Approved passporting of prospectus to Sweden

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER  JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE NOTICE.

Oslo, 29 April 2011: IT Fornebu Properties ASA (the "Company" - OSE: IPROP) announces that further to the Company’s stock exchange release of 28 April 2011, the Company has received approval of passporting of the offering and listing prospectus from the Swedish Financial Supervisory Authority which the Financial Supervisory Authority of Norway approved on 28 April 2011.

The Managers of the offering are Pareto Securities AS and First Securities AS.

For further information, please contact:

 
Erik Løfsnes, CEO, IT Fornebu Properties ASA, phone +47 957 69 597

About IT Fornebu Properties ASA

IT Fornebu is a Norwegian Public Limited Company established in 1997. Today the Company holds yielding and development properties located at Fornebu. The Company has currently nearly 127,000 sqm of existing property, 143,000 sqm of property under development and 107,000 sqm of property to be developed. The Company’s business concept is long-term real estate investment exposure focused on investment, management and development of commercial properties, mainly offices, for both private and governmental companies. IT Fornebu Properties ASA’s geographical investment focus is the greater Oslo area. The Company is a fully integrated property company with expertise within all parts of the property value chain.

Important Notice

The contents of this announcement have been prepared by and are the sole responsibility of IT Fornebu Properties ASA. The financial advisors are acting exclusively for the Company and no one else, and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the contemplated offering, the contents of this announcement or any of the matters referred to herein.

The offering and the distribution of this announcement and other information in connection with the offering may be restricted by law in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction. The offering will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.

This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the offering in any jurisdiction outside of Norway in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Company or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information.

Securities may not be offered or sold in the United States absent registration or an exemption from registration. The offer shares offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States, except in transactions exempt from registration under the US Securities Act, or in any other jurisdiction in which it would not be permissible to offer or sell such offer shares. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act.

This document does not constitute an offering circular or prospectus in connection with an offering of securities of the Company. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the prospectus to be distributed and made available by the Company only to qualified persons in certain jurisdictions where an offer may be made. This document does not constitute an offer to sell, or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.

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

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