NPRO - Completed bond issue in Norwegian Property

Norwegian Property ASA has today completed the placement of a new 2nd priority pledged bond issue of NOK 235 million with maturity in March 2012, which will be used in connection with the refinancing of the outstanding 2nd priority bond NPRO03 with expiry in March 2010.

The margin of the new bond is 2.75% above NIBOR and Loan to Value (LTV) of the 1st and 2nd priority bonds together is within 80% of the external valuations as of 31 December 2009. Taking into account the two outstanding 1st priority bonds with security pledge in the same four properties, the average loan margin of this bond portfolio is 0.82%.

DnBNOR Markets and Nordea Markets have been acting as joint arrangers.

This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act ('Verdipapirhandelloven').

For further information, please contact:

Svein Hov Skjelle, CFO, telephone +47 930 555 66

Sigmund Sletvold, Director Transactions, telephone +47 977 43 143

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)