Black Sea Property AS

Share Issue/Capital Change • May 31, 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 by Black Sea Property AS (the "Company") regarding the results of a subsequent offering of up to 17,080,000 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 10,611,260 Offer Shares and to increase the Company's share capital with NOK 2,652,815 through the issuance of 10,611,260 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 18,753,076.50 divided into 75,012,306 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.