Fondul Proprietatea

Transaction in Own Shares • Oct 14, 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 7 - 11 October 2019:

a) Issuer's name (buyer)	FONDUL PROPRIETATEA S.A. Bucharest Stock Exchange Symbol: FP London Stock Exchange Symbol: FP. • 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 relation to the purchase of GDRs) Ordinary shares issued by the Fund (ISIN ROFPTAACNOR5) listed on the Bucharest Stock Exchange ("BVB"), and
b) Brokers' names c) Description of the acquired financial instruments
d) Transaction's type	(ISIN Global Depositary Receipts ("GDRs") US34460G1067) corresponding to the Fund's shares listed on the London Stock Exchange ("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	6,474,631
which: - current number of shares bought back	5,899,931
- equivalent shares of current number of GDRs bought back	574,700 (representing 11,494 GDRs)
g) Total value of the transactions performed in the reporting period (RON), out of which:	7,591,367.31
- 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)	6,930,814.69 660,552.62
h) Total number of shares and equivalent shares of GDRs repurchased since the start of the tenth buy	366,937,488
back program - number of shares bought back	273,063,938
- equivalent shares of current number of GDRs bought back	93,873,550 (representing 1,877,471 GDRs)
- equivalent shares of current number of GDRs converted in shares from the start of tenth buy-	93,298,850 (representing 1,865,977 GDRs)

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

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back programme

• % of subscribed share capital as at 30 September 2019
• % of paid-up share capital as at 30 September 2019
• % of total voting rights as at 30 September 20191

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

• value of the shares acquisition (RON) 291,081,944.49
• 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 383,062,512

4.0314% (and 20.3795% computed to the total outstanding treasury shares and equivalent) 4.1993% (and 21.2279% computed to the total outstanding treasury shares and equivalent)

5.3199% (and 26.8929% computed to the total outstanding treasury shares and equivalent)

395,370,349.46

104,288,404.97

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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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)
7 October 2019	BVB	RON 1.1650	1,169,466 shares	RON 1,362,427.89
8 October 2019	BVB	RON 1.1739	1,234,799 shares	RON 1,449,530.55
	LSE	USD 13.2000	84 GDRs (4,200 shares equivalent)	USD 1,108.80
9 October 2019	BVB	RON 1.1739	1,205,047 shares	RON 1,414,604.67
	LSE	USD 13.3000	11,410 GDRs (570,500 shares equivalent)	USD 151,753.00
10 October 2019	BVB	RON 1.1750	1,179,814 shares	RON 1,386,281.45
11 October 2019	BVB	RON 1.1865	1,110,805 shares	RON 1,317,970.13

* 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

¹ Please recall that the treasury shares repurchased by Fondul Proprietatea within the buyback programmes do not grant voting rights.

__________________________________________________________________________________________________________________________________________________________ As of 30 September 2019, the total number of voting rights was 6,897,472,460. 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