30e6a6e3-74bb-4bf7-8e59-93976300805e.pdf THE BLACK SEA PROPERTY FUND LIMITED FORM OF PROXY EXTRAORDINARY GENERAL MEETING

I/We the undersigned, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .of . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . ., being the holder(s) of shares of the Company, HEREBY APPOINT the Chairman of the Meeting or (see Note 2 in the notes to the notice of EGM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . .. of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . as my/our Proxy to attend and to vote for me/us and on my/our behalf at the EGM of the Company to be held at 4th Floor, St. Paul's Gate, 22-24 New Street, St. Helier, Jersey, JE1 4TR, Channel Islands at 10.30 a.m. on Monday 20 June 2016 and at any adjournment thereof.

I/We direct that my/our votes be cast as indicated by an "X" in the appropriate box, the resolutions being proposed as special resolutions or extraordinary resolutions. If no indication is given, my/our proxy will vote or abstain from voting at his or her discretion and I/we authorise my/our proxy to vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the EGM (see Note 4 in the notes to the notice of EGM).

SPECIAL RESOLUTION For Against Withheld

  1. THAT subject to and conditional upon continuance of the Company in the Isle of Man, the current memorandum and articles of association of the Company be replaced in their entirety on and with effect from such continuance with a new memorandum and articles of association in the form referred to in the Chairman's letter which accompanies and is dated the same date as the Notice convening this meeting (the "New Memorandum and Articles of Association").

    EXTRAORDINARY RESOLUTION OF THE HOLDERS OF THE PARTICIPATING SHARES

  2. THAT subject to and conditional upon continuance of the Company in the Isle of Man and the passing of resolution 1 above, any variation or modification of rights attaching to the Participating Shares and any re-designation and/or re- denomination of such shares resulting from, or in connection with, the adoption by the Company upon continuance in the Isle of Man of the New Memorandum and Articles of Association be and is hereby approved.

Dated this . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . day of . . . . . . . . . . . . . . . . . .2016

Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (see

notes 4 and 5 in the notes to the notice of EGM)

Full name(s) in which Shares are registered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . PLEASE USE BLOCK LETTERS

The Black Sea Property Fund Ltd. published this content on 27 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 May 2016 19:30:03 UTC.

Original documenthttp://www.blackseapropertyfund.com/html/announcements/bspf_form_of_proxy_2016_05_23.pdf

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