Fondul Proprietatea

Transaction in Own Shares • Sep 15, 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"), represented by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, acting in its capacity as Investment Manager, hereby informs you in its capacity as Issuer on the following information regarding the transactions concluded during 8 – 14 September 2016, according to Article 150 paragraph (2) of the NSC's Regulation no. 1/2006 regarding issuers and operations with securities:

a) Issuer's name (buyer)	FONDUL PROPRIETATEA S.A.
	Bucharest Stock Exchange Symbol: FP
	London Stock Exchange Symbol: FP.
b) Broker's name	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)
c) Description of the acquired financial instruments	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")
d) Transaction's type	Buy-back
e) Details with respect to the execution of the buy-back	Within the Public Tender Offer
market orders
f) Total number of shares and equivalent shares of GDRs bought-back in the reporting period, out of	575,000,000
which:
- current number of shares bought back	388,559,950
- equivalent shares of current number of GDRs	186,440,050 (representing 3.728.801 GDRs)
bought back
g) Total value of the transactions performed in the	484,447,871.99
reporting period (RON), out of which:
- value of the shares acquisition (RON)	327,167,477.90
- estimated value of the equivalent shares of GDRs	157,280,394.09
based on the exchange rate communicated by the
National Bank of Romania (RON)
h) Total number of shares and equivalent shares of	863,370,107
GDRs repurchased since the start of the sixth buy back program
- number of shares bought back	628,431,157
- equivalent shares of current number of GDRs	234,938,950 (representing 4,698,779 GDRs)
bought back
- equivalent shares of current number of GDRs	47,373,900 (representing 947,478 GDRs)
converted in shares from the start of sixth buy
_____________________ 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 9,320,973,180.85, Paid-up Share Capital: RON 9,011,732,683.35 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

back programme

	k) Number of shares left to be repurchased from seventh buy-back programme
	buy-back programme	204,815,025
j) Number of shares left to be repurchased from sixth		28,399,948
	based on the exchange rate communicated by the National Bank of Romania (RON)
-	estimated value of the equivalent shares of GDRs	196,274,530.40
-	value of the shares acquisition (RON)	513,058,875.58
	i) Total value of the shares repurchased since the start of the sixth buy-back program (RON)	709,333,405.98
-	% of total voting rights as at 31 August 2016	8.37
-	% of paid-up share capital as at 31 August 2016	8.14
-	% of subscribed share capital as at 31 August 2016	7.87

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)
8 September 2016	BVB	0.8420 RON	388,559,950 shares	327,167,477.90 RON
	LSE	10.6512 USD	3,728,801 GDRs (equivalent to 186,440,050 shares)	39,716,268.30 USD

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

Adrian CIGHI Legal Representative

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