THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
08 July 2008

Share buy back

On 16 May 2008, the Board of BKSA announced its intention to facilitate a share buy back. The intention is to commence this share buy back programme on 8 July 2008 and to purchase up to 37,578,665 shares in the Company, being 14.99% of the Company’s issued share capital.

For further details, please contact:

Numis Securities Limited     020 7260 1000

Nomad Anthony Richardson
  Nick Westlake
   
Broking James Serjeant

Company Secretary     01534 709108
Jeremy Hamon