THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
31 August 2007

Requisition of an EGM

Receipt of Notice for the Requisition of an EGM from Vidacos Nominees Ltd. on behalf of QVT Fund LP

The board of the Fund (the "Board") announces that it received notice from Vidacos Nominees Limited. on behalf of QVT Fund LP on 29 August 2007, requisitioning an extraordinary general meeting of the Fund to consider ordinary resolutions for the removal of Melville Trimble (Chairman and director) and Roger Maddock (director) from the Board and for the appointment of John Chapman, Angelo Moskov, Andrey Kruglykhin and Anthony Gardner-Hillman as directors of the Fund.

Subject to clarification on certain regulatory matters, the Board will convene an extraordinary general meeting within 21 days to allow shareholders to consider and vote on these resolutions.

The timing of the requisition is surprising given the announcement on 24 August 2007 of a strategic review of the Fund and the appointment of new financial advisers. In conducting this strategic review, the Board is committed to considering a range of options, the aim of which is to enhance shareholder value. The Board is also committed to ensuring full consultation with shareholders throughout the process. In assessing any proposals, the Board will consider whether they are in the interests of all shareholders.

The Board expects to make a further announcement prior to the publication of any circular to shareholders.

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