Black Sea Property AS

Board/Management Information • Aug 19, 2019

BLACK SEA PROPERTY AS – EGIL MELKEVIK APPOINTED CEO

BLACK SEA PROPERTY AS – EGIL MELKEVIK APPOINTED CEO

The Board of Directors of Black Sea Property AS (the "Company") is pleased to announce that Egil Melkevik has entered into an employment agreement with the Company for the position as CEO. The position is a part-time position, equivalent to 25% of a full-time position.

Egil Melkevik has recently held the same position through a consultancy agreement, but the parties have now decided to formalize the relationship through an employment agreement.

Melkevik has been a board member of the Company since 2015, and has been the board`s chairman since 2016. Melkevik will retain his role as the chairman of the Company`s Board of Directors.

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.