Net Asset Value(s)

Fabian Romania Property Fund Ltd
22 January 2007

22 January 2007

Fabian Romania Property Fund Limited ('Fabian' or the 'Fund')

Net Asset Value ('NAV') as at 31 December 2006

Fabian, the AIM listed property fund established to invest in Romanian property,
announces that its unaudited NAV per Ordinary Share as at 31 December 2006 was
€1.356. The NAV is calculated in accordance with the Fund's articles of
association.

For reference, the NAV per Ordinary Share on 30 September 2006 was €1.111.

The Fund can also confirm that the following shareholders are deemed significant
under the AIM rules and are interested in the Ordinary Shares of the Company;

JCK Holdings Limited                                          8,925,926 (17.56%)
Jupiter Emerging European Opportunities Fund                  8,025,926 (15.79%)
East Capital Asset Management AKTIEBOLAG                      3,703,704 (7.29%)
Griffin Eastern European Value Fund                           3,581,482 (7.05%)
Invesco Perpetual European Smaller Companies Fund             2,500,000 (4.92%)
Griffin Eastern European Fund                                 2,100,000 (4.13%)
CISAL-IFS s/a ADIG European Emerging Market                   2,100,000 (4.13%)
LM Moore LP                                                   2,000,000 (3.93%)

For further information, please contact:

Fabian Romania Property Fund Limited
Mark Holdsworth                                 020 7499 9988

Shore Capital Stockbrokers Limited
Dru Danford                                     020 7408 4090

Deloitte Corporate Finance
James Lewis                                     020 7936 3000




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