RESOLUTIONS PASSED AT THE MEETING OF THE SUPERVISORY BOARD OF SPAREBANK 1 SR-BANK ON 24 MARCH 2011

At its meeting on 24 March 2011, the Supervisory Board of Sparebank 1 SR-Bank approved the Board of Directors' proposal for and adopted the annual accounts and annual report for 2010. This resolution also included the distribution of a dividend for the 2010 accounting year of NOK 2.75 per equity certificate, to those who are equity certificate owners at 24 March 2011, with payment being made from 7 April 2011. SpareBank 1 SR-Bank's equity certificates will be quoted ex-dividend with effect from 25 March 2011.

The Supervisory Board delegated the following powers of authority:

·       Authority to acquire and to arrange liens/charges on own equity certificates for a total nominal value of NOK 300 million. The aggregate holding of own equity certificates that the bank owns and/or has a consensual charge agreement on may not exceed 10 per cent of the bank's equity capital. The authority is valid for one year from the date it is registered in the Register of Business Enterprises.

·       Authority to carry out a private placement of equity certificates among the bank's employees with a maximum subscription of NOK 30,000 per employee.  The issue will be carried out with a discount of up to 20 per cent on the market price. The equity capital can be increased by NOK 25 million. The authority is valid until 31 March 2012.

·       Authority to issue hybrid tier 1 capital instruments and to raise subordinated capital, together or individually, as follows:
Hybrid tier 1 capital instruments:            NOK 1,000,000,000 or equivalent in another currency
Perpetual subordinated debt:                  NOK 1,000,000,000 or equivalent in another currency
Non-perpetual subordinated debt:           NOK 1,000,000,000 or equivalent in another currency
                                                   
A precondition for issuing hybrid tier 1 capital instruments under this authority is that the Financial Supervisory Authority of Norway approves this capital as core capital.
A precondition for raising subordinated loans under this authority is that the Financial Supervisory Authority of Norway approves this capital as subordinated capital.
The authority is valid until 31 March 2012. 

Furthermore, the Supervisory Board concurs with the Election Committee's proposal regarding the election of the bank's Board of Directors, Audit Committee and Election Committee.

Thereafter, the Supervisory Board adopted a new pension scheme for the SpareBank 1 SR-Bank group. 

Questions should be submitted to:

Inge Reinertsen, Chief Financial Officer, telephone +47 909 95 033
Vidar Torsøe, Director IR, telephone + 47 970 80 656