Black Sea Property AS (the "Company", and together with its consolidated
subsidiaries, the "Group") is pleased to announce that the Group company EPO
Aheloy OOD (the development and property-owning company for the Sunrise River
Beach Resort, "EPO Aheloy" and the "Resort", respectively) has entered into a
long-term loan agreement with First Investment Bank, one of the largest banks in
Bulgaria.

The loan agreement grants a EUR 10 million credit line, divided into one tranche
of EUR 6.5 million and one tranche of EUR 3.5 million. The loan has a 15-year
term, with monthly payments of principal and interest.

The first tranche will be used for repayment of the remaining EUR 4.5 million
owed under the Group's current loan agreement with UniCredit Bulbank and EUR 2
million will be used for construction works at the Resort (including
reimbursement of construction costs occurred during 2023) and for general
corporate purposes. Draw-down of the first tranche is subject to establishment
of all collateral and securities. The Group expects to make a draw-down of the
first tranche as soon as possible after all conditions precedent have been
satisfied or waived.

The second tranche of EUR 3.5 million may be utilized for construction works for
the next construction phase of the Resort, and draw-down of the second tranche
is subject to satisfaction of certain conditions, including that loan-to-value
shall not exceed 60%, customary insurance of the properties used for collateral
and deed registration of the properties used for collateral, not to change the
company managing the Resort without consent, and not to make any payments to
Penchev Consult EOOD using income from operations. In light of the latter
restriction, the Company and its local Bulgarian partner, Mr. Boyan Bonev will
continue to assess opportunities for repayment and/ or refinancing of the loan
previously granted by Penchev Consult EOOD to EPO Aheloy. A draw-down of the
second tranche will at earliest occur following the summer season 2023.

The loan carries an interest rate corresponding to a floating interest rate set
by First Investment Bank from time to time (and published on the bank's website)
and with an added margin of 2.31 percentage points, however not less than 5% per
annum. Based on this, the current interest rate is approximately 5% per annum,
with the addition of 1% over the outstanding principal annually in bank fees.

The loan will be secured, including with mortgages over the Group's material
properties and through adherence to the loan agreement by a company controlled
by Boyan Bonev (the Company's local Bulgarian partner) and the management
company for the Resort.

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.