THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
22 June 2007

Annual General Meeting

The Black Sea Property Fund Limited (the "Fund"), is pleased to announce that all resolutions put to shareholders at the Fund's annual general meeting held in Jersey on 22 June, including special resolutions to approve the Fund's share buy-back authority and to reduce the Fundís stated capital account, were duly passed.

Appropriate regulatory approval is being sought in relation to the change in investment policy to allow an increase in the percentage invested in land and in relation to the reduction of stated capital account

Contacts

Development Capital Management     020 7399 4270
Roger Hornett
Andrew Mitchell

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd      020 7776 1500
Iain McDonald