Fondul Proprietatea

Transaction in Own Shares • Sep 3, 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 27 - 31 August 2018:

FONDUL PROPRIETATEA S.A. Bucharest Stock Exchange Symbol: FP
London Stock Exchange Symbol: FP. 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) 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") Buy-back
Within the trading session
4,052,768
402,768
3,650,000
3,638,425.86
372,577.29 3,265,848.57
1,411,365,910
809,213,310 602,152,600 (representing 12,043,052 GDRs)
587,737,150 (representing 11,754,743 GDRs)
15.38% (and 16.19% computed to the total outstanding treasury shares and equivalent)

________________________________________________________________________________________________________________________________________________________________________ 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 • Subscribed share capital RON 4,771,610,196.08, Paid-up Share Capital: RON 4,582,427,774.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

• % of paid-up share capital as at 13 August 2018 "Reference Date" for 4 September 2018 EGM
• % of total voting rights as at 13 August 2018 "Reference Date" for 4 September 2018 EGM

i) Total value of the shares repurchased since the start of the ninth buy-back program (RON)

• value of the shares acquisition (RON) 754,291,019.90
• estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)

j) Number of shares left to be repurchased within the ninth buy-back programme as of the date of this notification1

16.02% (and 16.86% computed to the total outstanding treasury shares and equivalent)

19.23% (and 20.24% computed to the total outstanding treasury shares and equivalent)

1,315,780,140.98

561,489,121.08

349,658,592

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)
27 August 2018	BVB	RON 0.9300	250,709 shares	RON 233,159.37
28 August 2018	BVB	RON 0.9240	48,981 shares	RON 45,258.44
	LSE	USD 11.2000	18,000 GDRs (900,000 shares equivalent)	USD 201,600.00
29 August 2018	BVB	RON 0.9260	12,411 shares	RON 11,492.59
	LSE	USD 11.3000	19,000 GDRs (950,000 shares equivalent)	USD 214,700.00
30 August 2018	BVB	RON 0.9125	63,969 shares	RON 58,371.71
	LSE	USD 11.2000	18,000 GDRs (900,000 shares equivalent)	USD 201,600.00
31 August 2018	BVB	RON 0.9100	26,698 shares	RON 24,295.18
	LSE	USD 11.2500	18,000 GDRs (900,000 shares equivalent)	USD 202,500.00

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

Johan MEYER Legal Representative

¹ 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 1,761,024,502 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 • Subscribed share capital RON 4,771,610,196.08, Paid-up Share Capital: RON 4,582,427,774.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro