Reference is made to earlier stock exchange announcements from Black Sea Property AS regarding the ongoing process to formalize and enter into definitive documentation for a loan offer in the amount of EUR 12 million to group company EPO Aheloy OOD (the development company for the Sunrise Gardens Resort). The bank that has extended the loan offer has now posed certain additional requirements for granting the loan in the amount of EUR 12 million. These requirements will effectively require the Group to open the Sunrise Gardens Resort and obtain a minimum fixed number of bed nights in one season before the loan can be disbursed.

The Company believes that these new requirements are a consequence of the uncertain effects of the Covid-19 pandemic on the Bulgarian tourism market as well as the uncertain political situation in the Ukraine. Even though these new requirements are unfortunate for the development of the Resort, the Company believes that the resort may be opened for the summer season of 2022 and obtain an adequate number of bed nights during the season. The Group will therefore aim to open the resort with limited activities and with only one of the buildings at the resort open for business, being Building M with 183 apartments.

Such opening is targeted for June 2022. The opening of the resort will be funded by the Group's own funds, as well as funds from local Bulgarian partner, Mr. Boyan Bonev. Even though these funds are expected to be sufficient until the opening of the resort, there can be no guarantee that the Company will not require additional capital prior to disbursement of the loan.

Such capital may be required both in relation to the Company's operations in Norway and for further development of the resort in Bulgaria.