Black Sea Property AS

Share Issue/Capital Change • Jul 10, 2018

BLACK SEA PROPERTY AS: REGISTRATION OF SHARE CAPITAL INCREASE

BLACK SEA PROPERTY AS: REGISTRATION OF SHARE CAPITAL INCREASE

Reference is made to previous stock exchange announcements and the general meeting's decision to resolve a repair issue of minimum 1 and maximum 5,000,000 new shares (the "Repair Issue") in Black Sea Property AS (the "Company"). In the Repair Issue, 5,000,000 new shares were subscribed and allocated by the board of directors of the Company.

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 50,000 through issuance of 5,000,000 new shares, each with a par value of NOK 0.01.

The Company's new share capital is thus NOK 952,685.83 divided into 95,268,583 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.