Fondul Proprietatea

Transaction in Own Shares • Jun 4, 2018

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 29 - 31 May 2018, per 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
b) Broker's name	London Stock Exchange Symbol: FP. WOOD & COMPANY FINANCIAL SERVICES A.S. (as buy-back agent in relation to the purchase of shares),
c) Description of the acquired financial instruments d) Transaction's type	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
e) Details with respect to the execution of the buy-back	Within the trading session
market orders f) Total number of shares and equivalent shares of GDRs bought-back in the reporting period, out of which:	2,258,761
- current number of shares bought back	178,761
- equivalent shares of current number of GDRs bought back	2,080,000 (representing 41,600 GDRs)
g) Total value of the transactions performed in the reporting period (RON), out of which:	2,156,305.59
- value of the shares acquisition (RON) - estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	172,000.69 1,984,304.90
h) Total number of shares and equivalent shares of GDRs repurchased since the start of the ninth buy	1,360,583,293
back program - number of shares bought back	772,846,143
- equivalent shares of current number of GDRs bought back	587,737,150 (representing 11,754,743 GDRs)
- equivalent shares of current number of GDRs converted in shares from the start of ninth buy back programme	585,657,150 (representing 11,713,143 GDRs)
- % of subscribed share capital as at 30 April 2018	14.5756% (and 17.0686% computed to the total

__________________________________________________________________________________________________________________________________________________________________________ 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 4,854,034,784.56, Paid-up Share Capital: RON 4,664,852,362.56 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

outstanding treasury shares and equivalent)

- -	% of paid-up share capital as at 30 April 2018 % of total voting rights as at 30 April 20181	15.1667% (and 17.7608% computed to the total outstanding treasury shares and equivalent) 18.3976% (and 21.5443% 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)	1,270,456,004.77
-	value of the shares acquisition (RON)	721,763,562.72
-	estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	548,692,442.05
notification2	j) Number of shares left to be repurchased within the ninth buy-back programme as of the date of this	273,634,151

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)
29 May 2018	BVB	RON 0.9720	5,434 shares	RON 5,281.85
	LSE	USD 12.1000	14,800 GDRs (740,000 shares equivalent)	USD 179,080.00
30 May 2018	BVB	RON 0.9648	106,610 shares	RON 102,857.33
	LSE	USD 11.9000	12,800 GDRs (640,000 shares equivalent)	USD 152,320.00
31 May 2018	BVB	RON 0.9572	66,717 shares	RON 63,861.51
	LSE	USD 11.8500	14,000 GDRs (700,000 shares equivalent)	USD 165,900.00

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 Please recall that the treasury shares repurchased by Fondul Proprietatea within the buyback programmes 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 1,866,936,455 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 4,854,034,784.56, Paid-up Share Capital: RON 4,664,852,362.56 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro