THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
3 February 2015

Appointment of Director

The Company is pleased to announce the appointment of Yordan Naydenov as a Non-executive Director of the Company with immediate effect.

Yordan Naydenov - Non-Executive Director

Yordan Naydenov Naydenov, aged 45, is a resident of the Republic of Bulgaria and is a fully qualified Bulgarian lawyer with more than 17 years of experience. He is a partner with the law firm Boyanov & Co, Sofia, where he is head of the Corporate and the M&A practice group.

His areas of speciality include corporate law, financial markets, mergers and acquisitions and bankruptcy. Mr. Naydenov has provided services to, and has previously represented clients on the boards of, various Bulgarian companies. In addition, Mr Naydenov has advised on real estate related transactions throughout his career.

The activities of Mr. Naydenov are regulated by the Sofia Bar Association.

There are no further details required to be disclosed pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules for Companies.

Enquiries:

Chairman
The Black Sea Property Fund Limited         +44 (0) 7747 020600
Alex Borrelli

Nominated Adviser
Cairn Financial Advisers LLP         +44 (0) 20 7148 7900
Sandy Jamieson

Sole broker
Peterhouse Corporate Finance Limited         +44 (0) 20 7469 0930
Charles Goodfellow
Heena Karani