Nordic Panorama PLC
02 November 2007



                              NORDIC PANORAMA PLC
                      ('Nordic Panorama' or the 'Company')

            International ski resort operators sign letter of intent

Nordic Panorama PLC, a leading ski resort operator and property developer in
Norway, has today signed a letter of intent for the possible acquisition of Odyx
AB ('Odyx').

Odyx is a private Swedish company with operations based in Russia where it
manages ski resort operations. Odyx also owns several cabins and lifts in
Sheregesh, Russia's largest ski resort. It is in the final stages of buying a
major hotel located on the shores of the Black Sea, close to the city of Sochi,
host of the forthcoming 2014 winter Olympic Games.

Odyx is controlled by Russian natural resources entrepreneur, Michail
Malyarenko, who is Chairman of two Swedish publicly quoted mineral companies,
Central Asia Gold and Malka Oil. Odyx is currently in discussions to raise up to
US$10 million in a private placement with Swedish investors for the further
development of its activities.

Nordic Panorama considers that there are significant opportunities for
development of Odyx's land bank at Sheregesh as the Russian skiing market
continues to grow strongly. Nordic Panorama has a much stronger tradition of
property development with a focus on the construction and sale of chalets and
log cabins at its Vradal ski resort. The combined expertise of both management
teams will enable the enlarged group to maximise operations at both Vradal and
in Russia.

The acquisition of Odyx is subject to satisfactory completion of due diligence
which is currently being undertaken by Nordic Panorama. The consideration for
the acquisition, which would represent a substantial transaction for the Company
under the AIM Rules, is proposed to be satisfied by the issue of new ordinary
shares in Nordic Panorama.

Nordic Panorama operates five ski lifts including one advanced eight-seat chair
lift and 15 ski slopes. The Company sells plots of land to private buyers and
developers who construct holiday homes on the plots. It also sells chalets and
log cabins. From the unaudited results for the year to 31 December 2006, the
Vradal companies reported sales of £5.57 million and net profit before taxation
of £1.76 million.

Nordic Panorama CEO, Geir Kjaernes, commented: 
'Nordic Panorama is a well-established ski resort operator with experience in 
land development and chalet/log cabin constructions. Odyx has focussed mainly 
on ski lift operations. We believe that the combination of the two companies 
would enable the group to take advantage of the massive growth opportunities in 
Scandinavia and Russia. The combination of the more mature European assets and 
the tremendous growth potential in Russia will create a unique investment 
opportunity.'

Michail Malyarenko of Odyx said: 
'From a small resort with a two-seat chair lift in the early 1990s, Nordic 
Panorama has transformed Vradal into a modern European ski resort with exemplary
facilities. Nordic Panorama has the knowledge and experience to maximise the 
potential of the Sheregesh and Black Sea development programmes.'

For further information:

Nordic Panorama Plc                                              00 47 23 133027
Geir Kjaernes, CEO                                               
Norman Lott, FD                                                  020 7153 4920

Shore Capital                                                    020 7408 4090
Alex Borrelli

Threadneedle Communications                                      020 7936 9605
Graham Herring
Josh Royston





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