Black Sea Property AS

Regulatory Filings • May 30, 2018

BLACK SEA PROPERTY AS: POSTPONEMENT OF OPENING OF AHELOY BEACH RESORT

BLACK SEA PROPERTY AS: POSTPONEMENT OF OPENING OF AHELOY BEACH RESORT

Reference is made to the stock exchange notice dated 3 May 2018 regarding a possible delay of the opening of Aheloy Beach Resort. The board of directors of Black Sea Property AS (the "Company") has now, together with our Bulgarian partner Boyan Bonev, decided that the opening of the Aheloy Beach Resort (the "Resort") shall be postponed to the summer season of 2019.

The Board has emphasized the fact that the ongoing process with UniCredit Bulbank regarding a EUR 3 million construction loan has taken more time than expected, and the Board expects that disbursement of such loan to EPO Aheloy (the development company for the Resort) at the earliest can be made in the end of July 2018. Further, the connections to the water and sewage grid has not yet been completed, and a solution for connection to the electrical grid is still pending.

All in all it is the Board's assessment that a postponement of the opening of the Resort will imply that the Resort can be completed to a greater extent well ahead of the summer season 2019, and that this will make it easier to obtain advance bookings at the Resort. The postponement is not expected to have a material effect on the budgeted result of EPO Aheloy for 2018 (due to a short season based on last minute sales) and the Company does not expect that it will be necessary to raise additional capital in excess of what has already been raised through recent share capital increases.

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.