Scandinavian Property Development ASA (OSL:SPDE) SPDE ASA: Director Of Communications

Scandinavian Property Development ASA (OSL:SPDE) Scandinavian Property Development (SPDE) has hired Anne Grete Ellingsen in a newly established position as Director of Communications. Ms. Ellingsen will be responsible for communications and marketing, and will be part of the company's management team.

Ms. Ellingsen is a business graduate with several years of communications experience from companies such as Burson-Marsteller and the Lillehammer Olympic Organizing Committee, as well as almost 12 years in Norwegian airlines, first in Braathens and during the last five years as Director of Information in Norwegian.

"SPDE is a company with a great field of contact with the media, local authorities and the individual members of the Unit Holder Association. To maintain expertise in this area, is thus of high importance. By appointing Ellingsen to this position, we have strengthened the company's management substantially, and we are better prepared for the future than ever", says CEO Kaare Frydenberg.

"This means a change of business area for me. Times are both exciting and challenging in the property business, and I look forward to, among other things, developing Fornebu further both for the unit holders and for the industry, says Anne Grete Ellingsen, who will take up her new position on 1 February 2009 at the latest.

For more information about SPDE, please visit our web site www.spde.no.

Scandinavian Property Development ASA

For further information, please contact:

Anne Grete Ellingsen (CIO): 915 37 079 Kaare Frydenberg (CEO): 958 92 185

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Scandinavian Property Development ASA

http://www.scandinavianpropertydevelopment.no

ISIN: NO0010354269

Stock Identifier: XOSL.SPDE