Regulatory Approval

The Black Sea Property Fund Limited

("Black Sea" or the "Company")

Regulatory Approval

The Company is pleased to announce that it has received the approval of the Jersey Financial Services Commission for its proposals to amend its investing policy in order to invest the Company's resources in the Bulgarian real estate market in accordance with the new investing policy as set out in the circular to Shareholders dated 13 March 2015, and intends to raise investment funds as soon as practicable by means of debt and/or the issue of equity.

For further information please contact:

The Black Sea Property Fund Limited

Alex Borrelli, Chairman Tel: +44 7747 020600

Cairn Financial Advisers LLP Tel: +44 20 7148 7900

Nominated Adviser

Sandy Jamieson

Peterhouse Corporate Finance Limited Tel: + 44 20 7469 0930

Sole broker

Charles Goodfellow, Heena Karani