BLACK SEA PROPERTY AS - START OF SUBSCRIPTION PERIOD.

Reference is made to the stock exchange announcement from
Black Sea Property AS (the "Company") dated 27 February 2017
related to the issue of up to 32,142,857 new shares in the
Company in a rights issue, with pre-emptive rights for
existing shareholders (the "Rights Issue") and the decision
of the Company's shareholders to resolve the Rights Issue,
as announced on 8 March 2017.

The subscription period in the Rights Issue will commence
today at 09:00 CET.

An invitation letter, including a subscription form related
to the Rights Issue (the "Invitation Letter"), will be
distributed to existing shareholders in the Company as of 8
March 2017, as registered in the VPS as of 10 March 2017.
Subscription will also be available through the VPS online
subscription system at the internet address stated in the
Invitation Letter. The Invitation Letter is also attached
hereto.

Shareholders with pre-emptive rights who wish to participate
in the Rights Issue must complete the subscription form
found in the Invitation Letter and submit it to the Company
as further specified on face of the subscription form, or
subscribe through the VPS online subscription system.

Over-subscription will be allowed. Subscription without
subscription rights will not be allowed.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: egil.melkevik@imenco.com

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 Aheloy Beach Resort. Aheloy Beach Resort is a
partially-completed project and will upon
completion comprise over 1,000 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 Aheloy Beach Resort, to realize the
project's added value through the sale of residential units
and hotel operations.