Black Sea Property AS

Share Issue/Capital Change • Sep 12, 2024

Black Sea Property AS: Registration of share capital reduction by decrease of par value

Black Sea Property AS: Registration of share capital reduction by decrease of par value

Reference is made to the share capital reduction in Black Sea Property AS (the "Company") resolved by the Company's annual general meeting on 24 June 2024, agenda item 7. Pursuant to such resolution, the Company's share capital shall be reduced by NOK 20,219,858.80 by reduction of the par value of the shares from NOK 0.25 to NOK 0.05.

The share capital reduction by decrease of the par value of shares has now been registered with the Norwegian Register of Business Enterprises. The number of shares remains unchanged. The reduction amount, NOK 20,219,858.80, will be allocated to funds to be used pursuant to a decision by the general meeting. The Company's net equity remains the same, and there is no distribution of capital.

Following registration of the share capital decrease, the Company's share capital is NOK 5,054,964.70 divided into 101,099,294 shares, each with a nominal value of NOK 0.05.

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.