CASH OFFER UPDATE FOR FABIAN ROMANIA LIMITED - COMPULSORY ACQUISITION OF OUT-STANDING SHARES

Hamilton, Bermuda - 12 February, 2009 - Black Sea Global Properties Limited ("BSGP") is pleased to announce that, on 29 January 2009, the Board of BSGP announced that the Cash Offer to purchase Fabian Romania Shares was closed for further acceptances.

BSGP hereby gives notice to those Fabian Romania Shareholders who have not accepted the Offer that it will compulsorily acquire their Fabian Romania Shares pursuant to provisions set out in Part 18 of the Companies (Jersey) Law 1991, now that it now owns more than 90% of the issued share capital of the Company.  The compulsory acquisition procedure is expected to be completed on, or shortly after, 30 March 2009.

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

PricewaterhouseCoopers LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively as financial adviser to BSGP and no one else in connection with the Offer and will not be responsible to anyone other than BSGP for providing the protections afforded to clients of PricewaterhouseCoopers LLP or for providing advice in relation to the Offer or any other matters referred to in this announcement.

Lazard & Co., Limited is acting for Fabian Romania in connection with the Offer and no-one else and will not be responsible to anyone other than Fabian Romania for providing the protections afforded to clients of Lazard & Co., Limited or for providing advice in relation to the Offer.

Deloitte Corporate Finance is acting as Nominated Adviser and Co-Promoter to Fabian Romania and no one else in connection with the Offer and will not regard any other person as its client or be responsible to anyone other than Fabian Romania for providing the protections afforded to clients of Deloitte Corporate Finance. Deloitte Corporate Finance's responsibilities as Fabian Romania's Nominated Adviser under the AIM Rules are owed solely to London Stock Exchange plc and are not owed to Fabian Romania or to any Director or to any other person. Deloitte Corporate Finance is a division of Deloitte LLP, which is authorised and regulated by the Financial Services Authority in respect of regulated activities.

Shore Capital Stockbrokers Limited is acting for Fabian Romania in connection with the Offer and no-one else and will not be responsible to anyone other than Fabian Romania for providing the protections afforded to clients of Shore Capital Stockbrokers Limited or for providing advice in relation to the Offer.