Black Sea Property AS

BLACK SEA PROPERTY AS - LAST DAY OF SUBSCRIPTION PERIOD IN OPTION ISSUE

Reference is made to previous stock exchange

announcements made by Black Sea Property AS ("BSP" or

the "Company") and the invitation letter

(the "Invitation Letter") dated 30 January 2017

concerning, inter alia, the issue (the "Option Issue")

of up to 150 options (each an "Option", jointly

the "Options") to buy apartments in Aheloy Beach

Resort (the "Resort").

In the Option Issue, shareholders and other investors

(subject to approval by the Company's board) may

subscribe for Options at a price per Option of EUR

7,500, or EUR 8,500 if a one-year extension of the

option period is desired.

The subscription period for the Option Issue ends

today, on 10 February 2017 at 16:30 CET.

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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