Notification of shareholding

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

X

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 Global Funds *

Note: This was previously disclosed as Merrill Lynch International Investment Funds. The name change was effective 28th April 2008.

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):

24th July 2008 

6. Date on which issuer notified:

28th July 2008

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

Gone above 19%

8. Notified details:

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

Number of shares 

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

GB00B068H734

39,352,650

39,352,650

49,398,760

49,398,760

N/A

19.70%

N/A

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument 

Expiration date

Exercise/ Conversion Period/ Date

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

% of voting rights

Total (A+B)

Number of voting rights

% of voting rights

49,398,760

19.70%

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

The holding increased by 4.00% due to a through the market purchase from BlackRock Eurasian Frontiers Fund.

As a result, BlackRock Eurasian Frontiers Fund's holding decreased by 4.00% and is currently at zero.

The overall group holding has not changed.

Proxy Voting:

10. Name of the proxy holder:

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

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

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 Global Funds*

Note: This was previously disclosed as Merrill Lynch International Investment Funds. The name change was effective 28th April 2008.

Contact address (registered office for legal entities)

33 King William Street, London, EC4R 9AS

Phone number 

020 7743 2602

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

Kai Chew

B:  Identity of the notifier, if applicable

Full name 

BlackRock, Inc

Contact address 

33 King William Street, London, EC4R 9AS

Phone number 

020 7743 2602

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

Kai Chew

C: Additional information