Reference is made to the voluntary offer for all outstanding shares in Norgani Hotels ASA (the "Offer") by Oslo Properties AS ("OPAS") as set out in the offer document dated 17 September 2007 (the "Offer Document").

 

OPAS has on 21 September 2007 acquired 10,509,712 shares at a price of NOK 94 per share in Norgani Hotels ASA. Post such acquisition, OPAS owns 15,727,612 shares representing 39.74 per cent of the outstanding shares.

 

In addition, OPAS holds interest in Norgani Hotels ASA shares by irrevocable acceptances under the Offer for 21,534,128 shares representing 54.41 per cent.

 

In aggregate, OPAS is thus in control over 94.15 per cent of the outstanding shares in Norgani Hotels ASA.

 

Based on the above and subject to the remaining conditions to the Offer, completion of the Offer will take place on 3 October 2007.

 

It is expected that the mandatory offer obligation will be triggered on 3 October 2007 and the mandatory offer period will start as soon as possible thereafter. In parallel with the mandatory offer, it is also expected that OPAS will carry out a compulsory acquisition of the remaining outstanding shares.

 

Oslo, 25 September 2007

 

Contacts:

 

Oslo Properties AS;
Jostein Devold (Chairman of the Board) - +47 90880049

 

Norwegian Property ASA;
Petter Jansen (CEO) - +47 90098728

 

Scandic Hotels AB;
Frank Fiskers (CEO) - +46 709735203