Fondul Proprietatea

Transaction in Own Shares • May 4, 2015

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To: FINANCIAL SUPERVISORY AUTHORITY BUCHAREST STOCK EXCHANGE Ref: Notification regarding the transactions performed during the buy-back program From: FONDUL PROPRIETATEA SA

The undersigned, FONDUL PROPRIETATEA SA, duly represented by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, acting in its capacity as Sole Administrator and Fund Manager, hereby inform you in its capacity of issuer on the following information regarding the transactions concluded during 27 – 30 April 2015, according to Article 150 of the NSC's Regulation no. 1/2006 regarding issuers and operations with securities:

a) Issuer's name (buyer)	FONDUL PROPRIETATEA SA (FP)
b) Broker's name	Wood & Company Financial Services, a.s.
c) Description of the acquired financial instruments	Ordinary shares issued by Fondul Proprietatea (ISIN ROFPTAACNOR5)
d) Transaction's type	Buy-back
e) Details with respect to the execution of the buy	Within the trading session
back market orders
f) Total number of shares bought-back in the	10,105,739
reporting period
g) Total value of the transactions performed in the reporting period (RON)	9,244,736.75
h) Total number of shares repurchased since the start	100,729,185
of the buy-back program
i) Total value of the shares repurchased since the	88,216,123.97
start of the buy-back program (RON)
j) Number of shares left to be repurchased	126,843,065

The details of the transactions carried out during the reporting period with respect to the shares issued by Fondul Proprietatea SA for the purpose of the buy-back are described further below:

Date and place of the transaction	Average price per share (RON)	Volume of the transaction (no. of shares)	Value of the transaction (RON)
27 April 2015 – BVB	0.923931	1,762,739	1,628,649.21
28 April 2015 – BVB	0.921763	2,684,000	2,474,011.89
29 April 2015 – BVB	0.91269	2,755,000	2,514,460.95
30 April 2015 – BVB	0.904826	2,904,000	2,627,614.70

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Sole Administrator of FONDUL PROPRIETATEA S.A.

Adrian CIGHI

Legal Representative

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FONDUL PROPRIETATEA S.A., a closed-end investment company administrated under a unitary system • 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 11,575,064,733.65, Paid-up Share Capital: RON 11,229,443,001.15 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro