Black Sea Property AS - Update on refinancing process

Reference is made to the half-year report for Black Sea Property AS ("BSP" or the "Company") published on 30 September 2026, regarding the status and refinancing requirements of certain parts of the BSP Group, comprising BSP, EPO Bulgaria AD ("EPO Bulgaria") and EPO Aheloy OOD ("EPO Aheloy") (together the "Group"). EPO Aheloy, the borrower under the existing loan from First Investment Bank (the "FIB Loan") and the loan from Penchev Consult EOOD ("Penchev Consult") (the "Penchev 1 Loan"), has received an indicative offer from a Bulgarian bank for a loan of up to EUR 12 million (the "New Bank Loan"). The indicated terms provide for a five-year project loan with limited annual instalments and largely combining the principal into a final bullet payment at end of year five. At the maximum amount of EUR 12 million of the New Bank Loan, the indicative offer requires a shareholder contribution of EUR 4.5 million, of which BSP's share is approx. EUR 3.4 million. The proposed New Bank Loan remains subject to credit approval, final agreements and securing the required shareholder funding. There can be no assurance that the refinancing will be completed. The refinancing described herein will not affect the Group's other indebtedness, with BSP as borrower, which will be handled separately. The proceeds from the New Bank Loan, together with the available proceeds from the shareholder contribution, are intended to enable full repayment of the FIB Loan and the Penchev 1 Loan, including accrued interest. An annex to the Penchev 1 Loan has been signed, extending the repayment deadline to 28 February 2027. The deadline will automatically be extended to 30 April 2027 provided that EPO Aheloy has entered into a final loan agreement for the New Bank Loan by 28 February 2027. A sale of the land plot properties held by the Company's subsidiary Obzor Market Ltd. was completed on 15 October 2026 for EUR 220,000. The proceeds, net of transaction costs, have been transferred to BSP. The Company's management and Board of Directors, together with its partner in EPO Aheloy, continue to work on the refinancing, including securing commitments for the required shareholder funding. Further information will be provided in due course.

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 an indirect interest in Sunrise River Beach Resort, a partially completed real estate project on the Black Sea coast. Upon completion, the Resort is expected to comprise approximately 950 apartments and significant commercial space. The Company works to complete the Resort and realise its value through residential sales and hotel operations.