Black Sea Property Fund : Death of a Director

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

For immediate release
6 May 2015

Death of a Director

It is with great sadness that the Company announces the sudden death of Trevor Hunt, non-executive Director of the Company.

Trevor's counsel, experience and support to the Board and the Company will be missed. He will be a great loss not only to the Company but to his family, friends and contacts.

Alex Borrelli, Chairman of Black Sea, commented "Trevor was a valued member of the Board and his hard work and support for the progress of the Group will be missed immensely. I would like to extend our deepest sympathy to his family at this very difficult time."

The Company intends to appoint a new non-executive Jersey-based director to the Board as soon as practicable.

For further information please contact:

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

Cairn Financial Advisers LLP
Nominated Adviser [phone]
Sandy Jamieson

Peterhouse Corporate Finance Limited
Sole broker [phone]
Charles Goodfellow
Heena Karani