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2016-05-19

Selvaag Bolig ASA: Q1 2016: Record sales

First quarter 2016:

* Highest-ever value of homes sold, at NOK 1 056 million (NOK 1 020 million)
* 280 homes sold (2015: 308), construction started on 230 (284) and 179
delivered to the buyer (224)
* IFRS: operating revenues NOK 624 million (NOK 756 million), EBITDA adjusted
for financial expenses NOK 91 million (NOK 121 million) representing a
margin of 14.6 per cent (16 per cent)
* NGAAP (percentage of completion method): operating revenues NOK 815 million
(NOK 827 million), EBITDA NOK 132 million (NOK 140 million) representing a
margin of 16.1 per cent (17 per cent)
* Dividend of NOK 0.80 per share for the second half of 2015 approved and
paid since 31 March.
* High market share in Oslo.

"This is the best quarter for sales measured by value in our history,"
comments CEO Baard Schumann at Selvaag Bolig ASA.

"Since homes sold are first recognised in the accounts when they are
delivered, this will give strong results in the long term. The average price
of homes sold has increased, and the profitability of our projects is very
good."

Selvaag Bolig started building work on 230 homes during the first quarter, and
had 1 386 under construction at 31 March with a combined sales value of about
NOK 5 billion.

The company had 58 completed homes which remained unsold at the same date,
when 80 per cent of the units under construction had already been sold.

"All our housing starts during the first quarter were in Greater Oslo, where
we have built up a very strong position," Schumann says.

"We have great confidence in this market for the time to come. Demand is very
high, the supply of homes is small, and the number of sites getting planning
permission for housing is too low. Our share of the roughly 1 000 new homes
currently on sale in Oslo is about 30 per cent. Market prospects are also
positive in Bergen and Trondheim."

Live webcast of the presentation available from 0830 here

30 second film summary available here(Norwegian language only)

Further information from
Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no

Sverre Molvik, CFO, Selvaag Bolig ASA
Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no

Selvaag Bolig ASA is a residential property developer controlling the entire
value chain from acquisition of land to sale of homes. The company has
several thousand homes under development at any given time, and focuses on
the growth areas in and around Greater Oslo, Bergen, Stavanger and Trondheim.
Selvaag Bolig represents a continuation of Selvaag's 60-year history and
experience, and offers a broad variety of property types marketed under the
brand names Start, Hjem and Pluss. The company is headquartered at Ullern in
Oslo.

www.selvaagboligasa.no/en

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

Report for 1st quarter 2016
http://hugin.info/148038/R/2013560/746329.pdf
Presentation for 1st quarter 2016
http://hugin.info/148038/R/2013560/746333.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Selvaag Bolig ASA via Globenewswire

HUG#2013560

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