This is a correction of the announcement from 08:00 30.08.2012 CEST. Reason for the correction: Changed date for approval and takeover

In a meeting on 29 August, the municipal council of Lørenskog unanimously approved to purchase 50 percent of Selvaag Bolig's commercial land of 2 hectares at Skårerødegaarden in Lørenskog for NOK 50 million. For Selvaag Bolig, the disposal represents a gain of some NOK 40 million which will be booked in Q3 2012. Final settlements will take place in 2015.

The approval also includes an option to purchase the remaining 50 percent of the land for NOK 50 million. The final decision related to exercise of the option will depend on whether the city of Oslo will be elected to host the winter Olympics in year 2022.

The municipality of Lørenskog has already taken over the plot.

For further information, please contact:
Baard Schumann, CEO Selvaag Bolig
Telephone: +47 940 80 000, e-mail: bas@selvaagbolig.no

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

Selvaag Bolig in brief
Selvaag Bolig ASA is a residential property developer rooted in 60 years of Selvaag history and experience. At any given time, the company has several thousand homes under construction throughout the country. Selvaag Bolig focuses particularly on the Greater Oslo area, Bergen and Stavanger. The company manages the entire process, from the purchase of land to the sale of finished homes. Selvaag Bolig offers a wide variety of property types, which it markets 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. The company is headquartered at Løren in Oslo.

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