NPRO - Changes in Norwegian Property management

From today and until Olav Line takes over as CEO on 1 January 2010, Norwegian Property ASA will have the following management team: Acting CEO and CFO Mari Thjomoe, COO Aili Klami, acting CIO Sigmund Sletvold and CEO of Norgani Hotels AS Anders Vatne.

The management team will continue to focus on strong operational peformance and to be a visible player in real estate and the hotel market in the Nordic countries. Mari Thjomoe highlights that management is committed to creating value for the owners and to further develop our strong positions to the benefit of our tenants and key stakeholders. Norwegian Property has recently completed a successful strengthening of its financial positions, and paid in September, down debt equivalent to NOK 1.5 billion. "A strengthened financial position and positive developments in the commercial real estate market provides a good foundation for further successful development of the company. We look forward to an interesting fall and to wish Olav Line welcome as new chief executive officer of a strong and well-managed company" says acting CEO Mari Thjomoe.

Senior management from 1 October 2009

Acting CEO/ Chief Financial Officer Mari Thjomoe

Acting chief executive officer from 1 October 2009. Ms Thjomoe was Executive Vice President and CFO of the Norwegian insurance group KLP from 2005 to 2008, she was Senior Vice President of Investor Relations of Statoil ASA from 2000 to 2005, and held various senior positions within Norsk Hydro ASA from 1988 to 2000. Mari Thjomoe is a member of the board of directors of state oil company Petoro. She holds an MBA degree from the Norwegian School of Management and is qualified as an authorised financial analyst (CFA) from the Norwegian School of Economics and Business Administration.

COO Aili Klami

Aili Klami was appointed as Chief Operating Officer and member of group management in Norwegian Property in December 2006. From 1996 to 2006 she worked in the Norwegian real estate company Avantor ASA as Vice President of sales, as marketing manager and as head of administration. Earlier, Ms Klami spent 10 years with the real estate company Nydalens Compagnie. She is a graduate of the Norwegian School of Management and has taken a number of courses in property management, management and sales.

Acting CIO Sigmund Sletvold

Sigmund Sletvold has been employed by Norwegian Property as Vice President Transactions since February 2008. He has worked as transaction adviser in DTZ Realkapital, Commercial Director of Storebrand Bank and Vice President at Citigroup Corporate Bank. Sletvold holds an MBA degree / CEMS Master from the Norwegian School of Economics and Business Administration (NHH) and HEC Paris, and is qualified as an authorized financial analyst (CFA).

CEO Norgani Hotels AS Anders Vatne

Anders Vatne came to Norgani Hotels from international consulting firm Horwath Consulting in 2008. Vatne has an MBA degree from the Norwegian School of Management (BI), and a degree from the Norwegian School of Hotel Management. Anders Vatne has wide experience in the tourist industry including the international consulting, the position as Executive Vice President in Thon Hotels (formerly Rainbow Hotels), and positions in Inter Nor Hotels and Choice Hotels.

From October 1 Elise Heidenreich joins Norwegian Property ASA as Investor Relations Officer. She comes from the position as Vice President Investor Relations & Communications in STX Europe (former Aker Yards ASA), where she has been employed since 2004. Elise has an MBA from the University of Stirling, Scotland.

For further information please contact: Mari Thjomoe, acting CEO +47 97743143 Sigmund Sletvold, acting CIO +47 90777824

http://www.norwegianproperty.no/

http://www.norgani.no/

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SOURCE: Norwegian Property ASA

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