Result of AGM and Statement re Share Price

The Black Sea Property Fund Limited

("Black Sea" or the "Company")

Result of AGM and Statement re Share Price

The Company announces that, at the Annual General Meeting of the Company held at 10.00 a.m. this morning, all resolutions put to shareholders were duly passed.

The Directors have noted the recent price movement in the Company's shares. The Directors are not aware of any reason for the price movement.

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