The first guests arrived at the Sunrise River Beach Resort (the "Resort") on
June3, 2025, representing the start of the summer season 2025. 

Due to a delay in obtaining all required licenses for the full operation of the
completed part of the Resort, the 2025 capacity is somewhat reduced compared to
the budget. This implies that the full rent for 2025 of EUR 750,000 will not
become payable. A revised estimate in light of the reduced capacity shows a
total rent of EUR 600,000, of which EUR 300 000 has been prepaid by the tenant
and the remaining part will be paid in August/September 2025.

A revised liquidity budget for EPO Aheloy (the owning company for the Resort)
for the period until start of the 2026 season (ie. the next 12 months) shows a
capital requirement of approx. EUR 1.8 million. This liquidity requirement will,
as previously informed, be covered through a new loan arranged by Penchev in
Bulgaria (the "Penchev 2 Loan"), which is expected to hold a principal amount of
EUR 2.7 million (increased from the previously announced loan amount of EUR 2.0
million). The Penchev 2 Loan will carry an interest of 15 % p.a. with no
instalments before full repayment latest November 30, 2026.

Of this amount, EUR 902,000 is required for the scheduled instalments under the
existing bank loan granted by First Investment Bank ("FIB") including an
overdraft facility, interest payments on the FIB loan and a partial interest
payment on the Penchev 1 loan totaling EUR 850 000. The remaining part is
related to work and expenses for obtaining necessary governmental licenses (so
called Act 16) for all completed facilities. 

It has further been agreed that the Penchev 2 Loan will be split in two
tranches, implying that BSP will borrow EUR 2,025,000 (75 % share of the loan)
to be lent/invested in EPO Bulgaria (the fully owned subsidiary of Black Sea
Property AS (the "Company" or "BSP") in Bulgaria), of which EUR 650,000 will be
returned as repayment of a shareholder loan previously provided by the Company
to EPO Bulgaria. The BSP part of the Penchev 2 Loan will be secured through a
pledge in favor of the lender of all shares in EPO Bulgaria, as well as Board
representation by the lender in EPO Bulgaria. This structure further implies
that EPO Bulgaria will be a debt-free holding company for BSPs ownership in EPO
Aheloy, and which is considered to be preferential structure for a contemplated
exit for the Company from its investment in the Resort.

The above will imply that BSP expects be able to repay its shareholder loan of
approx. NOK 5.3 million loan plus accrued interest, granted from certain BSP
shareholders in November 2024,  in late June or the beginning of July 2025.
Failing such full loan repayments, the lenders of the November 2024 shareholder
loan will have the right until November 2026 to convert the loan including
accrued interest to new shares in BSP at an agreed conversion price of NOK 0.05
per share. If the November 2024 shareholder loan is repaid as stated above, BSP
will be in need of further funds during Q4 2025 in order to repay the March 2025
shareholder loan of NOK 2.8 million due in November 2025 as well as further
funds for own operating purposes.

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.