THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
20 December 2007

Quarterly valuation as at 30 September 2007

The Black Sea Property Fund Limited (the "Fund"), which specialises in the financing and sale "off-plan" of residential properties in Bulgaria, presents its valuation of the Fund as at 30 September 2007.

The unaudited net assets of the Fund as at 30 September 2007 were 42.5m, 17.0p per share (30 June 2007 41.2m, 16.4p per share).

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

Contacts

Development Capital Management     020 7355 7600
Roger Hornett
Andrew Mitchell

Company Secretary     01534 709108
BNP Paribas Fund Services Jersey Limited
Jeremy Hamon

Numis Securities Ltd      020 7260 1000
Bruce Garrow
James Keane