For immediate release
2 June 2009

Board Changes - AIM rule 17 disclosure

The Board of The Black Sea Property Fund Limited (the “Fund”) announces that Andrey Kruglykhin has informed the Board that he is resigning as a director in order to pursue other opportunities. The Board thanks Mr. Kruglykhin for his service to the Fund.

For further details please contact:

BNP Paribas Fund Services Jersey Limited     01534 709108
Jeremy Hamon

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