Reference is made to earlier stock exchange notices from Black Sea Property AS
(the "Company", and together with its consolidated subsidiaries, the "Group").

As disclosed in the stock exchange notice of 14 December 2022, a loan agreement
for a loan facility in the amount of EUR 7.5 million has been entered into
between Group company EPO Aheloy OOD ("EPO Aheloy", the development and
property-owning company for the Sunrise Gardens Resort) and Penchev Consult.
Funds under the loan facility has only recently been disbursed, initially in an
amount of EUR 4.5 million, due to negotiations with the Group's existing lender
UniCredit Bulbank on handling of the outstanding amounts under the EUR 6 million
loan owed by EPO Aheloy to UniCredit Bulbank.

EPO Aheloy is in the process of finalizing an agreement with UniCredit Bulbank
on handling of the remaining EUR 6 million loan, whereby EPO Aheloy has made a
principal payment of EUR 1.5 million (plus accrued interest) to Unicredit
Bulbank and the remaining EUR 4.5 million (plus accrued interest) will fall due
for payment in June 2023. EPO Aheloy should originally have paid a principal
payment of EUR 3 million (plus accrued interest), with the remaining EUR 3
million (plus accrued interest) due for payment with EUR 1,5 million in December
2023 and remaining amount in December 2024.

Even though this amended loan structure implies a shorter term for the loan, the
Company and its local Bulgarian partner, Mr. Boyan Bonev, believes that a
refinancing of loan taken up with UniCredit Bulbank can be achieved within June
2023 at customary terms.

Consequently, the loan facility from Penchev Consult has currently been used to