Reduced yield requirements and moderate growth in market rent levels resulted in positive fair-value adjustments of the property portfolio of 1.0 per cent. For purposes of comparison, the value of the office portfolio rose by 0.8 per cent in the second quarter of 2010. This equates to a book value of NOK 11.14 per share at 30 June 2011, up from NOK 11.03 per share at the end of the first half of 2010 (EPRA: NOK 11.92 at the end of second quarter 2011).

CEO Olav Line says in a comment:

”With stable operations and the establishment of new credit facilities Norwegian Property has during the first half of 2011 secured a solid foundation for further development of the company’s property portfolio.

In accordance with the company’s ambitions to own, develop and manage first-class commercial properties, Norwegian Property announced in the second quarter ambitious plans to carry out a comprehensive reconstruction and modernization project at Aker Brygge in Oslo.

Further, Norwegian Property has established new credit facilities totaling close to NOK 10 billion during the second quarter. The new loan facilities secure refinancing of all loan maturities in 2011 and 2012 and also add funding capacity for future investments.

An attractive office portfolio with high-quality tenants, stable operations and a sound financial platform make Norwegian Property well positioned for further value creation and development of the property portfolio.”

Please find attached the financial report for the second quarter and first half of 2011 as well as the presentation material used in today’s presentation.

For further information, please contact:

Olav Line, CEO

Telephone: +47 482 54 149

Email: ol@npro.no

Svein Hov Skjelle, CFO

Telephone: +47 930 55 566

Email: shs@npro.no

Elise Heidenreich-Andersen, SVP IR
Telephone: +47 951 41 147

Email: eha@npro.no