Fondul Proprietatea

M&A Activity • Aug 19, 2019

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To: Bucharest Stock Exchange Financial Supervisory Authority London Stock Exchange

Current report according to Article 99 (s) of the Code of the Bucharest Stock Exchange Market Operator, Title II, Issuers and Financial Instruments

Important events to be reported:

Completion of the public tender offer in relation to the tenth buy-back programme

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager (the "Investment Manager") of Fondul Proprietatea SA (the "Fund"), would like to inform shareholders that the public tender offer launched in relation to the tenth buy-back programme (the "Offer") ended today.

The key results of the Offer are:

• Total subscriptions: 4,672,180,622 shares representing 3,114.8% of the Offer (2,805,099,522 were subscribed in the form of shares and 1,867,081,100 shares in the form of global depositary receipts which represent the shares ("GDR"), namely 37,341,622 GDRs)
• Allocation ratio: 0.0321049232
• Number of repurchased shares: 150,000,000 shares (90,057,550 in the form of shares and 59,942,450 shares in the form of GDRs, namely 1,198,849 GDRs);
• Purchase price: RON 1.21 per share and the USD equivalent of RON 60.50 per GDR, computed in accordance with the terms and conditions of the Tender Offer Documentation; the Fund will revert on 20 August 2019 with a further announcement regarding the exchange rate applicable for the GDRs;
• Trade Date: 20 August 2019
• Settlement / payment date: 22 August 2019 for shares. With respect to GDRs, the GDR Tender Agent will no later than 21 August 2019 pay the GDRs purchase price to the Clearing Systems for further distribution to Investors whose GDRs have been accepted for purchase in the Offer

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch acting as Investment Manager of FONDUL PROPRIETATEA S.A.

Johan MEYER Legal Representative Report date: 19 August 2019

Name of the issuing entity: Fondul Proprietatea S.A.

Registered office: 78-80 Buzesti Street 7 th floor, district 1, Bucharest, 011017 Phone/fax number: Tel.: + 40 21 200 9600 Fax: + 40 21 200 9631 Email: office@fondulproprietatea.ro Internet: www.fondulproprietatea.ro Sole Registration Code with the Trade Register Office: 18253260 Order number in the Trade Register: J40/21901/2005 Subscribed share capital: RON 4,733,020,898.32 Paid-up share capital: RON 4,543,838,476.32 Number of shares in issue: 9,101,963,266 Number of paid shares: 8,738,150,916 Regulated market on which the issued securities are traded: Shares on Bucharest Stock Exchange GDRs on London Stock Exchange