For immediate release
29 September 2008

Transaction in own Shares

The Black Sea Property Fund (the "Fund") announces that on 26 September 2008 it purchased through Numis Securities Limited 19,766,171 ordinary shares at an average price of 9.50 pence per share.

The highest and lowest price paid for these shares was 9.50 pence. The purchased shares will all be cancelled.

Following the above purchase, the Fund has a total of 213,112,898 ordinary shares in issue. The number of ordinary shares purchased represented 8.49% of the voting rights attributable to the total company shares in issue prior to such purchases.

This now concludes the 14.99% share buy back programme announced on 8 July 2008

For further details please contact

Company Secretary     01534 709108
Jeremy Hamon

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