Black Sea Property AS

Share Issue/Capital Change • Jul 29, 2019

BLACK SEA PROPERTY AS – KEY INFORMATION RELATING TO REVERSE SHARE SPLIT

BLACK SEA PROPERTY AS – KEY INFORMATION RELATING TO REVERSE SHARE SPLIT

Reference is made to the stock exchange announcement by Black Sea Property AS (the "Company") on 18 June 2019, regarding a reverse share split of the Company's shares in the ratio 25:1, so that 25 shares, each with a par value of NOK 0.01, is consolidated into one new share with a par value of NOK 0.25 (the "Reverse Share Split").

Date on which the terms of the Reverse Share Split

was announced: 7 June 2019

Reverse split ratio: 25 old shares give 1 new share

Last day including: 30 July 2019

First day excluding: 31 July 2019

Record date: 1 August 2019

Date of approval: 18 June 2019

This information is published in accordance with the requirements of the Continuing Obligations

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.