THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
30 July 2007

Notification of shareholding

The Company was notified on 27 July 2007 that QVT Financial LLP had on 25 July 2007 increased its direct percentage holding of shares in the Company from 8.77% to 10.37%, a total of 26,000,000 shares in the Company.

Contacts

Development Capital Management     020 7355 7600
Roger Hornett
Tom Pridmore

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda