Fondul Proprietatea : Notification regarding the transactions performed during the buy-back program

To:	FINANCIAL SUPERVISORY AUTHORITY
BUCHAREST STOCK EXCHANGE
LONDON STOCK EXCHANGE
Re:	Notification regarding the transactions performed within the Fund's tenth 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 15 - 18 April 2019:

• a) Issuer's name (buyer)

• b) Brokers' namesc) Description of the acquired financial instrumentsd) Transaction's type

FONDUL PROPRIETATEA S.A. Bucharest Stock Exchange Symbol: FP London Stock Exchange Symbol: FP.

• • BANCA COMERCIALA ROMANA S.A. (hereinafter referred to as "BCR") (as buy-back agent in relation to the purchase of shares), and

• • AUERBACH GRAYSON (hereinafter referred to as "AGCO") (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 5,097,367 GDRs bought-back in the reporting period, out of which:

- current number of shares bought back

5,097,367

- equivalent shares of current number of GDRs 0 (representing 0 GDRs)

bought back g) Total value of the transactions performed in the 4,816,666.21 reporting period (RON), out of which:

• - value of the shares acquisition (RON)

  4,816,666.21

• - estimated value of the equivalent shares of 0 GDRs based on the exchange rate communicated by the National Bank of Romania (RON)

h) Total number of shares and equivalent shares of 107,529,812 GDRs repurchased since the start of the tenth buy-back program

• - number of shares bought back

  86,340,812

• - equivalent shares of current number of GDRs 21,189,000 (representing 423,780 GDRs) bought back

• - equivalent shares of current number of GDRs 13,426,350 (representing 268,527 GDRs) converted in shares from the start of tenth buy-back programme

• - % of subscribed share capital as at 31 March 1.1814% (and 17.5294% computed to the total

  2019

• - % of paid-up share capital as at 31 March 2019

• - % of total voting rights as at 31 March 2019

outstanding treasury shares and equivalent) 1.2306% (and 18.2593% computed to the total outstanding treasury shares and equivalent) 1.4996% (and 22.2516% computed to the total outstanding treasury shares and equivalent)

i) Total value of the shares repurchased since the 94,329,709.52 start of the tenth buy-back program (RON)

- value of the shares acquisition (RON) 75,871,319.78

- estimated value of the equivalent shares of 18,458,389.74

GDRs based on the exchange rate communicated by the National Bank of Romania (RON)

j) Number of shares left to be repurchased within the 642,470,188 tenth buy-back programme as of the date of this notification1

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	Weighted average price per security (currency)*	Volume of the transaction (no. of securities)	Value of the transaction (currency)
15 April 2019	BVB	RON 0.9480	1,318,512 shares	RON 1,249,949.38
16 April 2019	BVB	RON 0.9390	1,308,301 shares	RON 1,228,494.64
17 April 2019	BVB	RON 0.9431	1,293,023 shares	RON 1,219,449.99
18 April 2019	BVB	RON 0.9501	1,177,531 shares	RON 1,118,772.20

* The weighted average price per security was rounded to 4-digits

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

Călin METEȘ

Legal Representative

1 As per the Fund's Extraordinary General Shareholders Meeting Resolution no. 4 of 14 November 2018, published in the Official Gazette of Romania, Part IV, no. 4592 on 4 December 2018, the tenth buyback programme refers to the acquisition by the Fund of a maximum number of 750,000,000 shares and/or equivalent global depository receipts corresponding to the Fund's shares ("GDRs"). The duration of the tenth buyback programme is 1 January 2019 - 31 December 2019. The shares repurchased during this buyback programme will be cancelled.