Annual Financial Report

26 March 2012

The Black Sea Property Fund Limited

Annual Report and Audited Financial Statements for the year ended 31 December 2011

The Black Sea Property Fund Limited is pleased to announce its annual results for the year ended 31 December 2011.

The Annual Report and Consolidated Financial Statements are being circulated to shareholders and will be available shortly on the company's website:

(http://www.blackseapropertyfund.com/html/announcements/annual_report_audited_fin_statements_31-12-11.html).

Copies can be obtained in hard copy form free of charge, from the Company Secretary, Saltgate Limited at 22-24 Seale Street, St Helier, Jersey, Channel Islands, JE2 3QG.

http://www.rns-pdf.londonstockexchange.com/rns/0828A_-2012-3-26.pdf

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