THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
6 September 2007

Management Arrangements

Further to the announcement on 24 August that the Fund is undertaking a strategic review, the board of the Fund today served ‘protective’ notice of termination of the management agreement with Development Capital Management (Jersey) Limited (the “Agreement”). The effect of this ‘protective’ notice is to start the 12 month notice period required under the Agreement in order to reduce the termination costs potentially payable by the Fund. However, if, following completion of its strategic review, the Board decides not to terminate the Agreement then the ‘protective’ notice will be withdrawn.

Enquiries

Sue Inglis/Chris Whittingslow Intelli Corporate Finance Limited (Financial adviser) T: 020 7653 6300
Charles Farquhar/ Nick Westlake Numis Securities Ltd (NOMAD and Broker) T: 020 7260 1000