Reference is made to the stock exchange notices dated 10 June and 12 June 2009 regarding the completed private placement and the planned subsequent offering of shares in Norwegian Property ASA ("Company" or "Norwegian Property").

 

In accordance with the resolution made by the Company's extraordinary general meeting held on 24 June 2009, the Board of Directors in Norwegian Property has resolved to conduct a subsequent offering (the "Subsequent Offering") with preferred allocation to shareholders in Norwegian Property as per 10 June 2009, except shareholders who were invited to participate in the private placement of shares conducted in June 2009, their respective affiliates and shareholders who are restricted from participation due to laws and regulations (the "Eligible shareholders"). Also other investors may subscribe.

 

 

Eligible Shareholders will be given a preferred right to allocation of 0.5 Subsequent Offering Shares per Share owned as per 10 June 2009 (record date). Norwegian Property will issue 0.5 non-transferable subscription rights to Eligible Shareholders per share owned as per record date. One (1) subscription right will give the right to be allocated one (1) new Subsequent Offering Share.

 

The Subscription Period is expected to start on 12 August 2009 and end on 24 August 2009 17:30 hours (CET).

 

In connection with the Subsequent Offering, the Company is preparing a prospectus expected to be approved by Oslo Børs on or about 11 August 2009. The prospectus will be available and free of charge at Norwegian Property's and the Managers' website and offices. The prospectus including the subscription form will also be sent by regular mail to all Eligible Shareholders.

 

Norwegian Property will host an investor meeting at the Felix Conference Center at Aker Brygge, Oslo on Friday 14 August at 11:30 am. To sign on to this meeting please send an e-mail to info@norwegianproperty.no or call +47 22 83 40 20.

 

Arctic Securities ASA, Pareto Securities AS and Pareto Private Equity AS are managers of the Subsequent Offering.

 

The creditor notice period for the share capital reduction will expire on 25 August 2009. In the event the Company does not receive any objections, it is expected that the 201,635,416 shares to be issued in connection with the Private Placement will be delivered to the subscribers in the Private Placement on or about 27 August and then being tradeable on Oslo Børs ASA.

 

Norwegian Property ASA is listed on Oslo Børs (ticker NPRO) and is a property investment company holding the largest portfolio of high quality office assets (CBD) with blue-chip tenants in Norway. Norwegian Property also fully owns Norgani Hotels, which is the leading Nordic hotel property owner and the 5th largest in Europe. For more information, please refer to www.norwegianproperty.no.

 

For further information, please contact

 

Mari Thjømøe, CFO, tel. +47 90 777 824

Sigmund Sletvold, acting IRO, tel. +47 97 743 143

 

 

The contents of this announcement have been prepared by and are the sole responsibility of Norwegian Property. The Managers are acting exclusively for Norwegian Property and no one else and will not be responsible to anyone other than Norwegian Property for providing the protections afforded to their respective clients, or for advice in relation to the contemplated private placement and possible subsequent offering, the contents of this announcement or any of the matters referred to herein.

 

The distribution of this announcement and other information in connection with the private placement and the possible subsequent offering may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This announcement may not be used for, or in connection with, and does not constitute, any offer to sell, or an invitation to purchase, any securities. The private placement and the possible subsequent offering will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.

 

This announcement is not an offer to sell or the solicitation of any offer to buy any Norwegian Property shares or other securities of Norwegian Property (the Securities) in the United States, nor shall there be any sale of the Securities in any state thereof in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The Securities may only be offered and sold in the United States pursuant to an effective registration statement filed with the United States Securities and Exchange Commission or pursuant to an exemption from the registration and prospectus delivery requirements of the United States Securities Act of 1933, as amended.  Any public offering of the Company's securities in the United States will be made only by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements and other information relevant to investors

 

The Norwegian Property shares have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and may not be offered or sold within Australia, Canada or Japan.

 

In the United Kingdom, this announcement is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated. This announcement is directed only at such persons and must not be acted on or relied on by persons in the United Kingdom who are not such persons. Any investment or investment activity to which this announcement relates is available in the United Kingdom only to such persons and will be engaged in only with such persons and no other persons in the United Kingdom should rely or act upon this announcement.

 

All investment is subject to risk. The value of the Norwegian Property shares may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.