Scandic reduces its ownership in the property company Hotellus

Scandic reduces its ownership in the property company Hotellus Scandic Hotels AB has sold shares in Hotellus International AB, whereby Scandic's ownership interest has been reduced to under 50%. As a consequence Hotellus International's role changes from that of subsidiary company to associated company. After Hotellus Internationals latest acquisitions the company's total assets amounts to aprox. SEK 1.7 billion. The value of Scandics remaining shares in Hotellus is aprox. MSEK 370. For further information, please contact: Fredrik Sandelin, Executive Vice President, +46 (0)8 517 350 00 or +46 (0)70 540 04 15 Gunnar Brandberg, Vice President, Marketing & Investor Relations, +46 (0)8 517 350 00 or +46 (0)70 728 84 50 Scandic Hotels AB is the largest hotel company in the Nordic Region, with 124 hotels in 9 countries. Scandic's strategy is to be a dedicated hotel operator. Its business mission is "to offer many people the highest value for money when staying in its hotels, during work and leisure." Scandic Hotels AB (publ) Box 6197, SE-102 33 Stockholm Tel: +46 (0)8 517 350 00, Fax: +46 (0)8 517 352 80 E-mail: info@scandic-hotels.com, Internet: www.scandic-hotels.com Org. no.: 556299-1009 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/12/30/19981230BIT00060/bit0001.doc http://www.bit.se/bitonline/1998/12/30/19981230BIT00060/bit0002.pdf