Net Asset Value(s)

Fabian Romania Property Fund Ltd
23 April 2007

23 April 2007



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



Net Asset Value ('NAV') as at 31 March 2007



Fabian, the AIM listed property fund established to invest in Romanian property,
announces that its unaudited NAV per Ordinary Share as at 31 March 2007 was
€1.390.



This represents an increase of +2.5 per cent. versus the €1.356 reported for 31
December 2006.



The NAV is calculated in accordance with the Fund's articles of association.



The market valuations of the portfolio used within unaudited NAV per Ordinary
Share are:
                     Market Value   Bank (Debt)/Cash       Other             NAV            Original
                                                                                           Investment
Cascades office         €14.7m           (€9.4m)           €0.3m            €5.6m            €12.2m
Banu office             €15.2m           (€9.1m)           €0.2m            €6.3m            €12.3m
New Town *              €10.0m           (€1.2m)           €0.9m            €9.7m            €5.75m
Lakeview *              €8.3m            (€5.1m)             -              €3.2m             €5.3m
Bank Cash                 -              €46.4m              -              €46.4m
Other                     -                 -             (€0.5m)          (€0.5m)
Sub-total               €48.2m           €21.6m            €0.9m            €70.7m

* represents Fabian's share of the development



The pipeline to invest the €40m raised on admission to AIM continues to be
actively progressed in line with the stated strategy.



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




                      This information is provided by RNS
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