Transaction in Own Shares

2 September 2011

Eastern European Property Fund Limited (the "Company")

Cancellation of Treasury Shares

The Company hereby announces that, on 1 September 2011, 608,750 ordinary shares of 1p each ("Ordinary Shares") held in treasury by the Company were cancelled.

Following this transaction, the issued share capital of the Company is 18,836,250 Ordinary Shares.

For reporting under the FSA's Disclosure and Transparency Directive Rules Shareholders should use the figure of 18,836,250 Ordinary Shares (the issued voting share capital) when determining if they are required to notify their interest, or a change of their interest in the Company.

Enquiries to:

Enquiries to:

Tom Fyson

Liberum Capital Limited

Tel: +44 203 100 2000

Website: www.eepfl.com