For immediate release
30 September 2009

Interim Report and Financial Statements for the half-year ended 30 June 2009

The Black Sea Property Fund Limited is pleased to announce its interim results for the half-year ended 30 June 2009.

The Financial Statements are being sent to Shareholders and copies can be obtained free of charge from the Company Secretary, IPES (Jersey) Limited, 3rd Floor, South Tower, 29/31 Esplanade, St Helier, Jersey, JE4 5SJ.

The Interim Report and Financial Statements for the half-year ended 30 June 2009
can be found here

For further details please contact:

IPES (Jersey) Limited     01534 712501
Company Secretary: Andrew Mason

Singer Capital Markets Limited      0203 205 7500
Nominated Advisor: Roger Clarke