Fondul Proprietatea

Transaction in Own Shares • Dec 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.

___________________________________________________________________________________________________

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 25 – 29 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

programme

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: 5,163,180

-	current number of shares bought back	4,829,480
-	equivalent shares of current number of GDRs	333,700 (representing 6,674 GDRs)
	bought back
	g) Total value of the transactions performed in the	6,100,075.71
	reporting period (RON), out of which:
-	value of the shares acquisition (RON)	5,712,758.12
-	estimated value of the equivalent shares of GDRs	387,317.59
	based on the exchange rate communicated by the
	National Bank of Romania (RON)
	h) Total number of shares and equivalent shares of	397,217,956
	GDRs repurchased since the start of the tenth buy
	back program
-	number of shares bought back	302,948,106
-	equivalent shares of current number of GDRs	94.269.850 (representing 1,885,397 GDRs)
	bought back
-	equivalent shares of current number of GDRs	93,298,850 (representing 1,865,977 GDRs)
	converted in shares from the start of tenth buy-back

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

__________________________________________________________________________________________________________________________________________________________

___________________________________________________________________________________________________

	notification2
tenth	j) Number of shares left to be repurchased within the buy-back programme as of the date of this	352,782,044
-	estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	104,748,157.88
start -	of the tenth buy-back program (RON) value of the shares acquisition (RON)	326,420,576.82
	i) Total value of the shares repurchased since the	431,168,734.70
-	20191 % of total voting rights as at 31 October	5.7791%
-	% of paid-up share capital as at 31 October 2019	5.4787%
-	% of subscribed share capital as at 31 October 2019	5.2170%

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 1.1865	985,484 shares	RON 1,169,276.77
25 November 2019	LSE	USD 13.4000	655 GDRs (32,750 shares equivalent)	USD 8,777.00
	BVB	RON 1.1800	951,082 shares	RON 1,122,276.76
26 November 2019	LSE	USD 13.4000	6,019 GDRs (300,950 shares equivalent)	USD 80,654.60
27 November 2019	BVB	RON 1.1792	949,154 shares	RON 1,119,242.40
28 November 2019	BVB	RON 1.1774	959,998 shares	RON 1,130,301.65
29 November 2019	BVB	RON 1.1910	983,762 shares	RON 1,171,660.54

* 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 October 2019, the total number of voting rights was 6,873,319,276.

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