Fondul Proprietatea

Transaction in Own Shares • Nov 30, 2019

programme

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 9– 13 December 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: 1,827,068 - current number of shares bought back 1,805,668 - equivalent shares of current number of GDRs bought back 21,400 (representing 428 GDRs) g) Total value of the transactions performed in the reporting period (RON), out of which: 2,176,778.53 - value of the shares acquisition (RON) 2,151,708.93 - estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON) 25,069.60 h) Total number of shares and equivalent shares of GDRs repurchased since the start of the tenth buyback program 403,812,443 - number of shares bought back 309,164,893 - equivalent shares of current number of GDRs bought back - equivalent shares of current number of GDRs converted in shares from the start of tenth buy-back 94,647,550 (representing 1,892,951 GDRs) 94,647,550 (representing 1,892,951 GDRs)

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notification2
tenth buy-back programme as of the date of this
j) Number of shares left to be repurchased within the	346,187,557
National Bank of Romania (RON)
estimated value of the equivalent shares of GDRs	105,191,089.86
	333,841,521.55
	439,032,611.41
1 % of total voting rights as at 30 November 2019	5.8909%
% of paid-up share capital as at 30 November 2019	5.5697%
2019
% of subscribed share capital as at 30 November	5.3036%
	i) Total value of the shares repurchased since the start of the tenth buy-back program (RON) value of the shares acquisition (RON) based on the exchange rate communicated by the

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)
	BVB	RON 1.1950	604,787 shares	RON 722,720.47
9 December 2019	LSE	USD 13.6000	428 GDRs (21,400 shares equivalent)	USD 5,820.80
10 December 2019	BVB	RON 1.1900	601,609 shares	RON 715,914.71
11 December 2019	BVB	RON 1.1899	599,272 shares	RON 713,073.75
12 December 2019	-	0	0	0
13 December 2019	-	0	0	0

* 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 30 November 2019, the total number of voting rights was 6,854,884,151.

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