SCAN Mulls over Private Placement Options

Reference is made to stock exchange notification of November 4, 2008 where SCAN submitted a notice for an extraordinary general meeting to be held on Monday, November 17, 2008 with the purpose of resolving, inter
alia, a share capital increase in the company.

SCAN has retained Pareto Securities AS to advise on and effect a private placement of shares directed towards Norwegian investors and international professional investors raising gross proceeds of up to NOK 150 million, with a minimum subscription price of the equivalent of EUR 50,000. The share price will be determined through a book-building process with an indicative price range from NOK 0.10 – NOK 1.00. The final share price may be set within, below or above the indicative price range.

The Company will seek to close the book prior to the EGM to be held today, however, the Board of SCAN may at their own discretion at any time close or extend the book-building period.

In addition, the Board of SCAN will, in its sole discretion and subject to approval by the EGM, evaluate the possibility to conduct a subsequent offering to existing shareholders not allocated shares in the private placement.

The new shares are not tradable until the share capital increase has been resolved by the Company's EGM, the new shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises and the VPS.

A listing prospectus will be prepared in connection with the listing of the new shares on the Oslo Axess. The new shares will be registered with the VPS and delivered to investors under a separate ISIN until such a prospectus has been filed with, and approved by, Oslo Bors. The new shares will not be tradable on Oslo Axess until after the publication of such prospectus.