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 7 - 11 January 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 8,292,974 GDRs bought-back in the reporting period, out of which:

- current number of shares bought back 5,741,674

- equivalent shares of current number of GDRs 2,551,300 bought back g) Total value of the transactions performed in the 7,336,430.61 reporting period (RON), out of which:

- value of the shares acquisition (RON) 5,109,080.75

- estimated value of the equivalent shares of 2,227,349.86

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

h) Total number of shares and equivalent shares of 13,470,525 GDRs repurchased since the start of the tenth buy-back program

• - number of shares bought back

  7,736,125

• - equivalent shares of current number of GDRs 5,734,400 (representing 114,688 GDRs) bought back

• - equivalent shares of current number of GDRs 0 (representing 0 GDRs) converted in shares from the start of tenth buy-back programme

• - % of subscribed share capital as at 28 December 0.1480% (and 16.4960% computed to the total

  20181

  outstanding treasury shares and equivalent)

• - % of paid-up share capital as at 28 December 0.1542% (and 17.1828% computed to the total

  2018

  outstanding treasury shares and equivalent)

• - % of total voting rights as at 31 December 2018, 0.1858% (and 20.7046% computed to the totalas received from Depozitarul Central SA2

outstanding treasury shares and equivalent)

i) Total value of the shares repurchased since the 11,836,000.38 start of the tenth buy-back program (RON)

- value of the shares acquisition (RON) 6,878,452.00

- estimated value of the equivalent shares of 4,957,548.38

GDRs based on the exchange rate

communicated by the National Bank of Romania

(RON)

j) Number of shares left to be repurchased within the 736,529,475 tenth buy-back programme as of the date of this notification3

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)
7 January 2019	BVB	RON 0.9000	1,017,440 shares	RON 915,696.00
	LSE	USD 10.7232	21,526 GDRs (1,076,300 shares equivalent)	USD 230,827.60
8 January 2019	BVB	RON 0.8997	1,015,818 shares	RON 913,955.83
	LSE	USD 10.6000	11,500 GDRs (575,000 shares equivalent)	USD 121,900.00
9 January 2019	BVB	RON 0.8892	1,234,608 shares	RON 1,097,838.13
10 January 2019	BVB	RON 0.8844	1,200,356 shares	RON 1,061,594.85
	LSE	USD 10.7000	18,000 GDRs (900,000 shares equivalent)	USD 192,600.00
11 January 2019	BVB	RON 0.8795	1,273,452 shares	RON 1,119,995.94

* 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.

Johan MEYER - Legal Representative

1 Please note that on 28 December 2018, the cancellation of 74,210,188 shares acquired during BB8 was registered with the Trade Registry. Thus, as of 28 December 2018, the new values of the Fund's share capital are: subscribed share capital RON 4,733,020,898.32, divided in 9,101,963,266 shares, and the paid-up share capital is RON 4,543,838,476.32, divided in 8,738,150,916 shares.

2 The total voting rights does not reflect yet the share capital decrease which was effective starting with 28 December 2018, as its implementation with Depozitarul Central S.A. is ongoing and it is expected to be implemented before end of January 2019.

3 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.