THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
31 October 2014

Shareholder Update

Shareholders will shortly be receiving a circular with plans for a voluntary liquidation of the Company.

The Jersey Financial Services Commission ("JFSC") has refused to give its approval to continue the Company as a vehicle for new investments in Bulgaria which it viewed as inappropriate as the Company was set up for a specific purposes which has now ended. The board will therefore take steps to implement the JFSC's decision.

Enquiries:

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

Nominated Advisor
N+1 Singer Advisory LLP         +44 (0) 207 496 3000
James Maxwell
Nick Donovan