w The Black Sea Property Fund Limited

THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
08 November 2007

Board Changes

It is announced that with effect from the 8th November 2007 Mr William Drysdale resigned as Chairman and a Director of the Company. Mr John Chapman has been appointed Chairman of the Company with effect from the same date.

On accepting Mr Drysdale’s resignation, the Board thanked him for the contribution that he has made to the Company’s affairs.

Enquiries

Company Secretary     01534 709108
Jeremy Hamon

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities Ltd      020 7260 1000
Charles Farquhar
Anthony Richardson