THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
28 July 2008

Transaction in own Shares

The Black Sea Property Fund (the "Fund") announces that it has purchased through Numis Securities Limited 1,298,922 ordinary shares at an average price of 9.25 pence per share.

The highest and lowest price paid for these shares was 9.25 pence. The purchased shares will all be cancelled.

Following the above purchase, the Fund has a total of 249,392,641 ordinary shares in issue. The number of ordinary shares purchased represented 0.52% of the voting rights attributable to the total ordinary shares in issue prior to such purchases.

Contacts

Company Secretary     01534 709108
Jeremy Hamon

Numis Securities     020 7260 1000
Nominated Advisor - Nick Westlake
Corporate Broking - Charlie Farquhar