Fondul Proprietatea S A : Approval of the public tender offer in relation to the acceleration of the buy-back programme

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To:	Bucharest Stock Exchange
	Financial Supervisory Authority
	London Stock Exchange

Current report according to Article 99 (s) of the Code of the Bucharest Stock Exchange Market Operator, Title II, Issuers and Financial Instruments

Important events to be reported:

Approval of the public tender offer in relation to the acceleration of the buy-back programme

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as Investment Manager (the "Investment Manager") of Fondul Proprietatea SA (the "Fund"), would like to inform shareholders that the Financial Supervisory Authority approved on 22 January 2020 the Fund's application for a public tender offer in relation to the acceleration of the ongoing buy-back programme (the "Offer").

The main details of the Offer are:

• Value of the Offer: up to 200,000,000 shares in the form of shares and/or global depositary receipts which represent the shares ("GDR")
• Purchase price: RON 1.39 per share and the USD equivalent of RON 69.50 per GDR, computed in accordance with the terms and conditions of the tender offer documentation
• Subscription period: 29 January 2020 - 4 March 2020
• Allocation method: pro-rata
• Intermediary: Swiss Capital S.A.
• Dealer managers: Swiss Capital S.A. together with Auerbach Grayson
• GDR Tender Agent: Bank of New York Mellon

The Fund will soon announce the publication of the Offer documentation which contains the details, steps and procedures to be followed for participating in the Offer.

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch acting as Investment Manager of FONDUL PROPRIETATEA S.A.

Johan MEYER

Legal Representative

Report date:

22 January 2020

Name of the issuing entity:

Fondul Proprietatea S.A.

Registered office:

78-80 Buzesti Street

7th floor, district 1,

Bucharest, 011017

Phone/fax number:

Tel.: + 40 21 200 9600

Fax: + 40 21 200 9631

Email:

[e-mail]

Internet:

www.fondulproprietatea.ro

Sole Registration Code

with the Trade Register

Office:

18253260

Order number in the Trade

Register:

J40/21901/2005

Subscribed share capital:

RON 3,959,264,762.44

Paid-up share capital:

RON 3,770,082,340.44

Number of shares in

issue:

7,613,970,697

Number of paid shares:

7,250,158,347

Regulated market on which the issued securities are traded:

Shares on Bucharest Stock

Exchange

GDRs on London Stock

Exchange

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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 3,959,264,762.44, Paid-up Share Capital: RON 3,770,082,340.44 • Tel.: + 40 21 200 9600; Fax: [phone];

Email: [e-mail]; Internet: www.fondulproprietatea.ro