Black Sea Property AS

Related Party Transaction • Mar 14, 2019

BLACK SEA PROPERTY AS: CONSULTANCY AGREEMENT WITH EGIL MELKEVIK

BLACK SEA PROPERTY AS: CONSULTANCY AGREEMENT WITH EGIL MELKEVIK

Black Sea Property AS (the "Company") has entered into a consultancy agreement with MTB Invest AS, a company controlled by chairman Egil Melkevik.

Under this consultancy agreement, Egil Melkevik will follow up the Company's involvement in Sunrise Gardens Resort more closely than what follows from his role as chairman of the board of directors. The Company considers it important to be closely involved in the months before expected opening of the resort in July 2019.

The consultancy agreements enters into effect today, 14th of March 2019, and expires on 30 June 2019. Under the agreement, the Company will pay to MTB Invest a monthly fee of NOK 25,000 ex VAT.

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.