Norwegian Property ASA

Norwegian Property ASA Reference is made to the stock exchange notice dated 30 April 2008 regarding the letter of intent entered into with a group of buyers to sell Norgani Hotels AS ("Norgani") and the update stock exchange notice dated 21 May 2008. The Board of directors of Norwegian Property ASA ("NPRO" or the "Company") has resolved to seize the current negotiations with the potential buyers. NPRO plans to maintain ownership of Norgani but the company has been contacted by several attractive potential partners and/or buyers of Norgani and will continue to investigate these opportunities in order to create shareholder values.

Norwegian Property ASA In order to finance the remaining settlement of the acquisition of Norgani Hotels to EQT/Scandic and other financial investors and to strengthen the Company's balance sheet to capitalize on the strong development in the underlying office markets in Norway and hotel markets in the Nordic region, the Board of directors has proposed to call for an extraordinary general meeting to be held on 17 June 2008 to resolve a share capital increase, in the form of a Rights Issue, in the amount of NOK 2,500 million.