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Investor Presentation December 2010

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Investor Presentation December 2010 ABG Sundal Collier Norwegian Residential Real Estate Seminar 15 March 2012 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Selvaag Bolig - business overview Residential real estate development Supporting businesses Wholly owned projects Joint ventures Selvaag Bolig Meglerhuset Selvaag Pluss Modulbygg Selvaag Service Partly owned residential Fully integrated residential housing development real estate development Modular based Residential project Service offering in projects in Norway and construction of sales, real estate connection to Selvaag Sweden residences brokerage and rentals Pluss concept . Prime geographic focus: the Greater Oslo area, Stavanger, Bergen and Stockholm . Current project portfolio: approximately 8,800 residential units . Operational target: delivery of 1,500 residential units per year Selvaag Bolig is a residential developer that provides targeted housing concepts to suit aspirations of different households in and around main cities in Norway and in selected cities in Scandinavia 2 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA 60 years of experience and innovation within residential real estate development Construction of the “Ekeberg Construction of a new urban Selvaag initiates the Selvaag Bolig merges with House” – a new and area at Veitvet in Oslo - 1,500 construction of modular partly owned Hansa Property revolutionary construction new residences based residences and SPE KS and acquires the process remaining shares in BO En 1948 1957 1999 2011 1952 1975 2004 Serial manufacturing Selvaag Pluss concept of small houses and introduced – apartments Construction of 4,000 apartment buildings with a service concept at Bestum in Oslo terraced apartment buildings at Vestli in Oslo >50,000 completed residential units 3 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA A strong and reputable brand 92% brand awareness in the Oslo region Source: Selvaag Bolig and Prognosesenteret 4 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Manages the entire value chain to capture the full margin potential Residential development Develop Acquire and Delivery and market refine land Project Marketing Construction service concepts and for design and sale (Pluss) products development 6 – 36 MONTHS 6 – 12 MONTHS 3 – 9 MONTHS 12 – 24 MONTHS . Analysing and . Acquiring land plots . Design projects . Marketing and sale . Contracting the most . Delivery at identifying customer with good value competitive completion . Plan and prepare for needs potential for constructor construction . Provide services to development . Tailoring concepts to . Building owner Pluss-concept . Engage broker(1) meet market . Zoning of the land . Modular construction . Settlement demand MODULBYGG Service Flexible business model with low capacity cost (i.e. fixed cost base) (1) Outside the Oslo and Stavanger area, Selvaag Bolig will engage a real estate broker other than Meglerhuset Selvaag 5 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Leading market position within residential real estate development Housing starts in Norway in 2011 Selvaag Bolig’s market share in different markets Residential units Market share 864 1 837 5.8% 724 4.9% 640 540 441 3.0% 2.9% Block Selvaag OBOS JM Skanska Veidekke Norway 2 Greater Oslo Rogaland Hordaland 3 Watne Bolig (Stavanger) (Bergen) (1) Housing starts for Block Watne includes figures for HetlandHus, a subsidiary that constructs residences for customers that have acquired their own land plot. In 2010, approx. 9% of Block Watne’s revenues came from this line of business (2) Selvaag Bolig’s share of construction starts (27.735 construction starts in Norway in 2011) (3) The company has two projects in Bergen, of which one of them had construction start in 2011 6 Source: Prognosesenteret, SSB, Selvaag Bolig, BWG, OBOS, JM, Skanska, Veidekke STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Three well defined and robust concepts targeting broad customer groups . Affordable apartments based on a "no frills" model . Low cost land plots situated in fringe zones of large cities 10-15 % . Mostly modular based construction . Target group: Young people in the start-up phase . Apartments and small houses situated in high density areas . Established housing solutions, solid quality and well planned living environment 60-70% . Modular and on site construction . Target group: Single people and couples in all age groups, with or without children . Apartments with an attractive central location in large cities . High quality standard coupled with a service concept . On site construction 20-25% . Target group: Affluent customers who value comfort and convenience 7 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Concepts are complementary when creating new urban neighbourhoods Lervig Brygge (Stavanger) All three concepts provided . Prime development area with seafront location Hageby Start, Stavanger . Approx. 850 residential units to be constructed Location Stavanger No of apartments 36 . Construction started in 2011 Sold1 26 (72%) . 120 units sold so far (e.g. 25 of 36 units sold on the first day at Hageby Start) Construction start Q2 2012 Completion Q2 2013 Sjøkvartalet, Stavanger Location Stavanger No of apartments 67 Sold1 54 (81%) Construction start Q1 2011 Completion Q4 2012 Øya, Stavanger Location Stavanger No of apartments n/a Sold Not started Construction start TBD Completion TBD 1) As at 12 March 8 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Population growth and insufficient new construction will intensify the supply/demand imbalance Strong expected population growth Expected deficit of residential units Population growth No of residentialunits 3.0% 45,000 40,000 2.5% 35,000 2.0% 30,000 25,000 High 1.5% 20,000 Medium 1.0% 15,000 Low 10,000 0.5% 5,000 0.0% 0 Supply Demand Source: Statistics Norway, Prognosesenteret AS 9 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA The ‘Start concept’ to address the increasing need for affordable housing Expected population growth by Population growth by source age for 2011-2016 2001-2011 100% CAGR 2011 - 2016 3.0% 75% 2.5% 2.0% 50% 1.5% 1.0% 25% 0.5% 0% 0.0% 1 Oslo Moss Oslo Moss Bergen Tromsø Bergen Tromsø Drammen Stavanger Trondheim Drammen Stavanger Kristiansand Trondheim 20-29 years All agesKristiansand Net immigration Excess births Net in-migration No of persons per household New regulation m 2.5 CAGR 2001-2011 0.4% 2.0 0.4% 1.5 1.4% Max 85% 1.0 loan-to-value 0.5 1.7% 0.0 1920 1930 1946 1950 1960 1970 1980 1990 2001 2011 Single person 2 persons 3-5 persons 6 or more persons 1) Net in-migration in Tromsø was -10% in period Source: Statistics Norway 10 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA The ‘Pluss concept’ targets the market for high standard with extra service housing Population by age group Persons per gross income interval m m 6.0 CAGR 4.5 ‘11-’22 CAGR 4.0 ‘93-’10 2.0% 14.9% 5.0 3.5 16.2% 4.0 3.0 0.9% 2.5 10.8% 3.0 2.0 1.4% 2.0 1.5 1.0 1.0 -3.0% 1.0% 0.5 0.0 0.0 11 12 13 14 15 16 17 18 19 20 21 22 939495969798990001020304050607080910 0-19 years 20-39 years <300 000 300 000 - 500 000 40-59 years 60+ years 500 000 - 1 000 000 >1 000 000 Source: Statistics Norway 11 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Ramp-up progressing steadfast Sales Construction starts(1) Residential units Residential units 648 1,191 145 995 1,014 862 895 389 247 125 251 529 78 64 354 40 169 238 120 188 97 116 116 172 116 100 98 79 87 49 50 66 0 20 16 11 2 2009 2010 2011 20122 Q1' 10 Q2' 10 Q3' 10 Q4' 10 Q1' 11 Q2' 11 Q3' 11 Q4' 11 Q1' 12 Q1 Q2 Q3 Q4 Starts Deliveries Under construction (1) Measure point: decision of construction start (2) As at 12 March Note: All numbers are adjusted for SB’s ownership 12 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Sales start at Fernanda Nissen (Nydalen) 30 of 73 units (41%) sold on the first day Expected construction start in Q3 2012 13 STRICTLY PRIVATE AND CONFIDENTIAL. THIS DOCUMENT MAY NOT BE MADE AVAILABLE TO U.S. PERSONS OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA Modular construction at Lervig Brygge (Stavanger) ~6 months shorter construction time On average ~10 % lower construction cost, translating into ~4% higher project margin 14 STRICTLY PRIVATE AND CONFIDENTIAL.
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