THE BLACK SEA PROPERTY FUND LIMITED

For immediate release
19 October 2007

Board Changes

Further to its announcement on 12 October 2007, the Fund confirms that the appointments of John Chapman, Antony Gardner-Hillman, Andrey Kruglykhin and Angelo Moskov, and the resignations of Melville Trimble and Roger Maddock, as directors of the Fund became effective today.

Mr Chapman, 51, is a lawyer and Chartered Financial Analyst. He is currently a Director of Central Asia Regional Growth Fund plc, an investment fund based in Ireland. He specialises in working with investment funds and, in the last twelve years, he has worked in much of emerging Europe and central Asia. Mr Chapman is a consultant to QVT Financial LP.

Mr Gardner-Hillman, 51, is a founding shareholder and the Non-Executive Chairman of the JTC Group. He was a partner of Crills, a Jersey law firm until 2002, and a Jersey resident partner of Holman Fenwick & Willan (Jersey Partnership) until December 2003. He is a solicitor of the Supreme Court of England and Wales and a member of the Law Society of England and Wales.

Mr Kruglykhin, 34, Mr. Kruglykhin is a financial consultant. He holds a PhD in economics from the Russian State University of Oil and Gas and was the CEO with Petrol Holdings AD, a Bulgarian energy company. He is a native Russian, fluent English and Bulgarian speaker. Mr Kruglykhin is a consultant to QVT Financial LP

Mr Moskov, 40, Mr. Moskov is a partner with QVT Financial LLP, an investment fund with offices in London and New York. He is a portfolio manager specialising in emerging Europe and holds an MBA from the University of Chicago. He is a native Bulgarian and fluent English speaker.

Save as set out in the notes to this announcement, there is no information specified by paragraph (g) in Schedule Two to the AIM Rules that requires to be disclosed.

Enquiries

Development Capital Management     020 7355 7600
Roger Hornett
Andrew Mitchell

Buchanan Communications     020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities      020 7260 1500
Charles Farquhar


Notes

John David Chapman

Current directorships and partnerships: Central Asia Regional Growth Fund plc and the Ottoman Fund Limited. Previous directorships and partnerships in last 5 years: Kazakhstan Investment Fund Limited, Romania Investment Fund Limited, Ukraine Fund Limited and Momentum Energy International Inc.

Andrey Valeravitch Kruglykhin

Current directorships and partnerships: Flamingo International SA. Previous directorships and partnerships in last 5 years: Petrol Holding AD, Teron EOOD, Naftex Petrol AD, Finex AD, KZU AD, Naftex Fast Food AD, Transcard AD, Jurex Consult AD.

Angelo Radostinov Moskov

Current directorships and partnerships: Central Asia Growth Fund, R.C.P Fund. Previous directorships and partnerships in last 5 years: None.

Antony Royston Gardner-Hillman

Current directorships and partnerships: Jersey Trust Company Limited, JTC Trustees Limited, JTC Securities Limited, JTC Management Limited, JTC Corporate Services Limited, JTC Properties (Elizabeth House) Limited, Hillman Financial Management Limited, Brierley Hill Limited, JTC Group Limited, Ark Limited, JTC Holdings Limited, JTC Fund Services limited, Hillman Properties Limited, JTC Trustees (Frontier) Limited, Duration Holdings Limited, Kingsbridge Capital Limited, Euroknights Asset Management Limited, Euroknights Asset Management IV Limited and Euroknights Asset Management V Limited. Previous directorships and partnerships in last 5 years: CET (Marketing) Limited, Abbotsham Limited, Parsley Holdings Limited, Berkely Limited, Phoenix Films Limited, Equiby Limited, xGlobal Preservation Inc., Ozonator Limited, Revaro Limited, Linthor Holdings Limited, Minotaur Films Limited, Telmil (Yeovil) Limited, Ravensbeck Investments Limited, Cutland Enterprises Limited, Quintus Management Limited, Rachelly Investments Limited, Samarkand Films Limited, Quintus Consultants Limited, JTC (BVI) Limited, Heathcote Holdings Limited, Westside & City Holdings Limited, JTC Trustees (BVI) Limited, JTC Corporate Services (BVI) Limited, JTC Directors (BVI) Limited, Inveresk Consulting Limited, Blue Ribbon Asset Management Limited, Watermark (Ecosse) Limited, CET Capital Limited, Blue Swan Insurance (Jersey) Limited (in liquidation), Fergana Holdings Limited, Coatbridge Retail Limited, Exchange House Management Limited, JTC (UK) Limited, JTC Trustees (UK) Limited, JTC Corporate Services (UK) Limited, NPC Limited, Brian Hill Haulage & Plant Hire Limited, Brian Hill Quarries Limited, Bott Lane Properties Limited, UBS Capital Americas South Limited, Dr Pooter Limited, Zamora Limited, Whitecote Limited, Watermark NL Limited, Watermark Holdings Limited, Warwick Square Limited, Tepco UK Limited, Arrowhead Holdings Limited, Securitised Instantly Repackaged Perpetuals Limited, Silver Reef Properties Limited, Shalot Properties Limited, Ringland Properties Limited, Raneen Properties Limited, Perceptive Holdings Limited, Peak Development Limited, Newman Street Investments Limited, Midlin Properties Limited, Liquid Petroleum Gas Development Limited, Ioanna Shipping Limited, Hong Kong Mortgage Financing Limited, Firefly Limited, Esplanade Property Services Limited, Creake Limited, Corston Holdings Limited, Clearwood Investments Limited, Certain Funding Limited, Emory Properties Limited, Camrose Properties Limited, CET (New Europe) Limited, Beast Shipping Limited, Bath Holdings Limited, Barnwood Properties Limited, Balzac Consultants Northern Europe Limited, Austra Corp, Alligator Investments Limited, Amedis Commercial Finance Limited, Irongame Holdings Limited, Worldwide Music Corporation, Scaramouche Investments Limited, Caribe Entertainment Limited, Woking Participation Limited, Cheval Noir Investments Limited, Cantel Investments Limited, DNA Holdings Limited, Sea Freedom Limited, Ammar Holdings Limited, April Point Properties Limited, Jalta S.A., Jive Shipping Limited, TAJRV LIMITED, Gloucester Estates (Holdings) Limited, Gloucester Estates (Landsberger) Limited, Gloucester Estates (Wandsbeker) Limited, Ming Holdings Limited, Carmin Invest SA, Egyptinvest One Limited, Visser Investments 1999 Limited, Van Reijendam Investments Limited, Yosemite Securities Company Limited, Wickets Investments Limited, Baligay Limited, MasterSearch Management Consultants Limited, M & A International Investments Holdings Inc, Avalanche Investments Limited, Victoria Services Inc, Cadenza International Limited, Peregrine Finad Limited, Newport Holdings Limited, Exchange Place Limited, SES Limited, Showmaxx Rights Limited, Interport Limited, UK & European Investments (Chiswick) Limited, Bespoke Investments Limited, Hudson Investment Holdings Limited, Ezyrik Holdings Limited, Alborada Limited, Tanlan Limited, Stark Equities Limited, First Canary Limited, UK & European Investments (Redhill) Limited, Tic Toc Films Limited, Chakalak Limited, Fernando Holdings Limited, Cuvette Investments Limited, DCLW Consulting Limited, MFF Leasing Limited, Chantelys Investments Limited, Volos Limited, Optimate Holdings Limited, Tabreed Project Finance One Limited, Lincoln Investments Limited, UK & European Investments (Bristol) Limited, BW Investments Limited, Premier Asset Collateralized Entity Limited, Commerzbank International Trust (Jersey) Limited, WPFP Management Limited, Sauluna Invest Holding Limited, Pincon Investments Limited, Coral International Resources Inc, Sherwood Films Limited, Polaris Investment Holdings Limited, Altiplano II Finance Limited, CREEC (Bedford) Limited, Corporate Real Estate Equity Capital Limited, Karvelen Limited, CMS Holdings Limited, MFB Films Limited, CEDCO Enterprises Limited, Quadroon Holdings Limited, Zingala Investments Limited, Land Project and Development Limited, Mithras Holdings Limited, Zingala 2 Investments Limited, Knoxville Finance Limited, Thiyan Investments Limited, Curzon Two Limited, Curzon Three Limited, Fitzpain Limited, Ellisfield Investments Limited, Aragrove Investments Limited, Phoenix Films Limited, Loxley Films Limited, WorldNet Capital Management Limited, Root Holdings Limited, Amirati Investments Limited, MHL Investments Limited, Cadenza Management Limited, SugarInvest Limited, Haiku Releasing Limited, Borric Properties Limited, BrightWater Enterprises Limited, BrightWater Aquatics Limited, CBW Investments Limited, Balmaha Investments Limited, Morris Holdings Limited, Enzo Properties Limited, Tungsten Group Limited, Modena Cars Limited, Zebedhee Properties Limited, Minotaur Films Limited, Antalis US Funding Corp., Michellisa Properties Limited, GFF Limited, FBL Consulting Limited, Corsaire Limited, Convergence Aviation Limited, European Financial Partners Limited, Linden Heights Limited, Bannerman (Capital) Limited, Shorething Limited, Hernando Investments Limited, Holcroft Limited, Declaron Trustee Limited, Highgrove Trustee Limited, Moorhurst International Investments Limited., Terrace Hill (Awdry) Limited, Aragrove Investment (Shawlands) Limited, Rosery Estates Limited, Mint Green One Limited, Glow-Worm Properties Limited, Tungsten Group (2) Limited, Vesuvius Investment Hldgs Limited, Chester Terrace Limited, Sabot Investments Limited, The Ludwig Wittgenstein Asset Company Limited, Glenview Property Hldgs Limited, Whitlow Holdings Limited, Norrismount Holdings Limited, Strazo Investments Limited, 55 OBS 1 Limited, 55 OBS 2 Limited, Crumpton Hill Properties Limited, Savior Faire Properties Limited, ERRAF (GP) Limited, Ashes Property Limited, Etna Range Limited, Cockerel International Investments Limited, Infinite End Limited, Flintstone Finance Limited, Sandford Farm Properties Limited, Global Foundation Holdings Limited, Global Residential Properties Limited, Global Residential Developments Limited, Lowndes Lodge Limited, Connaught House Limited, 5-7 Yeoman's Row Limited, Ditco Vehicles Limited, Chalk Hill Holdings Limited, Trans-Baltica Container Line Limited, SDH Trustee One Limited, SDH Trustee Two Limited, Allegretto Limited, Cherry Tree Trustee One Limited, Cherry Tree Trustee Two Limited, Roches Properties Limited, 14 Yeomans Row Limited, Two Orchards Properties Limited, Mayfair Mezzanine Limited, Draco Maidenhead Limited, Draco Southampton Limited, Blue Diamond Management Limited, Swan & Drake 1 Limited, Swan & Drake 2 Limited, Draco Herbrand Limited, MSF Leasing Limited, Basildon Trustee 1 Limited, Basildon Trustee 2 Limited, Jessop Avenue Trustee 1 Limited, Jessop Avenue Trustee 2 Limited, Ringwood Road Trustee 1 Limited, Ringwood Road Trustee 2 Limited, Weedon Road Trustee 1 Limited, Weedon Road Trustee 2 Limited, Monkswood Way Trustee 1 Limited, Monkswood Way Trustee 2 Limited, M A Street Trustee 1 Limited, M A Street Trustee 2 Limited, Eden Street Trustee 1 Limited, Eden Street Trustee 2 Limited, Fern Trustee 1 Limited, Fern Trustee 2 Limited, Manolete Limited, Precious Films Limited, Investors In Arabia Limited, Luba Primitive Limited, MRD Limited, Hero Football Fund Limited, 12a Yeomans Row Limited, Numology Limited, Karibu Limited, Alpheus Limited, Saville Real Estates Limited, Humber Land (Grimsby) Trustee One Limited, Humber Land (Grimsby) Trustee Two Limited, Draco (St.Andrews) Limited, Pinnata Limited, Taunus Consultants Limited, Uchida S.A., 9 Yeomans Row Limited, Lateen Limited, Draco Kings Chase Limited, MSF Shipping Limited, Lakeshore Entertainment Group Jersey Limited, Yeomans Residential Limited, Worton Grange Industrial Limited, Eaton Trustee Limited, Global Sea Trade Limited, Commercial Property Management Limited, MBR Limited, Wharf Land Investments (Jersey) Limited, Premier Asset Collateralized Entity LLC, DBG Development Capital Eastern Europe Limited, Logitech (Jersey) Limited, UBS Capital Jersey Corporation I Limited, UBS Capital Americas Cayman, Limited, City Pavillion Limited, Capricorn Capital Properties Limited, UBS Capital Americas North Limited, Fabian Romania Limited, Axis Sports & Entertainment Limited

Liquidations:

In April 2006 Blue Swan Insurance (Jersey) Limited, a company of which Anthony was a director was placed into voluntary receivership. The company closed to new business on 17th February 2004 as it was experiencing serious financial difficulties which the directors of the company established was caused by premium income being diverted away from the company without their knowledge or consent. Legal proceedings were instigated in the UK by the directors for recovery of the missing premium income which is still ongoing.