For immediate release
17 September 2008

Transaction in own Shares

The Black Sea Property Fund (the "Fund") announces that it purchased yesterday through Numis Securities Limited 515,857 ordinary shares at an average price of 10.00 pence per share.

The highest and lowest price paid for these shares was 10.00 pence. The purchased shares will all be cancelled.

Following the above purchase, the Fund has a total of 247,162,743 ordinary shares in issue. The number of ordinary shares purchased represented 0.21% of the voting rights attributable to the total company shares in issue prior to such purchases.

Contacts

Company Secretary     01534 709108
Jeremy Hamon

Numis Securities     020 7260 1000
Nominated Advisor - Nick Westlake
Corporate Broking - Charlie Farquhar