Veidekke

Regulatory Filings • Mar 12, 2020

Update on the process concerning Veidekke's property development operation

Update on the process concerning Veidekke's property development operation

In November 2019, Veidekke's board of directors made the decision to spin out

the property development operation with an amended ownership structure. As

reported at Q4 2019, the work is progressing as planned. Consideration will be

given to both stock-exchange listing and the sale of the operation, and Veidekke

will make a decision regarding ownership structure and transaction model in the

first half of 2020.

In the event Veidekke should decide on a stock exchange listing, Jørgen Wiese

Porsmyr, currently EVP at Veidekke, will take on the position as CEO of the new

listed company. Likewise, Siv Hege Solheim, currently Senior VP Accounting and

Controlling at Veidekke ASA, will become the new company's CFO.

Jørgen Wiese Porsmyr (48) started in Veidekke in 1995 and has been part of the

corporate management group since 2007. He served as CFO of the Veidekke Group

before, as EVP, taking on responsibility for i.a. the property development

operation. Jørgen Wiese Porsmyr has a Master of Science degree (siviløkonom)

from Norwegian School of Economics and Business Administration and Hochschule

St. Gallen.

Siv Hege Solheim (45) started in Veidekke in 2009 and has held the position as

financial director in Veidekke ASA since 2011. Siv Hege Solheim has a Master of

Science degree (siviløkonom) from Norwegian School of Economics and Business

Administration.

The agreements entered into today do not affect the choice of future ownership

model for the property development operation but provide Veidekke Property

Development with a structure in place to cover any possible outcome of the

process.