THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
12 December 2014

Resignation of Directors

On 18 November 2014 the Company convened an Extraordinary General Meeting to consider resolutions put forward by Fitel Nominees Limited on behalf of Mamferay Holdings Limited to appoint Trevor Hunt and Alexander Borrelli as new directors and to remove John Chapman, Stephen Coe and Andrew Wignall as directors.

Three shareholders, representing 71.3% of the entire issued share capital, voted for the removal of John Chapman and Stephen Coe. Shareholders representing all of the remaining share capital which voted by proxy either voted against the resolutions or returned a proxy but withheld their vote.

John Chapman and Stephen Coe have therefore tendered their resignations with effect from 10 a.m. on 12 December 2014. Those resignations have been accepted by the Board.

John Chapman, Chairman of the Company commented, "I would like to thank my colleagues for their hard work realising the Company's assets and delivering returns to shareholders in accordance with our shareholders’ wishes. Since we have completed the disposal process our shareholders authorized, the share registry has changed and new shareholders have decided on a different direction for the Company. The Board has questioned the wisdom of this decision, but in accordance with the vote I wish the new board the best of luck in their future endeavours."

The Company expects to release a further announcement following the conclusion of the Extraordinary General Meeting.

Enquiries:

Company Secretary
SJ Secretaries Limited         +44 (0) 1534 850 750
James Maxwell / Gillian Martin

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