Correction: SpareBank 1 Nord-Norge recommend dividend reduction due to the Coronavirus crisis

The board of directors of SpareBank 1 Nord-Norge recommend revising the dividend payout from last year's profit from 58.6 per cent to 42,6 per cent. New dividend is recommended at NOK 4.00 per equity certificate.

Finanstilsynet (Norway's FSA) has asked all Norwegian banks to reappraise their dividend for 2019 in light of the Corona crisis that has arisen. The board has
accordingly revised its original dividend recommendation, and now suggests a dividend of 4,00 NOK per equity certificate.

The Corona situation and its consequences is being taken very serious by the board. The proposed dividend yield takes this into account, while also
considering the predictability that is needed towards our owners; the private investors and the society of northern Norway. The change will further strengthen
the solidity of the group, thus improving the ability to be a strong bank for both people and business in northern Norway. SpareBank 1 Nord-Norge's equity is
well above the regulatory requirements, and the bank therefore has the power to support the region, even when times are hard, like now.

SpareBank 1 Nord-Norge aims to be a sound investment for the owners by delivering the best possible results and pursuing a prudent and predictable
dividend policy. The board therefore considers it appropriate to reduce the payment of dividends to NOK 4.00 per equity certificate.

The social dividends are thus reduced from NOK 639 million to NOK 465 million. These funds are much appreciated in the local communities in times like these. The dividend to equity certificate holders is reduced from NOK 552 million toNOK 401 million.

The reduced payout ratio improves capital adequacy by 51 points and new CET1 will be 17.2%.

Contacts in SpareBank 1 Nord-Norge:

Bengt Olsen, CFO, tel. + 47 975 89 560
Stein Vidar Loftås, Chief Communications Officer, tel. +47 951 12 576

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.