For immediate release
18 December 2008

Annual General Meeting

The Black Sea Property Fund Limited (the “Fund”), is pleased to announce that all resolutions put to shareholders at the Fund’s annual general meeting held in Jersey on 18 December, including the special resolution to approve the Fund’s share buy-back authority, were duly passed.

Contacts

BNP Paribas Fund Services Jersey Limited     01534 709108
Jeremy Hamon

Numis Securities      020 7260 1000
Nominated Advisor: Nick Westlake
Hugh Jonathan