Black Sea Property AS

Share Issue/Capital Change • Jan 10, 2024

BLACK SEA PROPERTY AS – SHARE CAPITAL INCREASE REGISTERED

BLACK SEA PROPERTY AS – SHARE CAPITAL INCREASE REGISTERED

Reference is made to the stock exchange announcement by Black Sea Property AS (the "Company") on 5 November 2023 regarding the results of a subsequent offering of up to 9,000,000 new shares in the Company (the "Subsequent Offering" and the "Offer Shares"). Following the expiry of the subscription period in the Subsequent Offering, the Board of Directors resolved to allocate a total of 2,798,040 Offer Shares and to increase the Company's share capital with NOK 699,510 through the issuance of 2,798,040 Offer Shares, each with a par value of NOK 0.25.

The share capital increase relating to the Subsequent Offering has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 25,274,823.50 divided into 101,099,294 shares, each with a par value of NOK 0.25.

For further information, please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

E-mail: em@ms-solutions.no

About Black Sea Property AS:

Black Sea Property AS is a real estate company with holdings in a real estate project on the Black Sea coast called Sunrise River Beach Resort. Sunrise River Beach Resort is a partially completed project and will upon completion comprise approximately 950 apartments as well as significant commercial space. Black Sea Property AS has indirect ownership to the project and will work to finalize Sunrise River Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.