THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
11 February 2011

Retirement of Directors

The Black Sea Property Fund Limited (the "Company") announces that Mr Bogdan Stanchev and Ms Irena Komitova have given notice of their intention to retire as directors of the Company with effect from 1st March 2011. In the interests of keeping the Board to a size appropriate in relation to the Company's present size and activities, the Board has resolved not to seek their replacement.

The board wish to thank Irena and Bogdan for their service and valued contribution to the Company.

List of Contacts

Singer Capital Markets Limited (Nominated Adviser)    020 3205 7500
James Maxwell / Nick Donovan