Scandinavian Property Development ASA (OSL:SPDE) Nina Hammerstad will take over as CFO in SPDE after Are Njåstein from November 1st this year.

Nina Hammerstad, who will be acting in the position, is a partner with PricewaterhouseCoopers, where she heads the service area Governance, risk management and financial effecitiveness. Nina has experience as a CFO for hire during the start-up of Norwegian Property ASA, and as responsible for finance in Reitan Servicehandel. Nina has a degree in economics and business administration (siviløkonom) and is a certified public accountant from the Norwegian School of Economics and Business Administration (Norges Handelshøyskole).

Are Njåstein has been CFO in SPDE since the company was founded, and came to the company from the position as the CEO of Fornebu Boligspar. Njåstein will continue in the company's management team, with responsibilities including follow-up of the development projects in Hinna (Stavanger) and Odense (Denmark).

SPDE's CEO Kaare Frydenberg says in a comment that with Hammerstad's experience, both from financial management and the property industry, the management has been significantly strengthened, and he looks forward to good cooperation with both Hammerstad and Njåstein in the time to come.

For further information on SPDE, please go to our website: www.spde.no

Scandinavian Property Development ASA

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

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