THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
30 May 2007

Quarterly valuation as at 31 March 2007

The Black Sea Property Fund Limited (the “Fund”), which specialises in the financing and sale “off-plan” of apartments in Bulgaria, presents its valuation of the Fund as at 31 March 2007

The unaudited net assets of the Fund as at 31 March were £41.8m, 16.7p per share. (31 December 2006 £41.8m, 16.7p per share)

The Fund is managed by Development Capital Management (Jersey) Limited.

Contacts

Development Capital Management     020 7355 7600
Roger Hornett
Andrew Mitchell

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd      020 7260 1000
Bruce Garrow
Iain McDonald