LAB Entreprenør, a company within AF Gruppen, has entered into agreements with
OBOS for the construction of residential units, parking facilities, and
commercial spaces at Minde in Bergen. The total contract value is approximately
NOK 480 million excluding VAT.

The agreements are made through OBOS Nye Hjem AS and cover the projects:
Bergensmeieriet, Meierigarasjen, and Næring S10. All projects will be executed
as turnkey contracts with continuous overlapping operations, and the residential
project comprises the first of a total of five construction phases.

The contracts include the construction of 95 apartments with a total gross
internal area of 6,700 square meters across two buildings. A smaller commercial
area will also be built. Additionally, an underground car park of 8,000 square
meters GFA will be established, which includes delivery facilities for both the
residential and commercial sections. Outdoor areas for private use and public
spaces will be created around the residential buildings, on the deck above the
underground car park.

The site is part of a larger development area that was previously used for dairy
production. The area is centrally located at Minde, in close proximity to the
light rail, bus connections, and pedestrian and cycle paths to the city centre.

"We appreciate the trust shown by OBOS and are pleased to contribute to positive
urban development in Bergen. With solid expertise and good collaboration, we
look forward to starting the work," says Gard Kvalheim, Managing Director of LAB
Entreprenør.

The residential project is scheduled to commence in Q1 2026 and be completed in
Q2 2028. Work on the parking facility will begin immediately.

For further information:
Managing Director, LAB Entreprenør: Gard Kvalheim, tel. +47 907 54 394
EVP, Construction, AF Gruppen: Tormod Solberg, tel. +47 950 59 495