Black Sea Property AS

Major Shareholding Notification • May 8, 2018

BLACK SEA PROPERTY AS: SUBSCRIPTIONS FROM BOARD MEMBERS IN PRIVATE PLACEMENT - MANDATORY NOTIFICATION OF TRADE

BLACK SEA PROPERTY AS: SUBSCRIPTIONS FROM BOARD MEMBERS IN PRIVATE PLACEMENT - MANDATORY NOTIFICATION OF TRADE

The board members and primary insiders of Black Sea Property AS (the "Company") has subscribed for a total of 18,182,500 new shares in the private placement resolved on 25 April 2018 (the "Private Placement"), of which 5,229,643 new shares are subscribed for through over-subscription. The subscriptions are made at the subscription price in the Private Placement, being NOK 0.40 per share.

Please see the attached document for an overview of the subscriptions made by the board members or companies controlled by them and their maximum holdings of shares in the Company following completion of the Private Placement.

The maximum number of shares held by the primary insiders will be subject to change following the board of director's allocation of new shares in the Private Placement. 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