Purchase Of Fabian Romania Ltd Shares - Update

Hamilton, Bermuda - 19 December, 2008 - Fabian Romania Limited (FABROPR.BH) has informed the Bermuda Stock Exchange that further to the announcement made earlier today of the recommended cash Offer by Black Sea Global Properties Limited ("BSGP") for Fabian Romania, BSGP announces that it has today agreed to acquire 5,081,482 Fabian Romania Shares, representing approximately 10.0 per cent. of the existing issued ordinary share capital of Fabian Romania at 1.00 Euro per share.

As a result, BSGP is now interested in 17,877,536 Fabian Romania Shares, representing approximately 35.2 per cent. of the existing issued share capital of Fabian Romania.

As BSGP is now interested in Fabian Romania Shares carrying in excess of 30 per cent of the voting rights exercisable at general meetings of Fabian Romania, BSGP announces that the Offer is now being made as a mandatory cash offer in compliance with Rule 9 of the Code.

As stated in the Offer Announcement, the Offer will be conditional only on valid acceptances being received in respect of Fabian Romania Shares which, together with the Fabian Romania Shares acquired or agreed to be acquired by BSGP or any party acting in concert (as defined in the Code) with BSGP before or during the Offer, will result in BSGP and any party acting in concert with it holding Fabian Romania Shares carrying in aggregate more than 50 per cent. of the voting rights exercisable at general meetings of Fabian Romania. Full details of the condition and the principal terms to which the Offer will be subject are set out in Appendix I to the Offer Announcement.

Certain terms used in this announcement are defined in the Offer Announcement.

For further information contact:

BSGP

Obie Moore                                          Telephone: +41 787 390 238

PricewaterhouseCoopers LLP - Financial adviser to BSGP

Simon Boadle or Jon Raggett              Telephone: +44 (0) 20 7583 5000

BGR Gabara - Public relations adviser to BSGP

Ivo Ilic Gabara                                      Telephone: +44 (0) 20 3178 8055

Financial Dynamics - Public relations adviser to BSGP in the UK

Jonathon Brill                                       Telephone: +44 (0) 20 7831 3113

Richard Sunderland                                                          

Ed Westropp                                                                    

Fabian Romania

Fabian Capital Limited - Investment Manager to Fabian Romania

Mark Holdsworth                                 Telephone: +44 (0) 20 7499 9988

Lazard & Co., Limited - Financial Adviser to Fabian Romania

Patrick Long                                        Telephone: +44 (0) 20 7187 2000

Deloitte Corporate Finance - Nominated Adviser to Fabian Romania

Jonathan Hinton                                  Telephone: +44 (0) 20 7936 3000

Shore Capital Stockbrokers Limited - Joint Broker to Fabian Romania

Dru Danford                                        Telephone: +44 (0) 20 7408 4090

Monument PR - Public relations adviser to Fabian Romania

Toby Moore                                         Telephone: +44 (0) 20 7953 3800