THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
4 March 2009

Extraordinary General Meeting

The Black Sea Property Fund Limited (the "Fund"), is pleased to announce that the Special Resolution put to shareholders at the Fund’s Extraordinary General Meeting held in Jersey on 4 March 2009 was duly passed.

The full text of the Special Resolution can be found in the EGM Circular and Notice dated 4 February 2008, which is available on the Companies website www.theblackseapropertyfund.com

For further details please contact:

BNP Paribas Fund Services Jersey Limited     01534 709108
Jeremy Hamon

Numis Securities      020 7260 1000
Nominated Advisor: Nick Westlake
Hugh Jonathan