THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
11 May 2016

Result of Annual General Meeting

The Company announces that, at the Annual General Meeting of the Company held at 10.30 a.m. this morning, all ordinary resolutions and special resolutions, including the resolution for continuance in the Isle of Man (the “Continuance Resolution”) and the resolution for change of name to “Black Sea Property PLC” upon continuance, were put to shareholders and were duly passed.

The Directors will therefore, as soon as practicable, apply for continuance in the Isle of Man and seek the alternative listing for the Company's shares on the ISDX Growth Market (“ISDX”) referred to in the Chairman's letter dated 9th February 2016.

The Directors would like to remind shareholders that any member of the Company who objects to the application for continuance overseas may within 21 days of the passing of the Continuance Resolution apply to the court in Jersey for an order under article 143 of the Companies (Jersey) Law 1991 (the “Companies Law”) on the ground that the proposed continuance would unfairly prejudice his or her interests (article 127Q(2)(b) of the Companies Law).

Any member of the Company wishing to sell his or her shares should notify Peterhouse Corporate Finance Limited (“Peterhouse”) within 15 days of today's date. During this period Peterhouse has agreed to use its reasonable endeavours to provide a facility for existing members to sell their shares.

For further information please contact:

The Black Sea Property Fund Limited
Alex Borrelli, Chairman         +44 (0)7747 020600

Peterhouse Corporate Finance Limited
Adviser         +44 (0) 207 469 0930
Heena Karani