Black Sea Property AS

Share Issue/Capital Change • Feb 21, 2020

BLACK SEA PROPERTY AS – CORRECTION: RESULT OF SUBSEQUENT OFFERING

BLACK SEA PROPERTY AS – CORRECTION: RESULT OF SUBSEQUENT OFFERING

Reference is made to the stock exchange announcement from Black Sea Property AS (the "Company") dated 19 February 2020 regarding the results of a subsequent offering of up to 2,300,000 new shares in the Company (the "Subsequent Offering").

Following a final counting of subscribed shares in the Subsequent Offering, the number of subscribed and allocated shares has been set to 2,194,073 new shares. Each new share was subscribed at a subscription price of NOK 2.00, giving gross proceeds to the Company of NOK 4,388,146.

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.