2/17/2012

Fornebu Utvikling (FBU) sold 105 housing units at a total value of NOK 536 million during fourth quarter 2011. In total, 313 housing units were sold in 2011, at a total value of just under NOK 1 587 million. As of 16 February, another 13 units has been sold at a value of NOK 86 million.

The company had operating revenues of NOK 982,1 million in the quarter, compared to NOK 221,3 million in the corresponding quarter last year. The quarterly revenues mainly consist of consideration for 26 residential units at Hundsund, in addition to sale of the commercial property areas 1.2 and 1.3 to Aker ASA.

Furthermore, the company delivered positive results for the quarter at 103 million, compared to NOK -12.1 million in the corresponding period last year. Operating profit for 2011 is NOK 16.2 million.

"Fourth quarter has marked itself as the best in company history, and 2011 was a year beyond all expectations. Sales are all time high, and we are still experiencing strong interest in our products. Our financial position is very solid, and the order backlog has exceeded NOK 2.1 billion. The restructuring of the company is completed, and the company can confidently call itself a pure residential developer, "says a satisfied CEO Morten Grongstad.

Please find the report and presentation for the fourth quarter 2011 enclosed.

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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