Proposal For New Board Member Of Scandinavian Property Development ASA (SPDE)

OSLO, Norway, Apr 14, 2008 - (ABN Newswire) - The election committee (ad hoc) in Scandinavian Property Development ASA has proposed that Hege Bømark and Arvid Sveen are elected as new board members of the company, and that board member Jan Petter Storetvedt is elected as new chairman of the board.

The election committee proposes that also Morten Grongstad is elected as new board member. Grongstad is managing director of Orkla Eiendom. The election committee refers to Orkla's disclosure of shareholding in Scandinavian Property Development of last week, showing an ownership of about 26% of the share capital of the company.

As a result of the proposal, Grongstad will not be proposed as member of the election committee. An alternative member of the election committee will be considered.

If the election committee's proposal is adopted in the annual general assembly on April 29, 2008, the board will consist of:

- Jan Petter Storetvedt (new chairman, not for election as board member) - Giselle Marchand (not for election) - Hege Bømark (new) - Arvid Sveen (new) - Morten Grongstad (new)

For more information, please contact:

Stein Haugbro (CEO), +47 950 26 210 Are Njåstein (CFO), +47 982 39 003

Copyright © Hugin AS 2008. All rights reserved.

Scandinavian Property Development ASA

http://www.scandinavianpropertydevelopment.no

ISIN: NO0010354269

Stock Identifier: XOSL.SPDE