Black Sea Property AS

Board/Management Information • Sep 2, 2016

Termination of consultancy agreement

Termination of consultancy agreement

Fenix Securities AS (Fenix) has today 2 September 2016

terminated the consultancy agreement "Consultancy

Agreement" dated 4 November 2015 between Black Sea

Property AS (BSP), EPO Bulgaria EOOD and Fenix

Securities AS.

BSP have entered, as described in the announcement on

September 1, into a new phase with focus on the

completion of the resort. Fenix wants BSP to be able

to optimize its organizational structure without any

constraints taking into account that BSP have entered

into a building phase.

Fenix will continue to work for shareholders' best,

and to fulfill their contractual obligations during

the notice period of six months, until the end of

March 2017.

As a result of the termination of the consultancy

agreement, CEO Torbjorn Myhre advised the Board of

directors in BSP that he will resign from his position

with effect no later than 30 September 2016.

For more information please contact:

Håvard Lindstrøm, Chairman of the Board

Tel:+47 94132288

E-mail:hl@fenixsecurities.no