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

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 4 - 8 December 2017, per Article 150 paragraph (2) of the NSC's Regulation no. 1/2006 regarding issuers and operations with securities:

a) Issuer's name (buyer)b) Broker's namec) Description of the acquired financial instruments

• d) Transaction's type

• e) Details with respect to the execution of the buy-back market orders

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

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

Within the trading session

f) Total number of shares and equivalent shares of GDRs 7,328,321 bought-back in the reporting period, out of which:

- current number of shares bought back 6,358,321

- equivalent shares of current number of GDRs bought back

970,000 (representing 19,400 GDRs)

g) Total value of the transactions performed in the 6,202,505.84 reporting period (RON), out of which:

- value of the shares acquisition (RON) 5,372,035.33

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

830,470.51

h) Total number of shares and equivalent shares of GDRs 19,159,328 repurchased since the start of the ninth buy-back program

- number of shares bought back 13,955,428

• - equivalent shares of current number of GDRs bought back

• - equivalent shares of current number of GDRs converted in shares from the start of ninth buy-back programme

• - % of subscribed share capital as at 30 November 2017

- % of paid-up share capital as at 30 November 2017 - % of total voting rights as at 30 November 2017

5,203,900 (representing 104,078 GDRs)

0

0.2052% (and 2.6983% computed to the total outstanding treasury shares and equivalent)

0.2136% (and 2.8077% computed to the total outstanding treasury shares and equivalent)

0.2195% (and 2.8859% 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 • 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

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

16,151,069.69

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:

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

Oana Valentina TRUȚA

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 1,866,936,455 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