Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Black Sea Property Fund Ltd

2. Reason for the notification   (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights 

Yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): 

3. Full name of person(s) subject to the notification obligation:

BlackRock, Inc.

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

6th November 2008

6. Date on which issuer notified:

10th  November 2008

7. Threshold(s) that is/are crossed or reached:

Holding has gone below 10%

8. Notified details:

N/A

A: Voting rights attached to shares

Class/type of shares 

 if possible using the ISIN CODE

Situation previous to the Triggering transaction 

Resulting situation after the triggering transaction

Number of Shares 

Number of Voting Rights viii

Number of shares 

Number of voting rights ix

% of voting rights

Direct

Direct x

Indirect xi

Direct

Indirect

GB00B068H734

27,298,760

27,298,760

N/A

N/A

20,000,000

N/A

9.38%

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument 

Expiration date xiii

Exercise/ Conversion Period/ Date xiv 

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

N/A

N/A

N/A

N/A

N/A

Total (A+B)

Number of voting rights

% of voting rights

20,000,000

9.38%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable xv:

BlackRock Investment Management (UK) Limited - 20,000,000 (9.38%)

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A 

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

14. Contact name:

15. Contact telephone number:

A: Identity of the person or legal entity subject to the notification obligation

Full name (including legal form for legal entities)

BlackRock, Inc

Contact address (registered office for legal entities)

33 King William Street

London

EC4R 9AS

Phone number 

0131 472 7472

Other useful information (at least legal representative for legal persons)

Louise Lyle

B:  Identity of the notifier, if applicable xvii

Full name 

Contact address 

Phone number 

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information