Fondul Proprietatea

Transaction in Own Shares • Jul 23, 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 16 - 20 July 2018:

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 JEFFERIES INTERNATIONAL LIMITED (as buy
c) Description of the acquired financial instruments d) Transaction's type	back agent in relation to the purchase of GDRs) issued by the Fund (ISIN Ordinary shares ROFPTAACNOR5) listed on the Bucharest Stock Exchange ("BVB"), and (ISIN Global Depositary Receipts ("GDRs") 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 market orders	Within the trading session
f) Total number of shares and equivalent shares of GDRs bought-back in the reporting period, out of which:	2,978,353
- current number of shares bought back	998,353
- equivalent shares of current number of GDRs bought back	1,980,000
g) Total value of the transactions performed in the reporting period (RON), out of which:	2,626,280.81
- value of the shares acquisition (RON)	886,743.20
- estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	1,739,537.61
h) Total number of shares and equivalent shares of GDRs repurchased since the start of the ninth buy-back	1,392,068,160
program
- number of shares bought back	798,078,660
- equivalent shares of current number of GDRs bought back	593,989,500 (representing 11,879,790 GDRs)
- equivalent shares of current number of GDRs converted in shares from the start of ninth buy back programme	587,737,150 (representing 11,754,743 GDRs)

__________________________________________________________________________________________________________________________________________________________________________ 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 • Subscribed share capital RON 4,771,610,196.08, Paid-up Share Capital: RON 4,582,427,774.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro

________________________________________________________________________________________________________

-	June 20181 % of subscribed share capital as at 30	14.91% (and 15.71% computed to the total outstanding treasury shares and equivalent)
-	% of paid-up share capital as at 30 June 2018	15.52% (and 16.34% computed to the total outstanding treasury shares and equivalent)
-	% of total voting rights as at 30 June 2018	18.92% (and 19.92% computed to the total outstanding treasury shares and equivalent)
	i) Total value of the shares repurchased since the start	1,298,659,734.08
-	of the ninth buy-back program (RON) value of the shares acquisition (RON)	744,410,059.32
-	estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	554,249,674.76

ninth buy-back programme as of the date of this notification2

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	Average price per security	Volume of the transaction	Value of the transaction (currency)
	securities were	(currency)	(no. of securities)
	traded
16 July 2018	BVB	0.8880 RON	687,346 shares	610,363.25 RON
17 July 2018	BVB	0.8870 RON	4,814 shares	RON 4,270.02
	LSE	USD 10.9714	14,000 GDRs (700,000	USD 153,599.60
			shares equivalent)
18 July 2018	BVB	0.8887 RON	286,604 shares	254,704.97 RON
	BVB	RON 0.8880	9,665 shares	RON 8,582.52
19 July 2018	LSE	USD 11.0000	13,200 GDRs (660,000	USD 145,200.00
			shares equivalent)
20 July 2018	BVB	RON 0.8890	9,924 shares	RON 8,822.44
	LSE	USD 11.0000	GDRs (620,000 12,400	USD 136,400.00
			shares equivalent)

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 computations herein related to the subscribed share capital/paid share capital/voting rights are made based on the shareholding structure received from the Central Depositary as at 30 June 2018. The said structure does not comprise however the share capital decrease of 26 September 2017 which became effective as of 29 June 2018, as its registration by the Central Depositary was performed on 18 July 2018.

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 1,761,024,502 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 • Subscribed share capital RON 4,771,610,196.08, Paid-up Share Capital: RON 4,582,427,774.08 • Tel.: + 40 21 200 9600; Fax: +40 21 200 9631; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro