Fondul Proprietatea

Transaction in Own Shares • Sep 2, 2019

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

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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 26 – 30 August 2019:

a) Issuer's name (buyer)	FONDUL PROPRIETATEA S.A. Bucharest Stock Exchange Symbol: FP
	London Stock Exchange Symbol: FP.
b) Brokers' names	• BANCA COMERCIALA ROMANA S.A. (hereinafter referred to as "BCR") (as buy-back agent in relation to the purchase of shares), and • AUERBACH GRAYSON (hereinafter referred to as "AGCO") (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:	12,363,425
- current number of shares bought back - equivalent shares of current number of GDRs	9,163,425 3,200,000 (representing 64,000 GDRs)
bought back g) Total value of the transactions performed in the reporting period (RON), out of which:	14,036,531.40
- value of the shares acquisition (RON) - estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania	10,486,839.80 3,549,691.60
(RON) h) Total number of shares and equivalent shares of GDRs repurchased since the start of the tenth buy	309,244,063
back program - number of shares bought back	219,623,713

__________________________________________________________________________________________________________________________________________________________ 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 4,733,020,898.32 • Paid-up Share Capital: RON 4,543,838,476.32 • 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 converted in shares from the start of tenth buyback programme 26,477,900 (representing 529,558 GDRs) - % of subscribed share capital as at 5 August 2019 – considered as 4 September 2019 GSM Reference Date 3.3976% (and 19.7456% computed to the total outstanding treasury shares and equivalent) - % of paid-up share capital as at 5 August 2019 3.5390% (and 20.5677% computed to the total outstanding treasury shares and equivalent) - % of total voting rights as at 5 August 20191 4.3535% (and 25.3015% computed to the total outstanding treasury shares and equivalent) i) Total value of the shares repurchased since the start of the tenth buy-back program (RON) 328,837,604.10 - value of the shares acquisition (RON) 229,328,620.52

• estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON) 99,508,983.58

j) Number of shares left to be repurchased within the tenth buy-back programme as of the date of this notification2 440,755,937

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	Weighted average price per security (currency)*	Volume of the transaction (no. of securities)	Value of the transaction (currency)
28	BVB	RON	3,059,045	RON
August 2019		1.1386	shares	3,483,028.64
29	BVB	RON	3,032,496	RON
August 2019		1.1486	shares	3,483,124.91
	LSE	USD 13.0000	30,000 GDRs (1,500,000 shares equivalent)	USD 390,000.00
30	BVB	RON	3,071,884	RON
August 2019		1.1461	shares	3,520,686.25
	LSE	USD 13.0000	34,000 GDRs (1,700,000 shares equivalent)	USD 442,000.00

* The weighted average price per security was rounded to 4-digits

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

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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. 4 of 14 November 2018, published in the Official Gazette of Romania, Part IV, no. 4592 on 4 December 2018, the tenth buyback programme refers to the acquisition by the Fund of a maximum number of 750,000,000 shares and/or equivalent global depository receipts corresponding to the Fund's shares ("GDRs"). The duration of the tenth buyback programme is 1 January 2019 - 31 December 2019. The shares repurchased during this buyback programme will be cancelled.

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 4,733,020,898.32 • Paid-up Share Capital: RON 4,543,838,476.32 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro