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 SUCH DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE
NOTICE.

Oslo, 22 May 2012: Selvaag Bolig ASA ("Selvaag Bolig" or the "Company", ticker
"SBO")

Reference is made to the stock exchange announcement, dated 22 May 2012,
regarding Selvaag Bolig's initial public offering (the "Offering") and the
transaction details of the Offering.

The Financial Supervisory Authority of Norway has now approved the prospectus
prepared in connection with the Offering and the listing of Selvaag Bolig's
shares on Oslo Børs (the "Prospectus").

The Prospectus will from the commencement of the book-building period and the
application period for the Offering (on 23 May 2012 at 09:00 hours (CET)) be
available at www.selvaagbolig.no, www.abgsc.com, www.dnb.no/emisjoner and
www.paretosec.no. A printed copy of the prospectus can also from the same date
be obtained free of charge at the offices of Selvaag Bolig at Lørenvangen 22,
NO-0580 Oslo, Norway, or by contacting one of the Managers.

ABG Sundal Collier, DNB Markets and Pareto Securities are acting as Joint Lead
Managers for the Offering. ABG Sundal Collier and DNB Markets are acting as
Joint Bookrunners for the Offering. ABG Sundal Collier, DNB Markets and Pareto
Securities will jointly recommend the allocation of Offer Shares in the
Offering.

For further information, please contact:

Baard Schumann, CEO Selvaag Bolig
Phone: +47 940 80 000, e-mail: bas@selvaagbolig.no

or

Haavard Rønning, CFO Selvaag Bolig
Phone: +47 400 20 019, e-mail: hroe@selvaagbolig.no

***

About Selvaag Bolig:
Selvaag Bolig ASA is a residential developer that provides different housing
concepts to suit aspirations of different households in and around main cities
in Norway and over time in selected cities in Scandinavia. The Company's prime
focus is the Greater Oslo area, Stavanger, Bergen and Stockholm; areas with
large and growing populations. The Company acquires and develops new residential
land plots, and controls the entire value chain from acquisition of the land
plots to the sale and delivery of the residential units. The Company targets a
delivery of 1,500 residential units per year, and has a land portfolio on which
it can develop approximately 9,000 residential units. Selvaag Bolig targets
broad customer groups through the residential living concepts Selvaag Start,
Selvaag Hjem and Selvaag Pluss. The Company is headquartered at Løren in Oslo.

Important Notice
The contents of this announcement have been prepared by, and are the sole
responsibility of, the Company. The Company's 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.

This announcement is 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). This announcement does
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 to be issued in the Offering 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 announcement 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 the 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
announcement 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#1614041]

Selvaag Bolig ASA - Approved Prospectus