THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
23 September 2008

Notification of shareholding

The Company was notified on 22nd September 2008 that QVT Fund LP were interested in an aggregate amount of 26,000,000 ordinary shares of the Company, which after the buyback on 19th September 2008, represents 11.16% of the Company’s issued shared capital.

Contacts

Company Secretary     01534 709108
Jeremy Hamon

Numis Securities     020 7260 1000
Nominated Advisor - Nick Westlake
Corporate Broking - Charlie Farquhar