SpareBank 1 Nord-Norge's main Board of Directors proposes that the Bank's Board of Trustees passes a resolution for a bonus issue of PCCs and split as follows:

 

 

The PCC-capital to be increased by NOK 131,940,400, from NOK 659,701,800 to NOK 791,642,200, by transferring NOK 131,940,400 from the Dividend Equalisation Fund.  The issue to be arranged by the issuance of 1,319,404 new PCCs (free certificates).

 

The new PCCs shall have a nominal value of NOK 100 each and the new certificates will be priced at par.

 

A total of 1,319,404 new PCCs of NOK 100 each will be issued:  5 existing PCCs will entitle the holder to acquire 1 new PCC.  Allocation of new PCCs will be based on the number of existing PCCs held by the investor in question on the day the Board of Trustees passes its final resolution.

 

 

After the bonus issue has been completed, the nominal amount of each PCCs is split in two so that the new nominal amount will be NOK 50.  After the split, the total number of PCCs will amount to 15,832,844.

 

 

The final discussion and consideration of the Board of Directors' proposal for a bonus issue of PCCs and a split will take place at the Board of Trustees' meeting on 17 March 2005.

 

Any questions may be directed to Rolf Eigil Bygdnes, Senior Group General Manager, telephone 77 62 22 11, or mobile telephone 905 19774.

 

 

Tromso, 2 March 2005

Rolf Eigil Bygdnes

Senior Group General Manager