Fondul Proprietatea

Transaction in Own Shares • Nov 4, 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 28 October – 1 November 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: 3.644.002 - current number of shares bought back 3,589,652 - equivalent shares of current number of GDRs bought back 54,350 (representing 1,087 GDRs) g) Total value of the transactions performed in the reporting period (RON), out of which: 4,292,631.80 - value of the shares acquisition (RON) 4,229,713.41 - estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON) 62,918.39 h) Total number of shares and equivalent shares of GDRs repurchased since the start of the tenth buyback program 379,004,227 - number of shares bought back 285,068,077 - equivalent shares of current number of GDRs bought back - equivalent shares of current number of GDRs converted in shares from the start of tenth buyback programme 93,936,150 (representing 1,878,723 GDRs) 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 3,959,264,762.44 RON, Paid-up share capital RON 3,770,082,340.44 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

-	% of subscribed share capital as at 17 October 20191	4.9777%
-	% of paid-up share capital as at 17 October 2019¹	5.2275%
-	% of total voting rights as at 17 October 2019¹	5.5077%
i) Total start of the	409,672,727.09
-	tenth buy-back program (RON) value of the shares acquisition (RON)	305,311,886.79
-	estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	104,360,840.30
j) Number	370.995.773
tenth buy-back programme as of the date of this notification2

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)
28 October 2019	BVB	RON 1.1814	700,993 shares	RON 828,153.13
29 October 2019	BVB	RON 1.1800	723,503 shares	RON 853,733.54
	LSE	USD 13.5000	1,087 GDRs (54,350 shares equivalent)	USD 14,674.50
30 October 2019	BVB	RON 1.1781	727,332 shares	RON 856,869.83
31 October 2019	BVB	RON 1.1771	720,811 shares	RON 848,466.63
1 November 2019	BVB	RON 1.1750	717,013 shares	RON 842,490.28

* 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 17 October 2019, considered as the "Reference Date" for the 15 November 2019 General Shareholders Meetings

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 3,959,264,762.44 RON, Paid-up share capital RON 3,770,082,340.44 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro