Disposal and Return of Capital

The Black Sea Property Fund Limited Sale of Borovets Asset and Final Return of Capital

The Black Sea Property Fund Limited announces that it has completed the sale of its last remaining asset, the Borovets land, to Garitage Investment Management for net proceeds of €120,000. The sales proceeds were received on 15 July 2014. Black Sea expects to make an announcement presently of a final return of capital, which will include the proceeds from the sales of the Borovets and Byala land, which was announced on 3 June 2014, and any other distributable cash. The Black Sea board then expects to put to shareholders a special resolution for the winding up or other ultimate disposition of the Company.

Company SecretarySJ Secretaries Limited +44 (0) 1534 850 750

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