NPRO Results third quarter 2007

(Oslo, 13 November 2007) Norwegian Property ASA had revenues of NOK 253.1 million and a profit before tax of NOK 52.1 million in the third quarter. Return on equity year to date is 25.2%, corresponding to an annual return on equity of 33.6%. At the end of the quarter the market value of the group's properties was NOK 31.4 billion.

Norwegian Property was established in 2006 and is 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 of high quality. The long term ambition is to become the largest and most liquid investment alternative on Nordic
commercial properties.
Highlights for the third quarter 2007:
- Gross rental income in the third quarter was NOK 253.1 million and profit before tax was NOK 52.1 million. Norgani Hotels ASA is consolidated from 24 September, and is included with NOK 10.9 million in revenues and profit before tax of NOK 0.2 million.

- Return on equity for the quarter was 0.8%, corresponding to 3.1% for the full year. Year to date return on equity is 25.6%, corresponding to an annualised return on equity of 33.6%.
- The market for commercial properties continue to be strong, and total vacancy in the Oslo office market is currently below 5%. Rental price development has been particularly strong in CBD, but also areas like Skøyen and Nydalen see very positive rental developments. Akershus Eiendom has in their market report from September included forecasts for Oslo indicating additional rental growth of between 15 and 30 % over the next year. The group's portfolio of office properties has seen positive revaluation of NOK 68.9 million in the third quarter.

- At the end of the third quarter Norwegian Property owned 17.5% of Oslo Properties AS, which again controlled 98% of the shares in Norgani Hotels ASA. Norgani Hotels ASA is the largest Nordic hotel investor. Through agreements Norwegian Property may become owner of more than 90% of the shares in Oslo Properties AS.

- The Nordic hotel market has had a very strong development. RevPAR (Revenue Per Available Room) has a growth of 9 - 13% in the Nordic countries so far this year. Norgani Hotels mainly has revenue based contracts with their tenants, and consequently also has a very positive development. Revenue in the third quarter was NOK 204.0 million, an increase from NOK 144.5 million in the same period last year. After expenses related to Oslo Properties acquisition of the shares of NOK 51.4 million and negative fair value adjustment on the company's financial derivatives of NOK 55.2 million, the result in the third quarter was NOK -9.0 million. Excluding these items operating profit saw a positive development.
- 76% of the group's interest bearing debt was hedged at the end of the quarter. Total market value for the group's financial derivatives was NOK 692.2 million.
- In the third quarter Norwegian Property acquired DnB's head office at Aker Brygge. With this acquisition Norwegian Property controls 55% of the commercial area at Aker Brygge.

`Both the Norwegian office market and the Nordic hotel market are impacted by strong demand growth, and supply that is growing at a slower pace. As a result the rents are increasing rapidly both in the office- and the hotel-markets. Norwegian Property is well positioned to benefit from these favourable market conditions,` says Petter Jansen, CEO.
The quarterly report for the third quarter 2007 is available on the company's web-page:

For further information, please contact:
CEO, Petter Jansen, mobile +47 900 98 728
CFO, Svein Hov Skjelle, mobile +47 930 55 566