SpareBank 1 SR-Bank had taken due note of the voluntary winding up resolution.

The bank's total exposure to Karmsund Maritime Service AS is approximately NOK 290 million, taking into account the guarantee issued by GIEK, the Norwegian Government's guarantee institute for export credits.

The bank's exposure is, for the most part, linked to the financing of two vessels ordered by Solstad Shipping AS and a guarantee for a contract entered into with the Lewek shipping company in Singapore.  The first vessel, contracted by Solstad Shipping AS is being fitted out at the yard in Karmøy. The second vessel is being built at a Polish hull yard.

The situation that has arisen will be reflected in the total loss provisions for the 1st quarter. Seen as a whole, the level of these provisions is expected to be within a normal level taking into consideration the current economic climate.

Stavanger, 10 March 2009

Questions may be submitted to:

Thor-Christian Haugland, Group Director Communications, telephone + 47 480 31633