Composition of Board

COMPANY ANNOUNCEMENT

FOR IMMEDIATE RELEASE 25 January 2012

SOFIA PROPERTY FUND LIMITED

(the "Company")

Company Registration Number: 43191

COMPOSITION OF THE BOARD

The Company has been advised that Gerry Williams has resigned as a Director following his resignation from Ardel Holdings Limited ("Ardel") where he was CEO. Ardel is the holding company of Ardel Fund Services Limited which provides administration services in Guernsey to the Company.

The Board wished to thank Mr Williams for his valuable contribution.

Enquiries:

Ardel Fund Services Limited, Company Secretary

Lyn Le Prevost/Sharon Williams

Phone: +44 1481 723573

Fax: +44 1481 732131