Black Sea Property AS

Share Issue/Capital Change • May 24, 2018

BLACK SEA PROPERTY AS: SUBSCRIPTIONS FROM CERTAIN BOARD MEMBERS IN REPAIR ISSUE - MANDATORY NOTIFICATION OF TRADE

BLACK SEA PROPERTY AS: SUBSCRIPTIONS FROM CERTAIN BOARD MEMBERS IN REPAIR ISSUE - MANDATORY NOTIFICATION OF TRADE

Egil Melkevik and Morten Westergren, board members and primary insiders of Black Sea Property AS (the "Company"), has subscribed for a total of 1 360 000 new shares in the repair issue resolved on 25 April 2018 (the "Repair Issue"), of which 692 168 new shares are subscribed for through over-subscription. The subscriptions are made at the subscription price in the Repair Issue, being NOK 0.40 per share.

Please see the attached document for an overview of the subscriptions made by Egil Melkevik and Morten Westergren or companies controlled by them and their maximum holdings of shares in the Company following completion of the Repair Issue.

The maximum number of shares held by the primary insiders may change following the board of director's allocation of new shares in the Repair Issue. An updated overview of the holdings of the primary insiders listed above will be published in due time.

This information is subject of the disclosure requirements pursuant to the Continuing Obligations

for companies admitted to trading at Merkur Market