THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
4 June 2014

Statement re share price movement

The Board of Directors of Black Sea comments on the recent share price movement below: "The Directors of Black Sea note the recent upward share price movement following the announcement of its proposed return of capital. The Directors believe that the Company's recent share price movement is exaggerated and unjustified. They confirm that they know of no reason for such movement. They note in particular that the Company continues to incur operating costs and will incur additional costs in returning capital to shareholders and winding down."

Contacts

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

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