THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
16 February 2009

Notification of shareholding

The Company was notified on 13 February 2009 that QVT Financial LP, as investment manager and QVT Financial LLP, as subadvisor, for QVT Fund LP were interested in an aggregate amount of 63,912,558 ordinary shares of the Company, which, represents 29.99% of the Company’s issued shared capital.

Enquiries

BNP Paribas Fund Services Jersey Limited     01534 709108
Jeremy Hamon

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