Completion of the fifth buy-back programme

To: Bucharest Stock Exchange

Financial Supervisory Authority

London Stock Exchange

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

Events to be reported:

Completion of the fifth buy-back programme

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch ("the Fund Manager"), in its capacity as sole director and fund manager of Fondul Proprietatea S.A. ("the Fund") hereby announces the completion of the fifth buy-back programme.

The Fund Manager acquired 227,572,250 shares of the Fund (equivalent to 1.86% of the Fund's subscribed share capital) through daily acquisitions on the Bucharest Stock Exchange.

The total value of the buy-back programme was RON 193,470,259.59 (excluding brokerage fees and other acquisition related costs), and the weighted average price was approximately RON 0.8501 per share. The Fund Manager will request the shareholders' approval for the cancellation of the shares repurchased during this buy-back programme at the future shareholders' general meetings.

The Fund Manager intends to continue with share buy-backs in accordance with the Fund's Investment Policy Statement, and will start the sixth buy-back programme, approved by the shareholders on 27 April 2015, soon after the cancelation of the shares acquired during the fourth buy-back programme is endorsed by the FSA, which has already been requested.

For further details regarding the buy-back programmes approved by shareholders, please see the table enclosed as an Annex to this report.

Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, acting as Sole Administrator on behalf of FONDUL PROPRIETATEA S.A.

Grzegorz Konieczny

Legal Representative

Report date:30 July 2015

Name of the issuing entity: Fondul Proprietatea S.A.

Registered office: 78-80 Buzesti St.,7th floor, district 1, Bucharest, postal code 011017

Phone/fax number: Tel.: + 40 21 200 9600 Fax: + 40 21 200 9631

Sole Registration Code with the Trade Register Office:18253260

Order number in theTrade Register:J40/21901/2005

Subscribed share capital: RON 10,965,850,800.30

Paid-up share capital:RON 10,638,419,685.30

Number of shares in issue:

12,184,278,667

Number of paid shares:

11,820,466,317

Regulated market on which the issued securities are traded:Shares on Bucharest Stock Exchange

GDRs on London Stock Exchange

ANNEX

Crt.

Date of shareholders' approval

Start date

End date

Number of shares

Cancellation date

1.

6 September 2010

January 2011

September 2011

240,304,801

The cancellation was approved by shareholders on 25 April 2012, and was effective beginning with 24 February 2014.

2.

25 April 2012

April 2013

December 2013

1,100,950,684

The cancellation was approved by shareholders on 28 April 2014 and was effective beginning with 26 September 2014.

3.

22 November 2013

March 2014

July 2014

252,858,056

The cancellation was approved by shareholders on 23 September 2014, and was effective beginning with 27 January 2015.

4.

28 April 2014

October 2014

February 2015

990,855,616

The cancelation was approved by shareholders on 27 April 2015. FSA's endorsement was requested, being pending at the date of this report

5.

19 November 2014

February 2015

July 2015

227,572,250

The Fund Manager will invite shareholders to approve a share capital decrease by cancelling the shares repurchased during the fifth buy-back programme at the future general meetings of shareholders.

6.

27 April 2015

N/A

N/A

891,770,055

The Fund Manager will invite shareholders to approve a share capital decrease by cancelling the shares repurchased during the sixth buy-back programme after its completion.