Fondul Proprietatea

Major Shareholding Notification • Mar 1, 2018

To: Bucharest Stock Exchange Financial Supervisory Authority London Stock Exchange

The current report according to Art. 72 paragraph (6) of Law no. 24/2017 on issuers of financial instruments and market operations, as well as the provisions of Art. 105 of the Rulebook of the Bucharest Stock Exchange, Title II – Issuers and Financial Instruments

Important events to be reported:

Disclosure of holdings below 10% of the total voting rights held by Manchester Securities Corporation and Beresford Energy Corporation in Fondul Proprietatea S.A.

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager of Fondul Proprietatea SA ("the Fund / Issuer") hereby announces that Manchester Securities Corporation ("Manchester") and Beresford Energy Corporation ("Beresford") have sent an aggregate disclosure of holdings below 10% of the total voting rights in the Fund, as reflected in the Annex.

According to the disclosure, by virtue of acting in concert, the combined holdings (shares and Global Depositary Receipts -"GDRs") of Manchester and Beresford as of 28 February 2018 ("Report date") represented 7.34% of the subscribed share capital of the Fund and 685,181,159 voting rights, representing (i) 7.86% of the total number of voting rights in Fondul Proprietatea as at 31 January 2018, calculated based on the shareholding structure and total number of voting rights disclosed by the Issuer on its webpage at: https://www.fondulproprietatea.ro/files/live/sites/fondul/files/en/shareholderstructure-reports/2018/31%20January%202018.pdf and (ii) 9.11% of the total number of voting rights in Fondul Proprietatea S.A., calculated as at 28 February 2018.

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

Oana Valentina TRUŢA Legal Representative

Report date:

1 March 2018 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 Register on Data Protection Notification Register under number: 18668 Subscribed share capital: RON 4,854,034,784.56 Paid-up share capital: RON 4,664,852,362.56 Number of shares in issue: 9,334,682,278 Number of paid shares: 8,970,869,928 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 • Register on Data Protection Notification Register under number 18668 • Subscribed share capital RON 4,854,034,784.56, Paid-up Share Capital: RON 4,664,852,362.56 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

S.C. FONDUL PROPRIETATEA S.A.
INTRARE Nr.
luna 03 anul 2018. ziua ${\cal O}{\cal I}$

			ziua O T luna
Către: Fondul Proprietatea S.A.		To: Fondul Proprietatea S.A.
	Strada Buzești nr. 78-80, etaj 7	78-80 Buzești Street, 7 th floor
Sector 1, 011017, București		1st District, 011017, Bucharest
România		Romania
Fax: +40 21 200 9631/+40 21 200 9632		Fax: +40 21 200 9631/+40 21 200 9632
E-mail: office@fondulproprietatea.ro			E-mail: office@fondulproprietatea.ro
Raportare cu de vot	privire la detineri în Fondul Disclosure of holdings of under 10% of voting rights Proprietatea S.A. sub pragul de 10% din drepturile	in Fondul Proprietatea S.A.
piață)	(conform art. 69 alin. (1) din Legea 24/2017 privind emitenții de instrumente financiare și operațiuni de	operations)	(in accordance with art. 69 para. (1) of Law $24/2017$ on issuers of financial instruments and market
Denumirea societății emitente	Fondul Proprietatea S.A.	Name of the issuer	Fondul Proprietatea S.A.
Cod unic de înregistrare	18253260	Sole registration code	18253260
Simbol piață reglementată	FP	Trading symbol on the regulated market	FP
Tipul valorilor mobiliare	Acțiuni și certificate de depozit $($ "GDR") (fiecare GDR reprezentând 50 de acțiuni ordinare suport)	Security type	Shares and depositary receipts ("GDR") (each GDR representing - 50 underlying ordinary shares)
Identificarea deținătorului de valori Corp.	Manchester Securities	Identity of the securities' holder	Manchester Securities Corp.
mobiliare	Număr de identificare fiscală: 13-3375669		Tax identification number: 13-3375669
	Sediul social: Statele		Registered address:

Unite ale Americii, 40

West 57th Street, etaj 4,

Energy

1209

Street,

New York, NY 10019

Tel.: +1 212 974 6000

Număr de identificare fiscală: 13-4174307

Sediul social: Statele Unite ale Americii, /o

The Corporation Trust

Company, Corporation

Center,

Beresford

Corp.

Trust

Orange

Registered address: United States of America, 40 West 57th Street, $4^th$ floor, New York, NY 10019

Tel.: +1 212 974 6000

Beresford Energy Corp.

Tax identification number: 13-4174307

Registered address: United States of America, $c/o$ The Corporation Trust Company, Corporation

Wilmington DE 19801
		Fel.: +1 212 974 6000

Chain of

shareholders

securities' holder

persons

holding

controlled

effectively

of

voting

the

the

rights and significant

Lantul persoanelor Manchester controlate prin intermediul cărora se dețin efectiv drepturi de vot și acționari/ asociați semnificativi ai deținătorului de valori mobiliare

Securities Corp. Beresford si Energy Corp. sunt entități afiliate prin prisma faptului $c\tilde{a}$ amândouă fac parte din grupul de societăți În Elliott. scopul prezentei notificări, Manchester Securities Beresford Corp. si Energy Corp. sunt persoane care actioneză în mod concertat.

Securities Manchester Corp. este o filială deținută în întregime de Elliott Associates, L.P.

Beresford Energy Corp. este o filială deținută în întregime de Middleton International Limited, care este la rândul său o deținută filială în întregime de Elliott Associates, L.P.

Trust Center, 1209 Orange Street, Wilmington DE 19801

Tel.: +1 212 974 6000

Manchester Securities Corp. and Beresford Corp. Energy are affiliates by virtue of both being part of the Elliott group of companies. For the purposes $of$ this reporting, Manchester Securities Corp. and Beresford Energy Corp. are entities acting in concert.

Manchester Securities Corp. is a wholly owned subsidiary of Elliott Associates, L.P.

Beresford Energy Corp. is a wholly owned subsidiary of Middleton International Limited., which in its turn is a a wholly owned subsidiary of Elliott Associates, $L.P.$

Numărul acțiunilor și valorilor mobiliare asociate acestora, deținute anterior tranzacției	Manchester Securities 146.504.932 Corp. 15.354.586 acțiuni si GDR (acțiunile și GDR $\hat{\mathbf{n}}$ reprezentând total 914.234.232 actiuni)	Number of shares and Manchester of share-related securities, held prior to the transaction	Securities Corp. 146,504,932 shares and $15,354,586$ GDRs (shares and GDRs) representing in aggregate 914,234,232 shares)
	Beresford Energy Corp.: 9 acțiuni		Beresford Energy Corp.: 9 shares
Modalitatea de obținere/ înstrăinare	Tranzactie piata pe secundară	Means of acquisition/ disposal	Trading on the secondary market
Numărul de actiuni deținute după tranzacție	Manchester Securities 107.280.200 Corp. 11.558.019 actiuni si GDR (acțiunile și GDR reprezentând în total 685.181.150 actiuni)	Number of shares held after the transaction	Manchester Securities 107,280,200 Corp. shares and 11,558,019 GDRs (shares and GDRs representing in aggregate 685,181,150 shares)
	Beresford Energy Corp.: 9 acțiuni		Beresford Energy Corp.: 9 shares

Procentul din capitalul social reprezentat de acțiunile deținute după tranzacție și numărul de drepturi de vot

Manchester Securities Corp. Beresford si Energy Corp. detin împreună acțiuni și GDR ce reprezintă în mod agregat 7,34% din capitalul social al Fondul Proprietatea S.A. si un număr de 685.181.159 drepturi de vot. reprezentând (i) 7.86% din numărul total de drepturi de vot în Fondul Proprietatea $S.A.,$ calculat pentru data de 31 ianuarie 2018, făcut public de către Fondul Proprietatea S.A. în conformitate $cu$ prevederile art. 69 alin. (4) din Legea 24/2017 privind emitenții de instrumente financiare și operațiuni de piață și (ii) 9,11% din numărul total de drepturi de vot în Fondul Proprietatea S.A., calculat pentru data de 28 februarie 2018.

Percentage of the issuer's share capital represented bv the shares held after the transaction and number of voting rights

Corp. Beresford and Energy Corp. hold together shares and GDRs representing in aggregate 7.34% of the share capital of Fondul Proprietatea S.A. and 685,181,159 voting rights, representing (i) 7.86% of the total number of voting rights in Fondul Proprietatea S.A., calculated as at 31 January 2018, disclosed by Fondul Proprietatea S.A. pursuant to the provisions of art. 69 para. (4) of Law 24/2017 on issuers of financial instruments and market operations and (ii) 9.11% of the total number of voting rights in Fondul Proprietatea $S.A.,$ calculated as at - 28 February 2018.

Manchester

Securities

Data tranzacției	26 februarie 2018	Transaction date	26 February 2018
Data raportării	28 februarie 2018	Report date	28 February 2018
MANCHESTER BERESFORD ENERGY CORP. Secretar/ Vice President and Secretary	SECURITIES CORP. and	Prin/By: Elliot Greenberg, Vice Președinte și Semnătura/Signature: