Reference is made to the disclosure made on 2 May 2008 in respect of the Letter of Intent for sale of Norgani Hotels ASA.

 

Norwegian Property confirms that it is still in process for reaching a final share purchase agreement, but has experienced some delays caused by more detailed due diligence work than expected in phase one and buyers' formal financing.

 

The exclusivity period granted in favour of the potential group of buyers  has expired. Norwegian Property and its financial adviser, SEB Enskilda, have received interest for Norgani Hotels also from other parties. These initiatives will be further considered in parallel with the original alternative.

 

Norwegian Property expects that it will be able to provide further details in respect of the transaction within the next 2 weeks.

 

Contact:

Petter Jansen, CEO, Norwegian Property ASA, tel. +47 90 09 87 28

Dag Fladby, CIO, Norwegian Property ASA, tel. +47 90 89 19 35