BLACK SEA PROPERTY AS – Notifiable Transactions in Connection with Private Placement

Reference is made to the stock exchange announcement by Black Sea Property AS (the "Company") on 2 October 2023 regarding the successful placing of a private placement raising gross proceeds of approximately NOK 5.8 million through issuance of new shares ("Offer Shares") in the Company with a subscription price of NOK 0.25 per Offer Shares (the "Offer Price"). The following persons discharging managerial responsibilities and their close associates have been allocated Offer Shares in the Private Placement at the Offer Price: • MTB Invest AS, a company controlled by chairman Egil Melkevik, has been allocated 560,000 Offer Shares at the Offer Price, corresponding to a total subscription amount of NOK 140,000; • Christinedal AS, a company controlled by board member Hans Gulseth, has been allocated 2,200,000 Offer Shares at the Offer Price, corresponding to a total subscription amount of NOK 550,000; • Rødningen Invest AS, a company controlled by board member Kåre Rødningen, has been allocated 560,000 Offer Shares at the Offer Price, corresponding to a total subscription amount of NOK 140,000; • DEA Holding AS, a company controlled by board member Dag Espen Arnesen, has been allocated 400,000 Offer Shares at the Offer Price, corresponding to a total subscription amount of NOK 100,000; and • North Bridge Management AS, a company closely associated with board member Dag Espen Arnesen, has been allocated 400,000 Offer Shares at the Offer Price, corresponding to a total subscription amount of NOK 100,000. Please see the attached notifications forms for further information. This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act section 5-12. 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.