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

For immediate release
2 December 2011

Return of Capital

The Board of Directors of the Black Sea Property Fund is pleased to announce the declaration of a return of capital of 1 pence (net) per ordinary share payable to shareholders of record as at 9 December 2011. The ex date for the return of capital will be 7 December 2011 with payment as soon as practicable thereafter but not later than 19 December 2011.

The Board has determined that given the Company’s resources, lifespan, and projected expenses, returning £2 million of capital is appropriate. The Company continues to be well capitalized with approximately £4 million of cash and no debt.

Contacts

Singer Capital Markets Limited     020 3205 7500
James Maxwell