11/15/2011

Member of the board of directors of Fornebu Utvikling ASA, Jan Petter Storetvedt, received this weekend an offer for a position in Aker ASA, related to Aker ASA's purchase and development of the property located within the 1.2/1.3 area at Fornebu. The property was sold from Fornebu Utvikling ASA to Aker ASA on 8 November 2011. Storetvedt accepted the offer Monday 14 November 2011.

Based on this, Storetvedt announced prior to yesterday's board meeting at Fornebu Utvikling ASA that he withdraws as member of the board of directors of the company. Given Storetvedt's historic connection to one of the bidders on the property, Storetvedt did not participate in the board's discussions prior to the sales agreement with Aker ASA.

Chairman of Fornebu Utvikling ASA, Roar Engeland, says: "Jan Petter Storetvedt has been a member of the company's board of directors since 2007. With his long experience, as well as thorough competence within the property development sector, he has been an important contributor for the company, and we thank him for many years of very good efforts. At the same time, we wish him the best of luck."

Deputy of the board, Mikkel Vislie, will act as member of the board of directors until a new member of the board has been elected at the company's next ordinary general assembly.

For further information, please contact:

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


About Fornebu Utvikling

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

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)