The results and other key ratios for Norwegian Property's office portfolio for the 3rd quarter is attached.

 

A complete financial report for the Norwegian Property group for the 3rd Quarter 2007 which also includes the results and consolidated balance sheets including Norgani Hotels ASA and Oslo Properties AS will be published on 13 November 2007.

 

Revenues for the Norwegian Property office portfolio in the 3rd quarter were mnok 242.2. Revenues do not include a rental substitute relating to Aker Hus and other rental payments related to rental guarantees totalling mnok 23.4. The "Run-rate" for gross rental income as of 1 January 2008 is mnok 1 156.9. This figure does not include CPI-adjustment for 2007.

 

Property related cost was mnok 16.8 and is reflecting that much of this year's planned maintenance was completed during the summer period. Group related expenses were mnok 12.8. Net ordinary financial expenses before change in market value of derivatives, was mnok 135.4, and include positive one off effects of mnok 10.9.

 

The period's result before value adjustments on investment properties and changes in market value of derivatives was consequently mnok 77.2 (not including the effects of Norgani).

 

Total market value of Norwegian Property's financial derivatives was mnok 494 at the end of the 3rd quarter. Negative change in market value during the 3rd quarter was mnok 94.2.

 

The group's property portfolio is also in the 3rd Quarter valued by DTZ Realkapital. Total value of the groups property portfolio (excluding Norgani) was mnok 20 895. The corresponding value adjustment for investment properties in the 3rd quarter was consequently mnok 68.9. A detailed summary of the valuation will be included in the presentation on 13 November.

 

"Vacancy in the Oslo-market is currently below 5%. Rental growth in CBD is still strong, but also popular office areas like Skøyen and Nydalen, see increasing rental growth rates," says Petter Jansen, CEO in Norwegian Property ASA.

 

Please find attached an updated overview of the group's office portfolio (not including Norgani).

 

Complete and consolidated P&L-statements and balance sheets including Norgani Hotels ASA and Oslo Properties AS will be released on 13 November. An invitation to the presentation and details for access to the web-cast will be published on www.newsweb.no.

 

 

 

For additional information, contact:

CEO Petter Jansen, mobile +47 900 98 728

CFO Svein Hov Skjelle, mobile +47 930 55 566