Fondul Proprietatea

Transaction in Own Shares • Aug 27, 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 20 - 24 August 2018:

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), and JEFFERIES INTERNATIONAL LIMITED (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 (ISIN Global Depositary Receipts ("GDRs") US34460G1067) 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 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:	4,023,299
- current number of shares bought back	1,213,599
- equivalent shares of current number of GDRs bought back	2,809,700
g) Total value of the transactions performed in the reporting period (RON), out of which:	3,560,458.32
- value of the shares acquisition (RON)	1,081,451.96
- estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)	2,479,006.36
h) Total number of shares and equivalent shares of GDRs repurchased since the start of the ninth buy-back program	1,407,313,142
- number of shares bought back	808,810,542
- equivalent shares of current number of GDRs bought back	598,502,600 (representing 11,970,052 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)
- % of subscribed share capital as at 13 August 2018 - "Reference Date" for 4 September 2018 EGM ________________________	15.3366% (and 16.1453% 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 • 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

• % of paid-up share capital as at 13 August 2018 "Reference Date" for 4 September 2018 EGM - % of total voting rights as at 13 August 2018 - "Reference Date" for 4 September 2018 EGM

i) Total value of the shares repurchased since the start of the ninth buy-back program (RON)

• value of the shares acquisition (RON) 753,918,442.61
• estimated value of the equivalent shares of GDRs based on the exchange rate communicated by the National Bank of Romania (RON)

j) Number of shares left to be repurchased within the ninth buy-back programme as of the date of this notification1

15.9698% (and 16.8119% computed to the total outstanding treasury shares and equivalent) 19.1770% (and 20.1883% computed to the total outstanding treasury shares and equivalent)

1,312,141,715.12

558,223,272.51

353,711,360

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)
20 August 2018	BVB	RON 0.8844	440,000 shares	RON 389,136.00
21 August 2018	BVB	RON 0.8850	81,319 shares	RON 71,967.32
	LSE	USD 10.9720	16,000 GDRs (800,000 shares equivalent)	USD 175,552.00
22 August 2018	BVB	RON 0.8900	433,848 shares	RON 386,124.72
	LSE	USD 10.9976	8,194 GDRs (409,700 shares equivalent)	USD 90,114.33
23 August 2018	BVB	RON 0.8900	117,784 shares	RON 104,827.76
	LSE	USD 10.9000	16,000 GDRs (800,000 shares equivalent)	USD 174,400.00
24 August 2018	BVB	RON 0.9200	140,648 shares	RON 129,396.16
	LSE	USD 10.9000	16,000 GDRs (800,000 shares equivalent)	USD 174,400.00

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 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