Fondul Proprietatea

Share Issue/Capital Change • Feb 23, 2018

To: Bucharest Stock Exchange Financial Supervisory Authority London Stock Exchange

Current report according to Article 99 (s) of the Code of the Bucharest Stock Exchange Market Operator, Title II, Issuers and Financial Instruments

Important events to be reported:

Completion of the public tender offer in relation to the ninth buy-back programme

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager of Fondul Proprietatea S.A. (the "Fund"), would like to inform shareholders that the public tender offer launched in relation to the ninth buy-back programme (the "Offer") ended today.

The key results of the Offer are:

• Total subscriptions: 4,853,201,369 shares representing 404% of the Offer (2,640,228,469 were subscribed in the form of shares and 2,212,972,900 shares in the form of global depositary receipts which represent the shares ("GDR"), namely 44,259,458 GDRs);
• Allocation ratio: 0.2472594703;
• Number of repurchased shares: 1,200,000,000 shares (652,821,500 in the form of shares and 547,178,500 shares in the form of GDRs, namely 10,943,570 GDRs);
• Purchase price: RON 0.9350 per share and the USD equivalent of RON 46.75 per GDR, computed in accordance with the terms and conditions of the Offer documentation; the Fund will revert on 26 February 2018 with a further announcement regarding the exchange rate applicable for the GDRs;
• Trade date: 26 February 2018;
• Settlement/payment date: 28 February 2018 for shares. With respect to GDRs, the GDR Tender Agent will no later than 28 February 2018 pay the GDRs purchase price to the Clearing Systems for further distribution to Investors whose GDRs have been accepted for purchase in the Offer.

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

Oana Valentina Truța Legal Representative

Report date:

23 February 2018 Name of the issuing entity: Fondul Proprietatea S.A. Registered office: 78-80 Buzesti Street 7 th 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