Directorate Change

COMPANY ANNOUNCEMENT

FOR IMMEDIATE RELEASE 14 December 2011

SOFIA PROPERTY FUND LIMITED

(the "Company")

Company Registration Number: 43191

COMPOSITION OF THE BOARD

The Directors of the Company wish to announce that at a Board meeting held today, 14 December 2011, Mr Clive Norman Simon tendered his resignation to enable him to concentrate on other unrelated matters. The Board wished to thank Mr Simon for his valuable contribution.

The Board are actively seeking a replacement for Mr Simon and a further announcement will be released shortly.

Enquiries:

Ardel Fund Services Limited, Company Secretary

Lyn Le Prevost/Sharon Williams

Phone: +44 1481 723573

Fax: +44 1481 732131