Reference is made to earlier stock exchange notices from Black Sea Property AS
(the "Company", and together with its consolidated subsidiaries, the "Group"),
including the stock exchange notice dated 26 June 2022 regarding the planned
opening of the Sunrise Gardens Resort (the "Resort").

The Resort opened for business on 3 July 2022 and has since then operated with a
family and kids club concept, with between 400 - 600 guests per day since
opening. The number of visitors per day is expected to decline going forward,
with closing for the season around mid-September. The feedback from the visitors
has been very positive, and the Company is satisfied with the Resort's
operations so far.

The Group is also looking into the possibility of using the Resort to
accommodate Ukrainian refugees at the Resort after the end of the season, i.e.
from the end of September. This would allow the Group to utilize the Resort also
in the off-season. If the Group and the Resort is appointed for accommodating
refugees, the Group will receive a fixed fee per day per refugee from the
Bulgarian government and the accommodation program is expected to have a
duration of approximately 5 months.

As also disclosed in earlier stock exchange notices, the financing of the
Company and the Group is still a material risk factor. The Group currently has
approximately EUR 6 million in bank debt from UniCredit Bulbank, and under this
agreement the Group shall make a down-payment of principal of EUR 3 million in
December 2022, as well as payment of incurred interest. The Company and its
local partner, Boyan Bonev, has held several meetings with the bank in order to
negotiate a plan for extend maturity or at least delaying the principal payment,
but without success.

The Group has previously received a loan offer from another Bulgarian bank, for
a loan in the amount of EUR 12 million. The loan offer was subject to various
conditions being met prior to disbursement of funds, which has not been met as
of the date hereof. Following receipt of this loan offer, the war in the Ukraine
has also severely affected the bank's willingness to provide loans for
businesses within the tourism sector. The Company therefore deems it unrealistic
that it will be able to utilize this loan offer.

The Group has also incurred construction costs over the last 6 months, which
have been funded by Boyan Bonev. The funding provided by Boyan Bonev over the
last 6 months amount to approximately EUR 2.5 million, and given the 75/25 ratio
of ownership split of the Resort between the Group and Boyan Bonev, the Company
must provide EUR 7.5 million to equal out the ownership contributions. If the
Company is able to raise EUR 7.5 million, that would both equal out the
ownership contribution, fund the down-payment of EUR 3 million to UniCredit
Bulbank and have sufficient capital to finalize the Resort for the summer season
of 2023.

Both the Company and the Group consequently has a significant capital need, and
the Company is constantly exploring options to raise capital, including a
potential 1-year bridge financing option. In the short-term, the Company expects
to raise a smaller amount in equity or loans to fund operations in Norway for
the upcoming six-month period.

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 Gardens. Sunrise Gardens Resort is a partially completed
project and will upon completion comprise approximately 950 apartments as well
as significant commercial space. Black Sea Property AS owns indirectly 75% of
the project. Black Sea Property AS will work to finalize Sunrise Gardens Resort,
to realize the project's added value through the sale of residential units and
hotel operations.