THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
12 March 2007

Notification of shareholding

The Company was notified on 9 March 2007 that BlackRock Investment Management (UK) Limited had on 8 March 2007 increased its percentage holding of shares in the Company from 15 to 16.09%, a total of 40,352,650 shares in the Company.

Contacts

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities      020 7776 1500
Iain McDonald