Svein Hov Skjelle has been appointed as new Chief Financial and Investment Officer (CFO) in Norwegian Property ASA.

”I am very pleased with the recruitment of Svein Hov Skjelle as the new Chief Financial and Investment Officer of Norwegian Property. With broad experience within finance and treasury and in-depth knowledge of the property industry, he will be a positive contribution to the operations and further development of the company,” says Olav Line, CEO of Norwegian Property as from 1 January 2010. ”Svein Hov Skjelle knows Norwegian Property very well from his former period as CFO in the company,”

Svein Hov Skjelle (42) comes from the position as CFO in the state-owned property company Entra Eiendom AS. Prior to joining Entra he held the position as CFO in Norwegian Property, a position he held from before to the stock listing of Norwegian Property in 2006 until February 2009. In addition, Skjelle has extensive managerial experience from earlier positions within finance and treasury in Veidekke, Merkantildata and TeleComputing.

Skjelle will be effective in his new position as from mid-January 2010.

Oslo, 21 December 2009

For further information, please contact:

Olav Line

Tel: +47 48 25 41 49

Svein Hov Skjelle
Tel: +47 93 05 55 66

Investor relations Director Elise Heidenreich
Tel: +47 95 14 11 47
Email: elise.heidenreich@norwegianproperty.no