A short presentation of Gravdalgruppa (The Gravdalgroup)

1. A short presentation of Gravdalgruppa (The Gravdalgroup) Førde, 21. February 2011 www.gravdal.no

2. Content • Our company history • Our activity • Our competence • Our management group • Our company structure • Our economy • Our vision • Our business idea • Our goals • Our values

3. Gravdalgruppa – Company history • Gravdalgruppa was established as a private company by Magne Gravdal in Førde in 1961. In 1981 our company changed to a limited company and Audun Kidøy entered as an equal owner. • Audun Kidøy also started his career in the building industry in the beginning of the 1960s and in the period between 1969 to 1981 he was the Manager for Aksel Bruvik’s Førde branch. He left as the General Manager for Gravdalgruppa in December 1998. • Gravdalgruppa in 2007 took over the carpentry activity of the earlier Jo-Ry Byggmarked AS which was established in 1978 by Johannes Ryland (a private company since 1965). • Gravdal Hus AS (previously Blink Hus Gravdal AS) was established in May 2008 and has taken over the construction part previously Stevnebø Trelast AS (established in 1904). The company is located in Knarvik. • Gravdalgruppa has their head office in Førde together with offices in Bergen, Knarvik and Sørbøvåg.

4. Gravdalgruppa – Jubileum book 2006

5. Gravdalgruppa – activity • The main activity: Total enterprise within the private sector in SognogFjordane and Hordaland. • We sell approximately 100 detached houses, holiday homes, apartments and terraced houses each year. • Also we build sheltered accommodation, nurseries, and schools etc for the public sector. • Through our own sites/options on site areas we have the potential to build approximately 1,000 houses. • Kitchen shop and material warehouse in Førde. • Own carpenters.

6. Gravdalgruppa - competence • We are a competent organisation with approximately 55 employees • Many University College engineers, • Civil engineers • Civil architect, • Building technicians, • Sales Representatives, • Approximately 15 carpenters, • Chartered accountants, • Business economists. • We have a central authentication in accordance to new Planning and Building regulations.

7. Gravdalgruppa – Management group John Helge Lunde – 49 years old (General Manager for Gravdalgruppa AS as well as Chairman for the subsidiaries) Business Economist NHH Chartered Accountant Built up PwC in Sogn og Fjordane Been with Gravdalgruppa since 1.11.07 Board member of Nordek AS, Hamar Chairman of the Board of Directors of XL BYGG Gunnar T. Strøm AS, Trondheim Bodil Kidøy Lunde – 42 years old (Project controller Gravdal Bygg AS/Gravdal Hus AS and Chairperson of the Board of Directors of Gravdalgruppa AS) Chartered Accountant Many years work experience from PwC Been with Gravdalgruppa since 1998 Håvar Lundekvam – 40 years old (General Manager for Gravdal Bygg AS) Civil Engineer Masters of Management Many years work experience from Stabburet and Dooria Stian Grimseth – 38 years old (General Manager for Gravdal Bustadprosjekt AS) Technical college, together with specific subjects from BI Previous world class weightlifter Many years work experience as Project Manager for Sunnfjord Energi

8. Gravdalgruppa – Management group Olav Sylta – 53 years old (General Manager for Gravdal Hus AS) Qualified policeman Long sells and management experience from Gjensidige Insurance. Roald Ask - 50 years old (Technical and Construction Manager) Technical High School carpenter and Technical college carpentry Engineer Experience from construction sites, production management in the concrete industry, many years as a Construction Manager for the local council and in Gravdal Bygg. Sverre M. Stensæth - 44 years old (General Manager for Gravdal Prosjektutvikling AS) Master certificate and Craft certificate as a carpenter Engineer Experience background as a Technical Manager and Project Manager for Realbygg AS, Oslo Merete Skrede – 40 years old (Finance Manager for Gravdalgruppa) Business Economist NHH Experience background as a Finance Manager Hjelpemiddelsentralen in Oslo Heidi Ann E. Haaland – 38 years old (General Manager for Gravdal Byggsenter AS) Graduate Marketer NMH Experience from shop management to supermarket management for ICA Maxi, shop manager for Lindex og district manager for the clothes group Popin.

9. Gravdalgruppa – company structure Chairperson: Bodil GRAVDAL AS v/ Bodil Kidøy Lunde and John Helge Lunde own approx 75% of GRAVDALGRUPPA AS General Manager: John Helge (JHL) Håvar Lundekvam, Sverre M. Stensæth, Stian Grimseth, Jostein Kjøsnes and Asbjørn Osland own approx 25% of GRAVDALGRUPPA AS Chairperson: Bodil GRAVDALGRUPPA AS General Manager: JHL Task: Finance/common functions. Chairman: JHL GRAVDAL PROSJEKTUTVIKLING AS 100% ownership General Manager: Sverre Activity: Site purchase and development of projects houses and cottages, Chairman: JHL GRAVDAL BUSTADPROSJEKT AS 100% ownership General Manager: Stian Activity: Sale of projects houses and cottages, sale of real estate. Chairman: JHL GRAVDAL HUS AS 100% ownership General Manager: Olav Activity: Construction workshop. Houses and other sites, projecting and construction management. Chairman: JHL GRAVDAL BYGG AS 100% ownership General Manager: Håvar Activity: Construction workshop; projecting, construction management, carpentry services. Chairman: JHL GRAVDAL BYGGSENTER AS 100% ownership General Manager: Heidi Ann Activity: Kitchen shop and material warehouse NORDEK AS BLINK HUS chain and XL BYGG chain 6,9 % ownership

10. Gravdalgruppa - Economy • Gravdalgruppa – Concern figures • Turnover 2004 NOK 96,3 mill. Result before tax NOK 7 mill. • Turnover 2005 NOK 128,8 mill. Result before tax NOK 12,5 mill. • Turnover 2006 NOK 100,4 mill. Result before tax NOK 7,2 mill. • Turnover 2007 NOK 185,3 mill. Result before tax NOK 6,6 mill. • Turnover 2008 NOK 109,2 mill. Result before tax – NOK 5,3 mill. • Turnover 2009 NOK 170,7 mill. Result before tax – NOK 5,2 mill. • Equity including loan from owners per 31.12.09 NOK 21,2 mill. Liquidity reserves per 31.12.09 NOK 41 mill • Budget 2010: Turnover NOK 160 mill. Result before tax NOK 0,5 mill. • New orders 2010: NOK 338,7 mill. Order reserve per 31.12.10: NOK 270 mill. • Budget 2011: Turnover NOK 330 mill.

11. Gravdalgruppa – Our vision We should have fun, earn money and contribute to the development of the communities.

12. Gravdalgruppa – Our business idea Through total enterprise we will construct future-oriented and enjoyable living environments on the best sites.

13. Gravdalgruppa – Our goals • We have defined six goals which we must reach if we should carry out the activity which are also in line with our vision. These are: • We will have employees who are satisfied with their jobs, significantly above average in Norwegian business. • We will be able to retain and recruit the best co-workers and managers. • We will accomplished a turnover of minimum NOK 1 billion by 2020. • We will have an operation margin which is better than average in similar companies in our branch. • Our own employees or any sub-contractor’s will not have any serious accidents. • Our local communities will perceive us as an active and positive contributor in developing the community.

14. Gravdalgruppa – Our values • We have defined seven values which will support our vision. All our managers and co-workers will have the following attitude and have the following behaviour: • Think positive • Show respect • Take responsibility • Be a good salesperson • Be focused • Show commitment • Be law-abiding