For immediate release
17 October 2011

Appointment of Director

It is announced that with effect from 17th October 2011 Mr Stephen Coe has been appointed as a Director of The Black Sea Property Fund Limited.

Mr. Coe, 45, qualified as a Chartered Accountant with Price Waterhouse in 1990 and remained in audit practice, specialising in financial services, until 1997. From 1997 to 2003 he was a director of the Bachmann Group of fiduciary companies and Managing Director of Bachmann Fund Administration Limited, a specialist third party fund administration company. Since 2003, Stephen has been a director with Investec in Guernsey and was formerly Managing Director of Investec Trust (Guernsey) Limited prior to becoming self-employed in 2006 providing advisory services to financial services clients. Currently Director and Chairman of the Audit Committee of the following listed companies: Matrix European Real Estate Investment Trust Limited, Kolar Gold plc, Trinity Capital plc and Raven Russia Limited.

Further information:

Mr Coe has held the following directorships during the past five years:

Current Directorships: Previous Directorships:
ACP Capital Limited Accelerated Global Growth Basket Limited
ACP Capital (Cyprus) Limited ACP Mezzanine Limited
Callidus Holdings PTE ACP Mezzanine Holdings UK Limited
Care Home Properties Limited Aurora Russia Limited
George Street Holdings Pty Limited East Asian Growth Basket Limited
Greenfield Holdings Limited Enhanced Global Growth Basket Limited
Hamilton Corporate Finance (Guernsey) Limited Euro Asian Basket Limited
HCF Guernsey Limited Global Investment Basket Limited
HCHP Limited Investec Administration Services Limited
Healthcare Alpha Limited Leasecom SA
Healthcare Beta Limited Leopard Astley Limited
Healthcare Delta Limited Matrix Abaco Limited
Healthcare Finance Limited Matrix European Real Estate Sterling Capital Growth Trust Limited
Healthcare Holdings Limited Matrix Juno (Guernsey) Limited
Healthcare Property Investments Limited Matrix Real Estate India Limited
Health Care Real Estate Investors Limited Matrix Property Fund Management (Guernsey) Limited
Healthcare Real Estate Holdings Limited MP Trustees Limited
HHL Properties Limited Optimal Investment Growth Basket Limited
HH Properties Limited Sidra Fund Limited
HHLC Limited Syndicate Asset Management (CI) Limited
HIC Limited Syndicate Nominees (CI) Limited
HICS Limited Synergy Perth Trustee Limited
HIHP Limited
IHP Limited
Specialised Care Properties Limited
St Andrews Healthcare PTY
Supported Living Limited
Matrix European Real Estate Investment Trust Limited
Matrix EPH Sarl
Matrix EPH 2 Sarl
Matrix EPH Delta Sarl
Matrix German Portfolio No 1 Frankfurt Sarl
Matrix German Portfolio No 1 Celle Sarl
Matrix German Portfolio No 1 Munster Sarl
Matrix German Portfolio No 1 Dusseldorf Sarl
Matrix German Portfolio No 1 Kaiserslautern Sarl
La Gaude SA
La Gaude Investments
La Gaude Property Sarl
St Laurent de Mure Sarl
Capitalpost Luxembourg Sarl
St Etienne Holdco Sarl
St Etienne Propco Sarl
MEPV Finance Company Sarl
Matrix Austria Holdings One Sarl
Mosaic Property CEE Limited
Polonius Limited
Polonius 2 Limited
Viola Leasing Limited
Data Debt PCC Limited
Building Block Ins PCC Ltd
Totemic Insurance Limited
Raven Russia Limited
Trikona Trinity Capital Plc
Trikona Trinity Capital Mauritius limited
Victoria Capital PCC Limited
Kolar Gold Limited
Matrix European Real Estate Investment Trust Limited
Leopard Holding Guernsey Limited
Leopard Guernsey SBB Limited
Leopard Guernsey Gatwick Limited
Leopard Guernsey Azambuja Limited
Leopard Guernsey Carterton Limited
Leopard Guernsey Doncaster Limited
Leopard Guernsey Halesowen Limited
Leopard Guernsey Germany 1 Limited
Leopard Guernsey Garstang Limited
Leopard Guernsey Germany 2 Limited
Leopard Holding Company S.à r.l
Leopard Holding Germany 1 S.à r.l
LG Master Holding Company sarl
South African Properties Opportunity plc

Mr Coe currently holds 45,000 ordinary shares in The Black Sea Property Fund Limited, which represents less than 0.1% of issued share capital.

Save as set out above, there is no information specified by paragraph (g) in Schedule Two to the AIM Rules that is required to be disclosed.


Company Secretary
Saltgate Limited         +44 (0) 1534 850750

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