Black Sea Property AS

Share Issue/Capital Change • Feb 22, 2019

BLACK SEA PROPERTY AS: REGISTRATION OF SHARE CAPITAL INCREASE

BLACK SEA PROPERTY AS: REGISTRATION OF SHARE CAPITAL INCREASE

Reference is made to the stock exchange announcement by Black Sea Property AS on 30 January 2019 regarding the result of a repair issue with gross proceeds of NOK 3.95 million through issuance of 19,750,000 new shares (the "Repair Issue").

The share capital increase related to the Repair Issue has now been registered with the Norwegian Register of Business Enterprises. The share capital has been increased with NOK 197,500 through issuance of 19,750,000 new shares, each with a par value of NOK 0.01.

The Company's new share capital is thus NOK 1,582,435.83 divided into 158,243,583 shares, each with a par value of NOK 0.01.

For further information, please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

E-mail: egil.melkevik@imenco.com

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 Aheloy Beach Resort. Aheloy Beach Resort is a partially-completed project and will upon completion comprise over 1,000 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 Aheloy Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.