The Nomination Committee, comprising Tom Furulund (chair), Lise
Lindbäck and Einar J. Greve, today presented its recommendation to
shareholders of Norwegian Property ASA:

Election of a new Board of Directors:
The existing Board of Directors consist of Widar Salbuvik (Chairman),
Jostein Devold, Torstein Tvenge, Hans Herman Horn (deputy Chairman),
Anne Birgitte Fossum, Helene Jebsen Anker, and Hilde Vatne. The Board
was elected at an EGM held on July 16, 2008.

Shareholders representing more than 5% of the equity capital of the
company have demanded that an Extraordinary General Meeting of
Shareholders (EGM) is to be held to elect a new Board of Directors as
well as fixing the compensation payable to the current members of the
Board.

All current members of the Board have agreed to serve as Directors
until a new Board has been elected, and to continue to serve on the
new Board providing certain conditions are met. The current Chairman
has, amongst other things, stated as a condition for his continued
service as Chairman, that he receives a vote of confidence from the
shareholders having called for the EGM. This condition has been put
to the relevant shareholders by the Nomination Committee, but said
shareholders have been unable to meet the Chairman's request.
Furthermore, it has proven impossible to present a unified
recommendation that satisfies the conditions set by the remaining
current Directors.

Thus, the Nomination Committee has had to prepare a recommendation
for an entirely new Board of Directors. This has been an extensive
task, and time has been limited. It is the second time in less than
six months that the Committee presents its recommendation to
shareholders in connection with the election of the Board of
Directors of Norwegian Property ASA. The Committee has therefore seen
it as necessary to thoroughly examine how the current Board has
conducted its work, and what has been the major challenges to this.

The Committee has, in addition to meetings and phone calls with the
current Chairman, every Director and representatives of executive
management, also conferred with shareholders outside of the group
having called for the EGM.

Beyond this, the Committee has written letters to the sixteen largest
shareholders of the Company and requested that candidates for
Directors be submitted to the Committee. Furthermore, a similar
request has been published on the Company's intranet. No proposal for
candidates for the Board of Directors has been received by the
Committee, beyond those submitted by the shareholders having called
for the EGM.

The Committee has in its deliberations emphasized the importance of
recommending candidates that has relevant competence related to the
tasks and challenges that lay before the Company, and who may
function well as a team. Furthermore, it has been emphasized that the
new Board should be able to gain the support of the wider shareholder
base, including taking into account the views presented by the
shareholders having called for the EGM as well as all other
shareholders.

Following an assessment of the totality of the above, the Committee
recommends that the new Board should comprise five Directors, and
that the following Directors be elected: Tormod Hermansen (Chairman),
Nils K. Selte, Harald Grimsrud, Synne Syrrist and Gry Mølleskog.

The candidates' CV's include, but are not limited to, the following
experience and past positions:

Tormod Hermansen
Born 23.04.1940. MSc Economics.

  * Secretary General, the Ministry of Administration and Regional
    Development 1980-85
  * Secretary General, the Ministry of Finance 1986-91
  * CEO Televerket 1991-95
  * CEO i Telenor 1995-2002


Selected board positions

  * Director, Statens Banksikringsfond
  * Director, Statens Bankinvesteringsfond
  * Director, Statoil 1991-97
  * Chairman, Postbanken 1994-99
  * Chairman, Eidsiva Energi 2003-08
  * Chairman, IT Fornebu 2002 -
  * Chairman, Bouvet ASA 2002-
  * Chairman, Bravida 2002-03
  * Chairman, Bredbåndsalliansen 2005-
  * Chairman, Biowaz 2007


Nils K. Selte
Born 01.04.1965. Siv. Øk. Handelshøyskolen BI 1991

  * Konsulent i Riksrevisjonen 1991-94
  * VP Finance LIVI Norge AS 1994-96
  * VP Finance Hakon Gruppen AS 1996-98
  * SVP Finance/Group Treasurer Hakon Gruppen AS 1998-99
  *   "      "                            "        ICA Ahold AB
    1999-2001
  * CEO Canica AS 2001-05
  * CFO Canica AS 2005-


Selected board positions
Directo,r Oslo Areal ASA 2004-05
Director, various companies in the Canica group 2001-
Director, Reiten & Co Capital Partners V AS 2002-05
Director, ICA AB April 2004-november 2004
Director, Gresvig ASA vår 2003-vår 2004
Director, Steen & Strøm ASA 2005-
Director, Montrica Global Opportunities Fund m fl Sept 2006-



Harald Grimsrud
Born 28.05.1961. Siviløkonom NHH, Bergen 1985.


  * Bøndernes Bank, treasury and fund management 1985-87
  * Fondsfinans, partner Bonds,1987-89
  * Fondsfinans. Corporate Finance, 1989-98

Analysesjef fra 1998-2002

  * ABG Sundal Collier, Partner, equity research 2002-07
  * AWILHELMSEN CAPITAL AS, Adm direktør 2007-



Synne Syrrist
Born 1972. MSc Engineering NTNU 1996 and Imperial College, London.
AFA NHH 2004

Selected board positions
Chairman, DnBNOR Shippinginvest I ASA
Director, several public companies
Chairman, Lpg Ships I AS and eleven other shipping-related investment
companies
Director, Nordisk Industriutvikling AS
Director, Camposol AS.


Gry Mølleskog
Born 1962. Bed. Øk. Handelshøyskolen BI 1989. Various management
training programmes (1980-1997). Handelshøyskolen BI, MA
2008-(ongoing)


  * 1988-98        Various positions, SAS
  * 1998-2001     Vice President, SAS Cabin Operations - Hovedkontor
    Stockholm
  * 2001-03        Senior Vice President, SAS Airline, Stockholm
  * 2003-06        Chief of Staff to HRH the Crown Prince of Norway
  * 2007-           Senior Client Partner, Korn/Ferry International



Compensation for the current board of Directors:
The current Board of Directors was elected by an EGM held on July 16,
2008, and has thus served approximately for five months. The Chairman
is compensated with a monthly fee of NOK 150,000, and it is proposed
that no further compensation is paid. For the remaining Directors it
is proposed that a pro rata fee is paid for time served. Based on
Directors' fee granted in 2007 of NOK 200,000 per annum, this pro
rata figure amounts to NOK 83,333 to each Director.

Compensation for members of the Nomination Committee and for the new
Board of Directors will be proposed to shareholders on the Annual
General Meeting in 2009.


Oslo, 17.12.2008


Norwegian Property ASA
On behalf of the Nomination Committee


Tom Furulund


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