SpareBank 1 SR-Bank Group Third quarter 2007 25 October 2007

Highlights from third quarter 2007 High income from savings and investment products. Still very good results in SpareBank 1 Group. Bond issued by SpareBank 1 Boligkreditt AS. Good results in subsidiaries. The new PRO School concept launched. MiFID - well prepared. New rating from DBRS, long-term: A (high). ROGG - split and capitalisation issue

Very strong results - high income growth Group profit before tax: NOK 948 million (NOK 769 million). Return on equity after tax: 20.6 % (20.6 %). Income growth: 22.1 % (4.2 %) Net interest income: NOK 967 million (NOK 830 million). Net commission and other income: NOK 635 million (NOK 494 million). Net return on investment securities: NOK 320 million (NOK 250 million). Growth in loans: 27.2 % (19.5 %) over last 12 months, which breaks down into 15.5 % RM and 50.5 % CM. Growth in deposits: 15.5 % (12.6 %) over last 12 months, which breaks down into 10.3 % RM and 19.9 % CM. Earnings per primary capital certificate: NOK 16.6 (NOK 13.5). (Year-to-date results. Figures for corresponding period in 2006 are shown in parentheses.)

Income statement

Key figures

Net interest income and margins 1,70 1,05 0,65

Change in net interest income

Lending growth (12 months) Volume 30.09.07 CM: 39,4 % Annualised growth in CM year-to-date is 29.8% as of 30 September 2007. RM: 60,6 % RM-growth and volume includes mortgage loans transferred to SpareBank 1 Boligkreditt AS.

Deposits growth (12 months) Volume 30.09.07 CM: 56,4 % RM: 43,6 %

Savings/placements - portfolio development Savings agreements* On national basis: There are about 745,000 savings agreements i unit trust or combined unit trust. The average per agreement is NOK 657 per month and an average of 1.6 agreements per customer. SpareBank 1 SR-Bank: About 55.000 savings agreements are in unit trust or combined unit trust. The average per agreement is NOK 797 per month and an average of 2.2 agreements per customer. The amount saved per customer is 66% higher than national average. 9% of the volume related to savings agreements in unit trust in Norway is done through SpareBank 1 SR-Bank. *Source: ODIN

Net commission and other income

Net return on investment securities

Other operating income in per cent of total income * Excluding gain/loss on securities trading, dividend and ownership stakes. Financial statements before 2004 are not prepared according to IFRS.

Operating costs Of other operating expenses, NOK 56 million (MNOK 46) is related to EiendomsMegler 1 (assignment costs). This post includes amongst other things, fees to external consultants (adjustment programmes).

Profit before losses

Subsidiaries

Net losses on loans and guarantees

Gross non-performing loans

Financial targets SR-Bank aims for a return on equity of 15 per cent, or being among the best third of banks with which it is natural to compare onself. The board of directors has decided to change the target for the core capital ratio to a minimum of 7 % and the target for the capital adequacy ratio to a minimum of 11 % awaiting the positive effects of the introduction of Basel II.

Retail Market Division The development in the savings/placement area is very good. Good balance sheet growth and continued pressure on margins. The credit card market initiative has been successful. Use of the bank’s electronic services is showing good growth. The fight for market shares in the non-life insurance area is still very strong. To strengthen our consulting competence further the SR Advisor School has been established.

Corporate Market Division Favourable development, more than 45% income growth year to date compared with 2006. Good growth in loans and deposits, but reduced growth rate. Low level of defaults and net recoveries on losses. More than 550 new customers so far this year. Interest in the new PRO School concept has surpassed all expectation. The PRO School has been developed for small and medium-sized enterprises, More than 1,000 of our SME customers now subscribe to the PRO concept. The competition is strong, but the favourable development is expected to continue.

Lending growth, Corporate Market

Development Risk Profile EL - Expected Loss

Lending by industry Pr 30.09.07 (30.09.06) Incl. mortgage loans transferred to SpareBank 1 Boligkreditt AS. Retail customers Other Mining/Extraction Power/Water Supply Industry Real Estate Service Industry Commodity trade/hotels Shipping/Transportation Agriculture/Forestry

Capital Market Strengthens and realizes innovation Savings and placement Corporate Capital management Strengthens and realizes innovation Developes the ability of production and increases the creation of value Develops processes – from competence to product Supports the group’s distributions’ force Unites and exploits competence areas Supports the group’s efforts in private and public savings/placements

Unrest in the funding market SpareBank 1 SR-Bank’s liquidity strategy works, also in difficult periods. No ”sub-prime” loans or credit derivates in the portfolio. Reduced liquidity risk through the possibilities provided by SpareBank 1 Boligkreditt. SpareBank 1 SR-Bank still acts as if the access to liquidity will grow worse.

Liquidity prognosis Liquidity 7.000 6.000 5.000 4.000 3.000 2.000 okt. 07 des. 07 feb. 08 apr. 08 jun. 08 aug. 08 7.000 6.000 5.000 4.000 3.000 2.000 1.000 -1.000 -2.000 -3.000 Maturities Liquidity

MIFID SpareBank 1 SR-Bank is on schedule in relation to adapting to the new laws and regulations. Increased investor protection and stronger demand for competence. Already established routines and directives are satisfactory. Comply with stricter requirements and control by the authorities.

New rating from DBRS First time rating from DBRS: Senior unsecured long-term debt & deposit: A (high) Short-term debt & deposit: R-1 (middle) Trend: Stable ”The ratings are underpinned by the savings bank’s solid and defensible franchise in southwestern Norway, by its prudent strategy and strict risk management and by very good financial fundamentals, including good and sustainable profitability. The ratings also take account of SR-Bank’s membership in the SpareBank 1 Group - which includes some of Norway’s largest savings banks - thus enabling it to benefit from key synergies.”

ROGG – split and capitalisation issue The Board of Directors will propose to the Supervisory Board at meetings on 25 and 26 October 2007 that the primary capital certificates be split into two and that a subsequent capitalisation issue be carried out in which 3 certificates will give entitlement to 1 new. Capitalisation issue: NOK 444 million will be transferred from the premium reserve and equalisation reserve to primary capital. The number of primary capital certificates will be 70.969.909 after the split and capitalisation issue.

SpareBank 1 SR-Bank has a position well suited to meeting the increased level of competition… The geographic expansion is widening our market area and is increasing our potential growth. Efforts in new business areas are contributing to growth in other operating income and gives us a higher level of diversification. The group’s ability to change presents us with new possibilities regarding innovation. Measures taken to increase our level of expertise and skills as well as new hirings mean that we are able to meet the demands from advanced customers. SpareBank 1 SR-Bank’s current strategic efforts will strengthen our ability to meet increased competition in the future, and increases our earning potential.

APPENDIX

The primary capital certificate - ROGG Trading volume Q3 2007: 5,8 % (14,1 %). Number of ROGG owners 30.09.07: 11.299 (11.112). Owner shares per 30.09.07: From Rogaland, Agder og Hordaland: 64,2 % (61,2 %). Non-domestic: 9,1 % (8,0 %). 10 largest: 23,9 % (25,2 %). 20 largest: 30,8 % (31,4 %).

Development of share prices savings banks 2007 Source: First Securities

Key figures - ROGG

Capital adequacy

Rating First time rating from DBRS in October 2007: Long-term: A (high), short-term: R-1 (middle), trend: stable. In Q1 07 Moody’s introduced a new rating method for banks. In connection with this the SpareBank 1 SR-Bank rating for long-term bank deposits was raised to Aa3 (stable outlook) from A2 (stable outlook).

Balance sheet

SpareBank 1 SR-Bank Established in 1839 Head office in Stavanger 54 offices in South-Western Norway More than 200,000 customers Chairman of the Board: Kristian Eidesvik Chief Executive Officer: Terje Vareberg Chairman Supervisory Board: Svein Kjetil Søyland Chairman Audit Committee: Odd Rune Torstrup External Auditor: PricewaterhouseCoopers

Market leader in Rogaland Leasing Financing EiendomsMegler 1 SR-Eiendom AS 100 % SpareBank 1 SR-Finans AS 100 % SR Investering AS 100 % SpareBank 1 Boligkreditt AS 26,4 % SR-Forvaltning ASA 67 % Vågen Eiendoms- forvaltning AS 100 % SpareBank 1 Gruppen AS 19,5 % Real-estate agency: - Houses - Business - Projects Market leader in Rogaland Leasing Financing Investment in long-term equity Mortgage company Asset management Property management ODIN Forvaltning AS SpareBank 1 Livsforsikring AS SpareBank 1 Skadeforsikring AS SpareBank 1 Fondsforsikring AS Bank 1 Oslo AS SpareBank 1 Medlemskort AS First Securities ASA SpareBank 1 Bilplan AS Actor Fordringsforvaltning AS

Localized in Rogaland, Agder and Hordaland Head office in Stavanger 54 branches in Rogaland, Agder and Hordaland Åkrehamn

Actor Fordringsforvaltning AS SpareBank 1 Medlemskort AS SpareBank 1 Alliance Sparebanken Hedmark 12,0 % LO og Fagforbund 10 % Samarbeidende Sparebanker AS 19,5 % SpareBank 1 Nord-Norge Midt-Norge SR-Bank Owners SpareBank 1 Gruppen AS Bank 1 Oslo AS 100 % SpareBank 1 Skadeforsikring AS 100 % SpareBank 1 Livsforsikring AS 100 % ODIN Forvaltning AS 100 % SpareBank 1 Bilplan AS 19,9 % Actor Fordringsforvaltning AS 90 % First Securities ASA 24,5 % SpareBank 1 Medlemskort AS 100 % EiendomsMegler 1 New members in 2006: Sparebanken Hedmark Kvinnherad Sparebank Sparebanken Volda Ørsta Sparebanken Hardanger SpareBank 1 Alliance, key figures: Total assets: ca NOK 356 billions No. of own branches: ca 350 Total no. of branches: ca 380 Employees: ca 4.700 Internet customers: ca 445.000 Annual report 2006

The recommended bank Strategy SpareBank 1 SR-Bank will be a significantly larger and broader bank as a result of strong organic growth, innovation and strategic acquisitions Strategy Purpose SpareBank 1 SR-Bank will add value to the region in which we take part. SpareBank 1 SR-Bank shall have the most attractive brand of finance, and shall be distingushed by: Highest share of recommendation from customers and lowest share of complaints in secured groups of customers. Clear prioritization based on customer needs and profitability. Clear position in the savings/pension market. Ability to attract, challenge and develop the best staff. Profitability in the top third compared to other Norwegian finance groups. Values The courage of conviction, the strength to create Through having a long-term perspective, and being open and honest Through showing responsibility and respect, and will and ability to improve