Black Sea Property AS

Share Issue/Capital Change • Apr 19, 2018

BLACK SEA PROPERTY AS - CORRECTION: NUMBER OF SUBSCRIPTION RIGHTS

BLACK SEA PROPERTY AS - CORRECTION: NUMBER OF SUBSCRIPTION RIGHTS

Reference is made to the stock exchange notice on 18 April 2018, and the call for an extraordinary general meeting attached to that stock exchange notices.

Due to a mistake, the number of subscription rights stated in the stock exchange notice and the call for the extraordinary general meeting was incorrect. The correct number of subscription rights to be granted to the shareholders in the Private Placement and the Repair Issue is approximately 0.5493 and 0.5446, respectively, per share held by the eligible shareholders.

The final number of subscription rights will be based on shareholdings in the Company as of the end of 23 April 2018, and the Board of Directors' proposals to the extraordinary general meeting to be held on 25 April 2018 will be updated accordingly.

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.