Black Sea Property AS

Pre-Annual General Meeting Information • Mar 18, 2023

Black Sea Property AS: Notice of extraordinary general meeting

Black Sea Property AS: Notice of extraordinary general meeting

Reference is made to the stock exchange notice from Black Sea Property AS (the "Company") on 14 March 2023 regarding the successful placing of a conditional private placement to raise gross proceeds of NOK 8,168,000 (the "Private Placement") and a contemplated subsequent offering of new shares in the Company with gross proceeds of up to NOK 6,832,000 (the "Subsequent Offering"), as well as conversion of a shareholder loan into new shares in the Company (the "Debt Conversion").

The share capital increases pertaining to the Private Placement, the Subsequent Offering and the Debt Conversion must be approved by the Company's general meeting.

The Board of Directors of the Company hereby calls for an extraordinary general meeting to be held on 27 March 2023 at 12.00 CET, at the offices of Advokatfirmaet CLP DA, Sommerrogata 13-15, 0255 Oslo, Norway.

The notice for such extraordinary general meeting is attached to this stock exchange notice. Enclosed is also as a statement from the Board of Directors prepared in relation to the Debt Conversion and a statement from the Company's auditor regarding the statement from the Board of Directors.

For further information, please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

E-mail: em@ms-solutions.no

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 Sunrise Gardens. Sunrise Gardens Resort is a partially completed project and will upon completion comprise approximately 950 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 Sunrise Gardens Resort, to realize the project's added value through the sale of residential units and hotel operations.