Page 1 SpareBank 1 SR-Bank Group 26 April, 2007 First quarter 2007

Page 2 High activity in Q Successful rights issue. Geographic expansion in both Hordaland and Agder. New office in Søgne. IRB application approved. Capital Markets division established. Mandatory occupational pension (OTP) - increased focus on additional RM-sales. The “PRO-school”. Increased sale of real estate projects. New CEO in EiendomsMegler 1 (real estate broker). Agreement between SpareBank 1 SR-Bank and mobile telephone company Chess. Skills developement.

Page 3 Good result – high activity and marked increase in savings and placement income (Profit so far in Figures for corresponding period in 2006 shown in parentheses.) Group profit before tax: NOK 287 mill. (NOK 251 mill.). Return on equity after tax: 20.8 % (21.3 %). Net interest income: NOK 288 mill. (NOK 268 mill.). Net commission and other income: NOK 190 mill. (NOK 156 mill.). Net return on investment securities: NOK 104 mill. (NOK 101 mill.). Growth in lending: NOK 24.3 % (14.6 %) last 12 months, of which RM: 16.0 % and CM: 41.8 %. Growth in deposits: 13.3 % (14.8 %) last 12 months, of which RM: 8.5 % and CM: 17.3 %. Profit per primary capital certificate (parent bank): NOK 5.1 (NOK 4.6). Rights issue fully subscribed – significant interest.

Page 4 Significant interest in the public rights issue of NOK 548 mill. Total PCC subscription of NOK 1,073 mill. by 8,501 subscribers. A good market for the subscription rights was created. Approx. 26 % of the subscription rights were traded through Oslo Stock Exchange during the subscription period. A private placing of PCCs with the employees amounted to NOK 35.8 mill. 546 employees subscribed. As a result of the rights issue and private placement the PCC ratio was strengthened from 51.0 % to 57.5 %. A weighted average of 55.9 % will be used as a basis for allocating the profit for the year. Successful rights issue

Page 5 Income statement

Page 6 Key figures

Page 7 1,65 0,66 0,99 Net interest income and margins - Continuous pressure on lending margin

Page 8 Lending growth (12 months) - Still high growth CM: 36,8 % RM: 63,2 % RM-growth includes mortgage loans transferred to SpareBank 1 Boligkreditt AS. RM-growth Q1 07, annualized: 11.7 %. CM-growth (excl. public sector/finance) Q1 07, annualized: 16.8 %.

Page 9 Deposits growth (12 months) - Relatively stable growth CM: 56,4 % RM: 43,6 %

Page 10 Savings/placements - portfolio development

Page 11 Net commission and other income - Good development in income from savings/placements Good growth in Savings/placements Commission income real estate (EM1)

Page 12 Net return on investment securities - High group profit contribution from SpareBank 1 Group

Page 13 Other operating income in % of total income - Our income basis is broadened Excluding gain/loss on securities trading, dividend and ownership stakes. Financial statements before 2004 are not prepared according to IFRS.

Page 14 Subsidiaries - A higher level of diversification

Page 15 Operating costs

Page 16 Net losses on loans and guarantees

Page 17 Gross non-performing loans

Page 18 Financial targets 1.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. 2.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. 3.Total operating costs as a percentage of total operating income (excl. securities losses/gains).

Page 19 Høyt aktivitetsnivå og god utvikling innenfor de fleste av divisjonens virksomhetsområder Fortsatt press på rentemargin grunnet den generelle konkurransesituasjon og effekten av Norges Banks`s rentehevinger Relativt høy og økende volumvekst kompenserer for noe av marginfallet Andre inntekter viser stabil og positiv utvikling. Utviklingen innenfor spare- og plasseringsområdet er spesielt god God kostnadskontroll Forberedelse til pilotkjøring i april for å innplassere boliglån i Spare Bank 1 Boligkreditt gjennomført Tegning av OTP ( Obligatorisk tjenestepensjon ) i tråd med plan. Høyt aktivitetsnivå i Agder. Stor og positiv oppmerksomhet i markedet og god vekst. Nytt kontor åpnet i Farsund den 14. mars. Forbedelsene til bankens satsning i Bergen i tråd med plan. Åpning 5 mai Stor interesse for bankens kundeturer til l Kina til høsten. Ca 650 påmeldte Utvilingstrekkene i 1 kvartal forventes å fortsette i 3 kvartal. Det forventes sterk og økende konkurranse, god balansevekst, fortsatt press på marginer, god vekst i andre inntekter og kostnadskontroll Retail Market Division The development in the savings/placement area is very good. Continued good balance sheet growth. Continued pressure on margins. The struggle for market shares in the non- life insurance area has become significantly intensified. To further strengthen the expertise of the advisors in the Retail Market Division the “SR-Skolen” is established.

Page 20 Corporate Market Division Positive profit development in the first quarter of Towards the end of 2006, the effort made as regards capital management for the Group's corporate customers was strengthened. The PRO concept has been well received in the market, and more than 500 of our SME customers now subscribe to this concept. Competition in all markets is strong and this situation is expected to last. The Corporate Market Division expects a continued good development in 2007.

Page 21 New business division: Capital Markets Established in March 07. Continuous development throughout 07. All necessary licences in place Frank Billingstad head of Corporate Capital Markets Markets Savings and placement Corporate Capital management Real estate Transactions SR-Investering SR-Forvaltning Client trading and advisory service -Trading Strategy Investment committee

Page 22 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. New business area - Capital Markets - to strengthen the savings and capital markets area.

Page 23 Appendix

Page 24 The primary capital certificate - ROGG Trading volume Q1 2007: 6,0 % (6,6 %). Number of ROGG owners : (10.781). Owner shares per : From Rogaland, Agder and Hordaland: 63,9 % (49,1 %). Non-domestic: 7,1 % (18,3 %). 10 largest: 24,1 % (25,2 %). 20 largest: 30,9 % (31,4 %).

Page 25 Key figures - ROGG

Page 26 Capital adequacy

Page 27 Rating 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). The short-term rating is still P-1 and Bank Financial Strength Rating (BFSR) is unchanged at C+.

Page 28 Change in net interest income - Strongly affected by lower lending margin

Page 29 Lending by industry Retail customers Other Mining/ExtractionPower/Water Supply Industry Real Estate Service Industry Commodity trade/hotels Shipping/ Transportation Agriculture/ Forestry

Page 30 Balance sheet

Page 31 SpareBank 1 SR-Bank Established in 1839 Head office in Stavanger 53 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

Page 32 EiendomsMegler 1 SR-Eiendom AS 100 % SpareBank 1 SR-Finans AS 100 % SpareBank 1 Gruppen AS 19,5 % 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 SR-Forvaltning ASA 67 % SR Investering AS 100 % SpareBank 1 Boligkreditt AS 26,7 % Real-estate agency: - Houses - Business - Projects Market leader in Rogaland Leasing Financing Investment in long-term equity Mortgage company Asset management

Page 33 Localized in Rogaland, Agder and Hordaland Head office in Stavanger 53 branches in Rogaland, Agder and Hordaland

Page 34 SpareBank 1 Alliance Owners Sparebanken Hedmark 12,0 % LO og Fagforbund 10 % Samarbeidende Sparebanker AS 19,5 % SpareBank 1 Nord-Norge 19,5 % SpareBank 1 Midt-Norge 19,5 % SpareBank 1 SR-Bank 19,5 % SpareBank 1 Gruppen AS Bank 1 Oslo AS 100 % SpareBank 1 Livsforsikring AS 100 % SpareBank 1 Fondsforsikring AS 100 % SpareBank 1 Bilplan AS 19,9 % ODIN Forvaltning AS 100 % First Securities ASA 24,5 % EiendomsMegler 1 SpareBank 1 Skadeforsikring AS 100 % SpareBank 1 Medlemskort AS 100 % 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 Internet customers: ca As of June 2006/Annual report 2006 New members in 2006: Sparebanken Hedmark Kvinnherad Sparebank Sparebanken Volda Ørsta Sparebanken Hardanger Actor Fordringsforvaltning AS 90 %

Page 35 Strategy SpareBank 1 SR-Bank shall be a profitable and solid bank that is attractive to customers, capital markets, owners and employees alike. Through: A savings bank philosophy with a strong brand and modern bank operations, where value is created locally and further employed in the local community. Clear prioritization based on customer needs and profitability. Our market area is primarily Rogaland, Agder and Hordaland. Clear position in the savings/pension market. Competent employees who take pride in working for SpareBank 1 SR-Bank.

Page 36 will What separates one bank from another? Interest rates, fees and products are often the same. But have you asked your bank what they want? Or what role they want to play? Our answer is simple. The objective of SpareBank 1 SR-Bank is to help create values for the region we are part of, and the only way in which we can do this is through the achievements of our 1,018 employees. It’s a matter of will.

Page 37 purpose SpareBank 1 SR-Bank will add value to the region in which we take part.

Page 38 Through being/having a long-term perspective open and honest Through showing responsibility and respect will and ability to improve The courage of conviction, the strength to create values