1/31/2012

The board of directors of Fornebu Utvikling ASA (FBU) refers to the statement issued by Oslo Bolig- og Sparelag (OBOS) informing that OBOS has agreed to purchase 494,488,026 shares in FBU ASA and that OBOS following this transaction, OBOS will own 643,079,026 shares, corresponding to 77.5 % of FBU's share capital.


OBOS has agreed a price per share of NOK 2.45, which is 45.8% above the last exchange trade. This values the equity of FBU at NOK 2.034 billion.


4 weeks following completion of this acquisition, OBOS will be obliged subject to applicable law to make a mandatory offer to the remaining shareholders.


FBU will give a statement to the shareholders concerning the offer in accordance with applicable law. The statement will be provided as early as possible and at the latest one week prior to expiry of the mandatory offer.


The board of directors of FBU will work for equal treatment of its shareholders in line with applicable law, among other through the provision of information

For further information, please contact:

CEO Morten Grongstad, tel.: +47 99 15 39 05

CFO Gisle Glück Evensen, tel: +47 91 80 05 66

About Fornebu Utvikling ASA:

Fornebu Utvikling (FBU) is a Norwegian real estate company listed on the Oslo Stock Exchange. The Group develops and sells attractive housings of high quality. Currently, the Group has development projects at Fornebu outside Oslo (Norway) and in Odense (Denmark).

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


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