Black Sea Property AS

BLACK SEA PROPERTY AS: EXPIRY OF SUBSCRIPTION PERIOD IN RIGHTS ISSUE - OVERSUBSCRIPTION

On 21 December 2015, the board of directors of Black Sea

Property AS (the "Company") resolved to initiate a rights

issue to raise an amount of minimum NOK 2,495,599 and

maximum NOK 3,329,545 through issuance of minimum 1,800,000

and maximum 2,401,500 new shares at a subscription price of

NOK 1,386444.

The subscription period commenced on 22 December 2015 at

08:00 CET and ended on 12 January 2016 at 16.30 CET.

The Company has received subscriptions for a total of

2,860,223 new shares, corresponding to an oversubscription

of NOK 635,994. This implies an increase of the Company's

share capital with NOK 24,015 through issuance of 2,401,500

new shares.

The subscription amount is due for payment today, 12 January

2016. Provided that all subscribers pay their subscription

amount on time, the Company expects that the share capital

increase will be registered in the Norwegian Register of

Business Enterprises on or about 19 January 2016. The new

shares may not be transferred or traded before the

subscribed shares have been fully paid-up and the share

capital increase has been registered in the Norwegian

expected to be delivered to the subscribers' securities

accounts on or about 20 January 2016.

For further information, please contact:

Torbjørn Myhre, CEO

Tel: +47 952 57 235

About Black Sea Property AS:

Black Sea Property AS is a real estate company with partial

ownership to a real estate project on the Black sea coast

named Aheloy Residence Resort. Aheloy Residence Resort is

partially finished and will upon completion consist of more

than 1050 holiday apartments and significant commercial

areas. The company effectively owns 75% of the project.

Black Sea Property AS aims to complete the project, in order

to realize its potential value through sale of residential

units and operation as a hotel.

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