Fabian Romanian Property Fund Announces Tennant

Hamilton, Bermuda: August 16, 2006 -- General Motors South East Europe has taken 315 sqm of space in 40 Banu Antonache. The building's representatives, Fabian Capital, announced that the American company has taken space on the fourth floor. The lease starts with immediate effect and runs for five years. Rents have not been disclosed.

40 Banu Antonache is a class A office building of 4,500 square metres located just off Floreasca Street. The building was developed by Romulex Limited, the company of Israeli developer Mr Tommy Schwartz. It was completed in January this year. The building was the first acquisition in Romania by The Fabian Romania Property Fund.

Mark Holdsworth, managing director of Fabian Capital, advisors to the Fund, commented:

€˜We are very pleased to welcome General Motors as tenants in 40 Banu Antonache. The building is one of the most modern on the market this year and is located in the heart of North Bucharest. We have had enormous interest from prospective tenants and believe GM to be the ideal tenant on fourth floor'

Alfred Suter, Sales, Marketing & After sales Director for Romania and Bulgaria, commented:

€˜We are delighted to take up space in 40 Banu Antonache. This marks an expansion in our operations in Romania. 2005 was a good year for us but 2006 is looking even better. We decided we needed more office space to facilitate our ambitious expansion plans. Fabian's building offered us just what we needed in terms of flexible high quality office space in the north of the city'

Other tenants who have recently signed leases include Garanti Bank International for Ground and first, DTZ Echinox for the third floor of the building, Turkish construction company Summa for the second floor and Amway of the US on the fifth floor.

Local real estate agency CBRE acted as property advisors on the transaction.