THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
26 March 2011

Annual Report and Audited Financial Statements for the year ended 31 December 2011

The Black Sea Property Fund Limited is pleased to announce its annual results for the year ended 31 December 2011.

The Annual Report and Consolidated Financial Statements are being circulated to shareholders and will be available shortly on the company’s website:

The annual report and accounts for the year ended 31 December 2011
can be found here

Copies can be obtained in hard copy form free of charge, from the Company Secretary, Saltgate Limited at 1 Waverley Place, Union Street, St Helier, Jersey, JE1 1SG, Channel Islands.

Enquiries:

Company Secretary
Saltgate Limited         +44 (0) 1534 850750

Nominated Advisor
Singer Capital Markets Limited         +44 (0) 203 205 7500
James Maxwell
Nick Donovan