Final result and completion of the subsequent offering

In a Board meeting held 30 March 2009, the Board of BWG Homes approved the allocation of the new shares, in accordance with the allocation principles as set out in the resolution by the extraordinary general meeting on 6 March 2009 to increase the share capital of BWG Homes and in the Prospectus dated 13 March 2009. Thus, BWG Homes' share capital will be increased with NOK 4,276,000 by issuance of 4,276,000 new shares, each with a nominal value of NOK 1.00. The shares have been subscribed for at a subscription price of NOK 5.00. Following the registration of the capital increase following from the issuance of the new shares under the Offering, the number of outstanding shares in BWG Homes will be increased from 94,000,000 to 98,276,000.
Listing on Oslo Børs of the new shares to be issued in the Offering will take place as soon as the share capital increase has been registered with the Norwegian Register of Business Enterprises, which is expected to be on or about 7 April 2009.
For further details regarding the Offering, reference is made to the Prospectus dated 13 March 2009.
The following primary insiders were allocated shares in the Offering:
Harald Walther including related parties, Chairman of the Board of BWG Homes ASA, was allocated 127,500 shares. Total holding after the Offering will be 417,500 shares.
Petter Neslein including related parties, (Board Member of BWG Homes ASA), was allocated 600,000 shares. Total holding after the Offering will be 810,000 shares.
Mikael Olsson, CEO in BWG Homes AB, was allocated 20,000 shares. Total holding after the Offering will be 136,279 shares.
Jonas Karlsson, CFO in BWG Homes AB, was allocated 20,000 shares. Total holding after the Offering will be 113,023 shares.
Mats Huseby, CFO in Block Watne AS, was allocated 16,000 shares. Total holding after the Offering will be 36,000 shares.
The Offering was managed by Arctic Securities ASA.
For further information, please contact
Lars Nilsen, CEO, tel. +47 23 24 60 00
Arnt Eriksen, CFO, tel. +47 23 24 60 37, +47 922 14 625

Important Notices
The contents of this announcement have been prepared by and are the sole responsibility of BWG Homes ASA (BWG). Arctic Securities ASA is acting exclusively for BWG and no one else and will not be responsible to anyone other than BWG for providing the protections afforded to their respective clients, or for advice in relation to the contemplated private placement and possible subsequent Offering, the contents of this announcement or any of the matters referred to herein.
The distribution of this announcement and other information in connection with the Offering may be restricted by law in certain jurisdictions. 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 to sell, or an invitation to purchase, any securities. The Offering will not be made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful.
The BWG shares have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada or Japan and may not be offered or sold within the United States, Australia, Canada or Japan.
In the United Kingdom, this announcement is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Financial Promotion Order), (ii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated. This announcement is directed only at such persons and must not be acted on or relied on by persons in the United Kingdom who are not such persons. Any investment or investment activity to which this announcement relates is available in the United Kingdom only to such persons and will be engaged in only with such persons and no other persons in the United Kingdom should rely or act upon this announcement.
All investment is subject to risk. The value of the BWG shares may go down as well as up. Past performance is no guarantee of future returns. Potential investors are advised to seek expert financial advice before making any investment decision.

About Us

BWG Homes develops, sells and constructs residential homes in the Nordic region. The brands owned by the Group are Block Watne and Hetlandhus in Norway, Kärnhem, Myresjöhus and SmålandsVillan in Sweden. Ranked as a leading residential house builder in its markets, the Group annually completes approx. 2 000 new homes through own residential projects and for individual customers. BWG Homes has approx. 1 000 employees. In 2013 the operational turnover was NOK 3.9 billion. BWG Homes is a company in the OBOS Group.