NPRO: Final result of the subsequent offering

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Oslo, 9 December 2020: Reference is made to the stock exchange announcements by Norwegian Property ASA ("NPRO" or the "Company") on 8 December 2020 regarding the preliminary results of the subsequent offering of up to 2,492,143 new shares (the "Offer Shares"), each with a par value of NOK 0.5, at a subscription price of NOK 11.30 per share (the "Subsequent Offering").

The subscription period in the Subsequent Offering expired at 16:30 hours (CET), on 8 December 2020. The Subsequent Offering was significantly over-subscribed and the final results show that the Company has received valid subscriptions for a total of 12,025,336 Offer Shares. 2,492,143 Offer Shares will be issued in the Subsequent Offering, of which 1,638,971 Offer Shares will be allocated based on subscription rights and 853,172 Offer Shares will be allocated based on over-subscription. No allocations will be made based on subscription without subscription rights.

The allocation of Offer Shares in the Subsequent Offering has been completed based on the allocation criteria set out in the Company's prospectus dated 27 November 2020 (the "Prospectus"). Notifications of allocated Offer Shares in the Subsequent Offering and the corresponding amount to be paid by each subscriber will be set out in a separate letter to each subscriber. The allocation letters are expected to be sent during the course of today, 9 December 2020. The deadline for payment for the Offer Shares is 11 December 2020, in accordance with the payment instructions set out in the Prospectus.

The Offer shares may not be transferred or traded until they are fully paid and the share capital increase pertaining to the Subsequent Offering has been registered with the Norwegian Register of Business Enterprises and the Offer Shares have been issued in the VPS. The share capital increase is expected to be registered on or about 16 December 2020, subject to timely payment of the Offer Shares. The Offer Shares are expected to be delivered to the subscribers' respective VPS accounts and be listed and tradable on the Oslo Stock Exchange on or about 17 December 2020.

Following the issuance of the Offer Shares, the Company's share capital will be NOK 324,912,798.0, divided into 649,825,596 shares, each with a par value of NOK 0.5.

For further information, please contact:

Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no

Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

IMPORTANT INFORMATION

This release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.

The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States.

Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any Member State. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus, if a prospectus is published. Copies of any such prospectus will, following publication, be available on the website of DNB Markets, a part of DNB Bank ASA (www.dnb.no/emisjoner) (the "Manager").

The issue, subscription or purchase of shares in the Company is subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Manager assume any responsibility in the event there is a violation by any person of such restrictions. The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Manager is acting for the Company and no one else in connection with the offering and will not be responsible to anyone other than the Company providing the protections afforded to their respective clients or for providing advice in relation to the offering and/or any other matter referred to in this release.

Forward-looking statements: This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

Norwegian Property is a focused and fully integrated office property company with properties located mainly in the Oslo area in Norway. The portfolio is characterized by central location and attractive premises with high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.

Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.

www.npro.no