Black Sea Property AS

BLACK SEA PROPERTY AS: REGISTRATION OF SHARE CAPITAL INCREASE

Reference is made to the stock exchange announcement on 28

March 2017 regarding the final result of the rights issue

(the "Rights Issue") resolved by the general meeting of

Black Sea Property AS ("BSP" or the "Company") on 8 March

2017. In the Rights Issue, 31,518,583 new shares were

subscribed and allocated by the board of directors of the

Company.

The share capital increase related to the Rights Issue has

now been registered with the Norwegian Register of Business

Enterprises. The share capital has been increased with NOK

315,185.83 through issuance of 31,518,583 new shares, each

with a par value of NOK 0.01.

The Company's new share capital is thus NOK 615,185.83

divided on 61,518,583 shares, each with a par value of NOK

0.01.

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.

AI Terminal