Fondul Proprietatea

Transaction in Own Shares • Nov 20, 2017

To: FINANCIAL SUPERVISORY AUTHORITY BUCHAREST STOCK EXCHANGE LONDON STOCK EXCHANGE Re: Notification regarding the transactions performed within the ninth 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 14 – 17 November 2017, per Article 150 paragraph (2) 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 JEFFERIES INTERNATIONAL LIMITED (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") (ISIN US34460G1067) corresponding to the Fund's shares listed on the London Stock Exchange ("LSE")
Buy-back
Within the trading session
4,407,508
2,307,508
2,100,000 (representing 42,000 GDRs)
3,725,458.56
1,941,387.51
1,784,071.05
4,407,508
2,307,508
2,100,000 (representing 42,000 GDRs)
0 (representing 0 GDRs)
0.0438% (and 9.6934% computed to the total outstanding treasury shares and equivalent)
0.0454% (and 10.0566% computed to the total outstanding treasury shares and equivalent)

__________________________________________________________________________________________________________________________________________________________________________ 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 5,238,521,987.92, Paid-up Share Capital: RON 5,049,339,565.92 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

% of total voting rights as at 31 October 20171 -	0.0504% (and 11.1571% computed to the total outstanding treasury shares and equivalent)
i) Total value of the shares repurchased since the start of the ninth buy-back program (RON)	3,725,458.56
- value of the shares acquisition (RON)	1,941,387.51
- estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	1,784,071.05
j) Number of shares that may be repurchased within the ninth buy-back programme as of the date of this notification2	1,038,291,161

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 November 2017	BVB	RON 0.8428	1,248,763 shares	RON 1,052,457.46
15 November 2017	BVB	RON 0.8450	39,981 shares	RON 33,783.95
	LSE	USD 10.7500	22,000 GDRs (1,100,000 shares equivalent)	USD 236,500.00
16 November 2017	BVB	RON 0.8390	570,870 shares	RON 478,959.93
	LSE	USD 10.8000	10,000 GDRs (500,000 shares equivalent)	USD 108,000.00
17 November 2017	BVB	RON 0.8399	447,894 shares	RON 376,186.17
	LSE	USD 10.7500	10,000 GDRs (500,000 shares equivalent)	USD 107,500.00

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

Johan MEYER - Legal Representative

__________________________________________________________________________________________________________________________________________________________________________

¹ The shares and / or equivalent shares of GDRs repurchased by the Fund do not grant voting rights

² As per the Fund's Extraordinary General Shareholders Meeting Resolution no. 5 of 26 October 2017, the ninth buyback programme refers to the acquisition by the Fund of a maximum number of shares and / or equivalent GDRs corresponding to the Fund's shares computed so that all the outstanding treasury shares (acquired during this programme and/or previous ones) will not exceed 20% of the subscribed share capital at the relevant time, which represents a total of 1,042,698,669 own shares as of the date of this notification; however, after the cancellation of the shares acquired within the previous / ongoing buyback programmes, the 20% limitation will change and the Fund will notify the market accordingly.

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 5,238,521,987.92, Paid-up Share Capital: RON 5,049,339,565.92 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro