Black Sea Property AS

BLACK SEA PROPERTY AS - START OF SUBSCRIPTION PERIOD.

Reference is made to the stock exchange announcement from

Black Sea Property AS (the "Company") dated 27 February 2017

related to the issue of up to 32,142,857 new shares in the

Company in a rights issue, with pre-emptive rights for

existing shareholders (the "Rights Issue") and the decision

of the Company's shareholders to resolve the Rights Issue,

as announced on 8 March 2017.

The subscription period in the Rights Issue will commence

today at 09:00 CET.

An invitation letter, including a subscription form related

to the Rights Issue (the "Invitation Letter"), will be

distributed to existing shareholders in the Company as of 8

March 2017, as registered in the VPS as of 10 March 2017.

Subscription will also be available through the VPS online

subscription system at the internet address stated in the

Invitation Letter. The Invitation Letter is also attached

hereto.

Shareholders with pre-emptive rights who wish to participate

in the Rights Issue must complete the subscription form

found in the Invitation Letter and submit it to the Company

as further specified on face of the subscription form, or

subscribe through the VPS online subscription system.

Over-subscription will be allowed. Subscription without

subscription rights will not be allowed.

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.

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