities:

a) Issuer's name (buyer)	FONDUL PROPRIETATEA S.A. Bucharest Stock Exchange Symbol: FP London Stock Exchange Symbol: FP.
b) Broker's name	WOOD & COMPANY FINANCIAL SERVICES A.S. (as buy-back agent in relation to the purchase of shares), and GOLDMAN SACHS INTERNATIONAL (as buy back agent in relation to the purchase of GDRs)
c) Description of the acquired financial instruments	Ordinary shares issued by the Fund (ISIN ROFPTAACNOR5) listed on the Bucharest Stock Exchange ("BVB"), and Global Depositary Receipts ("GDRs") corresponding to the Fund's shares listed on the London Stock Exchange ("LSE")
d) Transaction's type	Buy-back
e) Details with respect to the execution of the buy back market orders	Within the trading session
f) Total number of shares and equivalent shares of GDRs bought-back in the reporting period, out of which:	7,256,832
- current number of shares bought back	4,842,582
- equivalent shares of current number of GDRs bought back	2,414,250 (representing 48,285 GDRs)
g) Total value of the transactions performed in the reporting period (RON), out of which:	5,786,987.67
- value of the shares acquisition (RON)	3,862,250.12

FONDUL PROPRIETATEA S.A., a closed-end investment company administrated under a unitary system • Headquarters at: 78-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania. • Fiscal Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 10,074,080,745.90, Paid-up Share Capital: RON 9,746,649,630.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

___________________________________________________________________________________________________________________________

	j) Number of shares left to be repurchased	880,601,223
-	value of the equivalent shares of GDRs (RON)	3,159,849.71
-	value of the shares acquisition (RON)	5,759,524.99
	i) Total value of the shares repurchased since the start of the buy-back program (RON)	8,919,374.70
-	equivalent shares of current number of GDRs bought back	3,954,250 (representing 79,085 GDRs)
-	number of shares bought back	7,214,582
	h) Total number of shares and equivalent shares of GDRs repurchased since the start of the buy back program	11,168,832
-	value of the equivalent shares of GDRs (RON)	1,924,737.55

The details of the transactions carried out during the reporting period with respect to the shares and GDRs issued by Fondul Proprietatea SA for the purpose of the buy-back are described further below:

Date of the transaction	Market on which the securities were	Average price per security (currency)	Volume of the transaction (no. of securities)	Value of the transaction (currency)
14 September	traded BVB	0.7984 RON	914,000 shares	729,737.60 RON
2015
	LSE	10.15 USD	9,000 GDRs (equivalent to 450,000 shares)	91,350.00 USD
15 September 2015	BVB	0.7985 RON	960,000 shares	766,560.00 RON
	LSE	10.20 USD	9,600 GDRs (equivalent to 480,000 shares)	97,920.00 USD
16 September 2015	BVB	0.7976 RON	976,000 shares	778,457.60 RON
	LSE	10.20 USD	9,760 GDRs (equivalent to 488,000 shares)	99,552.00 USD
17 September 2015	BVB	0.7989 RON	950,000 shares	758,955.00 RON
	LSE	10.1763 USD	9,500 GDRs (equivalent to 475,000 shares)	96,674.85 USD

FONDUL PROPRIETATEA S.A., a closed-end investment company administrated under a unitary system • Headquarters at: 78-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania. • Fiscal Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 10,074,080,745.90, Paid-up Share Capital: RON 9,746,649,630.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

___________________________________________________________________________________________________________________________

18 September 2015	BVB	0.7947 RON	1,042,582 shares	828,539.92 RON
	LSE	10.1928 USD	10,425 GDRs	106,259.94 USD
			(equivalent to 521,250
			shares)

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Sole Director of FONDUL PROPRIETATEA S.A.

Oana TRUŢA Legal Representative

FONDUL PROPRIETATEA S.A., a closed-end investment company administrated under a unitary system • Headquarters at: 78-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania. • Fiscal Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 10,074,080,745.90, Paid-up Share Capital: RON 9,746,649,630.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

___________________________________________________________________________________________________________________________