w The Black Sea Property Fund Limited

THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
11 March 2008

Board Changes

The Black Sea Property Fund Limited (the “Fund”) is pleased to announce the appointment of Andrew Wignall as a Director of the Fund with effect from 10 March. The Board also announces the resignation of William Roger King as a Director of the Fund and thanks Mr. King for his service to the Fund.

Mr Wignall, 43, a chartered accountant, is currently an independent Director of a number of private equity and other alternative fund structures. Until 2007 he was a director of Moore Management Limited, the Jersey based fund management and fund administration company. Earlier he worked as an auditor for Ernst & Young in Jersey, where he resides. Save as set out in the notes to this announcement, there is no information specified by paragraph (g) in Schedule Two to the AIM Rules that requires disclosure.

Enquiries

Company Secretary     01534 709108
Jeremy Hamon

Numis Securities Ltd      020 7260 1000
Bruce Garrow
James Keane


Notes

Andrew Ian Wignall
Current directorships and partnerships: Aeries Finance II Limited, Alden Global Management Limited, Alden Global Canada Fund Ltd, Alden Global India Fund Ltd, Alden Global India Master Fund Ltd, Amara 1 Finance Limited, Amara 2 Finance Limited, Asal Collection Limited, Aureus Capital Partners Limited, Ceres II Finance Limited, DN Capital Management Limited, Global Emerging Markets Income Investment Funding I Limited, Global Emerging Markets Income Investment Funding II Limited, Hadrian Fund Limited, Lorbeer Limited, Oak Corporate Finance Limited, Oasis Collateralized High Income Portfolios 1 Limited, Oasis Development Limited, Ocean General Partner Limited, OTL Trading Limited, Palmyra Funding Limited, Palmyra Funding II Limited, Phoenix Funding Limited, Quadriga Capital Inc, Quadriga Capital Limited, Quadriga Capital III GP (US) Inc, Quadriga Capital III Investments Limited, Quadriga Capital III Limited, Quadriga Capital Russia Advisors Limited, Quadriga Capital Russia General Partner Limited, Quadriga Capital Russia Inc, QCM Partners Limited, Quintus European Mezzanine Fund (GP) Limited, SSCP Safety Management Scotland Limited, SSCP (Scotland) Limited, SSDC LP GP Limited, Stirling Square Capital Partners Jersey GP Limited, Stirling Square Capital Partners Limited, Stirling Square Capital Partners Jersey Management Limited.

Previous directorships and partnerships in last 5 years: Bone Smith & Bard (Jersey) Limited, Capvis Management (Lux) S.a.r.l., Capvis General Partner II Limited, Capvis General Partner III Limited, Ceres Finance Limited, Cruiseinvest Holdings Limited, Cruiseinvest (Jersey) Limited, Crystal Finanz S.a.r.l., C*Strategic Asset Redeployment Program 1999-2 Limited, Dente Blanche Investment Holdings Limited, Equity & Options II Limited, Goldkenn (Jersey) Limited, Hollywood Funding No.4 Limited, Hollywood Funding No.5 Limited, Hollywood Funding No.6 Limited, Isar Holdings Limited, Isar Securities Limited, Khaleej I Limited, Moore Management Limited, Moore Nominees Limited, Moore Management (Bermuda) Limited, Oasis Commodities Limited, Oasis Minerals Limited, Phoenix LINRA Limited, Phoenix International Holdings Limited, Strata Funding Limited, Takao Investment Company Limited, Treno Finanz S.a.r.l., United Chocolatiers Limited, Value Creation Investments Limited.

Administrations: Flashpoint Limited (a Jersey private company) and Flashpoint (UK) Limited (an English private company) were put into administration on 23 March 2001. Andrew had resigned as a director of Flashpoint Limited in February 2001 and Flashpoint (UK) Limited in October 2000.

These companies were connected with a series of insurance backed film finance securitizations arranged by Credit Suisse, known as Hollywood Funding. There was a dispute between the investor and the insurance company which resulted in litigation which was later settled out of court.