Result of EGM

The Black Sea Property Fund Limited

("Black Sea" or the "Company")

Result of Extraordinary General Meeting

At the Extraordinary General Meeting of the Company held at 10.00 a.m. this morning, in accordance with the recommendation of the Directors, Resolutions 3 to 7 put to the Shareholders of the Company (for adopting the proposed investing policy, appointing an investment advisor, disapplying pre-emption rights and amending the Articles of Association to extend the life of the Company) were duly passed. Resolutions 1 and 2 (for delisting and winding-up which were not recommended by the Directors) were not approved.

The Company has therefore adopted the new investing policy as set out in the circular to Shareholders dated 13 March 2015, and intends to raise funds as soon as practically possible to invest the Company's resources in the Bulgarian real estate market, subject to the approval of the Jersey Financial Services Commission.

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