Black Sea Property AS announced 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.