Veidekke — Earnings Release 2009

Feb 24, 2010

Veidekke to build Norway's best environmental building

Veidekke Entreprenør AS has entered into an cooperative contract with the

Aspelin-Ramm Group on the construction of the Bellona building at the Vulkan

site in Oslo. The energy consumption of the building is calculated to be just

69 kWh/m(2)/year, which is far below the requirements towards class A buildings

and probably the best in the country. The contract has a value of NOK 62.5

million excluding VAT (turnkey contract).

The Bellona building will be an office building with floor space of 3,120 m(2)

over five storeys. The first floor will house commercial activities, while the

remaining four floors will be offices where Bellona will occupy two and a half

floors. The building will be constructed of in situ concrete with facades in

plaster and glass. Solar collectors will cover large parts of the south-facing

facade and contribute towards reducing energy requirements. Work has already

started and is to be completed during the autumn of 2010.

Veidekke has carried out energy calculations and parameter studies in order to

determine which parameters affect energy consumption the most, as well as which

costs these represent. For the office section supplied energy is calculated to

be 69 kWh/m(2)/year and for the commercial section supplied energy is calculated

to correspond to class A.

Focus on the use of environmentally-friendly materials and products in the

project is high. Veidekke has requested environmental properties (EPD) and

recycling factors for all materials and products to be used, and Swan and

Flower-labelled products are preferred where possible (the Flower is the EU

ecolabel). Veidekke has also carried out CO? calculations to determine which

facade materials that are best with respect to the environment, and a CO?

calculation will be carried out for the whole building.

For more information please contact:

Project Manager Brigt Aune, Aspelin-Ramm Gruppen AS, tel.  22 40 40 00,

brigt.aune@aspelinramm.no

Department Manager Odd Arne Lian , Veidekke Entreprenør AS, tel. +47

41 66 05 56, odd-arne.lian@veidekke.no

Communications Manager Helge Dieset, tel. +47 21 05 77 91 / +47 90 55 33 22,

helge.dieset@veidekke.no

Veidekke ASA is a leading Scandinavian building contractor and property

developer with 6,000 employees and turnover of NOK 15.6 billion (2009). The

group is listed on the Oslo Stock Exchange and has a dispersed ownership

structure with the employees owning 19.3 % of the stock. The business spans a

wide spectrum of building and construction projects, developing housing and

commercial buildings for private and public sector clients, asphalt plants and

road maintenance as well as collecting and recycling waste.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1387894]