Black Sea Property Fund : Proposals for, in the Alternative and Notice of EGM

The Black Sea Property Fund Limited (the 'Company')

For immediate release
10 April 2015

At the Extraordinary General Meeting of the Company held at 10.00 a.m. this morning, in accordance with the recommendation of the Directors, Resolution 2 put to the Shareholders of the Company (for the continuation of the Company as an investing company) was duly passed. Resolution 1 (for the winding up of the Company which was not recommended by the Directors) was not approved.

he Directors will therefore continue to maintain the Company as an investing company seeking property investment opportunities in accordance with the Company's Investing Policy as set out in the circular to Shareholders dated 9th February 2016 to acquire suitable real estate investments in Bulgaria. The Directors also intend to resolve the Jersey regulatory breach and to obtain an alternative listing of the Shares to enable Shareholders to trade their Shares on a public market as soon as practicable.

For further information please contact:

The Black Sea Property Fund Limited
Alex Borrelli, Chairman [phone]

Peterhouse Corporate Finance Limited
Adviser [phone]
Heena Karani