Reference is made to the Prospectus dated 10 August 2009 regarding the subsequent offering of up to 50,000,000 new shares at a subscription price of NOK 6.00 per share (the "Subsequent Offering") by Norwegian Property ASA and the press release published earlier today regarding the subscription level in the Subsequent Offering.

 

The Board of Directors in Norwegian Property ASA has decided to issue 50,000,000 new shares related to the subsequent share offering and resolved the allocation of shares to investors. The shares subscribed in the Subsequent Offering, are expected to be paid for on 1 September and are expected to be listed on Oslo Stock Exchange on 7 September. The total number of shares in Norwegian Property will after the execution of the Subsequent Offering increase to 453,270,823 shares.

 

Norwegian Property ASA is listed on Oslo Børs 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, IRO, tel. +47 97 743 143

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW.

 

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 private placement and 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 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 them selves 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 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. 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.