Selvaag Bolig ASA

Investor Presentation • Nov 9, 2017

Long-term housing development Capital markets update | Oslo 9 November 2017

Capital markets update 9 November 2017

09:00 - 09:30 Q3 2017 presentation

Break

• 09:40 10:10 Long-term housing development, Baard Schumann, CEO
• 10:10 10:50 Value creation, Sverre Molvik, CFO
• 10:50 11.00 Selvaag Gruppen's ownership perspective, Olav Selvaag, Selvaag Gruppen Break
• 11:15 11:45 The need for new housing in Norway, Nejra Macic, Prognosesenteret
• 11:45 12:20 Developing good projects from a solid land bank, Baard Schumann, CEO
• 12:20 12:30 Strategic priorities and outlook, Baard Schumann, CEO and Sverre Molvik, CFO
• 12:45 13:30 Lunch and mingling

Long-term housing development Baard Schumann, CEO

4

A growing population needs housing

New housing is an important part of the solution

LONG-TERM HOUSING DEVELOPMENT

Second-hand housing (80%)

Rental (20%)

New housing (20%)

LONG-TERM HOUSING DEVELOPMENT

We have to cut through the short-term noise…

…and concentrate on long-term development

LONG-TERM HOUSING DEVELOPMENT

Løren 1999 Løren 2016

Housing for all

Selvaag Bolig is a story about development

"It's better to build 30 000 homes for 15 000 kroner than 15 000 homes for 30 000 kroner"

– Olav Selvaag, Founder

Our deliveries since the IPO

What did we say at 2012 IPO? Status Q3 2017

Maintain position as a leading residential developer in Norway	Leading in terms of volume, profit and efficiency
Long-term goal of delivering 1 500 homes per year	Lower volume, but higher margins
Long-term growth will not affect profitability or financial risk	Healthy profits and sound balance sheet
Continue to develop industrial approach to homebuilding	Project optimisation and large projects
Increase share of modular-based development	Urban-development focus requires on-site construction
Project margins of 12%	23% on average over last 3 years
Annual dividends in the region of 50% of after-tax profits Dividend pay-out semi-annually from H1 2015	46% on average since 2013 (start of dividend payments) Started dividend payments one year early Dividend payments semi-annually from H1 2015 New and more flexible dividend policy

Completed > 4 000 homes since 2012…

Accumulated # of units completed

Accumulated revenue (IFRS) in NOK billion since 2012

Our deliveries since the IPO

What did we say at 2012 IPO?	Status Q3 2017
Maintain position as a leading residential developer in Norway		Leading in terms of volume, profit and efficiency
Long-term goal of delivering 1 500 homes per year		Lower volume, but higher margins
Long-term growth will not affect profitability or financial risk		Healthy profits and sound balance sheet
Continue development of industrial approach to homebuilding		Project optimisation and large projects
Increase share of modular-based development		Urban-development focus requires on-site construction
Project margins of 12%		23% on average over last 3 years
Annual dividends in the region of 50% of after-tax profits Dividend pay-out semi-annually from H1 2015		46% on average since 2013 (start of dividend payments) Started dividend payments one year early Dividend payments semi-annually from H1 2015 New and more flexible dividend policy

Sharpened focus on value

Illustrative case Focus on value

Long-term growth does not affect profitability

2 690 units delivered at 23% project margin

• Reduced risk and increased margins
• over the past 12 quarters*
• Land bank lasts longer

Sales value of units under construction in NOK million

Value of units under construction is the foundation for future profits

86% of 2018 completions sold by Q3 2017

99% of 2017 completions sold by Q3 2017

86% of 2018 completions sold by Q3 2017

Solid land-bank basis for long-term strategy

• Pursue overall strategy as long-term housing developer
• Prepared for market recovery 2018-2019
• Continue development of quality projects in core markets
• Land acquisitions throughout the economic cycle

Number of units per project > 300 in Oslo

Number of units per project > 150 in other regions

Average price per housing unit NOK 3-5 million

Scale and broad customer offering drive volume

Target markets Size and price Housing concepts

High-quality offering and customer satisfaction drive value

3 Selvaag Bolig projects among top ten in reputable 2016 customer satisfaction survey* (awarded in 2017)

1 Moss Glassverk project #2 Lørenpynten project in Oslo #7 Dockside project in Tønsberg

*Survey: Prognosesenteret

Efficient and flexible value chain

Target 100% sale at delivery

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

Our long-term ambitions

The size of the dividend will be weighed against the company's liquidity forecasts and capital adequacy

Strategy Targets

• Maintain position as a leading residential developer in Norway
• Long-term growth does not affect profitability or financial risk
• Continue developing industrial approach to homebuilding
• Land acquisitions throughout the economic cycle
• Focus on Greater Oslo, Stavanger, Bergen, Trondheim, and Stockholm
• Ensure economies of scale through large projects, typically >300 units in Oslo and >150 units in other regions
• Project margin of minimum 12%
• High and stable dividends. Minimum 40% of net annual profit, paid in two instalments over the year*
• The company will maintain an equity ratio of minimum 30 per cent

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

Value creation Sverre Molvik, CFO

What did we say at 2012 IPO?	Status 2012-Q3 2017	What are we going to do
Maintain position as a leading residential developer in Norway		Leading in terms of volume, profit and efficiency
Long-term goal of delivering 1 500 homes per year		Long-term goal of delivering 1 500 homes per year
Long-term growth will not affect profitability or financial risk		Long-term growth will not affect profitability or financial risk
Continue to develop industrial approach to homebuilding		Project optimisation and large projects
Increase share of modular-based development		Urban-development focus requires on-site construction
Project margins of 12%		Continued project margin of minimum 12% and IRR of 12%
Annual dividends in the region of 50% of after-tax profits Dividend pay-out semi-annually from H1 2015		Minimum 40% of net annual profit, paid in semi-annual instalments*

Status since the IPO

Financial development (NGAAP)

Project margin development

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

** Project margins are exclusive of overhead costs

Project value creation

Margin development through project stages*

Delivery in accordance with expectations

Land acquisition - general VALUE CREATION

• Substantial land bank, to accommodate targets/growth in core areas
• Acquire the right mix of zoned and unzoned land in suitable locations
• Buy (i) obligations to buy/options on unzoned land, or (ii) ready-to-build land
• Optimise land bank, to improve Return on Equity (ROE)

Land acquisition – risk management VALUE CREATION

• No zoning risk; price and market risk eliminated
• Purchase price decided through land appraisal by three external consultants at the time of zoning approval
• Local market presence and expertise in all core regions
• Land acquisitions through all economic cycles
• Management tool checklist to minimise risks
• Check for pollution
• Restrictions on development
• Low holding cost (~ 20% of project cost)
• Purchase subject to board approval
• "Buy land, they don't make it anymore" – Mark Twain

Client-controlled contract/module
SEH	Contract documents	Checklists

Project management system

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Capital budgeting

Land acquisition – financial VALUE CREATION

Cash flow/capital budgeting example ƒ
- Total revenues: NOK 550 million
Project margin of minimum 12% ƒ
- In addition: 2% provisions
IRR of minimum 12% ƒ
- WACC + risk factor
Total land cost: X = NOK 100 million ƒ

FINAL ESTIMATE Revenues and costs incl. VAT

Summary		Total	Per unit	Per sq. m	%
0	Revenues total	550 108 000	3 874 000	59 600	100.0%
Sum 1-7	Enterprise cost	299 975 000	2 112 500	32 500	54.5%
8	External projecting costs	11 076 000	78 000	1 200	2.0%
8	Project management	11 076 000	78 000	1 200	2.0%
8	Sales and marketing	15 975 000	112 500	1 731	2.9%
8	Fees and charges	7 384 000	52 000	800	1.3%
8	Market risk	12 422 160	87 480	1 346	2%
9	Land cost	100 000 000	704 225	10 834	18.2%
9	Extraordinary land costs	8 307 000	58 500	900	1.5%
Sum 1-9	Project cost ex. finance	466 215 160	3 283 205	50 511	84.7%
10	Financing costs/revenue	17 645 245	124 262	1 912	3.2%
	SUM REVENUE	550 108 000	3 874 000	59 600	100.0%
Sum 1-10	SUM COST	483 860 405	3 407 468	52 423	88.0%
	RESULT	66 247 595	466 532	7 177	12.0%

IRR = 16.47%

Project design – general VALUE CREATION

• Project optimisation
• Plan and prepare for optimising construction cost and sales price
• Maximise area utilisation
  • Maximise sellable square meters in accordance with zoning
• Optimise mix of apartments and sizes in accordance with zoning and market demand
• Obtain building permit
• Chance and pace of satisfactory approval increased through expertise, local presence and reputation

FINAL ESTIMATE Revenues and costs incl. VAT

Summary		Total	Per unit	Per sq. m	%
0	Revenues total	569 361 780	4 009 590	61 686	100.0%
Sum 1-7	Enterprise cost	299 975 000	2 112 500	32 500	52.7%
8	External projecting costs	11 076 000	78 000	1 200	1.9%
8	Project management	11 076 000	78 000	1 200	1.9%
8	Sales and marketing	15 975 000	112 500	1 731	2.8%
8	Fees and charges	7 384 000	52 000	800	1.3%
8	Market risk	12 807 236	90 192	1 388	2%
9	Land cost	100 000 000	704 225	10 834	17.6%
9	Extraordinary land costs	8 307 000	58 500	900	1.5%
Sum 1-9	Project cost ex. finance	466 600 236	3 285 917	50 553	82.0%
10	Financing costs/revenue	17 387 068	122 444	1 884	3.1%
	SUM REVENUE	569 361 780	4 009 590	61 686	100.0%
Sum 1-10	SUM COST	483 987 304	3 408 361	52 436	85.0%
	RESULT	85 374 476	601 229	9 250	15.0%

IRR = 19.73%

Project design – financial VALUE CREATION

Capital budgeting

ƒ	Cash flow/capital budgeting example
	- Total revenues: NOK 569 million
ƒ	Project margin of 15%
	- 3% margin added
	- Low-risk stage
ƒ	IRR of 20%

Contracting, marketing and pre-sales – general

VALUE CREATION

Contracting

• No in-house construction arm; all construction activity on competitive tenders
• Significantly lower building costs (fixed price)
• Reduced exposure to market fluctuations
  • Lower number of full-time employees

Marketing and pre-sale

Defined housing concepts, aimed at a wide range

• of consumers
• contracts)

60% pre-sale before start-up (irrevocable purchase

Contracting, marketing and pre-sale – risk management

VALUE CREATION

• Risk management pre-sales
• Building permit obtained
• Contract with construction companies with solid financial position and track record (i.e. Veidekke, PEAB and AF Gruppen)
• Feasibility study provides minimum 12% margin and 12% IRR
• In addition: 2% provisions
• Bank financing subject to 60% pre-sale
• Risk management start of construction
• Achieved 60% sales

Tender invitation Preparation for sales

Kick-off meeting	Request for / collection of of tenders
		Develop sales support

SEH	Contra
Sales market	Cust
	Client control

Supervisory duty	Main business

Project management system

Acquisition	Zoning	Feasibility stud

Contracting, marketing and pre-sales – financial

VALUE CREATION

		Capital budgeting
Cash flow/capital budgeting example ƒ		FINAL ESTIMATE		Revenues and costs incl. VAT
- Total revenues: NOK 583 million	Summary		Total	Per unit	Per sq. m
- NGAAP: Profit in P&L through percentage-of	0	Revenues total	583 026 463	4 105 820	63 166
completion method commences	Sum 1-7	Enterprise cost	299 975 000	2 112 500	32 500
	8	External projecting costs	11 076 000	78 000
- 50% of land loan converted to construction loan	8	Project management	11 076 000	78 000
- Total equity in typical project: MNOK 55,	8	Sales and marketing	15 975 000	112 500
approximately 10% of turnover	8	Fees and charges	7 384 000	52 000
	8	Market risk	13 080 529	92 116
Project margin of 17% ƒ	9	Land cost	100 000 000	704 225	10 834
- Declaration of start of construction	9	Extraordinary land costs	8 307 000	58 500
and increase in sales price	Sum 1-9	Project cost ex. finance	466 873 529	3 287 842	50 582
- 2% margin added	10	Financing costs/revenue	17 203 837	121 154
IRR of 22% ƒ	Sum 1-10	SUM COST	484 077 366	3 408 996	52 446
		IRR = 21.96%

Summary		Total	Per unit	Per sq. m	%
0	Revenues total	583 026 463	4 105 820	63 166	100.0%
Sum 1-7	Enterprise cost	299 975 000	2 112 500	32 500	51.5%
8	External projecting costs	11 076 000	78 000	1 200	1.9%
8	Project management	11 076 000	78 000	1 200	1.9%
8	Sales and marketing	15 975 000	112 500	1 731	2.7%
8	Fees and charges	7 384 000	52 000	800	1.3%
8	Market risk	13 080 529	92 116	1 417	2%
9	Land cost	100 000 000	704 225	10 834	17.2%
9	Extraordinary land costs	8 307 000	58 500	900	1.4%
Sum 1-9	Project cost ex. finance	466 873 529	3 287 842	50 582	80.1%
10	Financing costs/revenue	17 203 837	121 154	1 864	3.0%
	SUM REVENUE	583 026 463	4 105 820	63 166	100.0%
Sum 1-10	SUM COST	484 077 366	3 408 996	52 446	83.0%
	RESULT	98 949 096	696 825	10 720	17.0%

Construction and sale – general

VALUE CREATION

• Construction
• Fixed-price contracts with reputable and solid counterpart
• Construction costs financed with construction loans
• Construction flexibility (module/on-site)
• Economies of scale large projects with more than 150 units
• Sales
• Maximise price on remaining 40%
• Target 100% sales at time of delivery

39

• Limited project risk with 60% pre-sales
• For remaining 40%, a 35% price reduction would recover equity

VALUE CREATION Construction and sales – risk management

Project management system

Capital budgeting

Construction and sales – financial

VALUE CREATION

• Cash flow/capital budgeting example at delivery
• Total revenues: NOK 590 million
• No more equity required
• Project margin of 20%
• 3% margin added
• Low-risk stage
• IRR of 25%
• Market risk reduced from 2% to 0% of project value

FINAL ESTIMATE Revenues and costs incl. VAT

Summary		Total	Per unit	Per sq. m	%
0	Revenues total	590 022 780	4 155 009	63 924	100.0%
Sum 1-7	Enterprise cost	299 975 000	2 112 500	32 500	51.5%
8	External projecting costs	11 076 000	78 000	1 200	1.9%
8	Project management	11 076 000	78 000	1 200	1.9%
8	Sales and marketing	15 975 000	112 500	1 731	2.7%
8	Fees and charges	7 384 000	52 000	800	1.3%
8	Market risk	0	0	0	0.0%
9	Land cost	100 000 000	704 225	10 834	17.2%
9	Extraordinary land costs	8 307 000	58 500	900	1.4%
Sum 1-9	Project cost ex. finance	455 213 000	3 205 725	49 319	77.2%
10	Financing costs/revenue	17 011 423	119 799	1 832	2.9%
	SUM REVENUE	590 022 780	4 155 090	63 924	100.0%
Sum 1-10	SUM COST	472 224 423	3 325 524	51 162	80.0%
	RESULT	117 798 357	829 566	12 763	20.0%

IRR = 24.89%

Adding value through all project stages

Delivery in accordance with expectations

Project margin development

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

** Project margins are exclusive of overhead costs

Land bank valuation

• Book value of NOK 1.4 billion
• Value generated through project development
• Average portfolio 20% value added
• Third-party market valuation of NOK 2.7 billion 1 437

Book value at time of valuation (Nov 2016)

Eiendom

Q4 16: Book value vs. external valuation

NOK million

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

Earnings and dividend per share

Equity ratio of minimum 30%

Q3 2017 equity ratio 42.4% Equity ratio of minimum 30%

Value creation wrap-up

• Incentivised and results-oriented culture
• Adding value in all project stages
• Low-risk business model
• Large value potential in land bank
• Generating healthy profits over time
• Strong financial position
• Ambition to pay high and stable dividend over time

Selvaag Gruppen's ownership perspective Olav Selvaag

A long-term supporter of Selvaag Bolig SELVAAG GRUPPEN'S OWNERSHIP PERSPECTIVE

Selvaag Gruppen is satisfied with current holdings, but flexible with regards to future strategic development of the company

Selvaag Gruppen the largest shareholder of Selvaag Bolig with an ownership of 53.5%
Selvaag Gruppen 2012 IPO statement: "Will continue to meet the future with Selvaag Bolig"

Selvaag Gruppen today:

"Being a long-term, industrial owner is a promise to investors who want to benefit from Selvaag Gruppen's expertise in housing development"

Developing good projects from a solid land bank

Baard Schumann, CEO

51

Sales value of units under construction

NOK 7 billion

Stockholm 105 units

Sales value* of units potential from existing land bank NOK 43 billion

Norway – robust economic conditions GDP growth 2010 - 2019e Unemployment 2010 - 2019e Population growth 2015 - 2030e and 2040e Interest rates 2010 - 2018e 0% 1% 2% 3% 4% 5% 6% 2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e Norway Sweden Germany UK France 0% 2% 4% 6% 8% 10% 12% 2010 2011 2012 2013 2014 2015 2016 2017e 2018e 2019e Norway Sweden Germany UK France 23.2 % 14.3 % -0.7 % 11.8 % 8.1 % 14.6 % 9.7 % 0.6 % 7.9 % 5.3 % Norway Sweden Germany UK France 2030 2040 -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 2010 2011 2012 2013 2014 2015 2016 2017e 2018e Norway Sweden EU UK

Regulation for residential mortgage loans

MARKET

Reduced loan demand from Norwegian households

• Norwegian banks expect further decrease in demand for first-time loans going forward

• Norwegian banks state that loan cap at 5x annual income has the strongest effect on loan demand

• in Q3 2017, according to Norges Bank

• Lower degree of loan grant flexibility

• Loan cap at 5x annual income challenges single-person households and first-time buyers
• Results in increased demand and prices in the rental market

Loan cap at 5x annual income

Regulation Effects from regulation

• 2
• Loan cap at 60% for secondary homes in Oslo
• Instalment required for loans exceeding 60% of housing value 3
• 4
• Oslo, limit on loans that do not meet requirements: Up to 8% of the total loan volume

Declining share of income spent on housing

MARKET

56

Total household debt and homeownership

MARKET

Source: OECD, Prognosesenteret

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

Strong urbanisation in Norway since 2000 MARKET

Population growth in SBO's regions since 2000

Per cent of total Norwegian population living in *SBO's regions

35% of Norwegian population lives in SBO's core markets

Source: Statistics Norway (SSB) Greater Oslo = Oslo and Akershus

Greater Oslo as % of total completions and population growth in Norway

Low share of housing completions in Greater Oslo

Forecasted annual housing and medium) alternatives

Housing demand higher than completions

Newbuild market in Oslo

MARKET

Source: Røisland & Co

Strong 2017 sales versus peers

MARKET

Sales activity vs. peers

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

Reduced second-hand supply in Oslo in October 2017…

MARKET

…and increased sales MARKET

Second hand supply at historic average yearto-date…

…with sales slightly below average

MARKET

Second-hand inventory and units sold in Oslo

MARKET

Oslo, October* 2008-2017

*Unsold units that have been withdrawn from the market are marked as inventory for 9 months before being removed Source: Eiendomsverdi

Second-hand inventory and units sold in Oslo

MARKET

Oslo, October* 2013-2017

*Unsold units that have been withdrawn from the market are marked as inventory for 3 months before being removed Source: Eiendomsverdi

Stavanger area, October* 2008-2017

Second hand market: Stavanger, Sola, Randaberg and Sandnes

Second-hand inventory and units sold in Stavanger area

* Unsold units that have been withdrawn from the market are marked as inventory for 9 months before being removed Source: Eiendomsverdi

Second-hand inventory and units sold in Bergen

MARKET

Bergen, October* 2008-2017

*Unsold units that have been withdrawn from the market are marked as inventory for 9 months before being removed Source: Eiendomsverdi

Trondheim, October* 2008-2017

Second-hand inventory and units sold in Trondheim

*Unsold units that have been withdrawn from the market are marked as inventory for 9 months before being removed Source: Eiendomsverdi

72

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)

Land bank exposure

Trondheim 683 units

Geographical spread

Stockholm 105 units

Stavanger 1 549 units

Bergen 303 units

Land-bank strategy

Note: The numbers represent the size of the land portfolio as at 30 September 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 ~5 900 residential units, whereof the company has purchasing obligations for ~5 400 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

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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

Approximately 1 500 units Expected sales start 2020

Sinsenveien

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

Approximately 1 500 units, remaining

Lade Allé, Trondheim

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

Strategic priorities and outlook

Strategic priorities and outlook OUTLOOK

Strategy	Targets

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

Maintain position as a leading residential developer in Norway

• • Long-term growth does not affect profitability or financial risk
• Continue developing industrial approach to homebuilding
• Land acquisitions throughout the economic cycle
• Focus on Greater Oslo, Stavanger, Bergen, Trondheim, and Stockholm
• Ensure economies of scale through large projects, typically >300 units in Oslo and >150 units in other regions
• Project margin of minimum 12%
• High and stable dividends. Minimum 40% of net annual profit, paid in two instalments over the year*
• The company will maintain an equity ratio of minimum 30 per cent

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Next event: 4th quarter 2017 13 February 2018