For immediate release
26 August 2011

Retirement of Directors

The Black Sea Property Fund Limited (the “Company”) announces that a notice in respect of Mr Angelo Moskov’s intention to retire as a director of the Company dated 11th August 2011 was received by the Company on 19th August 2011. The effective date of Mr Moskov’s retirement was 19th August 2011.

The board wish to thank Angelo for his service and valued contribution to the Company.

List of Contacts

Singer Capital Markets Limited (Nominated Adviser)    020 3205 7500
James Maxwell