Norwegian Property ASA (the `Company`) has retained SEB Enskilda ASA and Pareto Securities ASA to advise on and effect a contemplated share issue directed towards professional domestic and international investors.
 
The contemplated share issue will amount to a maximum of NOK 500 million new shares or approx. 7% of the existing outstanding shares of the Company, at a subscription price to be determined through a book-building process. Any such new shares will be issued according to the board proxy established at the extra ordinary general meeting on 4 October 2006. Larger institutional and long-term investors will be preferred.
 
The purpose of the new issue is to fund further property acquisition. The property markets in Norway and flow of transactions have remained very active and robust in 2007. The company is currently evaluating a number of potential acquisitions, of which a large part will be concluded within 2Q07. Currently, the company is close to fully invested and the equity collected in 2006 is fully utilized. The issue proceeds will therefore be directed towards specific property acquisitions currently under evaluation. These will not be disclosed in connection with the equity issue.
 
The Board will propose a dividend of NOK 2.50 per share for 2006 to the General Assembly to be held on 4 May 2007. The new shares will carry the same rights as existing shares, hereunder the right to receive dividend payments.
 
A. Wilhelmsen group, Fram Management and Opplysningsvesenets Fond, all three shareholders which are represented on the board of directors in the Company, will participate in the share issue.
 
The shares offered and subscribed in the private placement will be settled by way of transfer to the subscribers upon payment of already listed shares made available for the Managers by the existing shareholder, A Wilhelmsen Capital (the `Lender`), based on a standardized Stock Lending Agreement between the Managers and the Lender. Accordingly, all shares offered in the private placement are tradable immediately after allocation to the investors. The shares borrowed from the Lender will be returned by and upon the issue of new shares.
 
The private placement is subject to the approval of the Norwegian Property board of directors.
 
For further information, please contact:
 
CEO Petter Jansen, mobile + 47 900 98 728
CFO Svein Hov Skjelle, mobile + 47 930 55 566
 
Norwegian Property, established in 2006, is one of the largest Norwegian property investment companies aiming to give private and institutional investors access to a large, liquid, well diversified and attractively priced investment alternative. The company is focusing on the market for centrally located commercial properties.
 
The first properties were acquired in June 2006. From June 2006 to January 2007 Norwegian Property has invested NOK 17,2 billion in 55 properties in Oslo, Stavanger and Bergen  - the tenants include Norway's most solid and attractive companies. The total portfolio size is 723,000 sqm generating gross rents of some NOK 1,064 mill. Norwegian Property ASA was listed on Oslo Børs on 15 November 2006. The current market cap is NOK 7.3bn. Some 60% of the company's shares are held by foreign institutions. The long term ambition is to become the leading listed Nordic property company.
 
For more information: www.norwegianproperty.no