Black Sea Property AS

Share Issue/Capital Change • May 8, 2018

BLACK SEA PROPERTY AS: LAST DAY OF SUBSCRIPTION PERIOD

BLACK SEA PROPERTY AS: LAST DAY OF SUBSCRIPTION PERIOD

Reference is made to previous stock exchange announcements made by Black Sea Property AS and the general meeting's decision of 25 April 2018 to resolve a private placement in the amount of NOK 11.5 million (the "Private Placement").

The subscription period for the Private Placement ends today, on 08 May 2018 at 16:30 CET. Subscription rights that are not subscribed 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 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.