THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
24 August 2007

Strategic Review

The Board of the Fund announces that, further to the Chairman's statement for the financial year ended 31 December 2006, as the Fund approaches full investment and its energies have become more focussed on the development and realisation of its investments, the Board has been exploring strategic options in order to enhance shareholder value. The Board announces that it has appointed Intelli Corporate Finance Limited to act as its financial adviser in connection with this strategic review of the options available regarding the Fund's future.

The Board will announce the outcome of the strategic review as soon as practicable.

Enquiries

Intelli Corporate Finance Limited (Financial adviser)     020 7653 6300
Sue Inglis
Chris Whittingslow

Numis Securities Ltd (NOMAD and Broker)      020 7260 1000
Charles Farquhar
Nick Westlake