NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE
AT THE END OF THIS STOCK EXCHANGE NOTICE.

The Norwegian real estate company Selvaag Bolig ASA applies for listing on the
Oslo Stock Exchange. In connection with the IPO, the company plans to raise NOK
500 million to 800 million in new equity through issuance of new shares.

- The listing will provide liquidity for our shareholders, and give more
investors the opportunity to participate in the growth we are now experiencing.
The listing will also give us to access to capital for further growth on
subsequent occasions. The goal is that Selvaag Bolig will be listed within 6
July, but this is subject to satisfactory market conditions, says CEO Baard
Schumann in Selvaag Bolig.

Selvaag Bolig is one of the largest residential developers in the Norwegian
market, and during the first quarter of 2012 the company sold 244 housing units.
At the end of 2011 the company had 1,014 units under construction, and close to
9,000 units under development. The company currently has approximately 100
shareholders. The largest shareholder is Selvaag Gruppen, which owns just over
60% of the shares.

- The Norwegian residential market is healthy, and Selvaag Bolig has a solid
market position. We have good sites and a number of exciting residential
projects in and around the Greater Oslo area, Stavanger and Bergen. These are
areas of rapid population growth and high demand for new homes. We raise funds
to strengthen our position further in these areas, says Schumann.

Selvaag Bolig has engaged ABG Sundal Collier, DNB Markets and Pareto Securities
as advisors in connection with the listing process.

Further information about the listing and the forthcoming issue will be
published continuously.

For further information, please contact:
Baard Schumann, CEO Selvaag Bolig
Phone: 940 80 000, e-mail: bas@selvaagbolig.no

About Selvaag Bolig
Selvaag Bolig AS is a residential property developer rooted in 60 years of
Selvaag history and experience. At any given time the company has close to 9000
housing units under construction throughout the country. Selvaag Bolig focuses
particularly on the Greater Oslo area, Bergen and Stavanger, but also has two
projects under development in Stockholm. The company manages the entire process,
from the purchase of land to the sale of finished homes. SElvaag Bolig offers a
wide range of residential concepts under the brand names Selvaag Start, Selvaag
Hjem and Selvaag Pluss The company is led by CEO Baard Schumann, while Olav
Hindahl Selvaag chairs the board of directors.

Important Notice
The contents of this announcement have been prepared by and are the sole
responsibility of Selvaag Bolig ASA (the "Company"). The financial advisors are
acting exclusively for the Company and no one else, and will not be responsible
to anyone other than the Company for providing the protections afforded to their
respective clients, or for advice in relation to the contemplated offering, the
contents of this announcement or any of the matters referred to herein. The
offering and the distribution of this announcement and other information in
connection with the offering may be restricted by law in
certain jurisdictions. The Company assumes no responsibility in the event there
is a violation by any person of such restrictions. Persons into whose possession
this announcement or such other information should come are required to inform
themselves about and to observe any such restrictions. This announcement may not
be used for, or in connection with, and does not constitute, any offer of
securities for sale in the United States or in any other jurisdiction.

The offering will not be made in any jurisdiction or in any circumstances in
which such offer or solicitation would be unlawful. This announcement is not for
distribution, directly or indirectly in or into any jurisdiction in which it is
unlawful to make any such offer or solicitation to such person or where prior
registration or approval is required for that purpose. No steps have been taken
or will be taken relating to the offering in any jurisdiction outside of Norway
in which such steps would be required. Neither the publication and/or delivery
of this announcement shall under any circumstances imply that there has been no
change in the affairs of the Company or that the information contained herein is
correct as of any date subsequent to the earlier of the date hereof and any
earlier specified date with respect to such information.

These materials are not for publication or distribution, directly or indirectly,
in the United States (including its territories and possessions, any state of
the United States and the District of Columbia). These materials do not
constitute or form part of any offer or solicitation to purchase or subscribe
for securities in the United States. Securities may not be offered or sold in
the United States absent registration or an exemption from registration. The
offer shares mentioned herein have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "US Securities Act") or
with any securities regulatory authority of any state or other jurisdiction of
the United States, and may not be offered or sold in the United States or to, or
for the account of, U.S. persons (as such term is defined in Regulation S under
the US Securities Act), except pursuant to an effective registration statement
under, or an exemption from the registration requirements of, the US Securities
Act. All offers and sales outside the United States will be made in reliance on
Regulation S under the US Securities Act. There will be no public offer of
securities in the United States.

This document does not constitute an offering circular or prospectus in
connection with an offering of securities of the Company. Investors must neither
accept any offer for, nor acquire, any securities to which this document refers,
unless they do so on the basis of the information contained in a prospectus to
be distributed and made available by the Company only to qualified persons in
certain jurisdictions where an offer may be made (if an offer is made). This
document does not constitute an offer to sell, or the solicitation of an offer
to buy or subscribe for, any securities and cannot be relied on for any
investment contract or decision.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

[HUG#1605289]

Selvaag Bolig ASA : Applies for listing at Oslo Børs