For immediate release
20 June 2016

Result of Extraordinary General Meeting

The Company announces that, at the Extraordinary General Meeting of the Company held at 10.30 a.m. this morning, the special resolution to approve a new memorandum and articles of association for adoption on continuance of the Company in the Isle of Man, and the extraordinary resolution to approve, subject to and conditional upon the continuance of the Company in the Isle of Man and the passing of the special resolution above, any variation or modification of rights attaching to the Participating Shares and any re-designation and/or re-denomination of such shares resulting from, or in connection with, the adoption of the new memorandum and articles of association, were put to shareholders and were duly passed.

The Directors will therefore continue with the application for continuance in the Isle of Man and seek the alternative listing for the Company's shares on the ISDX Growth Market referred to in the Chairman's letters dated 9 February 2016 and 23 May 2016.

For further information please contact:

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

Peterhouse Corporate Finance Limited
Adviser         +44 (0) 207 469 0930
Heena Karani