Black Sea Property AS

Share Issue/Capital Change • Sep 6, 2021

BLACK SEA PROPERTY AS: NEW SHARE CAPITAL REGISTERED

BLACK SEA PROPERTY AS: NEW SHARE CAPITAL REGISTERED

Reference is made to the stock exchange notice on 30 May 2021 regarding the completion of a conditional private placement (the "Private Placement") and to the general meeting's decision on 30 June 2021 to resolve a share capital increase of NOK 1,083,333,50 through issuance of 4,333,334 new shares, each with a par value of NOK 0.25, in connection with the Private Placement. The share capital increase relating to the Private Placement has now been registered with the Norwegian Register of Business Enterprises.

The new share capital in Black Sea Property AS is thus NOK 7,875,548 divided into 31,502,192 shares, each with a par value of NOK 0.25.

For further information, please contact:

Egil Melkevik, Chairman

Tel: +47 90 77 09 76

E-mail: em@em-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 partially completed 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.