NEPR Nthn. Euro.

RNS Number:7688M
Northern European Properties Ltd
27 November 2006



Northern European Properties Limited (the "Company")

Reduction of Stated Capital Account

In accordance with the indication given in the Company's Admission Document
dated 10 November 2006, at the court hearing on Friday 24 November the Royal
Court of Jersey made an order that the stated capital account of the Company be
reduced by EUR390 million and that such amount be transferred to a special
reserve which shall be treated as realised profits of the Company and shall be
available for distribution to shareholders of the Company by way of dividend,
return of capital, purchase of shares or otherwise and/or transfer to the profit
and loss account of the Company to the extent of any accrued losses thereon at
any time.

The reduction of capital does not become effective until the Act of Court
confirming the reduction is registered by the Jersey companies registrar.


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END
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