The Black Sea Property Fund Limited (the “Company”)

For immediate release
31 August 2010

Notification from major shareholder

The Company has received a notification from QVT Financial LP ("QVT") as investment adviser to QVT Fund LP and Quintessence Fund LP (the "QVT Funds").

QVT's notification states that as there is no legal obligation or provision in the Company's Articles of Association requiring disclosure of shareholdings in the Company, QVT will no longer be disclosing to the Company any changes in the shareholdings of the QVT Funds.

The Company will continue to apply AIM Rule 17, disclosing, to the extent it has such information, relevant changes to the shareholdings of significant shareholders.

Enquiries:

Company Secretary
IPES (Jersey) Limited         01534 712 500
Kenneth Whitney

Nominated Advisor
Singer Capital Markets Limited         020 3205 7500
James Maxwell / Nick Donovan