Norgani Hotels appoints new CFO

Norgani Hotels ASA has appointed Mats Sterner as its chief financial officer (CFO).  Mats Sterner, comes from the position as Group Controller at Kungsleden AB, which is a Swedish
property company that is listed at Stockholm Stock Exchange.

Norgani Hotels is the leading hotel property company in the Nordic
region.  From its establishment in June 2005 the company has
purchased 79 hotel properties. The company has total assets of app.
NOK 9.5 billion.
Mats Sterner (age 45)  has more than 10 years experience from
Kungsleden where he has been head of external and internal financial
reporting and Tax planning.  He has also been responsible for
designing transactions structures and tax solutions in Kungsledens
vast real estate trading.  Mads Sterner has also been involved in
Kungsledens financing activities.  He was previously employed as
accountant at KPMG in Sweden. He studied accounting and economics at
Stockholm University and has a degree as Certified European Financial
- Through the appointment of Mats Sterner Norgani considerably
strengthens its organisation.  In addition to have proved that Mats
Sterner has significant and relevant financial expertise, he also has
experience from working within real estate which clearly will
contribute positively to the further development of Norgani, says CEO Kjell Sagstad.

Mats Sterner will start in his new position with effect in Sept 2006.