THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
24 December 2013

Evergreen Sale

The Black Sea Property Fund announces that it has entered into a binding agreement to sell its Chorno More subsidiary for €1.25 million in cash to Garitage Investments and has received a 10% down payment. The Chorno More subsidiary holds the “Evergreen” land parcel located in Sofia’s Dolna Malina district. The sale price is at approximately a 17% premium to Evergreen’s book value as at 30 June 2013. Sale proceeds will be returned to shareholders in accordance with Black Sea’s announced policy of selling assets and returning excess cash to shareholders."

The transaction is subject to certain conditions with completion is expected during January.

Enquiries:

Company Secretary
SJ Secretaries Limited         +44 (0) 1534 850 750

Nominated Advisor
N+1 Singer Advisory LLP         +44 (0) 207 496 3000
James Maxwell
Nick Donovan