Black Sea Property AS

Share Issue/Capital Change • Jan 28, 2019

BLACK SEA PROPERTY AS - LAST DAY OF SUBSCRIPTION PERIOD

BLACK SEA PROPERTY AS - LAST DAY OF SUBSCRIPTION PERIOD

Reference is made to the stock exchange announcement from Black Sea Property AS (the "Company") dated 20 December 2018 regarding a private placement with gross proceeds of NOK 8.645 million and a contemplated NOK 3.95 million repair issue (the "Repair Issue") and the announcement on 14 January 2019 regarding start of the subscription period for the Repair Issue.

The subscription period for the Repair Issue ends today, 28 January 2019 at 16.30 hours (CET). Subscription rights that are not utilized within the end of the subscription period will lapse automatically and hold no value.

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 Sunrise Gardens (previously called Aheloy Beach Resort). Sunrise Gardens 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 Sunrise Gardens, to realize the project's added value through the sale of residential units and hotel operations.