Black Sea Property AS

Share Issue/Capital Change • May 30, 2021

BLACK SEA PROPERTY AS: NEW SHARE CAPITAL REGISTERED

BLACK SEA PROPERTY AS: NEW SHARE CAPITAL REGISTERED

Reference is made to the general meeting's decision on 30 April 2021 to resolve a share capital increase of NOK 2,631,427.50 through issuance of 10,525,710 new shares, each with a par value of NOK 0.25, in connection with a conversion of debt (the "Debt Conversion"). The share capital increase relating to the Debt Conversion has now been registered with the Norwegian Register of Business Enterprises.

The Company's new share capital is thus NOK 6,792,214.50 divided into 27,168,858 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 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.