Black Sea Property AS

Share Issue/Capital Change • Mar 27, 2023

Black Sea Property AS: Notifiable transactions in connection with private placement

Black Sea Property AS: Notifiable transactions in connection with private placement

Reference is made to the stock exchange notice on 27 March 2023, where it was announced that the general meeting of Black Sea Property AS (the "Company" or "BSP") had approved, inter alia, a share capital increase in connection with a private placement of 20,420,000 new shares (the "Private Placement"), at a price per share of NOK 0.40.

Among the subscribers in the Private Placement were the following close associates of primary insiders in BSP:

• MTB Invest AS, a company controlled by chairman Egil Melkevik, subscribed for 575,000 new shares, each at the subscription price of NOK 0.40.

• Christinedal AS, a company controlled by Board member Hans Gulseth, subscribed for 1,400,000 new shares, each at the subscription price of NOK 0.40;

• Rødningen Invest AS, a company controlled by Board member Kåre Rødningen, subscribed for 475,000 new shares, each at the subscription price of NOK 0.40;

• DEA Holding AS, a company controlled by Board member Dag Espen Arnesen, subscribed for 250,000 new shares, each at the subscription price of NOK 0.40; and

• North Bridge Management AS, a company closely associated with Board member Dag Espen Arnesen, subscribed for 500,000 new shares, each at the subscription price of NOK 0.40.

Please also see the attached notification forms for further information.

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 River Beach Resort. Sunrise River Beach 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 River Resort Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.