SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 2 Sparebanken Øst Trond Tostrup CEO Kjell Engen CFO Sparebanken Øst Presentation for investors, October 2008

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 3 History Market area About the bank Financials Liquidity Risk factors ICAAP Agenda

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 4 Founded January Independent savings bank, head office in Drammen Market area: Central eastern Norway, 23 branch offices Vision: Sparebanken Øst wants to be a leading savings bank in south-eastern Norway Moody's rating A1/P1/C Sparebanken Øst

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 5 Primary Secondary National (internet) Market area

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 6 Deposits Loans Transaction of payments Credit cards (not given priority) Insurance (Life and Non-Life) Fund products Products

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 7 "Home turf" Traditional banking model Internet supplement Secondary market "The Bank with all the banks" Tailored bricks/mortar and net profile for growth target groups National market Low price internet only Retail banking and market approach

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 8 DinBANK.no – brand name for low price Internet banking Targets retail customers in Norway Adaptation to changing market conditions Scale advantage, low operating cost Organized as branch, not subsidiary Products: Loans (mortgages within 70 % LTV) totalling 2.28 bill. Deposits mill. Debit cards

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 9 Wholly-owned subsidiary located in Oslo. Financing of cars by promissory note. Share capital NOK 40 mill. Subordinated debt granted by mother NOK 25 mill Net loans NOK mill as of Earnings before taxes NOK 7.4 mill as of Retained earnings 2007 NOK 8.5 mill. (No dividends paid.)

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 10 Two new non-life and life insurance companies in Bergen, operating from June Owned by 15 independent savings banks: Sparebanken Vest 44.30% Sparebanken Øst 14.84% Fana Sparebank 12.42% Sparebanken Sør 9.96% Helgeland Sparebank 8.86% Other Norwegian savings banks 9.62% Equity approximately NOK 300 mill.

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 11 Sparebanken Øst aims at sufficient capital adequacy ratio, sufficient liquidity and a strong financial result. The bank's financial targets – in order of priority – are as follows: ROE 11% Long term funding of illiquid assets 105 % Capital adequacy ratio 12% (Core 10%) Loan losses < 0.4% of gross lending Financial targets

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 12 Assets - Sparebanken Øst group Assets (MNOK) Change Cash and claims on central banks1, % Net loans to credit institutions % Loans to and receivables from customers17, , % Individual write-downs(44.2)(47.7)-7.3 % Write-downs on groups of loans(12.4)(25.9)-52.1 % Certificates. bonds and securities2,914.62, % Shares - of which Eksportfinans , , % +29,6 % Intangible assets % Fixed assets % Other assets % Pre-paid costs and accrued interest etc % TOTAL ASSETS23, , %

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 13 Liabilities and equity - Sparebanken Øst group Liabilities and equity (MNOK) Change Liabilities to credit institutions2,696.42, % Deposits from customers7,493.56, % Liabilities through issuance of securities9,870.28, % Other liabilities % Incurred cost and prepaid income % Provisions for incurred costs and liab % Subordinated loan capital - of which hybrid capital % +0.2% Total liabilities21, , % Paid- in equity % Retained equity1, % Total equity1,500.31, % Profit for the period after taxes % TOTAL LIABILITIES AND EQUITY23, , %

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 14 Robust liquidity strategy based on conservative limits 105% long-term financing of illiquid assets Limited total share of short-term financing Long survival horizon in case of reduced access to new liquidity Moody's short term rating: P-1 ALCO - regular meetings in order to assess the liquidity situation Liquidity

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 15 Liquidity situation as of Long term liquidity strategy 105 % long term financing of illiquid assets 12 months survival without new funding, 105 % will last until spring 2009 Liquid assets Government, bank and corporate bonds Adequate limits and deposits with central bank NOK 1.98 bill. deposit with Norges Bank as of 10th of October NOK 590 mill. limit Norges Bank

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 16 Funding structure as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 17 Credit risk factors Retail – loans to individuals Low risk profile Approximately 90 % of portfolio within 80 % of LTV All loans to DinBank.no within 70 % of LTV No significant increase in defaulted loans Corporates Moderate risk profile Stable quality in 2007 and 2008 No significant increase in defaulted loans Moderate growth particularly within corporates

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 18 Retail – loans to individuals

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 19 Credit risk – Retail portfolio as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 20 Loans to customers - Sector and industry as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 21 Loans to corporates – Industry concentration as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 22 Increase in exposures to corporate customers Gross loans3,888.13,921.53,757.73,920.1 Growth0,85%-4,18%4,32%

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 23 Portfolio development – Corporates as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 24 Real estate companies - ratings as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 25 Risk factors corporates - 20 largest exposures Sum of 20 largest exposures is 1.24 bill. as of None of these are non-performing No single exposure larger than 10% of Tier 2 capital. (10% of Tier 2 capital for group equals mill.) Distribution : MNOK 30.0 – 49.9: Total of mill., 8 companies MNOK 50.0 – 99.9: Total of mill., 7 companies MNOK – 199.9: Total of mill., 3 companies

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 26 Write-downs and Losses on loans

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 27 Credit risk – total loan portfolio as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 28 Securities – bonds, as of Portfolio amounts to a total of NOK 2,79 bill. Credit risk profile Government and banks: low credit risk Corporates: moderate to high credit risk Interest rate risk Low (total) FX risk Almost non existent Spread risk Moderate to high 50 bp increase: NOK 22 mill. loss 200 bp increase: NOK 87 mill. loss

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 29 Securities portfolio as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 30 Securities portfolio – maturity dates, as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 31 Syndicated loans to credit institutions – 896,2 mill as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 32 Syndicated loans to credit institutions (MNOK) – maturity dates as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 33 *Subordinated loan capital on call-date Liquidity – Maturity profile funding as of

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 34 ICAAP ICAAP as of Minimum regulatory requirement. 8,00 % Capital requirement from ICAAP: 11,15 % Strategic level Sparebanken Øst: 12,00 % Actual level Sparebanken Øst: Tier 2: % Tier 1: % Included a loss from 200 bp spread scenario Tier 2: % Tier 1: % Stress tests indicate 800 mill loss before 8% requirement is broken.

SparebankenØstSparebankenØst SPAREBANKEN ØST PAGE 35 Contact information Sparebanken Øst Bragernes Torg 2 Box 54 N-3001 DRAMMEN Phone: Fax: CEO:Trond Tostrup Phone: / fax CFO:Kjell Engen Phone: / fax Homepage:

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