Black Sea Property AS

Share Issue/Capital Change • Jul 26, 2019

BLACK SEA PROPERTY AS – NEW REGISTERED SHARE CAPITAL

BLACK SEA PROPERTY AS – NEW REGISTERED SHARE CAPITAL

Reference is made to the stock exchange announcement by Black Sea Property AS (the "Company") on 18 June 2019, regarding the approval by the Company's general meeting of a private placement with total gross proceeds of NOK 14,253,982.35 through conversion of debt and a share capital increase of NOK 0.05 in connection with a reverse share split of the Company`s shares in the ratio 25:1.

The share capital increases mentioned above have now been registered with the Norwegian Register of Business Enterprises. The new share capital is NOK 2,295,135 divided on 229,513,500 shares, each with a par value of NOK 0.01. The new shares are immediately tradable on Merkur Market. Further information regarding effectuation of the reverse share split will be given in a separate key information notice.

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.