Black Sea Property AS

BLACK SEA PROPERTY AS - COMPLETED ORDINARY GENERAL MEETING

Black Sea Property AS has today completed an ordinary

general meeting.

Please note that the Board of Directors withdrew its

proposal in item 8. Apart from that, all resolutions were

passed in accordance with the proposals set out in the

notice for the ordinary general meeting. Please find

attached the signed minutes of the ordinary general meeting.

For further information please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

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.

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