SCAN Makes Further Extension on Placement's Book-Building Period

Reference is made to stock exchange notification of November 17, 2008 in which SCAN announced that it had retained Pareto Securities AS to advise on and effect a private placement of shares raising gross proceeds of up to NOK 150 million and the stock exchange notification of November 18, 2008 in which the Company announced that its board of directors had decided to extend the book-building period for the placement.

The Board of SCAN has decided to further extend the book-building period for the placement. The book is following such further extension expected to close at 17:30 (CET) today, November 19, 2008, however so that the Board still reserves the right to close or extend the book-building period at any time. The Company's extraordinary general meeting which was opened November 17, at 17:00 (CET) with the purpose of resolving inter alia the issuances of the shares has as a consequence and after decision by the general meeting not
been adjourned, and will reconvene today.

In collaboration with Oslo Bors the Company shares, trading under ticker SCANG, will pending close of the book-building and adjournment of the EGM continue to be stopped from trading until further notice from the Company.


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