Black Sea Property AS

Share Issue/Capital Change • Feb 19, 2020

BLACK SEA PROPERTY AS – RESULT OF SUBSEQUENT OFFERING

BLACK SEA PROPERTY AS – RESULT OF SUBSEQUENT OFFERING

Reference is made to the stock exchange announcement from Black Sea Property AS (the "Company") dated 4 February 2020 regarding start of the subscription period in a subsequent offering of up to 2,300,000 new shares in the Company (the "Subsequent Offering"), raising gross proceeds of up to NOK 4.6 million.

The subscription period in the Subsequent Offering ended on 18 February at 16.30 CET. At the end of the subscription period, the Company had received subscriptions of NOK 4 432 346,- in the Subsequent Offering through subscription of 2 216 173 new shares. The subscription price in the Subsequent Offering was NOK 2.00 per share.

The Company's board of directors has now allocated shares in the Subsequent Offering, which implies that the Company will issue 2 216 173 new shares related to the Subsequent Offering. Letters of allocation, giving notification of shares allocated and the corresponding amount to be paid, will be distributed to the subscribers.

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.