Fondul Proprietatea

Transaction in Own Shares • Mar 27, 2018

To: FINANCIAL SUPERVISORY AUTHORITY BUCHAREST STOCK EXCHANGE LONDON STOCK EXCHANGE Re: Notification regarding the transactions performed within the ninth 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 21- 26 March 2018, 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	issued by the Fund (ISIN Ordinary shares
	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	Within the trading session
back market orders f) Total number of shares and equivalent shares	19,223,224
of GDRs bought-back in the reporting period, out
of which:
- current number of shares bought back	17,873,224
- equivalent shares of current number of GDRs	1,350,000 (representing 27,000 GDRs)
bought back g) Total value of the transactions performed in	17,928,115.92
the reporting period (RON), out of which:
- value of the shares acquisition (RON)	16,678,361.34
- estimated value of the equivalent shares of	1,249,754.58
GDRs based on the exchange rate
communicated by the National Bank of
Romania (RON)
h) Total number of shares and equivalent shares	1,320,247,807
of GDRs repurchased since the start of the ninth
buy-back program - number of shares bought back	746,615,407

__________________________________________________________________________________________________________________________________________________________________________ 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 4,854,034,784.56, Paid-up Share Capital: RON 4,664,852,362.56 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

-	equivalent shares of current number of GDRs bought back	573,632,400 (representing 11,472,648 GDRs)
-	equivalent shares of current number of GDRs converted in shares from the start of ninth	565,282,400 (representing 11,305,648 GDRs)
- - -	buy-back programme % of subscribed share capital as at 28 February 2018 % of paid-up share capital as at 28 February 2018 % of total voting rights as at 28 February 20181	14.1435% (and 16.6365% computed to the total outstanding treasury shares and equivalent) 14.7171% (and 17.3112% computed to the total outstanding treasury shares and equivalent) 17.5588% (and 20.6539% computed to the total outstanding treasury shares and equivalent)
-	i) Total value of the shares repurchased since the start of the ninth buy-back program (RON) value of the shares acquisition (RON)	1,231,913,476.89 696,620,996.04
-	estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of	535,292,480.85
	Romania (RON) j) Number of shares left to be repurchased within the ninth buy-back programme as of the date of this notification2	313,969,637

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 traded	Average price per security (currency)	Volume of the transaction (no. of securities)	Value of the transaction (currency)
21 March 2018	BVB	RON 0.9350	7,258,468 shares	RON 6,786,667.58
22 March 2018	BVB	RON 0.9330	43,787 shares	RON 40,853.27
	LSE	USD 12.2000	12,000 GDRs (600,000 shares equivalent)	USD 146,400.00

¹ Please recall that the treasury shares repurchased by Fondul Proprietatea within the buyback programmes do not grant voting rights 2 As per the Fund's Extraordinary General Shareholders Meeting Resolution no. 5 of 26 October 2017, the ninth 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 20% of the subscribed share capital at the relevant time, which represents a total of 1,866,936,455 own shares as of the date of this notification; however, after the cancellation of the shares acquired within the previous / ongoing buyback programmes, the 20% 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 4,854,034,784.56, Paid-up Share Capital: RON 4,664,852,362.56 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

23 March 2018	BVB	RON 0.9290	434,206 shares	RON 403,377.37
	LSE	USD 12.2000	15,000 GDRs (750,000 shares equivalent)	USD 183,000.00
26 March 2018	BVB	RON 0.9320	10,136,763 shares	RON 9,447,463.12

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

Oana Valentina TRUȚA Legal Representative

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