Black Sea Property AS

Share Issue/Capital Change • Oct 4, 2024

Black Sea Property AS: Mandatory Notification of Trade

Black Sea Property AS: Mandatory Notification of Trade

Reference is made to the stock exchange notice by Black Sea Property AS ("BSP" or the "Company") on 4 October 2024, regarding the final result of the rights issue of between 107,382,966 to 150,000,000 new shares in the Company, at a subscription price of NOK 0.12 per share (the "Offer Shares") to raise gross proceeds of up to approximately NOK 18,000,000 (the "Rights Issue").

The following close associates to primary insiders have been allocated Offer Shares in the Rights Issue:

- MTB Invest AS, a close associate of Egil Melkevik, the chairman of the board of the Company, has been allocated 2,792,974 Offer Shares in the Rights Issue:

- North Bridge Management AS, a close associate of Dag Espen Arnesen, a board member in the Company, has been allocated 18,353,831 Offer Shares in the Rights Issue;

- DEA Holding AS, a close associate of Dag Espen Arnesen, a board member in the Company, has been allocated 1,795,483 Offer Shares in the Rights Issue;

- Christinedal AS, a close associate of Hans Fredrik Gulseth, a board member in the Company, has been allocated 15,959,853 Offer Shares in the Rights Issue;

- Rødningen Invest AS, a close associate of Kåre Rødningen, a board member in the Company, has been allocated 1,396,487r Offer Shares in the Rights Issue.

Please refer to the attached notification forms for further information.

This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation article 19.

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 has indirect ownership to the project and will work to finalize Sunrise River Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.