Black Sea Property AS

Capital/Financing Update • Nov 30, 2021

BLACK SEA PROPERTY AS – UPDATE ON FINANCING PROCESS

BLACK SEA PROPERTY AS – UPDATE ON FINANCING PROCESS

Reference is made to earlier stock exchange announcements from Black Sea Property AS (the "Company") regarding the ongoing process to formalize and enter into definitive documentation for a loan offer in the amount of EUR 12 million to group company EPO Aheloy OOD (the development company for the Sunrise Gardens).

The process for formalizing the loan offer is still ongoing. Even though the process has taken longer than anticipated, the Company remains confident that the process will ultimately prove successful.

The Board currently believes that definitive documentation relating to the loan can be in place in January 2022. The Board will, together with its local Bulgarian partner, use the time until then to assess whether it is feasible to open the Sunrise Gardens Resort for the summer season of 2022. Based on financing being in place in January 2022, the Board believes that a summer season with limited activities is feasible, and that such solution is sensible based on the uncertain impact of the corona virus pandemic towards the summer of 2022.

Further information will be announced in due course.

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 Gardens. Sunrise Gardens Resort is a partially completed project and will upon completion comprise approximately 950 apartments as well as significant commercial space. Black Sea Property AS owns indirectly 75% of the project. Black Sea Property AS will work to finalize Sunrise Gardens Resort, to realize the project's added value through the sale of residential units and hotel operations.