Black Sea Property AS

Director's Dealing • Dec 21, 2016

MANDATORY NOTIFICATION OF TRADE

MANDATORY NOTIFICATION OF TRADE

Christinedal AS, a shareholder in Black Sea Property

AS ("Company"), have on the 19th of December 2016 sold

1 442 500 shares in the Company to Aheloy Beach

Commercial to a price of NOK 1,50 per share.

Christinedal AS is owned 100% by board member Hans

Gulseth and related parties and Aheloy Beach

Commercial is owned 100% by board member Hans

Gulseth.

Hans F. Gulseth is regarded as a primary insider in

the Company and, thus, the trade is notifiable

pursuant to the Continuing Obligations for companies

admitted to trading at Merkur Market.

After this, Christinedal A/S will own no shares in the

Company, while Aheloy Beach Commercial will own 1 442

500 shares in the Company, corresponding to

approximately 4,81% of the Company.

This information is subject of the disclosure

requirements pursuant to the Continuing Obligations

for companies admitted to trading at Merkur Market.