Fabian Romania Limited - Offer Update

Hamilton, Bermuda - 29 January, 2009 - Black Sea Global Properties Limited ("BSGP") has informed the Bermuda Stock Exchange of an update regarding the recommended cash offer for the entire issued share capital of Fabian Romania Limited ("Fabian Romania").

On 24 December 2008, BSGP made a recommended cash offer for the entire issued share capital of Fabian Romania, other than Fabian Romania Shares already owned by BSGP or contracted to be acquired by BSGP (the "Offer").  On 9 January, the Board of BSGP announced that the Condition to the Offer, as set out in the Offer Document dated 24 December 2008, had been satisfied and accordingly the Offer had become wholly unconditional.

As at 3.00 p.m. (London time) on 28 January 2009, valid acceptances of the Offer had been received in respect of a total of 20,642,306 Fabian Romania Shares, representing approximately 40.6 per cent. of the existing issued share capital of Fabian Romania.

BSGP has also acquired 29,753,462 Fabian Romania Shares, representing a total of approximately 58.5 per cent. of the existing issued ordinary share capital of Fabian Romania.

Accordingly, BSGP either owns, or has received valid acceptances in respect of, a total of 50,395,768 Fabian Romania Shares, representing, in aggregate, approximately 99.1 per cent. of the existing issued ordinary share capital of Fabian Romania.

The Offer is now closed for further acceptances.

Consideration under the Offer was despatched on 28 January 2009 to Fabian Romania Shareholders who had, by 3.00 p.m. on 14 January 2009, provided valid acceptances under the Offer. Consideration in respect of valid acceptances received after 3.00 p.m. on 14 January 2009 will be despatched to accepting Fabian Romania Shareholders within 14 days of such receipt.

Words and expressions defined in the Offer Document dated 24 December 2008 shall, unless the context otherwise requires, have the same meanings when used in this announcement.

For further information contact:

BSGP

Obie Moore                                     Telephone: +41 787 390 238

PricewaterhouseCoopers LLP - Financial adviser to BSGP

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

Jon Raggett                                                                

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