Share Buy Back Programme

Eastern European Property Fund Limited

(the "Company")

Announcement of Share Buy-Back Programme

3 February 2014

The Company hereby announces the launch of a share buy-back programme (the "Programme"). The Programme will commence with effect from today and will be conducted in accordance with the authorisation granted to the Company by shareholders at the AGM held on 13 September 2013.

The Company has appointed Liberum Capital Limited ("Liberum") to manage the Programme and has authorised Liberum to effect on-market purchases of ordinary shares of 1p each ("Ordinary Shares") on behalf of the Company on the AIM Market of the London Stock Exchange plc (the "Exchange").

Pursuant to, and during the term of, the Programme, Liberum may independently of, and without influence by the Company, purchase Ordinary Shares from time to time at its absolute discretion provided that:

1) the minimum price which may be paid for an Ordinary Share shall be 1p;

2) the maximum price which may be paid for an Ordinary Share shall be an amount equal to 105% of the average of the middle market quotations for an Ordinary Share taken from and calculated by reference to the London Stock Exchange Alternative Investment Market Daily Official List for the five business days immediately preceding the date on which the Ordinary Share is purchased;

3) the price paid per Ordinary Share shall be less than the net asset value per Ordinary Share;

4) the maximum aggregate number of Ordinary Shares authorised to be purchased on behalf of the Company in connection with the Programme shall not exceed 655,000.

The Company will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the business day on which the repurchase occurred. It is expected that Ordinary Shares bought back under the Programme will be cancelled.