For immediate release
22 May 2015

Regulatory Approval

The Company is pleased to announce that it has received the approval of the Jersey Financial Services Commission for its proposals to amend its investing policy in order to invest the Company's resources in the Bulgarian real estate market in accordance with the new investing policy as set out in the circular to Shareholders dated 13 March 2015, and intends to raise investment funds as soon as practicable by means of debt and/or the issue of equity.

For further information please contact:

The Black Sea Property Fund Limited     +44 (0)774 702 0600
Alex Borrelli, Chairman

Cairn Financial Advisers LLP     +44 (0)207 148 7900
Nominated Adviser
Sandy Jamieson

Peterhouse Corporate Finance Limited     +44 (0)207 469 0930
Sole Broker
Charles Goodfellow, Heena Karani