Black Sea Property AS (the "Company", and together with its consolidated
subsidiaries, the "Group") is very pleased to announce that the Sunrise Gardens
Resort (the "Resort") is set for a limited opening for the summer season of 2022
on 29 June. This is a major milestone for the Company and for the Resort. 
 
The Resort will initially operate as a kids camp for Ukrainian children from the
ages 12 to 17, as well as Bulgarian children attending sports camps. The
occupancy level is set to reach a stable level of approximately 400 - 500 guests
per day shortly after the opening. The management of the Resort for this season
is being carried out by a local third-party company, which was considered
necessary to ensure opening for the 2022 summer season.  The Group will, going
forward, assess suitable models for management of the Resort for later seasons.
No significant profit is expected for the summer season of 2022.
 
Although the Resort will aim to attract more conventional tourist groups in
later seasons, this season will provide the Group with valuable experience in
operating the Resort and be important for further work for pursuing long-term
financing for the Resort. The Company is also proud of the social aspect of
hosting Ukrainian children.
 
The funding required this year to make the Resort open for business has been
provided by the Company's local Bulgarian Partner, Mr. Boyan Bonev. The final
amount of costs incurred for such funding has exceeded earlier estimates but is
still uncertain and may increase up to more than EUR 2 million. The Company will
continue its work to pursue a more long-term financing for the Resort, including
for completion of Buildings P, N and M at the Resort, which is still, despite
the opening of the Resort, considered a material risk factor for the Company
going forward.
 
Attached to this stock exchange notice is a presentation that will be given at
the Company's annual general meeting on 27 June 2022.
 
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.