Scandinavian Property Development ASA (OSL:SPDE) New CFO

Scandinavian Property Development ASA (OSL:SPDE) Stine Rolstad Brenna (43) has been hired as the new CFO of Scandinavian Property Development ASA, and will enter into the position by late winter/spring. She follows Nina Hammerstad, who has acted in the function since the end of October 2008.

Rolstad Brenna has a master's degree with an emphasis on investing, financing and strategy from the Norwegian School of Management (BI), and experience from Norske Skog, Orkla and Avishuset Dagbladet, including positions as finance manager and CFO.

"Stine Rolstad Brenna's experience, both from financing and industrial profitability management, is the combination SPDE has been looking for in hiring a new CFO. I look forward to having her join the company" says CEO Kaare Frydenberg in a comment.

Oslo, January 13, 2009

For further information, please contact:

Kaare Frydenberg (CEO), +47 958 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