Selvaag Bolig ASA

Investor Presentation • Feb 13, 2018

Oslo 13 February 2018 Baard Schumann, CEO Sverre Molvik, CFO

Agenda

• Highlights
• Operational update

2

• Financial update
• Market
• Summary

Highlights Q4 2017 HIGHLIGHTS

• Best annual IFRS result in SBO's history
• Strong sales in a volatile market
• All time high dividend
• NOK 1.80 per share for H2'17
• NOK 3.00 per share for FY'17
• External land bank valuation of NOK 3.7bn vs. book value of NOK 1.9bn

NOK

Key financials Q4 and FY 2017

HIGHLIGHTS

Q4 2017

Full year 2017

O i t p e r a n g	r e e n e s v u
-------------------------------------------	--------------------------------------

1 259

NOK million

Adjusted EBITDA margin

19.3

per cent

EBITDA margin (NGAAP)

15.1

per cent

Operating revenues

3 229

NOK million

Operating revenues (NGAAP)

689

per cent

Operating revenues (NGAAP)

2 971

per cent

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary

Sales value and units sold

OPERATIONAL UPDATE

NOK million443487NOK million764 999 633 690 632 4.85.33.8 3.9 3.8Q4 16 Q1 17 Q2 17 Q3 17 Q4 172,490 3,049 3,215 740886Total and average sales value Sales value and units sold

Note: All numbers are adjusted for Selvaag Bolig's share in joint ventures

Rolling sales value and units sold

OPERATIONAL UPDATE

Note: Sales value is adjusted for Selvaag Bolig's share in joint ventures

*Total columns show Selvaag Bolig's gross sales **Columns excluding dotted areas show Selvaag Bolig's net sales

Construction starts

OPERATIONAL UPDATE

Construction starts per quarter

Hovinenga, Oslo

• 55 units in Greater Oslo
• 97 units in Trondheim
• 65 units in Stockholm

Units under construction and completions

OPERATIONAL UPDATE

• High value of units under construction
• Q4 2017: 73% of units under construction sold by Q4 2017
• Q4 2017: 85% of construction volume in Greater Oslo
• Of which 91% in Oslo. Remaining in Bærum, Lørenskog, Moss and Tønsberg

Expected completions for 2018 as of Q4 17: 854 units

• 87% of 2018 completions sold by Q4 2017

9

10

Agenda

• Highlights

• Operational update

• Financial update

• Market
• Summary

Income statement highlights Q4 2017 (IFRS)

• 355 units delivered (254)
• Revenues NOK 1 259m (886)
• Units delivered NOK 1 239m (808)
• Other revenues NOK 20m (22), mainly lease income
• Project costs NOK 983m (677)
• Of which NOK 28m is interest (36)
• Other costs NOK 66m (71)
• Salaries, sales and marketing key components
• Adjusted EBITDA NOK 243m (170)
• Adjusted for financial expenses included in project costs
• EBITDA NOK 215m (134)
• EPS in the quarter NOK 1.78 (1.24)

FINANCIAL UPDATE

NOK million

Revenues and adjusted EBITDA margin (IFRS)

Income statement highlights FY 2017 (IFRS)

• Delivery of 737 units (869)
• Revenues NOK 3 229m (3 000)
• EBITDA adjusted 626m (514)
• Adjusted for financial expenses included in project cost
• EBITDA NOK 548m (414)
• Earnings per share full year NOK 4.35 (3.21)

FINANCIAL UPDATE

NOK million

Revenues and adjusted EBITDA margin (IFRS)

Operating revenues Adjusted EBITDA margin

Income statement highlights Q4 2017 (NGAAP)

FINANCIAL UPDATE

* Construction costs are exclusive of financial expenses in the segment reporting (NGAAP)

Cash flow development Q4 2017

FINANCIAL UPDATE

Note: Amounts below NOK 5m are excluded from the cash flow overview

486

Net change in borrowings

Cash and cashequivalents at 31 December 2017

• Cash flow from operations positive at NOK 506m mainly explained by high number of units delivered
• Cash flow from investment activities positive at NOK 30m mainly explained by repayment of loan from associated companies
• Cash flow from financing activities negative at NOK 290m mainly due to net repayment of loans

Balance sheet highlights Q4 2017

FINANCIAL UPDATE

Balance sheet composition

B k l i d b N O K 1 8 o o a e n c r e a s e v u y 	O i l l i N K m o n
O h N K 3 0 4 t o p e r s a r e	7, 0 0 0
i i % E 4 5. 0 t t q u y r a o 	6, 0 0 0	N t t o n- c r r e n a s s e s u
C h f Q 3 2 0 1 7 a n g e s r o m : 	5, 0 0 0
I i d d b N O K 3 t 1 5 n e n o r e s e c r e a s e m v y 	0 0 0
d i b l d d b O T N K 8 r a e r e c e v a e s e c r e a s e y m 	4,
C h i d b N O K 2 4 6 a s n c r e a s e y m 	3, 0 0 0	C t t u r r e n a s s e s
P f t t 's r e p a m e n s r o m c s o m e r a c c o y u u 	t n s 2, 0 0 0
f O f h N K 3 8 5 t t o r m o o e r c u r r e n n o n i b i l i b i l i i t t- t n e r e s e a r n g a e s	1, 0 0 0
	0	C h a s

Assets Equity and Liabilities

Current liabilities

Non-current liabilities

Inventories (property) Q4 2017

FINANCIAL UPDATE

Q4 17 vs Q3 17

Inventory value development

• Land value up NOK 256m
• Mainly due to land acquisitions
• Work in progress down NOK 365m
• Due to completions
• Finished goods down NOK 26m
• Due to units delivered

Land bank book value vs. external valuation

Q	Q	Q
2	2	2
4	4	4
0	0	0
1	1	1
5	6	7
N	N	N
O	O	O
K	K	K
i	i	i
l	l	l
l	l	l
i	i	i
m	m	m
o	o	o
n	n	n

FINANCIAL UPDATE

Note: Joint ventures and land options not included in the valuation

Interest-bearing debt as at 31 December 2017

D t r a n a w D 3 1 e c. ( ) N O K m	I t t t n e r e s r a e i m a r g n
0	2. 9 % 0
0	% 2. 0 0
1 2 4 8	% % 2. 0 0 2. 5 0 -
9 6 9	1. % 2. 6 0 % 7 5 -

Total Q4 2017 net interest-bearing debt NOK 1 732 million

Total Q3 2017 net interest-bearing debt NOK 2 258 million

Sound debt structureFINANCIAL UPDATE

Earnings and dividend per share

• FY'17 EPS NOK 4.35 (3.21)
• FY'17 dividend of NOK 3.00
• H1'17 dividend of NOK 1.20 per share
• Proposed H2'17 dividend of

FINANCIAL UPDATE

Return on equity (IFRS) FINANCIAL UPDATE

12 months rolling net income (IFRS)* and return on equity**

NOK million

* Net income attributable to shareholders in Selvaag Bolig ASA

** Based on equity attributed to shareholders in Selvaag Bolig ASA

21

Agenda

• Highlights

• Operational update

• Financial update

• Market
• Summary

Norwegian residential market in January 2018

MARKET

+2.0%

Nominal price increase, January 2018

-0.4%

Price change adjusted for seasonal variations

-0.9% versus January 2017

6 430

Number of units supplied to the market

+8.4% versus January 2017

6 762

Number of sold units

44 days in January 2017

Oslo second-hand market update

MARKET

*Unsold units that have been withdrawn from the market are marked as inventory for 3 months before being removed Sources: Eiendomsverdi, Eiendom Norge and Selvaag Bolig

While headlines focused on increased supply…

…the supply decreased and sales increased in Oslo in January 2018

Turnover time Oslo, January 2005 – January 2018

Turnover time increases when market recovers

*Greater Oslo = Oslo and AkershusSource: Statistics Norway, Akershus municipality, Oslo municipality

Stable population growth in Greater Oslo

Population in Greater Oslo* Estimated population in Greater Oslo*

Greater Oslo low alternative

Estimated population 2031: (Low) ~ 1.43 million

Source: Statistics Norway

A larger share of Norway's population lives in Greater Oslo

Immigration increases demand over time

MARKET

of years in Norway

Homeownership rate among immigrants in Norway (per year living in Norway)

Source: Statistics Norway

Newbuild market in Oslo

MARKET

Source: Røisland & Co

Total newbuild volumes in Oslo

MARKET

Source: Røisland & Co

2 0 1 7	i l b l A v a a e 0 1. 0 1. 2 0 1 7 2 5 6	S l i d h t t u p p e o e k t m a r e 3 2 9 0	S l d o 9 3 1 1	S l i d h t t u p p e o e k i t m a r e a g a n 4 4
	A i l b l a a e v 2 0 1. 0 1. 0 1 6	S l i d h t t p p e o e u k t m a r e	S l d o	S l i d h t t p p e o e u k i t m a r e a g a n
2 0 1 6	9 9 5	0 4 4 1	8 0 4 4	6

Number of units completed in Oslo, 2001-2016

Low number of estimated completions for 2020

Newbuild market in SBO's core markets

MARKET

Source: Samfunnsøkonomisk analyse, Finn.no

Number of new homes (not built) sold New homes (not built) available for sale

• Units available for sale (31.01.18):
• Oslo: ~ 1 850 units
• Stavanger: ~ 280 units
• Bergen: ~ 1 000 units
• Trondheim: ~ 1 050 units

Stavanger second-hand market update

MARKET

Stavanger: Stavanger, Sola, Randaberg and Sandnes

* Unsold units that have been withdrawn from the market are marked as inventory for 6 months before being removed

Sources: Eiendomsverdi, Eiendom Norge and Selvaag Bolig

Bergen second-hand market update

MARKET

*Unsold units that have been withdrawn from the market are marked as inventory for 6 months before being removed Sources: Eiendomsverdi, Eiendom Norge and Selvaag Bolig

Trondheim second-hand market update

MARKET

*Unsold units that have been withdrawn from the market are marked as inventory for 6 months before being removed Sources: Eiendomsverdi, Eiendom Norge and Selvaag Bolig

Strong Q4 2017 sales versus peers

MARKET

1,044 1,450 701 681UnitsQuarterly sales activity vs. peers 16128814983351681031269911Q4 2016 Q4 2017 Annual sales activity vs. peers Units

Housing types Selvaag Bolig: flats, semi-detached and terraced homes Source: Eiendomsverdi, Eiendom Norge and Selvaag Bolig

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary

Summary

• Best annual IFRS result in SBO's history
• Strong sales in a volatile market
• All time high dividend
• NOK 1.80 per share for H2'17
• NOK 3.00 per share for FY'17
• External land bank valuation of NOK 3.7bn vs. book value of NOK 1.9bn

NOK

Thank you for your attention – follow us online!

Next event: 1st quarter 2018 23 May 2018

Appendix

Selvaag Bolig's ambition is to pay high and stable dividends to its owners.

The company aims to pay dividends of minimum 40 per cent of net annual profit, paid in two instalments over the year. However, the size of the dividend will be weighed against the company's liquidity forecasts and capital adequacy.

The company will maintain an equity ratio of minimum 30 per cent

Dividend policy

Selvaag Bolig's aim is to manage the group's resources so that shareholders secure a return in the form of dividend and the rise in the share price. This return will be competitive with other investments.

The company's goal is to pay dividends twice a year totalling up to 50 per cent of its net profit

Previous dividend policy New dividend policy

Share performance since IPO in June 2012

SHARE INFORMATION

53.5%
5.6%
2.9%
2.2%
2.1%
2.1%
1.9%
1.8%
1.8%
1.3%
1.3%
1.1%
1.0%
$0.9\%$
$0.8\%$
0.7%
$0.6\%$
$0.6\%$
0.6%
0.5%
$83.5\%$
16.5%
100.0%

Largest shareholders at 31 December 2017

S h h l d a r e o e r	# f h o s a r e s	% h s a r e
S E L V A A G G R U P P E N A S	0 8 0 0 8 5 1 7	3. % 5 5
S O S G S G S O L A N D F R A K R I N A R F A T I H E T F N D	5 2 7 8 3 3 4	% 5. 6
*) M O R G A N S T A N L E Y C O I N T. P L C &	2 7 4 7 4 2 3	2. 9 %
P A R E T O A S	2 0 6 5 6 2 4	% 2. 2
) ** S E L V A A G B O L I G A S A	2 0 0 4 0 7 1	2. 1 %
S E B P R I M E S O L U T I O N S S I S S E N E R C A N O P	2 0 0 0 0 0 0	% 2. 1
O G O H L B E R N R D E N	1 8 1 2 5 3 9	% 1. 9
H O L B E R G N O R G E	9 3 3 1 6 7 6	8 % 1.
O O S V E R D I P A P I R F N D E T P A R E T I N V E T M E N T	1 6 8 6 0 0 0	% 1. 8
F L P S - G L S- M S U B	2 0 2 0 0 0 1	3 % 1.
H O L T A I N V E S T A S	1 2 0 0 0 0 0	% 1. 3
*) G C J P M O R A N H A S E B A N K, N. A. L O N D O N ,	1 0 1 0 1 6 6	1. 1 %
R E G E N T S O F T H E U N I V E R S I T Y O F M I C H I	9 9 8 3 5 1	% 1. 0
*) O G C S O O J P M R A N H A E B A N K, N. A. L N D N ,	8 5 6 0 2 1	% 0. 9
*) S T A T E S T R E E T B A N K A N D T R U S T C O M P	7 6 6 7 5 4	0. 8 %
*) S S S C O T A T E T R E E T B A N K A N D T R U T M P	6 3 0 4 7 3	% 0. 7
S T O R E B R A N D N O R G E I V E R D I P A P I R F O N D	9 0 9 3 2 5	0. 6 %
S B A N A N I I A	5 5 5 1 9 0	% 0. 6
F I D E L I T Y I N T R E A L E S T A T E F U N D	5 3 1 3 0 0	0. 6 %
T i T t o r s e n e n g e v	5 0 0 0 0 0	% 0. 5
T l 2 0 l h h l d t t o a a r g e s s a r e o e r s	7 8 2 6 9 8 6 0	8 3. 5 %
O h h h l d t e r s a r e o e r s	9 8 2 8 1 5 4 5	% 1 6. 5
l b f h T t o a n u m e r o s a r e s	9 3 7 6 5 6 8 8	% 1 0 0. 0

* Further information regarding shareholders is presented at: http://sboasa.no/en

** The shares were purchased for the company's share programmes for employees

Substantial land bank in Norway's four largest growing urban areas

SELVAAG BOLIG LAND-BANK DISTRIBUTION

• Acquire the right mix of zoned and unzoned land in suitable locations
• Land acquisitions in defined core areas
• High degree of site utilisation and strategic land development
• Substantial land bank to accommodate targets/growth in core areas
• Good infrastructure and public transport
• Joint ventures (JVs)

Stockholm40 units

Land-bank strategy

Note: The numbers represent the size of the land portfolio as at 31 December 2017. All numbers are adjusted for Selvaag Bolig's share in joint ventures. 1) Greater Oslo area: Oslo, Akershus, Buskerud, Vestfold and Østfold, 2) The residential property development portfolio consists of land plots that are to be paid for when planning permission is received. The portfolio has a development potential of ~6 600 residential units, whereof the company has purchasing obligations for ~6 100 and purchasing options for ~500 units.

Land bank in Oslo and Greater Oslo

LAND BANK

Land bank in Stavanger area LAND BANK

Land bank in Bergen, Trondheim and Stockholm LAND BANK

Key projects in selected regions SELVAAG BOLIG PROJECTS

Selvaag Bolig to build ~ 2 000 units at Fornebu centre

• Land acquired at Fornebu, Bærum
• 50/50 JV with Trond and Frederik Mohn
• SBO's largest land acquisition to date
• Approximately 2 000 units
• Expected sales value NOK 12 billion
• Expected sales start 2020

Fornebu aquarium and docks

City development, which creates value for multiple stakeholders Includes the largest aquarium in Northern Europe

Approximately 1 500 units Expected sales start 2020

Sinsenveien

• Approximately 380 units
• Expected sales start 2019
• JV with Veidekke Eiendom

Lørenskog Stasjonsby Approximately 1 500 units, remaining

• Sales started 2010

57

Sandsliåsen, Bergen Approximately 370 units Expected sales start H2 2018

Lade Allé, Trondheim

• 850-900 units, remaining approximately 600 units
• Sales started 2014

Efficient and flexible value chain

Target 100% sale at delivery

Margin development through project stages*

Delivery in accordance with expectations

Norwegian housing market

• Low risk for housebuilders
• Advance sales: banks require that 50-70% of homes are sold before construction starts
• Binding offers: offer to purchase is a binding sales contract, and requires a minimum 10% cash deposit
• High level of home ownership
• 85% (one of the world's highest)
• Economic benefits for home owners
• 24% of mortgage loan interest payments are tax deductible
• Transfer stamp duty for new houses is lower than for second-hand homes
• Strong population growth
• Norway's urban areas are among the fastest growing in Europe
• Good demand for new homes

Low-risk business model

Risk profile at start of a MNOK 550 project De-risking in key stages of projects

• Selvaag's equity investment in a project and project margin bring the remaining project cost down to 74%-78%
• With minimum 60% pre-sale there is limited remaining project risk. For the the remaining 40% a price reduction of 35% would recover equity
• 73% of units in production are sold at end Q4'17

Purchase and payment of land takes place after zoning plan approval. If this is not obtained, the purchase is cancelled

SBO is in charge of the zoning process

Purchase price is decided by a land appraisal made by three external consultants at the time of zoning approval

The median valuation is used as purchase price

Pre-sales of minimum 60% secures the majority of revenue before construction

10% of purchase price paid by the buyer at point of sale, and proof of financing for the remaining amount is required

Construction contracts with solid counterparties are made with fixed price

Project costs are secured before construction starts

Low-risk business model creates healthy profits

Competitive housing offering, targeting growth regions

Efficient and flexible cost structure

Capital-efficient business model backed by strong balance sheet

Large, actively-managed land bank

• Presence in fast-growing urban regions with high demand and large market depth Competitive prices, addressing large customer base
• Defined housing concepts, aimed at wide range of consumers
• Value appreciation through refinement of land for housing development
• Flexibility to develop thousands of homes in growing urban regions
• Active asset management
• No in-house construction arm; improves flexibility and cost optimisation
• Project-based business model improves flexibility and reduces risk
• Economies of scale through large projects
• Lean organisation reduces overhead
• 60% pre-sale before construction start lowers project financing need and inventory risk
• Sound debt structure and financial flexibility

Strategy Value drivers

Income statement IFRS

( ) f i i N O K i l l i g u r e s n m o n	Q 4 2 0 1 7	Q 4 2 0 1 6	2 0 1 7	2 0 1 6
l i T t t o a o p e r a n g r e e n e s v u	1 2 5 8. 8	8 8 5. 5	3 2 2 8. 8	3 0 0 0. 3
P j t r o e c e x p e n s e s	( ) 9 8 2. 9	( ) 0 6 7 7.	( ) 2 3 2. 8 4	( ) 2 3 9. 7 7
O h i t t e r o p e r a n g e x p e n s e s	( ) 6 5. 1	( ) 6 9. 1	( ) 2 3 4. 7	( ) 2 3 1. 2
( ) O h i l t e r g a n s o s s	-	0. 1	-	3 1. 7
A i d i d j i t t t s s o c a e c o m p a n e s a n o n v e n u r e s	3. 7	( ) 5. 3	( ) 1 3. 6	( ) 7. 1
E B I T D A	2 1 4. 5	1 3 4. 2	5 4 7. 7	4 1 4. 0
D i i d i i t t t e p r e c a o n a n a m o r s a o n	( ) 1. 0	( ) 1. 8	( ) 4. 1	( ) 2 0. 1
E B I T	2 3. 1 5	3 2. 1 4	3. 5 4 7	3 9 3. 9
f i i l N t e n a n c a e p e n s e s x	( ) 2. 6	( ) 4. 9	( ) 3 9. 9	( ) 2 9. 3
( ) / P f i l b f t t r o o s s e o r e a e s x	2 1 0. 9	1 2 7. 5	8 5 0 3.	3 6 4. 6
I t n c o m e a x e s	( ) 4 8. 7	( ) 1 1. 7	( ) 1 0 2. 7	( ) 6 3. 7
i N t e n c o m e	1 6 2. 2	1 1 5. 8	4 0 1. 1	3 0 0. 9
N i f h i d i b b l t t t t t t e n c o m e o r e p e r o a r u a e o :
l l i i N t t t o n- c o n r o n g n e r e s s	( ) 0. 0	0. 1	0. 1	( ) 0. 3
S h h l d i S l l i S B A A a r e o e r s n e a a g o g v	1 6 2. 2	1 1 5. 7	4 0 1. 0	3 0 1. 2

2016	2017	Q4 2016
440.3	303.2	77.0
(14.8)	(114.1)	(11.1)
(211.5)	(589.8)	77.0
213.9 672.3 886.2	(400.6) 886.2 485.6	142.9 743.3 886.2

Cash flow statement

( ) f i i O i l l i N K g r e s n m o n u	Q 4 2 0 1 7	Q 4 2 0 1 6	2 0 1 7	2 0 1 6
N h f l f i i i i t t t t e c a s o r o m o p e r a n g a c e s w v	5 0 6. 3	7 7. 0	3 0 3. 2	4 4 0. 3
N h f l f i i i i t t t t t e c a s o r o m n e s m e n a c e s w v v	2 9. 6	( ) 1 1. 1	( ) 1 1 4. 1	( ) 8 1 4.
N h f l f f i i i i i t t t e c a s o w r o m n a n c n g a c v e s	( ) 8 2 9. 5	7 7. 0	( ) 8 8 5 9.	( ) 2 1 1. 5
N h i h d h i l t t e c a n g e n c a s a n c a s e q u v a e n s C h d h i l f i d t t t t a s a n c a s e q u v a e n s a s a r o p e r o C h d h i l d f i d t t a s a n c a s e q u v a e n s a e n o p e r o	2 4 6. 4 2 3 9. 1 8 4 5. 6	2. 9 1 4 3. 3 7 4 8 8 2 6.	( ) 4 0 0. 6 8 8 2 6. 8 4 5. 6	2 3. 9 1 2. 3 6 7 8 8 2 6.

Intangible assets 383.4 383.4 383.4 Property, plant and equipment 11.4 8.5 10.9 Investments in associated companies and joint ventures 316.2 307.6 289.8 Other non-current assetsTotal non-current assets

• Land--Other current receivablesTotal current assets

TOTAL ASSETS

(figures in NOK million) Q4 2017 Q3 2017 2016 337.0 372.1 261.1 1 048.1 1 071.5 945.1 Inventories (property) 4 643.9 4 778.8 4 284.0 1 938.1 1 682.4 1 434.7 Work in progress 2 501.7 2 866.5 2 653.5 Finished goods 204.2 229.9 302.3 174.5 247.9 293.3 Cash and cash equivalents 485.6 239.1 886.2 5 304.0 5 265.8 5 463.5 6 352.0 6 337.4 6 408.7 1 990.3 2 090.4 2 205.8 1 503.5 1 558.3 1 503.7 6 352.0 6 337.4 6 408.7

Equity attributed to shareholders in Selvaag Bolig ASA 2 848.7 2 679.2 2 689.9 Non-controlling interests 9.4 9.4 9.3 Total equity 2 858.1 2 688.7 2 699.2

Non-current interest-bearing liabilities 1 836.8 1 923.0 2 038.7 Other non-current non interest-bearing liabilities 153.5 167.5 167.1 Total non-current liabilities

Current interest-bearing liabilities 380.6 573.7 534.7 Other current non interest-bearing liabilities 1 122.9 984.6 969.1 Total current liabilities

TOTAL EQUITY AND LIABILITIES

Balance sheet

* Corresponding to a book value of NOK 30.4 per share

Substantial portfolio for development

Units

Total land bank portfolio at 31 December 2017

balance sheet

Operational highlights – key operating figures

	Q 4 1 6	Q 1 1 7	Q 2 1 7	Q 3 1 7	Q 4 1 7
N b f i l d t u m e r o u n s s o	1 6 1	1 9 0	1 6 5	1 7 8	1 6 8
N b f i t t t t u m e r o c o n s r u c o n s a r s	1 9 6	1 8 6	3 1 8	7 7	2 1 7
N b f i l d t t u m e r o u n s c o m p e e	2 5 5	6 3	2 1 0	8 1	3 3 6
b f i d l i d N t u m e r o u n s e v e r e	2 5 4	8 5	2 2 2	7 5	3 5 5
b f i d i N t t t u m e r o u n s u n e r c o n s r u c o n	1 3 5 6	1 4 7 9	1 5 8 6	1 5 8 2	1 4 6 3
i f l d i d i P t t t t r o p o r o n o s o n s n e r c o n s r c o n u u u	% 8 5	% 8 6	% 7 8	% 7 8	% 7 3
b f l d l d i N t t m e r o c o m p e e n s o n s u u u	4 3	3 2	2 4	3 0	2 3
( ) S l l f i d i O i l l i N K t t t a e s a e o n s n e r c o n s r c o n m o n v u u u u	5 7 0 9	6 3 4 0	7 0 7 4	7 0 4 7	6 9 9 4
b f l N m e r o e m p o e e s u y	1 0 0	1 0 0	1 0 0	1 0 0	1 0 0

(39.0)	214.5
	3.7
(51.0)	(65.1)
(1.6)	(982.9)
13.7	1 2 5 8 . 8
Other	Total

IFRS EBITDA Q4 2017

( ) f i i N O K i l l i g u r e s n m o n	P d l t t r o p e r y e v e o p m e n	O h t e r	T l t o a
S f h I F R E B I T D A t t t o r e q a r e r, p e r s e g m e n u
O i t p e r a n g r e e n e s v u	1 2 4 5. 1	1 3. 7	8. 8 1 2 5
P j t r o e c e x p e n s e s	( ) 9 8 3 1.	( ) 1. 6	( ) 9 8 2. 9
O h i t t e r o p e r a n g e x p e n s e s	( ) 1 4. 1	( ) 0 5 1.	( ) 6 5. 1
( ) S h f i l f i d i d j i t t t a r e o n c o m e o s s e s r o m a s s o c a e c o m p a n e s a n o n v e n u r e s	3. 7	-	3. 7
( ), O h i l t t e r g a n o s s n e	-	-	-
E B I T D A	2 5 3. 5	( ) 3 9. 0	2 1 4. 5

Operational reporting Q4 2017

( ) f i i N O K i l l i g u r e s n m o n	d l P t t r o p e r e e o p m e n y v	O h t e r	l T t o a
O i t p e r a n g r e v e n u e s	6 7 5. 1	1 3. 7	6 8 8. 8
P j t r o e c e x p e n s e s	( ) 8. 3 5 1	( ) 1. 6	( ) 9. 9 5 1
O h i t t e r o p e r a n g e x p e n s e s	( ) 1 4. 1	( ) 5 1. 0	( ) 6 5. 1
( ) E B I T D A f l i t t p e r c e n a g e o c o m p e o n	1 4 2. 8	( ) 3 9. 0	1 0 3. 8

Note: Construction costs are exclusive of financial expenses in the segment reporting.

Share of sale from joint ventures

OPERATIONAL UPDATE

Sales value of units sold

Share of sale from joint ventures

OPERATIONAL UPDATE

Number of units sold

Growth areas in Greater Oslo

• Regional areas for labour-intensive activities
• Priority areas for commercial and urban development
• Regional public transport hubs
• Public transport connecting regional cities and office locations

Sources: Plansamarbeidet Oslo-Akershus, Selvaag Bolig Note: The figures are not adjusted for Selvaag Bolig's interest in joint ventures

MARKET – SELVAAG BOLIG PROJECTS

Total household debt and homeownership

MARKET

Household debt in % of net disposable income (2015) Homeownership rate (2016)

Urbanisation in Greater Oslo towards 2040

Source: Statistics Norway Greater Oslo municipalities include: Ski, Ås, Oppegård, Bærum, Asker, Lørenskog, Skedsmo, Ullensaker

• Rapid population growth in Oslo followed by stable development
• 30% population growth expected from 2017 to 2040
• Stable population growth to municipalities surrounding Oslo
• 28% population growth expected from 2017 to 2040

> 80 000 next five years

MARKET

Norway – robust economic conditions

Population growth 2015 - 2030e and 2040e Interest rates 2010 - 2018e