Black Sea Property AS

Share Issue/Capital Change • Apr 27, 2018

BLACK SEA PROPERTY AS - START OF SUBSCRIPTION PERIOD

BLACK SEA PROPERTY AS - START OF SUBSCRIPTION PERIOD

Reference is made to the stock exchange announcement from Black Sea Property AS ("BSP" or the "Company") dated 18 April 2018 regarding an equity offering with gross proceeds of up to NOK 13.5 million, to be carried out through two separate share capital increases. The first share capital increase will have a subscription amount of up to NOK 11.5 million and will be directed towards the Company's 40 largest shareholders (the "Private Placement"). The second share capital increase will have a subscription amount of up to NOK 2 million and be directed towards the other shareholders of the Company (the "Repair Issue"). Reference is furthermore made to the decision of the Company's shareholders to resolve the Private Placement and the Repair Issue, as announced on 25 April 2018.

The subscription period in the Private Placement commence today at 09:00 CET.

An invitation letter, including a subscription form related to the Private Placement (the "Invitation Letter"), will be distributed to the 40 largest shareholders of the Company, as of 23 April 2018 and as registered in the VPS as of 25 April 2018.

Eligible shareholders who wish to participate in the Private Placement must complete the subscription form found in the Invitation Letter and submit it to Nordea Issuer Services, as further specified on face of the subscription form, or subscribe through the VPS online subscription system.

Over-subscription will be allowed. Subscription without subscription rights will not be allowed.

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.