Fondul Proprietatea

Board/Management Information • Jul 1, 2019

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To: Bucharest Stock Exchange Financial Supervisory Authority London Stock Exchange

Current report according to the provisions of Article 99 letters d) and s) of the Code of the Bucharest Stock Exchange, Title II, Issuers and Financial Instruments

Important events to be reported:

The new Investment Policy Statement and new Management Agreement of Fondul Proprietatea SA

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager of Fondul Proprietatea SA ("Investment Manager"), hereby, announces that following shareholders' approval granted during the 28 June 2019 General Shareholders Meeting of Fondul Proprietatea S.A. ("EGM"), the new Investment Policy Statement of Fondul Proprietatea S.A. (the "Fund"), is available on the Fund's webpage at: https://www.fondulproprietatea.ro/files/live/sites/fondul/files/en/corporategovernance/Fondul%20Proprietatea's%20Investment%20Policy%20Statement %20in%20force%20as%20of%2029%20June%202019.pdf

The Investment Manager would also like to remind shareholders and investors that the new mandate of Franklin Templeton International Services S.à r.l., acting as the Fund's sole director and alternative investment fund manager, and the new Management Agreement will be in full force and effect starting with 1 April 2020 for a duration of two (2) years, following the shareholders' approval.

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch acting as Investment Manager of FONDUL PROPRIETATEA S.A.

Johan MEYER Legal Representative Report date:

1 July 2019

Name of the issuing entity: Fondul Proprietatea S.A.

Registered office: 78-80 Buzesti Street 7th floor, district 1, Bucharest, 011017 Phone/fax number: Tel.: + 40 21 200 9600 Fax: + 40 21 200 9631 Email: office@fondulproprietatea.ro Internet: www.fondulproprietatea.ro Sole Registration Code with the Trade Register Office: 18253260 Order number in the Trade Register: J40/21901/2005 Subscribed share capital: RON 4,733,020,898.32 Paid-up share capital: RON 4,543,838,476.32 Number of shares in issue: 9,101,963,266 Number of paid shares: 8,738,150,916 Regulated market on which the issued securities are traded: Shares on Bucharest Stock Exchange GDRs on London Stock Exchange

__________________________________________________________________________________________________________________________________________________________________________ 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