Black Sea Property AS

Share Issue/Capital Change • Nov 14, 2023

BLACK SEA PROPERTY AS – SHARE CAPITAL INCREASE REGISTERED

BLACK SEA PROPERTY AS – SHARE CAPITAL INCREASE REGISTERED

Reference is made to the stock exchange announcement from Black Sea Property AS (the "Company") dated 2 October 2023 regarding the successful placing of a private placement raising gross proceeds of NOK 5,822,237 (the "Private Placement"), and to the resolution by the Company's extraordinary general meeting held on 17 October 2023 to increase the share capital with NOK 5,822,237 through issuance of 23,288,948 new shares, each at a price per share and with a par value of NOK 0.25.

The share capital increase pertaining to the Private Placement has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 24,573,313.50 divided by 98,301,254 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.