Black Sea Property AS

Investor Presentation • Jun 26, 2022

Org. No. NO 914 892 902

Sunrise Gardens

June 2022

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• Disclaimer and important information • Black Sea Property AS ("Black Sea Property", "BSP" or the "Company") has produced this presentation, which speaks as of June 2022. The information contained in this presentation may be subject to change, and Black Sea Property neither intends nor assumes any obligation to update the contents of this presentation. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. • This presentation includes forward-looking statements which intrinsically are subjective and based on
• "best judgment". The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or its officers or employees provide any assurance as to the correctness of such
• forward-looking information and statements. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of its subsidiary undertakings or its officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment or tax adviser as to legal, business, investment or tax advice. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. • This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in
• any jurisdiction.

The Development

Improved Resort Facilities

Facilities and Accommodation at opening 29th of June

• 600 square meters events and indoor sports hall Swimming pool with water surface of 900 square meters and capacity for 400 people Outdoor soccer field (artificial grass) Beach volleyball field Outdoor fitness 100 square meters Camping fire pit River kayaking Site perimeter running track 183 apartment units and indoor/outdoor resturants with a capacity of 500 to 600 people Medical emergency office
• Amphitheater
• Market shop Pool bar Sweets and coffee shop Outdoor parking Education and event rooms Handicap access
  -
• Reception

Achievements and Progress Update

• The resort is in operational readiness with opening date and arrival of first guests set for June 29, 2022.
• To open the resort, our partner Boyan Boyan has financed remaining work, exceeding the planned 1 MEUR and expected to increase to around 2MEUR. Final cost has to be verified. Most of the essential construction works are close to completion, with some supplementary construction activities to be carried out during operation of the The operational model for the 2022 season is for the resort to function as a kidscamp in the period June 29 to September 15. The occupancy level is set to reach 400+ kids within a week of opening.
• resort. The kids camp will operate with children from Ukraine ages from 12 to 17, with the addition of sports camps for Bulgarian children.
• The majority of staff are also Ukrainian refugees. First summer season no significant profit expected

BSP's Forward Focus

• Successful opening of the resort this summer organized as a kids-camp Complete construction work needed for opening both P, N and M next summer with around 602 apartments.
• Achieve cost estimates for remaining work. Increased building cost due to economical and political situation Finance remaining construction work Total debt financing as of today is 6MEUR. Due to situation in Ukraine
• -
• uncertainty of what is achievable from banks Organizing and support of the management company activities, assuring the placement of competent management, introducing the Resort to tour operators and securing next season's pre-bookings.
• Establish new web sites

Thank you for your attention.