THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
16 May 2008

Annual Results for the year ended 31 December 2007

The Black Sea Property Fund Limited, which specialises in the financing and sale of residential property in Bulgaria, is pleased to announce its annual results for the year ended 31 December 2007.

Copies of the Financial Statements are currently being sent to shareholders and may be obtained free of charge from the Secretary at the following address:

BNP Paribas Fund Services Jersey Limited
Represented by Jeremy Hamon
BNP House
Anley Street
St Helier
Jersey CI
JE2 3QE
Tel 01534 709108<

Contacts

Numis Securities Ltd      020 7260 1000
Charles Farquhar