Veidekke Employees have strong Faith in own Shares

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For the tenth time, the employees of Veidekke and its subsidiaries have received an offer to buy shares in the company. As many as 702 employees took advantage of the offer, and subscribed for a total of 317,219 shares. This represents an over-subscription of 17.5 per cent, and means that those who have subscribed for more than 400 shares will get a reduction in the number of shares.
"We are very pleased that we have an addition of new shareholders every year, and this time there are 229 employees that will be first-time Veidekke shareholders," says President and CEO, Terje R. Venold.

"We are also very pleased that our employees outside Norway have chosen to buy shares. This year they represented 17.4% of the total subscriptions," Mr. Venold adds.

For this offer there were set aside 270,000 shares, which were sold at a price of NOK 43 per share, which is 10-15 per cent below the average share price in the period before the offer was issued. A minimum of 50 and a maximum of 1,000 shares could be subscribed for, and the subscription period was 11 - 20 November 2002.

The first time Veidekke gave its employees the opportunity to buy shares at a reduced price was in 1990. The goal was then, as it is now, to form closer links between the company and the employees the ownership side.

For further information, please contact

Mr. Jørgen G. Michelet, Financial Director and Investor Relations Officer,
Phone + 47 21 05 77 22, mobile phone +47 917 43 856

Mr. Kai Krüger Henriksen, Senior Vice President, Communication,
Phone  +47 21 05 77 04, mobile +47 905 19 360