The Startbo concept is especially designed for young people who are establishing themselves in the housing market. The flats are centrally situated, and most of them have a special section that can be rented out. As income from the rental section is tax free, living expenses will be rather low. The rental section can easily be included in the main flat when there is a need for more space. The projects are organised in housing cooperatives.

Startbo Carl Berner, Oslo

The project includes 237 flats of which 230 have been sold. 176 flats have a rental section. Total living floor space is 13,600 m2. The sizes of the flats vary between 20 and 80 m2. There will be parking space for 110 cars in the basement. Total turnover for Startbo is NOK 400 million.

Construction has started and the building will be completed during the first quarter of 2006. This is a turn-key contract worth NOK 210 million excluding VAT.

Startbo Fønix, Bergen

The project includes 94 flats, all sold. 53 flats have a separate rental section. Total living floor space is 4,471 m2. The sizes of the flats vary between 28 and 80 m2. There will be room for 78 cars in the parking basement. An additional floor space of 2,000 m2 will be developed into business premises. Total turnover for Startbo is NOK 162 million.

Demolition of existing buildings has started. Construction will start in August and will be finished by the end of 2005. This is a turn-key contract worth NOK 100 million.

Startbo Panorama, Stavanger

The project includes 117 flats, of which 88 have been sold. 112 flats have a rental section. Total living floor space is 7,620 m2. The sizes of the flats vary between 40 and 120 m2. In the parking basement there will be room for 70 cars. Total turnover for Startbo is NOK 222 million.

Construction is scheduled to start in August 2004. The work will be completed by the end of the second quarter of 2006. This turn-key contract will be carried out by Block Berge Bygg AS, a subsidiary of Veidekke Entreprenør AS. The contract has a value of NOK 120 million.

For further information, please contact:

Regional Manager Rune Forbord, Startbo AS,

phone + 47 917 71 942

Managing Director Dag Andresen, Veidekke Entreprenør AS,

phone + 47 915 51 410

Senior Vice President Communication Kai Krüger Henriksen, Veidekke ASA,

phone + 47 905 19 360.