Return of Capital

Black Sea Property Fund Limited

("Black Sea" or the "Company")

Return of Capital

The Board of Directors of Black Sea is pleased to announce a return of capital of approximately £2,367,021 or 1.11 pence per share to shareholders of record as of 13 June 2014. The shares are expected to trade ex-entitlement on 11 June 2014 and the share registrar expects payment to be made on or about 13 June 2014. This return of capital comprises the sale proceeds from the sale of the Evergreen land and the remaining units at Obzor. 

The Black Sea Board further announces that it has completed the sale of the Byala land for net proceeds of approximately €835,000. The proceeds were received on 2 June 2014 and Black Sea expects, in due course, to announce a final distribution of those proceeds as well as an additional amount from the possible sale of the Borovets asset. The Board then expects to put to the shareholders a special resolution concerning the winding up or other ultimate disposition of the Company.

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