Black Sea Property AS

Capital/Financing Update • Mar 30, 2021

BLACK SEA PROPERTY AS: UPDATE ON CONVERSION OF SELLER CREDIT

BLACK SEA PROPERTY AS: UPDATE ON CONVERSION OF SELLER CREDIT

Reference is made to the stock exchange notice from Black Sea Property AS (the "Company") on 1 March 2021 regarding, inter alia, a proposed conversion of an approximately EUR 4 million debt the Company owes to the former owners of EPO Invest KS and Aheloy Beach Commercial AS (the predecessors of Black Sea Property) (the "Seller Credit") into new equity in the Company.

The Company is pleased to announce that it has now received acceptances from creditors holding more than EUR 3.5 million of the approximately EUR 4 million outstanding under the Seller Credit. The Board of Directors will later call for an extraordinary general meeting, to be held within the end of April 2021, to resolve conversion of the Seller Credit. The Board of Directors will reserve the right to propose conversion of additional parts of the Seller Credit, if acceptances are received prior to the distribution of the notice for the extraordinary general meeting.

For further information, please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

E-mail: em@ms-solutions.no

This stock exchange release was published by the Company's Chairman, Egil Melkevik, at 08:20 CEST at 30 March 2021.

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.