Black Sea Property AS

Share Issue/Capital Change • Dec 21, 2018

BLACK SEA PROPERTY AS: KEY INFORMATION RELATING TO THE REPAIR ISSUE

BLACK SEA PROPERTY AS: KEY INFORMATION RELATING TO THE REPAIR ISSUE

Reference is made to the announcement by Black Sea Property AS on 20 December 2018 concerning, inter alia, a private placement with gross proceeds of NOK 8.65 million and a contemplated NOK 3.95 million repair issue (the "Repair Issue") with non-tradable subscription rights for eligible shareholders.

Date on which the terms of the Repair Issue was announced: 20 December 2018

Last day including right to receive subscription rights: 20 December 2018

First day excluding right to receive subscription rights: 21 December 2018

Record date: 27 December 2018

EGM date: 7 January 2019

Maximum number of new shares: 19,750,000

Subscription price: NOK 0.20

Shall the rights be listed No

The Repair Issue is conditional upon approval of the share capital increase pertaining to the Repair Issue by the extraordinary general meeting to be held on 7 January 2019.

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