Fondul Proprietatea

Transaction in Own Shares • Aug 14, 2017

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

The undersigned, FONDUL PROPRIETATEA S.A. ("FP / The Fund"), represented by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, acting in its capacity as Investment Manager, hereby informs you in its capacity as Issuer on the following information regarding the transactions concluded during 7 - 11 August 2017, per Article 150 paragraph (2) 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 JEFFERIES INTERNATIONAL LIMITED (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") (ISIN US34460G1067) 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:	5,069,239.00
- current number of shares bought back	3,319,239.00
- equivalent shares of current number of GDRs bought back	1,750,000.00 (representing 35,000 GDRs)
g) Total value of the transactions performed in the reporting period (RON), out of which:	4,406,929.72
- value of the shares acquisition (RON)	2,893,196.81
- estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	1,513,732.91
h) Total number of shares and equivalent shares of GDRs repurchased since the start of the eighth buy-back program	68,750,738.00
- number of shares bought back	39,122,888.00
- equivalent shares of current number of GDRs bought back	29,627,850.00 (representing 592,557 GDRs)
- equivalent shares of current number of GDRs converted in shares from the start of eighth buy-back programme	5,936,500 (representing 118,730 GDRs)

FONDUL PROPRIETATEA S.A., an alternative investment fund • 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 5,238,521,987.92, Paid-up Share Capital: RON 5,049,339,565.92 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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-	% of subscribed share capital as at 31 July 2017	0.6825 (and 8.9239% computed to the total outstanding treasury shares and equivalent)
-	% of paid-up share capital as at 31 July 2017	0.7080 (and 9.2582% computed to the total outstanding treasury shares and equivalent)
-	% of total voting rights as at 31 July 20171	0.7792 (and 10.1893% computed to the total outstanding treasury shares and equivalent)
	i) Total value of the shares repurchased since the start of	60,086,412.09
-	the eighth buy-back program (RON) value of the shares acquisition (RON)	34,140,068.18

j) Number of shares left to be repurchased from the eighth buy-back programme as of the date of this notification² 108,409,718

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	Average price per security	Volume of the transaction	Value of the transaction (currency)
	were traded	(currency)	(no. of securities)
7 August 2017	BVB	RON 0.8734	576,670 shares	RON 503,663.58
8 August 2017	BVB	RON 0.872	1,194,262 shares	RON 1,041,396.46
9 August 2017	BVB	RON 0.8713	853,600 shares	RON 743,741.68
	LSE	USD 11.1500	5,000 GDRs (250,000 shares equivalent)	USD 55,750.00
10 August 2017	BVB	RON 0.87	403,642 shares	RON 351,168.54
	LSE	USD 11.1000	14,000 GDRs (700,000 shares equivalent)	USD 155,400.00
11 August 2017	BVB	RON 0.87	291,065 shares	RON 253,226.55
	LSE	USD 11.1000	16,000 GDRs (800,000 shares equivalent)	USD 177,600.00

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

Oana TRUȚA Legal Representative

¹ The shares and / or equivalent shares of GDRs repurchased by the Fund do not grant voting rights

___________________________________________________________________________________________________________________________ ² As per the Fund's Extraordinary General Shareholders Meeting Resolution no. 8 of 11 October 2016, the eighth buyback programme refers to the acquisition by the Fund of a maximum number of shares and / or equivalent GDRs corresponding to the Fund's shares computed so that all the outstanding treasury shares (acquired during this programme and/or previous ones) will not exceed 10% of the subscribed share capital at the relevant time, which represents a total of 1,007,408,075 own shares as of the date of this notification; however, after the cancellation of the shares acquired within the seventh buyback programme, the 10% limitation will change and the Fund will notify the market accordingly.

FONDUL PROPRIETATEA S.A., an alternative investment fund • 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 5,238,521,987.92, Paid-up Share Capital: RON 5,049,339,565.92 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro