Fondul Proprietatea

Transaction in Own Shares • Sep 30, 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 23 – 27 September 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 • (hereinafter AUERBACH GRAYSON referred to as "AGCO") (as buy-back agent in
c) Description of the acquired financial instruments	relation to the purchase of GDRs) issued by the Fund (ISIN Ordinary shares ROFPTAACNOR5) listed on the Bucharest Stock Exchange ("BVB"), and (ISIN Global Depositary Receipts ("GDRs") US34460G1067) corresponding to the Fund's shares listed on the London Stock Exchange
d) Transaction's type	("LSE") 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:	7,020,699
- current number of shares bought back	7,020,699
- equivalent shares of current number of GDRs bought back	0 (representing 0 GDRs)
g) Total value of the transactions performed in the reporting period (RON), out of which:	8,231,968.10
- 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 (RON)	8,231,968.10 0
h) Total number of shares and equivalent shares of GDRs repurchased since the start of the tenth buy	354,099,582
back program
- number of shares bought back	260,800,732
- equivalent shares of current number of GDRs bought back	93,298,850 (representing 1,865,977 GDRs)
- equivalent shares of current number of GDRs converted in shares from the start of tenth buy	86,420,350 (representing 1,728,407 GDRs)

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back programme

• % of subscribed share capital as at 31 August 2019
• % of paid-up share capital as at 31 August 2019 4.0523% (and 17.0287% computed to the total

3.8904% (and 16.3480% computed to the total outstanding treasury shares and equivalent) outstanding treasury shares and equivalent)

• % of total voting rights as at 31 August 20191 5.0948% (and 21.4093% 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)

• value of the shares acquisition (RON) 276,651,274.38
• 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 tenth buy-back programme as of the date of this notification2 395,900,418

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:

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380,279,126.73

103,627,852.35

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)
23 September 2019	BVB	RON 1.1548	1,401,988 shares	RON 1,619,015.74
24 September 2019	BVB	RON 1.1857	1,409,880 shares	RON 1,671,694.72
25 September 2019	BVB	RON 1.1743	1,404,632 shares	RON 1,649,459.36
26 September 2019	BVB	RON 1.1700	1,390,504 shares	RON 1,626,889.68
27 September 2019	BVB	RON 1.1777	1,413,695 shares	RON 1,664,908.60

* 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. As of 31 August 2019, the total number of voting rights was 6,950,218,664.

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