THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
11 November 2008

Notification of shareholding

The Company was notified on 11th November 2008 that QVT Financial LP, as investment manager and QVT Financial LLP, as subadvisor, for QVT Fund LP were interested in an aggregate amount of 26,000,000 ordinary shares of the Company, which after the share buyback on 26th September 2008, represents 12.2% of the Company’s issued shared capital.

Contacts

Development Capital Management     01534 709108
Jeremy Hamon

Numis Securities      020 7260 1500
Nominated Advisor - Nick Westlake
Corporate Broking - Charlie Farquhar