Statement re share price movement

Black Sea Property Fund Limited

("Black Sea" or the "Company")

Statement re share price movement

The Board of Directors of Black Sea comments on the recent share price movement below:

"The Directors of Black Sea note the recent upward share price movement following the announcement of its proposed return of capital. The Directors believe that the Company's recent share price movement is exaggerated and unjustified. They confirm that they know of no reason for such movement. They note in particular that the Company continues to incur operating costs and will incur additional costs in returning capital to shareholders and winding down."

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