Approved financial statements 2010

The Board of directors in BWG Homes ASA has approved the consolidated financial statements, the parent company`s financial statements and the Board of Directors` report for 2010. Consolidated earnings after tax were NOK 178.1 million (IFRS).

In connection with the Board's consideration of the financial statements, it is decided to change the classification of Value Added Tax (VAT) on own production for segment Norway in the income statement. This change which is a reclassification matter only, does not affect the reported results and has no bearing on the presentation of the financial position (balance sheet).

The change means that the reported income in the income statement for the Group (IFRS) for 2010 increases by NOK 202.5 million, and that the costs of goods sold increase with the same amount. The 2009 reported income for the Group (IFRS) and costs of goods sold increase by NOK 200.1 million.

Supplementary information on the changed classification of VAT on own production including reworked previously reported figures for all reporting periods of 2010 and 2009, is available at www.bwghomes.no/Download center.

The Annual Report will be published at www.bwghomes.no primo May together with the notice for the Annual General Meeting which will be held on 26 May 2011.

The Board will propose a dividend of NOK 0.90 per share. Given approval, the shares will be traded ex-dividend as from 27 May 2011, and dividend will be paid out on 9 June 2011.

Contact person:

Arnt Eriksen, CFO, tel: +47 23 24 60 37, +47 922 14 625