THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
22 November 2012

Return of Capital

The Board of Directors of The Black Sea Property Fund Limited (the “Company”) is pleased to announce the declaration of a return of capital of 1.25 pence (net) per ordinary share payable to shareholders of record as at 30 November 2012. The ex date for the return of capital will be 28 November 2012 with payment as soon as practicable thereafter but not later than 31 December 2012. The Company would expect to make further distributions as additional assets are sold.

Contacts

Company Secretary
SJ Secretaries Limited         +44 (0) 1534 850 750

Nominated Adviser and Broker
N+1 Singer      +44 (0) 207 496 3000
James Maxwell / Nick Donovan