Fondul Proprietatea

Transaction in Own Shares • Mar 21, 2016

To: FINANCIAL SUPERVISORY AUTHORITY BUCHAREST STOCK EXCHANGE LONDON STOCK EXCHANGE Re: Notification regarding the transactions performed within the buy-back programme

From: FONDUL PROPRIETATEA S.A.

The undersigned, FONDUL PROPRIETATEA S.A. ("FP / The Fund"), duly represented by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, acting in its capacity as Sole Director and Fund Manager, hereby inform you in its capacity of issuer on the following information regarding the transactions concluded during 14 – 18 March 2016, according to Article 150 of the NSC's Regulation no. 1/2006 regarding issuers and operations with securities:

FONDUL PROPRIETATEA S.A.
Bucharest Stock Exchange Symbol: FP
London Stock Exchange Symbol: FP.
WOOD & COMPANY FINANCIAL SERVICES A.S. (as
buy-back agent in relation to the purchase of shares), and
GOLDMAN SACHS INTERNATIONAL (as buy-back
agent in relation to the purchase of GDRs)
Ordinary shares issued by the Fund (ISIN
ROFPTAACNOR5) listed on the Bucharest Stock Exchange
("BVB"), and
Global Depositary Receipts ("GDRs") corresponding to the
Fund's shares listed on the London Stock Exchange ("LSE")
Buy-back
Within the trading session
5,394,314
3,444,314
1,950,000 (representing 39,000 GDRs)
4,129,551.82
2,629,121.20
1,500,430.62
196,873,979
155,125,279

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 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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	k) Number of shares left to be repurchased from seventh buy-back programme	204,815,025
	sixth buy-back programme
	j) Number of shares left to be repurchased from	694,896,076
	GDRs based on the exchange rate communicated by the National Bank of Romania (RON)
-	estimated value of the equivalent shares of	33,870,714.75
-	the start of the sixth buy-back program (RON) value of the shares acquisition (RON)	123,211,492.77
	i) Total value of the shares repurchased since	157,082,207.52
	2016
-	% of total voting rights as at 14 March	1.89
-	% of paid-up share capital as at 14 March 2016	1.86
	March 2016
-	% of subscribed share capital as at 14	1.80
	sixth buy-back programme
	GDRs converted in shares from the start of
-	equivalent shares of current number of
-	equivalent shares of current number of GDRs bought back	41,748,700 (representing 834,974 GDRs) 40,123,700 (representing 802,474 GDRs)

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	Average price per security (currency)	Volume of the transaction (no. of securities)	Value of the transaction (currency)
14 March 2016	BVB	0.7599 RON	634,124 shares	481,870.83 RON
	LSE	9.5500 USD	6,500 GDRs (equivalent to 325,000 shares)	62,075.00 USD
15 March 2016	BVB	0.7592 RON	950,000 shares	721,240.00 RON
	LSE	9.5500 USD	3,000 GDRs (equivalent to 150,000 shares)	28,650.00 USD
16 March 2016	BVB	0.7649 RON	750,000 shares	573,675.00 RON
	LSE	9.5500 USD	7,500 GDRs (equivalent to 375,000 shares)	71,625.00 USD
17 March 2016	BVB	0.7680 RON	747,000 shares	573,696.00 RON
	LSE	9.6771 USD	7,000 GDRs (equivalent to 350,000 shares)	67,739.70 USD

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 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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18 March 2016	BVB	0.7672 RON	363,190 shares	278,639.37 RON
	LSE	9.6656 USD	15,000 GDRs (equivalent to 750,000 shares)	144,984.00 USD

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

Adrian CIGHI Legal Representative

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 9,869,265,720.90, Paid-up Share Capital: RON 9,541,834,605.90 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

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