THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
30 October 2007

Result of extraordinary general meeting

Further to the update announced on 12 October 2007, the Company confirms that resolutions 3-6 being the appointment of John Chapman, Angelo Moskov, Andrey Kruglykhin and Antony Gardner-Hillman as directors of the Fund was passed by Shareholders.

Resolutions 1 and 2 were suspended, as Mr Trimble and Mr Maddock resigned from the Company in advance of the EGM.

Contacts

Company Secretary     01534 709108
Jeremy Hamon

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
Charles Farquhar
Anthony Richardson